Financial Aid and Student Loans in Indiana

Indiana is a fantastic state and an even better place to further your education at college or university. It has some wonderful schools, is just about average in terms of affordability – at $30,957 per year – and has a number of financial aid opportunities available for its residents.

As you think about how you will pay for college, you may find our Funding U checklist of payment options helpful in avoiding paying too much out-of-pocket or borrowing more money than you need to graduate.

Forethought to pursue opportunities, such as scholarships and grants, for you or someone you care for is the best approach. You may find yourself eligible for several options, so you can significantly lower the cost of college.

Below, we will go over some of the grants, scholarships, and student loan opportunities available for students in Indiana.

What Scholarship Programs Does Indiana Have?

Here are some of the scholarship programs Indiana offers to students interested in college.

21st Century Scholarship

The 21st Century Scholarship is Indiana’s early college promise program. It offers income-eligible Indiana students up to four years of paid tuition at an eligible Indiana college or university after they graduate from high school.

Students enroll in seventh or eighth grade. During the high school years, they participate in the Scholar Success Program and are connected to programs and resources that help them prepare for college and career success.

Once in college, Scholars receive support to complete their college degrees and connect to career opportunities.

According to Learn More Indiana, to qualify a student must:

  • Be an Indiana resident
  • Be in their 7th or 8th-grade year in an Indiana public or private school accredited by the Indiana Department of Education.
  • Meet income guidelines
  • Be an American citizen or legally be here in the country through other means

Mitch Daniels Early Graduation Scholarship

The Mitch Daniels Early Graduation Scholarship is a one-time, $4,000 scholarship for students who graduate at least one year early from a publicly supported Indiana high school.

Students must enroll at an eligible Indiana institution no later than the fall semester in the academic year immediately following the year they graduate high school to claim this scholarship.

Next Generation Hoosier Educators Scholarship

The Next Generation Hoosier Educators Scholarship provides 200 scholarships in Indiana. It is aimed at high-achieving high school and college students interested in pursuing a career in education. The scholarship offers the opportunity to earn a renewable scholarship of up to $7,500 a year for four academic years.

In exchange, the eligible students agree to teach for five years at an accredited Indiana school or to repay the corresponding, prorated amount of the scholarship.

In some cases, degree-seeking students may use the scholarship during the summer while enrolled part-time. Refer to the specific guidelines for using the scholarship during summer terms.

William A. Crawford Minority Teacher Scholarship

The William A. Crawford Minority Teacher Scholarship is available to minority students (defined as black and Hispanic individuals) who intend to pursue, or are currently pursuing, a course of study that would enable them to teach in an accredited school in Indiana.

Students must agree in writing to apply for teaching positions in Indiana and, if hired, teach in Indiana for at least three years.

What Grant Programs Does Indiana Have?

Grants are always a preferred way to fund your college experience. Why? You’ll usually not have to repay the money.

Here are some of the grant programs available to students in Indiana.

Frank O’Bannon Grant

The Frank O’Bannon Grant, which includes the Higher Education Award and the Freedom of Choice Award, is Indiana’s primary need-based financial aid program.

It is designed to provide access for Hoosier students to attend eligible public, private, and proprietary colleges and universities. Eligibility is based on a student’s FAFSA, and the grant may be used toward tuition and regularly assessed fees.

The Adult Student Grant

The Adult Student Grant is a part of Indiana’s You Can Go Back Program.

It offers a renewable $2,000 grant to assist returning adult students in starting or completing an associate degree, bachelor’s degree, or certificate.

Students must be financially independent (as determined by the FAFSA) to qualify. They must also demonstrate financial need and be enrolled in at least six credit hours.

The Workforce Ready Grant

The Workforce Ready Grant is part of Indiana’s Next Level Jobs initiative. It pays tuition and regularly assessed fees for qualifying high-value certificates in the fields of:

  • Advanced Manufacturing
  • Building & Construction
  • Health Sciences
  • Information Technology & Business Technology
  • Transportation & Logistics

The grant applies to studies at Ivy Tech Community College or Vincennes University. It is available for two years and covers up to the number of credits required by the qualifying program.

What Student Loan Programs Does Indiana Have?

Indiana does not have any unique student loan programs through the state government. It is always beneficial to look at federal loan options, though.

The first step is to fill out your Free Application for Federal Student Aid, or FAFSA application to determine federal funding options.

Federal Student Loans

Prospective Indiana students can receive federal financial aid assistance by completing the FAFSA.

Private Co-Signed Student Loans

There are many private student loan opportunities for those who need additional assistance on top of federal student loans. Learn more about private co-signed student loans; click here.

No Co-Signer Student Loans in Indiana

Funding U offers no co-signer student loans to individuals currently in college. The requirements for receiving a loan are dependent upon the GPA of the student and the graduation rate of the institution they plan to attend.

Learn more about Funding U no co-signer student loans here.

What Schools Does Funding U Lend To In Indiana?

Funding U’s no co-signer loans are offered to students at eligible four-year, non-profit, undergraduate degree-granting universities. It does not provide loans for students who attend for-profit schools, 2-year schools, graduate schools, or trade schools.

Our eligibility requirements are based on models that predict how likely a student is to graduate, so we have minimum GPA requirements that students must meet and minimum six-year graduation rates that schools must reach to be eligible.

Find out more about how we determine our eligibility here.

Below is a table listing all of the schools in Indiana that Funding U is currently lending to, with additional details on which grades we are currently considering based on the school’s six-year graduation rate.

School NameFreshman
6 yr
Grad Rate
Anderson University (Indiana)NoNoYesYes6073
Ball State UniversityNoNoYesYes6378
Bethel College-IndianaNoYesYesYes7179
Butler UniversityNoYesYesYes8289
Calumet College of Saint JosephNoNoNoNo2750
Crossroads Bible CollegeNoNoNoNo3150
DePauw UniversityNoYesYesYes8589
Earlham CollegeNoNoYesYes6486
Franklin CollegeNoNoYesYes6175
Goshen CollegeNoNoYesYes6878
Grace College and Theological SeminaryNoNoYesYes5779
Hanover CollegeNoYesYesYes7279
Holy Cross CollegeNoNoNoNo3945
Huntington UniversityNoNoYesYes6180
Indiana Institute of TechnologyNoNoNoNo3560
Indiana State UniversityNoNoNoNo4168
Indiana University-BloomingtonNoYesYesYes7891
Indiana University-EastNoNoNoNo4166
Indiana University-KokomoNoNoNoNo3760
Indiana University-NorthwestNoNoNoNo3469
Indiana University-Purdue University-Fort WayneNoNoNoNo3958
Indiana University-Purdue University-IndianapolisNoNoNoNo4775
Indiana University-South BendNoNoNoNo3266
Indiana University-SoutheastNoNoNoNo3259
Indiana Wesleyan University-MarionNoNoYesYes6678
Manchester UniversityNoNoYesYes5664
Marian University (Wisconsin)NoNoYesYes5778
Martin UniversityNoNoNoNo457
Oakland City UniversityNoNoYesYes5776
Purdue University NorthwestNoNoNoNo3768
Purdue University-Main CampusNoYesYesYes8191
Rose-Hulman Institute of TechnologyNoYesYesYes8191
Saint Mary-of-the-Woods CollegeNoNoYesYes5766
Saint Mary's CollegeNoYesYesYes7884
Taylor UniversityNoYesYesYes8290
Trine UniversityNoNoYesYes6580
Trine University-Regional/Non-Traditional CampusesNoNoYesYes5050
University of EvansvilleNoYesYesYes7484
University of IndianapolisNoNoYesYes6075
University of Notre DameYesYesYesYes9798
University of Saint Francis-Fort WayneNoNoYesYes5572
University of Southern IndianaNoNoNoNo4770
Valparaiso UniversityNoYesYesYes7183
Wabash CollegeNoYesYesYes7187
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