2008-2009 Indiana College Guidebook - (Page 4) Financial Aid Makes the Difference! What Kinds of Student Financial Aid Are Available? It’s important not to rule out a particular college or university simply on the basis of overall tuition or “sticker price.” Most students receive one or more types of financial aid (grants, scholarships, on-campus employment, etc.), and a school with a higher sticker price may actually have a lower “out-of-pocket” cost once financial aid is factored in. Keep all your options open and apply to a range of schools to find the “best college fit” for achieving your educational and career goals. Because price is of paramount importance to many students—and to many of their parents—here’s a thumbnail sketch of the kinds of student financial aid that may be available: • Grants do not need to be repaid. Some are awarded based on financial need; others recognize academic ability or performance in areas such as music or athletics. Independent institutions furnish significantly more grant aid per student than state universities do in order to help offset their higher tuition prices. There are also many scholarships sponsored by foundations, corporations, or other organizations. • Loans must be repaid, usually starting after graduation. Many education loans feature low interest rates and generous payback schedules. The federal government sponsors a number of student loan programs, as do some private lenders and colleges themselves. • Jobs on campus or during summer breaks provide income to offset expenses and can be important sources of experience. State-funded programs available to Hoosier students include: • Grants based on financial need (See http://www.state.in.us/ssaci/programs/); • Academic performance awards, which supplement need-based aid; and • Scholarships for special skill or need areas or particular groups of students, including (but not limited to) nursing, special education, minority teachers, or children of disabled veterans. Indiana also offers two special programs to help make college affordable: • Twenty-First Century Scholars Program: Provides substantial grants to students from low- and moderate-income families. Students commit in the sixth through eighth grades to take courses in high school that will prepare them for college and pledge to avoid drugs and alcohol. • Indiana Family College Savings Plan: An innovative state program that provides significant tax benefits to families who save for their children’s education. AverAge FAmily income. The average family income of students enrolled at ICI member institutions is some $3,500 lower than that of students enrolled at four-year state institutions. Parental Income of Indiana’s Undergraduate Dependent Students, 2005 Source: National Postsecondary Student Aid Study, U.S. Department of Education, January 2005. 4 For more information: www.indianacollegechoices.org http://www.state.in.us/ssaci/programs/ http://www.indianacollegechoices.org
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