Financing Your Education
Funding your college career can sometimes be a stressful and confusing topic.
Each institution has different processes, offices, and terms they use with regard to financing your education. We hope this page assists you in understanding some of the basics and where you can go to answer your questions at IU Bloomington.
The Office of Scholarships is happy to help guide you through the scholarship process and provide you with resources on scholarship opportunities.
- Merit scholarships are based on academic performance. They are awarded regardless of financial need.
- Need-based financial aid is determined by the Free Application for Federal Student Aid (FAFSA).
- Some scholarships take both factors into account, so it is important to submit a FAFSA regardless of your financial situation.
- Students can earn a combination of merit scholarships and need-based financial aid.
Financial Aid 101
The advisors at Student Central on Union will work with you to create personalized strategies to help you save money and explain payment options. Here are some basic definitions of different types of aid.
- Scholarships are a form of financial assistance you will not have to pay back.
- Grants are awarded on annually based on information provided on your FAFSA. They are typically awarded to students with some degree of financial need. Grants do not need to be repaid.
- Loans are applied for by you and/or your parents from the federal government or from private institutions. Depending on the type of loan you choose, your payments may begin while you are still in school, or after you graduate.
Please see our guide, Scholarships and Financial Aid, for more information.