Financial Aid & Scholarships

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Welcome to Financial Aid

Here you will find information about different scholarships, loans, grants, and payment plans. Grace’s financial aid program offers 99% of undergraduate students financial aid to make Grace more affordable.

The Office of Student Financial Aid Services is responsible for giving financial aid information to students and their parents, as well as administering all the financial aid programs at Grace. If you have any questions about scholarships, grants, or loans, the financial aid staff would be happy to assist you.

Code of Conduct related to Student Loan Activities

Determination of Need

Financial need is the difference between the cost of attending Grace College and the expected family contribution. This family contribution is determined from information provided by the parents and the student via the FAFSA.

For the student showing financial need, Grace makes a concerted effort to provide financial assistance. This assistance is available through federal, state and Grace College programs. Special circumstances will be reviewed on an individual basis when submitted in writing.

Undergraduate Costs and Payment

Tuition Expenses for Academic Year 2014-2015

Graduate and Adult Costs and Payment

Graduate and Adult Costs and Payment

Online Education Costs and Payment

Online Education Costs and Payment

Family Contribution

Grace College and the federal government assume that families will contribute to the educational expenses of their students. Parents and students have primary responsibility for college costs. Factors including income, assets, liabilities, family size, the number in college and age of parents are considered in determining the parents’ ability to meet college costs.

Student Financial Aid evaluates anticipated yearly family contributions for applicants based upon federal, state and institutional guidelines. Families must submit the Free Application for Federal Student Aid (FAFSA) each year. Grace's Federal School Code is 001800. This form needs to be filed, with the government, as early as possible in the calendar year since Grace's priority deadline for financial assistance is March 1st. For Indiana residents, the FAFSA form must be received by the federal processor by March 10th in order to be considered for state grant eligibility.

Types of Aid

Virtually all financial aid programs are classified under one of two types: gift aid or self-help assistance.

Gift aid refers to scholarships and grants which require no repayment by the student. Grants are need based awards with the student’s eligibility being determined by information from the FAFSA. Scholarships are typically not based on need, but on a student's accomplishments or talents.

The term "self-help" refers to either borrowing and/or working. Loans must be repaid by the student and/or the parents. Employment or work-study provides a moderate resource which can assist the student in meeting part of his/her expenses. Read more about self-help assistance.

Aid Notification

An eligible student will receive an award notification which lists the amounts and types of financial aid available for the upcoming school year. Financial aid decisions are subject to adjustments based on the review of any further information requested by Student Financial Aid, including, but not limited to, official tax return transcripts from the IRS and W-2 forms. All students who receive outside scholarship assistance are required to notify Student Financial Aid. Depending on the student's need and the amount of the additional financial aid, adjustment may be needed.

Any time the parents or the student have any questions regarding the amount of assistance granted, they are welcome to contact Student Financial Aid by using Grace's toll-free number, 800.544.7223 ext. 6162.

Renewal of Aid

Students must file the FAFSA each year in order to apply for renewal of financial aid. If requested, official tax return transcripts from the IRS for both student and parent, including W-2 forms, need to be submitted to the Student Aid Office within 30 days from the date of request.

Download the Scholarships and Grants Flyer for renewal requirements and deadlines for institutional scholarships. Scholarships and Grants Flyer

Payment Plans

Students may choose one of two payment options: The first is to pay the semester balance owed before the semester begins. However, Grace also offers a longer-term payment plan through Tuition Management Services (TMS). This plan allows the parent/student the option of making up to 12 monthly payments to pay off the balance. The annual cost of this plan is $55 with no other fees or interest charges. You can also contact TMS at 888-713-7234. More information.

Online Resources

Financial Aid


Financial Aid Staff

Talk with one of the financial aid staff about a specific financial aid question.

Financial Aid Checklist

Use this checklist to keep your financial aid process on track.

Scholarships & Grants

Help finance your education by exploring Grace scholarships and federal grant opportunities.

Self-Help Assistance

Learn more about federal loans, private loans, and work-study opportunities.



Email Financial Aid or call 800-544-7223, ext. 6162.