Financial Aid & Scholarship
Welcome to Financial Aid
Here you will find information about different scholarships, loans, grants and payment plans. Grace’s financial aid program offers 99 percent 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.
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 they are submitted in writing.
Undergraduate Tuition and Costs
School of Professional and Online Education Costs and Payment
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 1. For Indiana residents, the FAFSA must be received by the federal processor by April 15th 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 determined by information from the student’s 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 that can assist the student in meeting part of his/her expenses. Read more about self-help assistance.
An eligible student will receive an award notification that 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 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 required.
Any time parents or students have questions regarding their allotted assistance, 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, should 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.
Students may choose one of two options to pay their semester balance. The first option is to pay the semester balance in full by the due date specified by the Business Office. The second option Grace College offers is a semester monthly payment plan contracted through Tuition Management Systems (TMS). Please contact the Business Office for more information by emailing email@example.com.
Financial Aid Online Resources
- Questa Foundation
- Test Prep Review
- Thrivent Student Resources
- Financial Aid Checklist – Use this checklist to keep your financial aid process on track.
- Scholarships and 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.