Scholarships vs. Financial Aid: What’s the Difference and How to Maximize Both at Ivy Tech

Paying for college can feel overwhelming, but understanding the difference between scholarships and financial aid can help you build a plan to cover your costs. At Ivy Tech, there are plenty of options to make education affordable, whether you’re just starting out, returning to school, or working toward a career change.

Scholarships: Money You Earn, Not Borrow

Scholarships are awarded to students based on merit, talent, or unique qualities. Think of them as rewards for your hard work, talents, or contributions. They don’t have to be repaid and can significantly reduce the cost of tuition and fees.

How to Apply:

To apply for most Ivy Tech scholarships, all you have to do is complete one scholarship application in the MyIvy student portal to see if you qualify. Once in MyIvy, search “scholarships” and click “Apply for Scholarships.” It's that easy! 

Take note, however, that when completing the one application, take your time and be as thorough as possible. The more information you provide, the broader the pool of scholarship possibilities becomes. Skipping optional fields may limit the number of scholarships for which you qualify.

You can check out other Ivy Tech scholarship opportunities on IvyTech.edu/Scholarships and complete the necessary applications. Occasionally, some scholarships require additional steps outside of the MyIvy application process, such as a separate application, an essay, or even an interview. 

Financial Aid: Support Based on Your Needs

Financial aid, which comes in many forms, is designed to help students with financial needs. Unlike scholarships, however, financial aid is primarily determined by the Free Application for Federal Student Aid (FAFSA).

Types of Financial Aid at Ivy Tech:

• Grants: Federal Pell Grants and Indiana state grants don’t have to be repaid and are a great starting point for covering costs.
• Loans: Federal loans are available but must be repaid with interest. Ivy Tech encourages students to borrow responsibly.
• Work-Study: If you’re looking to work while attending classes, this program allows you to earn money through part-time jobs on campus or with community partners.
• Workforce Ready Grant: This unique grant covers the cost of tuition for select high-demand certificates, making career training more accessible.

Key Differences

• Scholarships are often merit-based, while financial aid is primarily need-based.
• Scholarships may require a separate application, but financial aid eligibility starts with the FAFSA.
• Scholarships can be awarded by Ivy Tech or external organizations, and financial aid is funded by federal, state, and institutional programs.

Maximize Your Opportunities

To make the most of these resources, follow these steps:

1. Complete Your FAFSA Early: This is your key to unlocking federal, state, and Ivy Tech-specific financial aid. The FAFSA is free and opens on December 1st each year. To be considered for Indiana state aid, the deadline date for Indiana residents is April 15th each year.
1. You can also get help filing at College Goal Sunday, which will be held in the Enrollment Center (Pfau, A2) from 2 to 4 p.m. on Sunday, Feb. 23, 2025!
2. Search for Scholarships: Use MyIvy and the Ivy Tech scholarship database and apply to as many of the scholarships you qualify for. Local community groups are a great place to find additional opportunities.
3. Ask for Help: Ivy Tech’s Financial Aid Office is here to guide you. Don’t hesitate to reach out for assistance with applications, deadlines, or understanding your options.

Start Today

Scholarships and financial aid can help you realize your educational dreams. Ivy Tech offers hundreds of scholarships worth over $8 million each year. Visit IvyTech.edu/FinancialAid or contact the Sellersburg campus Financial Aid Office at 812-246-3301 ext. 4504 or Sellersburg-finaid@ivytech.edu!