IWU Financial Aid & Value

To say we’re excited that you may be joining us at Illinois Wesleyan is an understatement. Investing in bright, curious students like you is our passion, and has been for well over 150 years. We are fully committed to putting the opportunity for engaged, experiential, and entrepreneurial learning within the reach of every qualified applicant.

Year after year, top employers eagerly hire IWU graduates, citing their “superior innovation and problem solving skills” along with their “well-rounded talents.” They consistently note our students’ experience and leadership skills honed through research and internship opportunities, international travel, and a host of on-campus activities and clubs.

EMAIL: iwufaid@iwu.edu PHONE: (309) 556-3096

FAX: (309) 556-3833

HOURS OF OPERATION:

It’s possible that Illinois Wesleyan University is not the least expensive school you’re considering. We are confident, however, the outcomes of an Illinois Wesleyan degree will pay dividends far surpassing the investment.

Monday – Friday 8 a.m. – 4:30 p.m.

ADDRESS: 1312 N. Park St. Bloomington, IL 61701

MAILING ADDRESS:

IWU Financial Aid Office P.O. Box 2900 Bloomington, IL 61702-2900

Statements of Accreditation and Non-discrimination Illinois Wesleyan University is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools.

Illinois Wesleyan University does not discriminate on the basis of age, race, religion, sex, sexual orientation including gender identity and expression, disability, or national origin in its admissions policies, educational programs and activities, or employment policies. Inquiries regarding the non-discrimination policy should be directed to the Office of the President, Illinois Wesleyan University, P.O. Box 2900, Bloomington, IL 61702-2900.

Illinois Wesleyan expressly recognizes the requirements of the Title IX legislation. Title IX complaints should be reported to the University’s Title IX coordinator, who is the Director of Human Resources (209 Holmes Hall, (309) 556-3255).

Illinois Wesleyan University does not discriminate on the basis of disability in admission or access to, or treatment or employment in, its programs and activities. The Vice President for Business and Finance, the Vice President for Student Affairs/ Dean of Students, and the Associate Provost are designated by the University to coordinate all efforts to comply with Section 504 and its implementing regulation 34 C.F.R. Part 104 of the Rehabilitation Act of 1973. All questions should be directed to the University compliance coordinators indicated above.

All trademarks not owned by IWU that appear in this brochure are the property of their respective owners; and this brochure is neither endorsed by, nor sponsored by, nor affiliated with the respective owners of said trademarks.

BE BREAKTHROUGH

What is a sense of community worth?

I felt a sense of community the moment I stepped on campus. I have always been treated as more than a number or a statistic here. Everyone made me feel heard and included, even when I hadn’t committed to IWU. The interpersonal relationships I have made with faculty and peers are beyond what I could’ve imagined from a school.”

Marin Moss ’26

IWU Major: Undecided

Campus Activities: Student Senate, Titan Ambassador, CAB (Campus Activities Board)

[ Marin is on track to graduate in 4 years ]

AN IWU EDUCATION: WELL WORTH THE INVESTMENT

Graduate On Time with a Higher Salary

Before you make your final college decision, please take a moment and consider your expected family contribution at your top schools. Also think about the sometimes hidden factors that might change the bottom line. How long will you be in school? Will you have a network of alumni helping you find your first job? How much will the job you land after graduation pay?

When considering the full picture, choosing Illinois Wesleyan is a solid investment. Don’t just take our word for it; we invite you to check out the U.S. Department of Education College Scorecard at: collegescorecard.ed.gov

One of your goals after completing school is to earn a salary. What if we told you that, chances are, you’ll earn more with an Illinois Wesleyan degree than with a degree from other schools in Illinois? We’ve reviewed the research, and it is true. Illinois Wesleyan graduates earn an average of $66,966 after graduation.* According to Degree Choices (using College Scorecard and IPEDS data) IWU is the #1 Liberal Arts College in Illinois for earnings (2022).

DID YOU KNOW

IWU grads pay back their student loans at a rate 4-5 times higher than the national average? You know what that means? IWU graduates land good paying jobs!

DID YOU KNOW in comparison with our competitors, federal statistics show that IWU students are more likely to remain in school, graduate on time, earn a higher salary, and pay off student debt after graduation?

GRADUATION

We are committed to you completing your degree and being successful in the working world (or in graduate school) within four years. Our official graduation rate is 79% (20% above the national median).* Private competitor schools in Illinois have lower graduation rates.** When you do the math, four years at IWU versus five (or even six) at a “less expensive” school, Illinois Wesleyan adds up to a better deal.

**NPR, National Student Clearinghouse Research Center *College Scorecard

DID YOU KNOW on average 93% of IWU’s grads completed their degrees in 4 years?

FOR YOUR REVIEW

Four Main Types of Financial Assistance

These are the four main sources of aid with a brief explanation to help you understand the assistance offered. Please keep in mind, your financial aid award is specific to you, and may or may not include all of the types of assistance below.

Governmental Grant Assistance

Both Illinois Wesleyan University Grants and Scholarships are considered gift assistance and do not need to be repaid. Grants, such as those listed below, are awarded based on need. Yearly completion of the FAFSA is required in order to be considered for grants. Illinois Wesleyan scholarships are awarded based on materials provided in the application package. With the exception of Fine Arts scholarships, which require auditions, the academic information provided upon application qualifies a student for multiple scholarship opportunities.

Federal Pell Grants provided by the federal government are available to students who demonstrate significant financial need. For 2022-23, the maximum Pell Grant award is $6,895.

Federal Supplemental Educational Opportunity Grants (SEOG), provided by the federal government, are also available to students from families who demonstrate significant financial need and who would not be able to attend the University without this assistance. The awarding of these grants is based on Pell Grant eligibility, availability of federal funds, and satisfactory academic progress. Amounts typically range from $200–$1,000 per year.

State of Illinois MAP (Monetary Award Program) Grant is an estimated award based on information from the Illinois Student Assistance Commission (ISAC). Eligibility is based on financial need, being an Illinois resident and attending an Illinois college or university. The amount listed is subject to change until it is finalized by the Illinois legislature. For the 2022-23 academic year, the maximum MAP Grant award is $7,200. This award is also based on the assumption that a student is enrolled in four units per semester at Illinois Wesleyan.

Private Scholarships

We encourage students to pursue private scholarships regardless of financial need, as an outside scholarship will always provide the opportunity to reduce some portion of college expenses. Notification of all scholarships received from outside sources must be sent to the financial aid office. Outside scholarships may reduce the estimated balance due to the University or the student’s self-help (student loan or employment) portion of the proposal. These scholarships are first used to reduce any unmet need. Once unmet need has been met, the scholarships will be used to reduce loans first and student employment last.

Loan Funds

The Financial Aid Office has information on many student loan funds, which provide low-cost financing of college expenses and constitute an important source of assistance. Loans must be repaid over a period of time at the terms specified on the next page. Historically Illinois Wesleyan graduates have one of the lowest cohort default rates at approximately 2% – demonstrating that our students are successful in being able to repay their loans on time.

The Federal Direct Stafford Loan Program

Loan assistance is provided for education expenses through the University. The Financial Aid Office will provide information about the Stafford Loan during the summer prior to enrollment. Repayment of the principal will not begin until six months after graduation. The loan must be repaid over a maximum of ten years. A loan origination fee of 1.057% will be assessed by the U.S. Department of Education at the time of disbursement.

Stafford Loan Limits–Subsidized and Unsubsidized:

Freshman – $3,500

Sophomore – $4,500

Junior and Senior – $5,500

Additional Annual Unsubsidized Loan Limits – $2,000

Federal Direct Stafford Subsidized Loan is available to students based on their financial need. The subsidized loan is interest-free while the student is attending school on at least a half-time basis. Loans obtained through this program were fixed at 4.99% for 2022-23.

Federal Direct Stafford Unsubsidized Loan is available to all students without demonstrated financial need. The borrower is responsible for paying the interest on the loan from the date the funds are disbursed. Various repayment options are available. Loans obtained through this program were fixed at 4.99% for 2022–23.

Federal Nursing Loan

Federal Nursing Loan is available to any full-time student enrolled in the University’s School of Nursing who demonstrates financial need. Loans are interest-free until nine months after graduation or separation from the University. Repayment of the principal will not begin until nine months after graduation or separation from the University. This may be extended over ten years at 5% interest.

Nursing Loan Limits: Freshman and Sophomore – $2,000 Junior and Senior – $4,000

Illinois Wesleyan Loans

Some students with demonstrated financial need are awarded an IWU loan. The maximum amount that can typically be borrowed is $2,000 per year, with no charge for interest until six months after the borrower ceases to be enrolled on a full-time basis. Repayment of the principal will not begin until six months after graduation and may be extended over ten years at 8% interest.

PLUS and Alternative Loans

While we do not award the Parent Loan for Undergraduate Students (PLUS) with the initial financial aid proposal, many families will explore this option to assist them with their portion of the expected family contribution.

To learn more, please check our website: iwu.edu/loans

Student Employment or Federal Work Study

Students must qualify for this opportunity based on their FAFSA materials. Student employment at the University typically involves 8 hours per week for the year with potential earnings of $2,400. Student employment information will be mailed to those eligible students in the summer.

PAYMENT PLAN OPTIONS

Monthly Payment Plan

Illinois Wesleyan offers a monthly installment plan. Your annual family contribution may be paid over ten monthly payments with five payments per semester. Monthly payments begin in July for families wishing to participate in this program.

Standard Payment Plan

You may choose to pay in two installments if this better meets your financial requirements. The University accepts payments made by credit card including American Express, Discover, MasterCard or Visa. Your credit card company may charge a convenience fee for this service.

What is this level of support worth?

“I have adored my time at IWU. There is a space for everyone and anyone to feel at home, supported, and thrive in. The opportunities offered at IWU truly facilitate growth. My first time on campus, everyone I talked to seemed so genuinely excited for me to be there. I don’t think any other university could match the support I have felt at IWU. If you want a college experience where you know someone will always be there to mentor, advocate, support, or just listen, IWU is a perfect fit.”

Haven Ryburn ’24

IWU Major: Psychology

Campus Activities: IWU F1RST–Secretary (IWU’s first generation student group), The Body Project–Peer Leader

Honors: Alpha Lambda Delta Honor Society, National Society of Leadership Honor Society

[ Haven is on track to graduate in 4 years ]

There’s

VALUE OF THE IWU JOURNEY

a

reason we’re ranked #1 for jobs.

It may have to do with the fact that every major and professional program is grounded in a wide variety of academic subjects. Our physics students might quote Shakespeare. Our pre-med majors might talk philosophy. Our music majors probably have a firm grasp on political science.

The secondary focus is up to you, but in an ever-changing world, we know you will stand out.

iwu.edu/outcomes

What is having a connection worth?

“These small class sizes have allowed me to connect with my professors and get help when I need it. Most importantly, the opportunities at IWU are immense. Also, the alumni connections are so strong that it’s the #1 school in Illinois for job placement.* I have truly fallen in love with this school.”

Trevor Martin ’22

IWU Major: Accounting

IWU Minors: Finance, Spanish Campus Activities: Varsity soccer

Awarded: Academic All-Conference honors  for academics and soccer Study Abroad: Barcelona, Spain

[ Trevor graduated in 4 years ]

FREQUENTLY ASKED QUESTIONS

Do I need to reapply for financial aid each year?

Yes. Federal regulations require that students reapply for federal financial aid each year. The primary reason for this is to ensure that an individual’s eligibility for assistance is based on the most up-to-date income, asset, and family information.

I have received a financial aid proposal and have decided to attend IWU. What is my next step?

Welcome! Your non-refundable $350 deposit represents your commitment to attend Illinois Wesleyan University. You can send a check (don’t forget to include your name and your ID number, found on your acceptance letter) or pay online, iwu.edu/deposit .

Online options include credit card (American Express, Discover, Master Card or Visa)1 or having your savings or checking account debited with an ACH (automatic clearing house)2 payment. iwu.edu/pay-bill

If you cannot locate your ID number, simply call the Admissions Office at 800-332-2498 or send an email to iwuadmit@iwu.edu.

1A convenience fee is charged by the provider for credit card payment options. IWU does not charge or collect the convenience fee.

2There is no fee for an ACH payment.

What is this level of commitment to your success worth?

“The level of support I received at IWU was incredible. Everyone I met inspired and motivated me. I am just so happy that I am a part of the community and able to share the successes with everyone. No one can do everything alone, and at IWU, I didn’t have to.”

Juan Rios-Narciso ’22

IWU Major: Philosophy

Member of: The Ethics Bowl Team

Awarded: The Spring 2019 Entrepreneurial Fellowship

Launched: Sabor de Mexico (his family-owned restaurant and bakery in Colfax, IL)

[ Juan graduated in 4 years ]

How does Illinois Wesleyan’s outside scholarship policy work?

Notification of all scholarships received from outside sources are to be sent to the financial aid office and will be counted as part of your financial aid package. Any IWU scholarships and grants you may have been awarded will not be affected unless the total of your scholarships exceed your demonstrated need and tuition and fees. Outside scholarship monies will be used to reduce any unmet need you may have. Once unmet need has been met, the scholarships will be used to reduce loans first and student employment last.

I’ve deposited and plan to attend IWU. What do I need to do next to accept the loans in my financial aid award?

Students who are offered loans will want to accept, decline, or reduce them online through their MyIWU portal in June. Students will receive instructions for accessing their MyIWU portal after submitting their deposit. If you accept any portion of the loans offered in your financial aid package, additional documents will need to be completed in the summer in order to finalize your loan process.

I have seen information about a Jennings Scholarship for non-music majors. Can you tell me more about this?

The School of Music offers a scholarship to students who are interested in music, but who are not intending to make it their major. Jennings Scholarship recipients are expected to perform in one of our music ensembles as determined by the appropriate music faculty. Please refer to iwu.edu/music/admissions for more information on how to audition for a Jennings Scholarship.

YOUR NEXT STEP

Review the enclosed financial assistance award letter.

Students who qualify for need-based aid after completing their FAFSA may receive grants, loans, and student employment, or a combination of these awards. This could include assistance from university, state, federal, and/or private sources. Your eligibility for participation in these programs has been indicated on the enclosed financial aid award letter.

Rated 1 OF THE BEST COLLEGES FOR UNDERGRADUATES TO EARN THEIR COLLEGE DEGREE

Rated 1 OF THE BEST COLLEGES FOR UNDERGRADUATES TO EARN THEIR COLLEGE DEGREE

Zippia, 2022 #1

in ILLINOIS & #7 in the U.S. for JOB PLACEMENT

The Princeton Review, 2022

The Princeton Review, 2022

No. 1 LIBERAL ARTS COLLEGE IN ILLINOIS FOR EARNINGS

No. 1 LIBERAL ARTS COLLEGE IN ILLINOIS FOR EARNINGS

Degree Choices 2022 No. 1 INSTITUTION IN ILLINOIS & No. 7 IN THE NATION FOR JOB PLACEMENT

Degree Choices, 2022 No. 1 INSTITUTION IN ILLINOIS & No. 7 IN THE NATION FOR JOB PLACEMENT

Zippia, 2022

Ranked a COLLEGE OF DISTINCTION FOR STUDENT ENGAGEMENT, TEACHING, COMMUNITY, AND OUTCOMES

Ranked a COLLEGE OF DISTINCTION FOR STUDENT ENGAGEMENT, TEACHING, COMMUNITY, AND OUTCOMES

Colleges of Distinction 2021

Zippia, 2022 No. 2 AMONG HIDDEN GEMS IN THE MIDWEST College Raptor, 2021

Colleges of Distinction 2021

No. 2 AMONG HIDDEN GEMS IN THE MIDWEST

College Raptor, 2021

Ranked a BEST COLLEGE FOR YOUR MONEY BASED ON QUALITY, AFFORDABILITY AND OUTCOMES

Ranked a BEST COLLEGE FOR YOUR MONEY BASED ON QUALITY, AFFORDABILITY AND OUTCOMES

Money, 2022

Money, 2022

Top 10 IN THE WALL STREET JOURNAL SMALL COLLEGES IN THE MIDWEST