VINCENNES, Ind. – Middle-income families who have struggled to qualify for college financial aid will receive a major boost thanks to a new scholarship being introduced by Vincennes University.
The scholarship will offer a 15 percent reduction in tuition fees for students from middle-income families in Indiana.
According to VU officials, the new Middle-Income Hoosier Scholarship will provide needed financial assistance to under-served families and students in Indiana and reduce the debt-load of graduates.
“For too long, middle-income families have not qualified for financial aid, and it is the goal of Vincennes University to reach out to middle-income Hoosiers and help bridge this gap, provide real savings for middle-income families and students, and attract a growing number of students to Indiana’s first college,” said VU President Dick Helton.
To qualify, Hoosier students cannot be eligible for any state or federal grant funds, must have an adjusted gross income of less than $75,000, be a full-time student, and maintain a grade-point average of 2.5. For qualifying students, VU’s Middle-Income Hoosier Scholarship will provide $250 per semester for two years, with an additional $250 refund provided to students who earn an associate degree in five semesters or fewer.
“The bottom line is that these students will receive up to a $1,250 tuition benefit which will go a long way considering that VU’s tuition is already the lowest among all Indiana residential campuses. VU is the perfect school for this initiative because it is a premier two-year college with a low fee structure that offers many financial opportunities for Indiana’s working families not currently offered in higher education,” according to Helton.
Helton also added, “Once fully implemented, VU anticipates over 500 Hoosiers will take the opportunity to participate at a value that will exceed over $500,000 in tuition savings.”
It is no coincidence that the introduction of the new scholarship comes at a critical time for middle-income families. “We recognize that during the past decade middle-income households lost ground because their incomes were not growing due to cuts in work hours, frozen salaries, and layoffs. Combined with the decline in family assets, such as homes, middle-income families have, frankly, taken a beating. And there appears to be little relief in sight. We hope this new scholarship will provide a lifeline to many of these families who seek a better future for their children,” Helton said.
For more information go to the VU website: www.vinu.edu.