Accelerate Indiana is a state-created financial assistance program to help Indiana residents fund training for the jobs of the future. Through this initiative, educational institutions and training providers will be able to offer a new student-friendly funding option to prospective and enrolled students.
The program administers an Income Share Agreement (ISA). This means students will repay ONLY their tuition assistance with no interest and no fees only after they get a job over a certain income threshold with their updated career skills. Indiana has committed $75 million in federal COVID relief funds (American Rescue Plan Act) for the creation and administration of the Indiana Career Accelerator Fund and these related ISAs.
For Training Providers & Programs
Participating partners set graduates up for success with education programs that:
- Take less than 6 months to complete,
- Meet qualification standards for graduates, and
- Set students up for success, with average incomes of at least $59,554
Only High-Wage, High-Demand Career Fields:
- Advanced Manufacturing
- Building and Construction
- Health and Life Sciences
- IT and Business Services
- Transportation and Logistics
To qualify for Accelerate Indiana, training programs must be offered by institutions that:
- Have a physical presence in Indiana,
- Are accredited/authorized by the Indiana Commission for Higher Education or Indiana Department of Workforce Development, and
- Agree to basic program duties and responsibilities, such as data reporting on students’ progress and outcomes
To qualify for Accelerate Indiana, individual training programs must demonstrate they:
- Allow an individual to earn a credential in not more than 6 months, and demonstrate that at least 75% of enrolled individuals do so.
- Provide a credential relating to a career field, job title, or occupation in at least one of the following areas: advanced manufacturing, building & construction, health & life sciences, information technology & business services, transportation & logistics.
- Demonstrate that at least 65% of graduates obtain employment within 3 months of completing the program.
- Demonstrate that graduates of the program who obtain employment within 6 months of graduation earn average wages that are at least 20% higher than the wages earned before beginning the program.
- Demonstrate that graduates of the program earn an average wage that is at least 200% Indiana’s Statewide per Capita Income [$59,554] within 2 years of graduation.
To be eligible, students must:
- Be enrolled in an Accelerate Indiana-certified Qualified Education Program
- Not be using the Workforce Ready Grant currently
- Be 18 years of age or older
- Be a resident of Indiana and a U.S. citizen and/or eligible resident
Income Share Agreement (ISA) award details:
- Minimum Amount: $1,000
- Maximum Amount: $7,500
- The award is disbursed directly to the training program
- 70% at the beginning
- 30% upon graduation
- No interest
- No fees
- Forbearance protections are provided in the cases of economic hardship, military service, disability, or disaster.
- Payments are set at 5% of the graduate’s monthly income. However, no payment is owed if the graduate is making less than before enrollment or less than $42,500 per year.
- There is a 6-month grace period between graduation and repayment term.
- The repayment period has maximum terms of 84 months. Any outstanding obligation is forgiven at the expiration of the repayment term.
- Accelerate Indiana provides an incentive for continued Indiana residency. Staying in Indiana for the first 36 month of the repayment term results in a 5% credit.