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). 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.
For Training Providers & Programs
- Take less than 2 years to complete,
- Meet qualification standards for graduates, including providing training that helps graduates experience at least a 20% increase wage gain 6 months after graduation and a two-year post-graduation wage that’s at least 150% of Indiana’s per capita income
- Advanced Manufacturing
- Building and Construction
- Health and Life Sciences
- IT and Business Services
- Transportation and Logistics
- 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
- Allow an individual to earn a credential in not more than 2 years 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 150% Indiana’s statewide per Capita Income within 2 years of graduation.
- Be enrolled in an Accelerate Indiana-certified Qualified Education Program
- Be 18 years of age or older
- Be a resident of Indiana and a U.S. citizen and/or eligible resident
- 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 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 under an Income Threshold.
- There is a 6-month grace period between graduation and repayment term.
- The repayment period has a maximum term 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 months of the repayment term results in a 5% credit.