The Art Institute of Indianapolis participates in federal, state and other financial aid programs. Financial aid is divided into three general categories:

Gifts
These are grants, scholarships, and other benefits that do not have to be repaid. Most grants are based on financial need, as determined by a federal formula, and are given by the federal or state governments; most scholarships are based on criteria such as grades or affiliations or other criteria, and may or may not also include a financial need component; most benefits are based on a combination of criteria. Some examples of Gift Aid are Federal Pell Grant, Federal SEOG (Supplemental Education Opportunity Grant), The Art Institute Scholarships, other scholarships, Vocational Rehabilitation, Veterans Benefits, and Bureau of Indian Affairs.

Loans
Loans must be repaid. Repayment can usually be delayed until several months after the student leaves school. Some loans, such as Federal Stafford Loans are given to students in their own names; some loans, such as Federal PLUS Loans are given to parents of dependent students. Some loans are based on the student's financial need; some loans require a credit check; some loans are available regardless of income. There are alternative education loans given by private lenders to students that may or may not require a co-signer. Some examples of loans are Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan, Federal Parent Loan for Undergraduate Students (PLUS), Perkins Loans and Alternative Loans.

Work
Some students choose to work to help pay their living expenses while attending school. The Art Institute of Indianapolis participates in the Federal Work-Study program, and also assists students to find part-time jobs in the community.