I found a solution that works pre Lollipop. Set the "colorControlNormal" within the "actionBarWidgetTheme" to change the homeAsUpIndicator color. Modifying rockgecko's answer from above to look like this:
<style name="MyTheme" parent="Theme.AppCompat.Light">
<item name="actionBarTheme">@style/MyApp.ActionBarTheme</item>
<item name="actionBarStyle">@style/MyApp.ActionBar</item>
<!-- color for widget theming, eg EditText. Doesn't effect ActionBar. -->
<item name="colorControlNormal">@color/my_awesome_color</item>
<!-- The animated arrow style -->
<item name="drawerArrowStyle">@style/DrawerArrowStyle</item>
<!-- The style for the widgets on the ActionBar. -->
<item name="actionBarWidgetTheme">@style/WidgetStyle</item>
</style>
<style name="WidgetStyle" parent="style/ThemeOverlay.AppCompat.Light">
<item name="colorControlNormal">@color/my_awesome_color</item>
</style>