Federal Pell Grant
- Awards are based solely on financial aid eligibility as determined by the FAFSA and the number of hours enrolled.
- Students may receive up to the equivalent of six years of Pell Grant funding. For more information, please visit studentaid.gov.
- Students must be pursuing an associate's degree or their first bachelor's degree.
Amount: Award amounts of up to $5,920 each year.
Frank O'Bannon Grant*, 21st Century Scholarship*
- Students must show financial need according to program rules.
- The FAFSA must be received by the Federal Processor by the state deadline of April 15th.
- Students, and the student's parent(s) if a dependent student, must be legal residents of Indiana and remain so during the academic year.
- Students must be an undergraduate working on an associate or first bachelor's degree, maintain satisfactory academic progress, not be in default or overpayment, and meet the specific requirements of their chosen major.
- You must be full-time (12 or more credit hours per semester at census) and remain full-time through the first four weeks of classes to qualify for the full amount of these grants. Changes in enrollment status during the first four weeks of classes may result in full cancellation of the state grants. Contact the Office of Financial Aid for term specific dates and before making changes to your enrollment status.
Amount: Tuition award amounts range from $650-$9,000 per academic year depending on financial need and the high school curriculum completed (Indiana Academic Honors diploma).
Students receiving the Frank O'Bannon Grant or the 21st Century Scholars Award must complete at least 30 credit hours each academic year to remaining eligible for the maximum state financial aid award. Frank O'Bannon recipients who complete at least 24 credit hours each year remain eligible for state financial aid, but will receive an amount that is less than a student who completed 30 credit hours.
For additional information about the Indiana Grant Programs, please visit the Indiana Commission for Higher Education.
* Available only to full-time undergraduate students pursuing their first bachelor's degree
Federal Direct Loans
The Direct Loan is a long-term, low interest student loan available in the form of a subsidized (need-based) and/or unsubsidized (non need-based) loan.
Eligibility: Awards are based solely on financial aid eligibility as determined by the FAFSA and the number of hours enrolled.
Annual grade level maximums (based on credit hours earned) for dependent students:
- Freshman $5,500
- Sophomore $6,500
- Junior: $7,500
- Senior: $7,500
Repayment begins six months after graduating, leaving the university, or enrolling less-than half-time (six credit hours).
The fixed interest rate for Federal Direct Subsidized and Unsubsidized Loans adjusts each year on July 1. Please refer to studentaid.ed.gov for updates.
- For Direct Subsidized and Unsubsidized Loans disbursed between July 1, 2017 and June 30, 2018 the interest rate is fixed at 4.45%.
Federal Direct Subsidized and Unsubsidized Loans are also subject to an origination fee, which adjusts each year on October 1. Please refer to studentaid.ed.gov for updates.
- For Direct Subsidized and Unsubsidized Loans disbursed between October 1, 2016 and September 30, 2017 the origination fee is 1.069%.
Independent students (as determined by the FAFSA) may be eligible for additional Federal Direct Unsubsidized loans.
All students must be enrolled in at least six credit hours to be eligible for the Federal Direct Loan program.
Beginning July 1, 2013 the Department of Education has limited the length of time that new borrowers may receive Federal Direct Subsidized Loan funds. The limit is 150% of the student's published program. Please refer to studentaid.ed.gov for more information.
Federal Work Study*
Eligibility: On-campus student employment offered to students who have financial aid eligibility as determined by the FAFSA.
- Average award equivalent to seven hours per week at minimum wage.
- Award amount is not deducted from the student's bill.
- Students are paid for the hours worked every two weeks.
- Students are required to pay taxes on earnings, however; the amount earned is not used against the student when determining financial aid eligibility in the following year.
* Available only to full-time undergraduate students pursuing their first bachelor's degree.