Federal and State Aid

Frank O'Bannon Grant*, 21st Century Scholarship*

Eligibility:

• You must show financial need according to program rules.
• The FAFSA must be received by April 15 prior to the academic year of your intended enrollment.
• You and/or your parent(s) if you are their dependent must be legal residents of Indiana and remain so during the academic year.
• You must be an undergraduate student working on an associate or your first bachelor's degree, maintain satisfactory academic progress, not be in default or over-payment, and meet the specific requirements of your chosen major.
• You must be a full-time student (which is defined as being enrolled in 12 or more credit hours per semester at census) and remain a full-time student through the first four weeks of classes to qualify for the full amount of these grants. Changes in your 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: Amounts range from $3,900 - $12,400 per academic year, depending on your financial need and the high school curriculum you completed (Indiana Academic Honors diploma).

If you receive the Frank O'Bannon Grant or the 21st Century Scholars Award, you must complete at least 30 credit hours each academic year to remain eligible for the maximum state financial aid award. Frank O'Bannon Grant recipients who complete at least 24 credit hours each year are eligible for state aid, but receive an amount less than students who complete 30 credit hours.

For additional information about State of Indiana financial aid programs, visit in.gov.

* Available only if you are a full-time undergraduate student pursuing your first bachelor's degree.

Federal Direct Loan Program

The U.S. Department of Education's Direct Loan Program includes offers four types loans:

1. Direct Subsidized Loans
2. Direct Unsubsidized Loans
3. Direct PLUS Loans
4. Direct Consolidation Loans

These long-term, low interest student loans are 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.

Amounts: Annual grade-level maximums (based on credit hours earned) vary according to whether you are a dependent or independent student. These are the rates for students who are dependents of their parents:

• Freshman: $5,500
• Sophomore: $6,500
• Junior: $7,500
• Senior: $7,500

Repayment of your loan(s) begins six months after you graduate, leave the university, or drop below half-time enrollment (six credit hours or less).

The interest rates for Direct Subsidized and Direct Unsubsidized Loans may change each year in July.

• Currently, Direct Subsidized and Unsubsidized Loans disbursed between July 1, 2024 and June 30, 2025 have a fixed interest rate of 6.53 percent for undergraduate students. For graduate and professional students the rate is 8.08 percent.

Federal loans are also subject to an origination fee, which adjusts each year on October 1. 

• For Direct Subsidized and Unsubsidized Loans disbursed between October 1, 2020 and September 30, 2021 the origination fee is 1.0570 percent. 

Other Information: Independent students (as determined by the FAFSA) may be eligible for additional Federal Direct Unsubsidized loans. All independent students must be enrolled in at least six credit hours to be eligible for the Federal Direct Loan program.

Federal Work Study*

Eligibility: Part-time, on-campus student employment may be available if you have financial aid eligibility as determined by the FAFSA.

Amount:

• Average award is equivalent to seven hours per week at min. $10.00/hr.
• Award is not deducted from your tuition bill.
• You are paid for the hours worked every two weeks.
• You are required to pay taxes on your earnings, however; the amount you earn is not considered when determining your financial aid eligibility for the following year.

* Available only if you are a full-time undergraduate student pursuing your first bachelor's degree.