Financial Aid

Need-Based Financial Aid Programs

Educational expenses are the responsibility of the student and parents; however, financial aid may be available to help maximize the family's existing resources. Eligibility for these awards is based on the family's ability to contribute to the cost of the student's education as determined by the Free Application for Federal Student Aid (FAFSA).

Need-based aid refers to federal, state and university grants, federal student loans and federal student work-study. For consideration of need-based aid, you must file the Free Application for Federal Student Aid (FAFSA). We recommend each year that you complete the Free Application for Federal Student Aid online.

To ensure maximum consideration and timely notification of any of the following awards, Butler University recommends all students submit the FAFSA on or before March 1, each year using actual tax information.

Note: In order to receive consideration for the Frank O'Bannon Grant Program (Higher Education Award, and Freedom of Choice Grant) and the Twenty-First Century Scholars program the FAFSA must be received by the federal processor after January 1, but on or before March 10, each year.

Butler University Grant*

Eligibility: Tuition awards are based on a combination of academic strength, the family's ability to contribute as determined by the FAFSA and other financial aid received from Butler University.

Comments:

  • Priority consideration is given to those who submit the FAFSA on or before March 1.
  • Awards are not automatically renewed. Students must submit a FAFSA each year to receive consideration.
  • Students must demonstrate financial aid eligibility each year.


Federal Pell Grant and Supplemental Education Opportunity Grant (SEOG)*

Eligibility: Awards are based solely on financial need as determined by the FAFSA and the number of hours enrolled.

Amount: Award amounts range from $976-$5,350 each year

Federal Academic Competitiveness Grant Program (ACG)*

Eligibility: Academic Competitiveness Grants are awarded to Federal Pell Grant recipients in the first or second year of his or her program of study at a two or four year degree granting institution and have completed a rigorous secondary school program. In addition, second year students must have a minimum cumulative grade point average of 3.0 on a 4.0 scale. First year students are those who have completed secondary school after January 1, 2007 and second year students are those who have completed secondary school after January 1, 2006.

Amount: Award amounts are $750 for the first year of study and $1,300 for the second year of study.

Note: The ACG is a two year program that will expire after the second year. Butler University will not replace Federal ACG funds in the third and fourth years.

Federal SMART Grant Program*

Eligibility: SMART Grants are awarded to Federal Pell Grant recipients in the third or fourth year of his or her program of study at a four year degree granting institution. Eligible students must major in physical, life or computer science, engineering, mathematics, technology, or a critical foreign language (as determined by the U.S. Department of Education) be enrolled in at least one course that is required for the major during each semster awarded and have a minimum cumulative grade point average of 3.0 on a 4.0 scale at the start of each semester.

Amount: Award amounts are $4,000 for each year of study.

Indiana Higher Education Award* - Freedom of Choice Grant* - 21st Century Scholarship*

Eligibility: Awarded to Indiana residents who attend an eligible Indiana college or university who demonstrate financial need.

Amount: Tuition award amounts vary depending on financial need and the high school curriculum completed (IN academic honors diploma or Core 40).

Comments:

  • The FAFSA must be received by the federal processor on or before March 10 each year.


Federal Perkins Loan*

Eligibility: A long-term, low interest student loan available to those who demonstrate financial need as determined by the FAFSA.

Comments:

  • Fixed five percent interest rate.
  • Repayment of principal and interest begins nine months after graduating, leaving the university or enrolling less than half time (six credit hours).


Federal Stafford Loan

Eligibility: A long-term, low interest student loan available in the form of a subsidized (need-based) and/or unsubsidized (not need-based) loan.

Amount: annual grade level maximums for dependent students:

  • Freshman $5,500
  • Sophomore $6,500
  • Junior $7,500
  • Senior $7,500
  • Graduate $8,500

Comments:

  • Undergraduate Federal Stafford Loans first disbursed on or after July 1, 2008 will have a fixed rate of 6.0% for the 2008-2009 academic year and a fixed rate of 5.6% for the 2009-2010 academic year.
  • Federal Unsubsidized Stafford Loans first disbursed on or after July 1, 2006 will have a fixed rate of 6.8%.
  • As of July 1, 2008, undergraduate students will be offered an additional $2,000 in the Federal Unsubsidized Stafford Loan with a fixed rate of 6.8%.
  • Repayment begins six months after graduating, leaving the university or enrolling less than half-time (six credit hours).
  • Independent students (as determined by the FAFSA) may be eligible for additional unsubsidized Federal Stafford loans.
  • Students must be enrolled a minimum of six hours to be eligible for the Federal Stafford Loan.

Federal Work-Study*

Eligibility: On-campus student employment offered to students who demonstrate financial need as determined by the FAFSA.

Comments:

  • Average award equivalent to eight to twelve hours per week at minimum wage.
  • Award amount is not automatically deducted from the student's bill.
  • Students receive a paycheck for the hours worked every two weeks.
  • Students are required to pay taxes on earnings, however amount earned is not used against the student when determining financial aid eligibility in the following year.

*Available to only full-time undergraduate students pursuing their first bachelor's degree only.