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.
Financial aid programs include federal, state and
university grants, federal student loans and federal student
work-study. For consideration of all aid programs, you must file
the Free Application for Federal Student Aid (FAFSA). To ensure
maximum consideration and timely notification of any of the
following awards complete the FAFSA online
between January 1 and March 1 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 aid eligibility as determined by the FAFSA and the number
of hours enrolled.
Amount: Pell Grants range from $976 to $5,550
each year.
Comments:
- Pell eligible students may choose to charge their
books and supplies to their student account.
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.
Effective fall 2012 - Students must maintain the following
GPA requirements in order to be eligible for an award:
Amount: Tuition award amounts vary depending on
financial need and the high school curriculum completed (IN
academic honors diploma).
Comments:
- The FAFSA must be received by the federal processor on or
before March 10 each year.
Mitch Daniels Early Graduation Scholarship
There is a new scholarship for students who graduate from a
publicly supported high school at least one year early, after
December 31, 2010.
For more information - click here.
Federal Perkins Loan*
Eligibility: A long-term, low interest student
loan available to those who have financial aid eligibility 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 Direct 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
Comments:
- Interest Rates
-
- Federal Subsidized Direct Loans borrowed in the 2011-2012
academic year will have an interest rate fixed at 4.5% for
undergraduates and 6.8% for graduate students. Federal
Unsubsidized Direct Loans borrowed in the 2011-2012
academic year will have an interest rate fixed at 6.8% for
undergraduate and graduate students.
- A processing fee of 1% and a rebate of .5% will be assessed by
the lender.
- 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 Federal Direct Unsubsidized
loans.
- Students must be enrolled a minimum of six hours to be eligible
for the Federal Direct Loan program.
Federal Work-Study*
Eligibility: On-campus student employment
offered to students who have financial aid eligibility 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 only to full-time undergraduate
students pursuing their first bachelor's degree.