Financial Aid

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.

Federal Pell Grant & Supplemental Education Opportunity Grant (SEOG)* ~ Show Information

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 $602 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* ~ Show Information

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 (Indiana 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* ~ Show Information

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* ~ Show Information

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.
  • Entrance counseling is required.
  • 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 ~ Show Information

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 and Fees for Undergraduate Students:
    • Federal Direct Subsidized and Unsubsidized Loans borrowed in the 2013-2014 academic year will have an interest rate fixed at 3.86 percent.
    • Federal Direct Subsidized and Unsubsidized Loans borrowed in the 2014-2015 academic year will have an interest rate fixed at 4.66 percent.
    • An origination fee of 1.072 percent will be assessed by the lender at the time of disbursement for loans with a first disbursement date on or after December 1, 2013 and before September 30, 2014. Loans with a first disbursement date on or after October 1, 2014 and before September 30, 2015 will be assessed an origination fee of 1.073 percent. This fee is subject change; refer to www.studentloans.gov for updates.
  • 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.
  • Beginning July 1, 2012, students are no longer eligible for the interest subsidy for Federal Direct Subsidized Loans during their grace period.

Federal Work Study* ~ Show Information

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.