Financial Aid

Financial Aid

Financial aid programs help pay the costs of education after high school. If you want to continue your education, but think you can’t afford it, you should apply for financial aid.

Kinds of financial aid

There are basically three kinds of financial aid awards.

Eligibility for most of this aid is determined by filing the FAFSA.

Grants and scholarships student employment loans

These awards do not need to be paid back and are often called “gift aid.” Grants and scholarships may be based on financial need or on a student’s merit or special talents.

This is money that students work for as part of their financial aid. College Work-Study is an example. Loans are money that you borrow for your education and are considered a type of financial aid. You will pay back your loan with interest.

AID OFFERED BY THE STATE OF INDIANA

Indiana Higher Education Grant & Freedom of Choice Grant These need-based financial aid grants are for Indiana residents at eligible Indiana colleges. File the FAFSA by March 1.

  • Minority Teacher Scholarship
  • Hoosier Scholarship
  • Indiana Nursing Scholarship
  • Twenty-first Century Scholarship
  • Robert Byrd Honors Scholarship
  • Special Education Services Scholarship
  • Summer State Work-Study Program
  • Child of Disabled Veteran Program

AID OFFERED BY THE FEDERAL GOVERNMENT

  • Pell Grants–Federal government and college determine eligibility. Supplemental Educational Opportunity Grant (SEOG)–Priority is given to Pell Grant recipients. Your college determines your eligibility.
  • College Work-Study–Provides a part-time job if you have financial need. The government pays part of your salary; the employer pays the rest. The college determines your eligibility.
  • Perkins Student Loan–The college determines eligibility. Interest and repayment begin after separation from school.
  • Stafford, Ford, and PLUS Loan Programs–Issued through the college or a lender. Eligibility determines if the interest and/or the principal is deferred.
  • Hope Scholarship and Lifetime Learning Credit–Federal income tax credits for college.