Award Guide


Federal Grants

Pell Grant

The Federal Pell Grant Program provides need-based grants to low-income undergraduate students to promote access to postsecondary education. Grant amounts are dependent on:

  • The student's expected family contribution (EFC)
  • The cost of attendance (as determined by the institution)
  • The student's enrollment status (full-time or part-time)
  • Whether the student attends for a full academic year or less

Eligibility

  1. You must be an undergraduate student.
  2. You must be working towards a bachelor's degree.
  3. Amounts shown are based on your enrollment on the 7th day of class.
  4. Less than full-time enrollment on that date can cause a reduction or elimination of your award.
  5. Funds are applied directly to your ISU account.

Supplemental Education Opportunity Grant (SEOG)

Federal Supplemental Educational Opportunity Grants (FSEOG) is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will be the first to get FSEOGs. Just like Pell Grants, FSEOGs don't have to be paid back.

Eligibility

  1. You must be an undergraduate student.
  2. You must be Pell eligible.
  3. You must be working toward a bachelor’s degree.
  4. A minimum of 6 credit hours of enrollment is required.
  5. Funds are applied directly to your ISU account.

State Grants

21st Century and the Indiana Higher Education Award
(IHEA and Frank O’Bannon)

The Twenty-first Century Scholars Program began in 1990 as Indiana's way of raising the educational aspirations of low- and moderate-income families. The program aims to ensure that all Indiana families can afford a college education for their children.

Income-eligible 6th, 7th and 8th graders who enroll in the program and fulfill a pledge of good citizenship to the state are guaranteed the cost of four years of undergraduate college tuition at any participating public college or university in Indiana.

Frank O'Bannon Grant (formerly the Indiana Higher Education Grant) Program, designed to provide access for Hoosier students to attend eligible postsecondary institutions, receives its funding through appropriations made by the Indiana General Assembly. The grants, targeted to tuition and regularly assessed fees, are "need-based" and do not require repayment. Due to variations in appropriations, the number of filers and the "need" of the filer base, the dollar value of state grants will vary from year to year.

Eligibility

  1. 12 credit hours of enrollment on the 28th day of class
  2. You must have submitted a completed FAFSA (Free Application for Federal Student Aid) to the federal government by March 10th.
  3. Any FAFSA corrections must be made by May 15th.
  4. You must be an undergraduate student.
  5. You must be an Indiana resident.
  6. You must be working toward a bachelor’s degree.
  7. Funds are applied directly to your ISU account.

Indiana National Guard Supplemental Grant (NGSG)

A grant that guarantees up to 100% of certain tuition costs will be met by the State of Indiana for eligible members of the Indiana Air and Army National Guard. The National Guard Supplemental Grant (NGSG) covers only certain tuition charges and does not cover other expenses such as room and board and textbooks. It is subject to available funds.

To be eligible an applicant must be certified by both the State Student Assistance Commission of Indiana (SSACI) and the Indiana National Guard (ING) and attend a state funded college or university. It can be used only in the fall and spring semesters and not summer school.

The Indiana National Guard reserves the right, in cooperation with SSACI, to revoke for cause the NGSG at any time. If there are questions about Indiana National Guard eligibility and certification, the student should start with their unit commander.

Eligibility

  1. New paperwork is required at the start of each term.
  2. 12 credit hours of enrollment are required for the full award.
  3. Less than 12 credit hours qualify for a partial grant.
  4. Any FAFSA corrections must be made by May 15th.
  5. You must be an undergraduate student.
  6. You must be an Indiana resident.
  7. You must be working toward a bachelor’s degree.
  8. Funds are applied directly to your ISU account.

ISU Grants and Scholarships

Sycamore Need based grant

Eligibility

  1. Must be PELL eligible
  2. Demonstrate unmet need
  3. Must be enrolled at least Half Time.

iSU aCADEMIC nEED based grant

Eligibility

  1. Admitted by June 1st
  2. Minimum GPA for 3.0
  3. File a FAFSA by March 10 and have an EFC of 4827 or less.
  4. Must be enrolled Full Time.

Scholarships

In an effort to attract the best and brightest students, Indiana State University and the ISU Foundation offer a variety of scholarships to help make a college experience possible. Annually, Indiana State University awards more than $4 million in scholarships to talented and deserving students. Look at scholarships that are offered.

Work Study

Work Study is a Federal program allowing students to be employed while attending college. Federal Work-Study (FWS) provides part-time employment for undergraduate and graduate students with financial need, allowing them to earn money to help pay for education expenses. The program encourages community service work and work related to the recipient's course of study.

A variety of employment options exist on campus. CWSP funds are paid bi-weekly for hours worked. Check for job openings on-line at the Student Employment web site: Check for Student Employment on-line.

To be considered for Work-Study you must:

  1. Find, interview and be hired for a CWSP job.
  2. Satisfy the campus employer’s employment requirements.
  3. Earn the funds through hours worked.
  4. Take 6 or more hours of enrollment in the fall or spring; 3 hours or more are required in the summer.

CWSP funds will not pay for tuition or fees at the start of the term. CWSP will not pay directly to your ISU account.

Student Loans

Perkins Loans

The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled.

  1. These are loans and must be repaid, so please borrow wisely.
  2. You must complete paperwork with the ISU Office of the Controller before you can receive the funds.
  3. A minimum of 6 credit hours of enrollment is required at the time this money is applied to your account.
  4. Repayment begins 9 months after you graduate or leave school.
  5. The interest rate is 5%.
  6. Cancelation provisions exist due to service in certain fields of work.
  7. Funds are paid directly to your ISU account.

Federal Direct Stafford Loans

Federal Direct Loans are low-interest loans for students to help pay for the cost of a student's education. The lender for the Federal Direct Stafford Program is the U.S. Department of Education.

With Direct Loans, you:

  • Borrow directly from the Federal government and have a single point of contact.


  • Have online access to your Direct Loan account information 24 hours a day, 7 days a weeks at the Direct Loan Servicing Center at 1-800-848-0979 or on the Web at: www.studentloans.gov

  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
  1. These are loans and must be repaid, so please borrow wisely.


  2. Must file the Free Application for Federal Student Aid (FAFSA).


  3. Complete an ISU Federal Direct Stafford Loan Request Form.


  4. New borrowers must complete an Entrance Counseling Session on line.


  5. Complete a Master Promissory Note (MPN).


  6. Undergraduates must have 6 or more credit hours in order for money to be applied to your ISU account.


  7. Fully admitted graduate students must have 5 or more credit hours in order for money to be applied to your ISU account.


  8. With an Unsubsidized loan, students are responsible for the interest from the time of disbursement. Students may pay interest quarterly or allow the interest to accrue and pay with the principal when repayment begins.


  9. The interest rate for undergraduate students on the subsidized loans is 5.6% and the interest rate on the unsubsidized loans is 6.8%. The interest rate for graduate students on both the subsidized and unsubsidized loans is 6.8%


  10. Funds are paid directly to your ISU Account no earlier than 10 days prior to the start of the term.


  11. Repayment begins 6 months after you graduate or leave school.

Direct Parent Loans

Parents may borrow a PLUS Loan to help defer the education expenses for their dependent undergraduate student enrolled at least half time in an eligible program at ISU. Parents, along with their dependent students are required to complete the Free Application for Federal Student Aid (FAFSA) for PLUS Loan consideration. When you apply for a Direct PLUS Loan, the Department will check your credit history. To be eligible for a PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan. In some cases, you may also be able to obtain a Direct PLUS Loan if you document to our satisfaction that there are extenuating circumstances related to your adverse credit history.

  1. These are loans that your parent must repay, so please borrow wisely.
  2. Parents start this loan by submitting the Federal Direct PLUS Loan Request Form to the Office of Student Financial Aid.
  3. Your parent must complete a Master Promissory Note with the Department of Education.
  4. Students must be enrolled in a minimum of 6 credit hours before the loan can be disbursed.
  5. Fixed interest rate of 7.9%.

Graduate Plus Loans for Graduate Students

Graduate and professional degree students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

  1. These are loans that you must repay, so please borrow wisely.
  2. Must file the Free Application for Federal Student Aid (FAFSA).
  3. Submit the Direct Grad PLUS Loan Request Form to the ISU Office of Student Financial Aid.
  4. New borrowers must complete an Entrance Counseling Session on line.
  5. Complete a Master Promissory Note (MPN).
  6. You must be enrolled in a minimum of 5 credit hours before the loan can be disbursed.
  7. The interest rate is 7.9%.
  8. Funds are paid directly to your ISU Account.

Private Alternative Loans

Private Alternative Loans can help you pay college expenses that may not be covered by federal loan programs or other financial aid. Private loans typically carry higher interest rates and fees than federal loans. The student is the borrower, and most often, will need a credit worthy co-signer. The student has the choice of repaying the loan while in school, paying interest only, or deferring payments until they are out of school (interest accrues). Alternative loans are not for everyone. They can be expensive and should be borrowed wisely. 

Before considering a private loan, be sure that you have exhausted all possible federal student loans. Federal student loans generally have more favorable terms and conditions than private loans.  

  1. These are loans that you must repay, so please borrow wisely.
  2. We recommend that you apply for private loans using the lender’s online application.
  3. If you do not plan to use certain aid programs, such as the Federal Work Study Program, please decline it before applying for a private alternative loan.
  4. Your lender will provide you a copy of the Self-Certification Form.
  5. The procedures for disbursement of your private alternative loan funds may vary from lender to lender.

Monthly Payment Option

You have the option of making regular monthly payments on the remaining balance of your account through a company called Tuition Management Systems. An initial fee of $55.00 will be charged for establishing the account. No interest is charged for this service. Information is available about this payment tool from the Office of the Controller or Tuition Management Systems’ website at http://www.afford.com.

Overawards

An overaward occurs when a student receives more financial aid than either their calculated financial need or the estimated cost of attendance. Often late scholarship and grant notices will cause an overaward. It is critical for you to notify Student Financial Aid immediately if you are to receive any aid not listed on your financial aid award letter. In many cases, financial aid received at a later date will reduce the amount of Federal Work Study or Stafford loan awarded to you.

More Questions?

The Office of Student Financial Aid staff will assist you if you have questions. You can reach the office by email at ISU-finaid@mail.indstate.edu; or telephone at (812) 237-2215 or (800) 841-4744. The Office of Student Financial Aid is located in Tirey Hall.