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Feel free to click the underlined links for more information.
Grants - These do not have to be repaid.
- Pell Grant - Federal program. Up to $4,731 per year depending on financial need.
- Supplemental Education Opportunity Grant (SEOG) - Federal program. The amount varies based on exceptional need, Pell Grant eligibility, and the amount of money appropriated by congress for the current budget year.
- Frank O'Bannon Grant - State program to help with tuition. It is based on need. The amount of money you can receive varies each year depending on the dollars available and the number of students who apply.
- 21st Century Scholarship - State program to help low - and moderate - income families. Enrollment in the program is done in 7th or 8th grade.
- SSACI National Guard - State grant that covers up to 15 credits of certain tuition costs for eligible members of the Indiana Air and Army National Guard. 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.
Employment
- College Work Study - Federal Program. Dollar amount is based on financial need. Minimum wage, university jobs, up to 20 hours a week during the academic year. Some work study positions could be served through off-campus community service.
- Local community - University Program. The University's Career Center will assist students in finding part-time jobs in the community.
- Internships - University Program - Some majors have an intern component that can provide the opportunity to make extra money or earn scholarships.
Loans- Must be repaid.
- Federal Stafford Loan – Federal program. First-year eligibility up to $3500; more for second and third years. Interest rate set annually by Congress (2008-2009 = 6.0%). There are two types of federal Stafford loans:
- Subsidized loan – no interest accumulates until repayment starts; repayment is deferred for six months after graduation or dropping below half-time status.
- Unsubsidized loan – interest is charged immediately; student can pay interest while in school or let it accumulate until repayment starts; repayment deferred as in subsidized loan.
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Federal Perkins Loan - Federal program. Up to $2,500 per year with a 5% interest rate. Repayment begins nine months after graduation or leaving school.
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Federal Parent PLUS Loan – For dependent students: Parents will be offered a PLUS loan. To apply for this loan, you must fill out the Parent PLUS Loan Application with only one parent’s information. A Master Promissory Note will then be sent by the lender and must be returned to the lender when complete. Interest rate set annually by Congress (2008-2009 = 8.5%). Repayment starts sixty days after the second disbursement. Credit check is conducted by the lender. If a parent’s application is denied by the lender, the student is eligible for an additional unsubsidized Stafford loan of up to $4,000 per year.
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Alternative Loans – Also sometimes called private education loans. Terms and interest rates vary according to lender. Eligibility is based on credit worthiness as determined by the lender. If taken in the name of a student who has no credit history or poor credit history, a credit-worthy co-signer is needed.
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Entrance counseling – Entrance counseling is required the first time a student applies for a federal loan. Information about the rights and responsibilities of borrowers is provided. You can fulfill this requirement on-line at mapping-your-future.org or with a paper form available in the financial aid office.
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Exit counseling – Exit counseling is required of students who have borrowed federal loans and have graduated or dropped below half-time status. Students update their contact information and receive reminders of their rights and responsibilities. This requirement can be fulfilled on-line at www.mapping-your-future.org or with a paper form available in the financial aid office.
For your specific financial aid information, login to MyVU and go to the Student tab, then Academic Services, then Administrative Services, and then Student & Financial Aid.
Scholarships:
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