Federal student aid programs are the largest source of student aid in the United States, providing more than $60 billion a year in grants, loans, and work-study assistance. Here are some of the most frequently utilized federal aid programs for incoming freshmen.

Pell Grants
Need-based
Amount: $400-4,310
Students automatically considered
Must file the FAFSA. Federal Student Aid Information Center, 1-800-433-3243.

Supplemental Educational Opportunity Grants (SEOG)
Need-based
Amount: Varies
Students automatically considered
Must file the FAFSA before March 1. Amount depends on funding availability. Contact Office of Student Financial Assistance, (812) 855-0321.

Stafford Loans
Need-based
Amount: $3,500/$7,500
Auto-notification, then separate application
Low-interest loans, subsidized interest while in school, deferred repayment. Must file the FAFSA. $3,500 two-semester maximum for dependent freshmen; $7,500 for independent freshmen. Automatic notification of eligibility. Contact Office of Student Financial Assistance, (812) 855-0321.

Parent Loan for Undergraduate Students (PLUS)
Not Need-based
Amount: Varies
Separate application required
Federal low-cost loan for parents or legal guardians. Maximum amount equals cost of attendance minus financial aid received. Apply online through Office of Student Financial Assistance, (812) 855-0321.

Perkins Loans
Need-based
Amount: Varies
Apply through FAFSA
Need-based federal loans with 5% interest rate. Amount depends on funding availability. Students are automatically considered if they file the FAFSA before March 1 and indicate they are interested in loans. Contact Office of Student Financial Assistance, (812) 855-0321.

<< Back to Top