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 $5,730 each year.

Comments:

  • Pell eligible students may choose to charge their books and supplies to their student account.

Indiana Freedom of Choice Grant* - 21st Century Scholarship* ~ Show Information

Eligibility:

  • You must show financial need according to program rules.
  • Your FAFSA must be received by the federal processor by March 10, and be error-free by May 15, each and every year.
  • You and your parent(s), if you are a dependent student, must be legal residents of Indiana and remain so during the academic year.
  • You must be an undergraduate working on an associate or first bachelor degree, maintain satisfactory academic progress, not be in default or overpayment, and meet the specific requirements of your chosen major.
  • For the O'Bannon grant program, all students must utilize state eligibility within 8 years after the first use. Eligible students are limited to 8 semesters of receiving the grant.
  • You must be full-time (12 or more credit hours per semester at census) and remain full-time through the first four weeks of classes or Butler's refund period, whichever is shorter, to qualify for the full amount of these grants. Changes in enrollment status during the first four weeks of classes may result in full cancellation of the state grants. Contact the Office of Financial Aid for term specific dates and before making changes to your enrollment status.

Amount: Tuition award amounts vary depending on financial need and the high school curriculum completed (Indiana Academic Honors diploma).

Comments:

Beginning with the 2013-2014 academic year, students will be required to meet certain completion requirements to renew state financial aid awards.  Students receiving the Freedom of Choice Award or the 21st Century Scholars Award must complete at least 30 credit hours each year to remain eligible for the maximum state financial aid award.  Freedom of Choice recipients who complete at least 24 credit hours each year will remain eligible for state financial aid, but will receive an amount that is less than a student who completes 30 credit hours.

For additional information about Indiana Grant Programs, including Credit Completion Requirements, visit the Indiana Commission for Higher Education - Student Financial Aid. Students should create an eStudent account to monitor their application status.

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 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.
  • Federal Direct Subsidized Loans first disbursed between July 1, 2012 and June 30, 2014 are not eligible for an interest subsidy during the six month grace period.
  • Beginning July 1, 2013, the Department of Education has limited the length of time that new borrowers can receive Federal Direct Subsidized Loans.  The limit is 150% of the published length of your program.  For more information on this limit, please review this announcement from Federal Student Aid.

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.