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Major Financial Aid Programs

When you apply for financial aid, you are considered for the following aid programs, EXCEPT the Federal Direct PLUS Loan, the Direct Grad PLUS, and private loans. You must complete separate applications for PLUS Loans and private loans.

To be eligible for most aid programs, you must be a U.S. citizen or an eligible non-citizen as defined by the U.S. Department of Education and must be enrolled in a program leading to a degree.

 DESCRIPTION 

 ELIGIBILITY 

 TERMS 

 Federal Pell Grant 

  • Federally Funded 

  • Gift Aid 

  • Need-based for undergraduate earnings first bachelor’s degree 

  • Pell Grant eligibility is based, in part, on enrollment at the beginning of a term. 

  • Award maximum $5,775, based on need 

  • Cannot receive for more than 18 full-time terms. 

 FSEOG 

  • Federally Funded 

  • Gift Aid 

  • Awarded only to Federal Pell Grant eligible applicants 

  • Undergraduates, first bachelor’s degree 

  • Must be enrolled at least half-time 

  • Award amounts vary, based on available funding 

 Frank O'Bannon 

  • State Funded 

  • Gift Aid 

  • Awarded to only State of Indiana students 

  • Need-based for undergraduate earning first bachelor’s degree 

  • Must complete the FAFSA on or before March 10 of each year 

  • Applies to Tuition ONLY 

  • Student must take and complete 15 credit hours to be considered on-time 

 21st Century 

  • State Funded 

  • Gift Aid 

  • Student must have signed the affirmation with the state of Indiana. 

  • Must complete the FAFSA on or before March 10 of each year 

  • Applies to Tuition ONLY 

  • Student must take and complete 15 credit hours to be considered on-time 

 Merit Scholarship 

  • Funded by Rose-Hulman 

  • Merit-based 

  • Undergraduate 

  • Must be taking six credit hours or more 

  • Renewable 

 RHIT Grant 

  • Funded by Rose-Hulman 

  • Undergraduate 

  • Need-Based 

  • Must complete the FAFSA each year 

  • Must be taking six credit hours or more 

  • Evaluated each year 

 Room/Board  Scholarship 

  • Funded by Rose-Hulman 

  • Must be awarded the Room/Board Scholarship 

  • Undergraduate 

  • Must complete a FAFSA 

  • Renewable 

  • Student must reside in one of the on-campus housing at Rose-Hulman 

  • Scholarship amount will be determined on the housing/board cost the student is charged 

 Departmental  Scholarship 

  • Funded by Rose-Hulman 

  • Individual departments award 

 

 Named Rose-Hulman  Scholarship 

 

 

 Federal Direct Loan,  Subsidized 

  • Federally Funded 

  • 4.66% 

  • Need-Based 

  • Student must be enrolled at least half-time in a degree program 

  • Undergraduates only after July 1, 2013 

  • If you receive your first loan after June 30, 2013, there are time limited on how long you can receive these loans. 

  • Rates change every year on July 1 

  • Repayments deferred and there is no interest while enrolled at least half-time 

  • 1.072% origination fee (1.073% on or after Oct 1, 2014 due to sequestration) 

  • No repayment incentives on new loans disbursed on or after July 1, 2013, except an interest rate reduction for borrowers who use automatically debited electronic payments. 

 Federal Direct Loan,  Unsubsidized 

  • Federally funded 

  • 4.66% interest rate (undergraduate) 

  • 6.21% interest rate (graduate) 

  • Non-need-based 

  • Student must be enrolled at least half-time in a degree program 

  • Undergraduate and graduate students 

  • Graduate students must provide documentation on how much they would like to apply for an unsubsidized loan 

  • Rates change every year on July 1 

  • Interest accrues immediately, may be paid periodically or capitalized (see prom note) 

  • Repayment of principal deferred while student is enrolled at least half-time 

  • 1.072% origination fee (1.073% on or after Oct 1, 2014 due to sequestration) 

 Federal Direct PLUS  Loan and Grad PLUS  Loan 

  • Federally funded 

  • 7.21% fixed interest rate 

  • Non-need based (cost of attendance less other aid) 

  • Enrolled at least half-time in degree program 

  • PLUS Loan borrower is the parent of an undergraduate, dependent student, Grad PLUS Loan borrower is a graduate student 

  • Borrower must meet credit-worthiness standards and be a U.S. citizen or eligible non-citizen of the U.S. 

  • Rate change every year on July 1 

  • Parent(s) or Graduate that is interested in this loan must apply at www.studentloans.gov 

  • Repayment of principal and interest begins 60 days after loan is disbursed. 

  • 4.288% origination fee (4.292% on or after Oct. 1, 2014 due to sequestration) 

  • Parents can qualify for a deferment while the student is enrolled 

  • Grad PLUS borrowers qualify for “in school” deferment while enrolled 

 Federal Perkins Loan 

  • Federally funded, supplemented by RHIT funds 

  • 5% fixed interest 

  • Need-based:  Students considered based on EFC; allowable EFC determined by federal funding levels; not available if student has a bachelor’s degree 

  • Enrolled at least half-time in a degree program 

  • Must complete the FAFSA 

  • Award amounts vary based on funding 

  • Repayment is deferred and there is no interest while enrolled at least half-time 

  • Nine-month grace period before repayment begins 

  • Minimum monthly repayment $40 

Direct Stafford Loan Limits (borrowing maximums)
(Subsidized and Unsubsidized)

 

Undergraduate Students

Graduate Students

 

 Dependent

 Independent

 

 1st Year 

 $5,500 ($3,500)

 $9,500 ($3,500)

 

 2nd Year

 $6,500 ($4,500)

 $10,500 ($4,500)

 $20,500 for each year 

 3rd Year and beyond

 $7,500 ($5,500)

 $12,500 ($5,500)

 

 Total Loan Debt Limit 

 $31,000 ($23,000) 

 $57,500 ($23,000) 

 $138,000 ($65,000)

Work-Study or Work Opportunity

DESCRIPTION  

ELIGIBILITY  

TERMS  

  • Awards are earned as wages by working 

  • Need-based 

  • Enrolled at least half-time in a degree program 

  • Must complete the FAFSA 

  • Undergraduate 

  • Award amount vary based on available funding 

  • Wages do not appear on your bill; students earn paychecks for work performed 

Melinda Middleton

Melinda Middleton

Melinda Middleton oversees Rose-Hulman’s Office of Financial Aid as the department’s director. She and the rest of the Financial Aid staff can help you make sense of the loans, grants and scholarships available. They take pride in helping our students find ways to make a Rose-Hulman education an affordable investment in their future.

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Contact Us

Office of Financial Aid
Hadley Hall 104
Rose-Hulman Institute of Technology
5500 Wabash Avenue
Terre Haute, Indiana 47803
Phone: 812-877-8672
Fax: 812-877-8838
finaid@rose-hulman.edu