The federal government currently funds two grant programs: the Federal Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG). The difference between a federal grant and a loan is that you do not pay back a grant. Students must complete a FAFSA to be considered for these awards.
The maximum Pell Grant in 2014-15 award year is $5,730. Federal Pell Grants are awarded based on financial need, costs to attend school, status as a full-time or part-time student, and your plans to attend school for a full academic year.
The FSEOG is given to students with exceptional need, defined as those with the lowest expected family contribution, and those who are also Federal Pell Grant recipients. The maximum awarded for 2014-15 school year will be $1,000.
Indiana residents who file a FAFSA are considered for the Frank O'Bannon Grant Program (including the Freedom of Choice and Twenty-first Century Scholars Program) The federal processor must receive the FAFSA before the March 10th deadline to be considered for Indiana state aid. Eligibility for these awards is dependent on financial need. Find out more from the Indiana Commission of Higher Education.