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 2012-13 award year was $5,550. 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
2012-13 school year was $1,000.
Indiana residents who file a FAFSA are considered for the Frank
O'Bannon Grant Program (including the Higher Education Award and
Freedom of Choice Award), Hoosier Scholar Award, Twenty-first
Century Scholars Program and others. 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 State Student
Assistance Commission of Indiana.