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.

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 $6,895, based on need.
  • Cannot receive for more than .600%.
  • Pay amount determined by EFC.

FSEOG

  • Federally Funded
  • Gift Aid
  • Awarded only to Federal Pell Grant eligible applicants, if more funding is available the neediest receives SEOG.
  • Undergraduates, first bachelor’s degree
  • Must be enrolled at least half-time
  • Award amounts vary, based on available funding.
  • $1,000 year

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 April 15 of each year
  • Applies to Tuition and fees ONLY
  • Students must take and complete 15 credit hours to be considered on-time.
  • Based on states funding.

21st Century

  • State-Funded
  • Gift Aid
  • The student must have signed the affirmation with the state of Indiana.
  • Must complete the FAFSA on or before April 15 of each year
  • Applies to Tuition and fees ONLY
  • Students must take and complete 15 credit hours to be considered on-time.
  • Based on states funding.

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, based on RHIT formula
  • 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 Housing/Food Scholarship
  • Undergraduate
  • Must complete a FAFSA
  • Renewable
  • Students 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
  • Pell and SEOG grants are used for housing and food.
  • Only pay for double-housing.

Departmental Scholarship

  • Funded by Rose- Hulman
  • Individual departments award

 

Named Rose- Hulman  Scholarship

  • Criteria Varies

 

Federal Direct Loan, Subsidized

  • Federally Funded
  • 4.99%
  • Need-Based
  • Students must be enrolled at least half-time in a degree program
  • Undergraduates only after July 1, 2022
  • If you receive your first loan after June 30, 2013, there is a time limit 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
  • 1.057% origination fee
  • 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
  • 4.99% interest rate (undergraduate)
  • 6.54% interest rate (graduate)
  • Non-need-based
  • Students 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 the student is enrolled at least half-time
  • 1.057% origination fee

Federal Direct PLUS Loan and Grad PLUS Loan

  • Federally funded
  • 7.54% fixed interest rate
  • Non-need based (cost of attendance less other aid)
  • Enrolled at least half-time in a degree program
  • PLUS Loan borrower is the parent of an undergraduate, dependent student, Grad PLUS Loan borrower is a graduate student
  • The 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 the loan is disbursed.
  • 4.228% origination fee
  • Parents can qualify for a deferment while the student is enrolled
  • Grad PLUS borrowers qualify for “in school” deferment while enrolled

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

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