Major Financial Aid Programs

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

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)