Major Financial Aid Programs

Overview

Financial Aid Basics

Major Financial Aid Programs

When you apply for financial aid, you are automatically considered for most aid programs except the Federal Direct PLUS Loan, Direct Grad PLUS Loan, and private loans. Separate applications are required for PLUS and private loans.

To be eligible for most financial aid programs, students must:

  • Complete a Free Application for Federal Student Aid (FAFSA)
  • Be a U.S. citizen or eligible non-citizen (as defined by the U.S. Department of Education)
  • Be enrolled in a degree-seeking program

Federal Pell Grant

  • Federally funded
  • Need-based gift aid
  • For undergraduates earning their first bachelor’s degree
  • Eligibility is based in part on enrollment at the start of the term
  • Limited to 600% lifetime eligibility
Award amount determined by Student Aid Index (SAI) as reported on the FAFSA

Federal Supplemental Educational Opportunity Grant (FSEOG)

  • Federally funded
  • Need-based gift aid
  • Available to Pell Grant–eligible students, with priority given to the neediest applicants
  • For undergraduates earning their first bachelor’s degree
  • Must be enrolled at least half-time
  • Awards vary based on available funding
  • Typical award: up to $1,000 per year

Frank O’Bannon Grant

  • State of Indiana funded
  • Need-based gift aid
  • For Indiana residents earning their first bachelor’s degree
  • FAFSA must be completed by April 15
  • Applied to tuition and fees only
  • Students must complete 15 credit hours per year to remain on-time
  • Awards are based on state funding availability

21st Century Scholarship

  • State of Indiana funded
  • Student must have signed the state affirmation
  • FAFSA must be completed by April 15
  • Applied to tuition and fees only
  • Requires completion of 15 credit hours per year
Award amounts depend on state funding

Rose-Hulman Merit Scholarship

  • Funded by Rose-Hulman
  • Merit-based
  • Undergraduate students earning their first Rose-Hulman bachelor’s degree
  • Must be enrolled in at least 6 credit hours
Renewable

RHIT Grant

  • Funded by Rose-Hulman
  • Need-based, determined using the RHIT formula
  • Undergraduate students
  • FAFSA required each year
  • Must be enrolled in at least 6 credit hours
Evaluated annually

Housing & Food Scholarship

  • Funded by Rose-Hulman
  • Available to students awarded the Housing/Food Scholarship
  • Undergraduate students
  • FAFSA required
  • Renewable
  • Students must live in on-campus housing, billed through Rose-Hulman
  • Pell and FSEOG funds may be applied to housing and food
Covers double-occupancy housing only

Departmental Scholarships

  • Funded by Rose-Hulman
  • Awarded by individual academic departments
Eligibility criteria vary by department

Named Rose-Hulman Scholarships

  • Funded by Rose-Hulman
  • Eligibility criteria vary by scholarship

Federal Direct Subsidized Loan

  • Federally funded
  • Fixed interest rate
  • Need-based
  • Undergraduate students only
  • Must be enrolled at least half-time
  • Interest does not accrue while enrolled at least half-time
  • Repayment deferred while enrolled
  • Annual rates reset on July 1
  • Origination fee: 1.057%
  • Time limits apply for first-time borrowers after July 1, 2013

Federal Direct Unsubsidized Loan

  • Federally funded
  • Fixed interest rates
  • Non-need-based
  • Undergraduate and graduate students
  • Must be enrolled at least half-time
  • Interest accrues immediately
  • Repayment deferred while enrolled
  • Origination fee: 1.057%
  • Graduate students must specify requested loan amount

Federal Direct PLUS Loan

  • Federally funded
  • Fixed interest rate
  • Non-need-based
  • $20,000 per year per dependent student (combined for all parent borrowers) and $65,000 total maximum per dependent student over all years
  • PLUS Loan: Parent of a dependent undergraduate
  • Credit check required
  • Annual rates reset on July 1
  • Apply at studentaid.gov
  • Repayment begins 60 days after disbursement unless you choose to defer payments on the loan application. 
Origination fee: 4.228%

Federal Work-Study

Students earn wages through approved employment

Eligibility

  • Need-based
  • Undergraduate students
  • Enrolled at least half-time
  • FAFSA required

Terms

  • Award amounts vary based on available funding
  • Earnings are paid via paycheck and do not appear on the student bill

Grad PLUS Loan

Grad PLUS Loans Will Be Eliminated for New Borrowers

  • Graduate and professional students will no longer be able to take out new Grad PLUS loans starting July 1, 2026.
If a student has already borrowed Grad PLUS before that date and is enrolled in the same program, they may continue borrowing under the old rules for the remainder of that program or up to three academic years (whichever is shorter)

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