The most common forms of student aid are:

Scholarships (do not need to be repaid)

• Monetary awards available from the university or through external sources
• Determined by academic achievement and/or financial need
• Applied directly to your college costs

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Grants (do not need to be repaid)

• Tuition assistance awards available from the federal or state government
• For state grants, you must file the FAFSA by the priority date of March 1.
• Eligibility for federal grants is based on income, household size, and the number of dependents in college.
• Receipt of federal and state grants is not guaranteed from one year to the next.
• The amount of Federal Pell Grant you receive for each semester or summer session is based on your enrollment as determined by the Office of the Registrar on census date. Check the schedule of classes for the appropriate census date.
• The Federal Pell Grant amount received is prorated by the number of the credit hours enrolled for each term or semester.
• Most state awards, including those from the State Student Assistance Commission of Indiana, require full-time enrollment.
• To be considered for a Federal Supplemental Educational Opportunity Grant (FSEOG), students must file the FAFSA by the priority date of March 1.
• Determined by financial need

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Work-Study

• Part-time employment on campus during academic year or summer
• Employment off campus at approved sites as available
• Funds are received through a university paycheck according to the institution’s payroll calendar.
• Students must file the FAFSA and the IU South Bend Application for Financial Aid by the priority date of March 1.
• Determined by financial need

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Loans (must be repaid)

• Money borrowed from a financial institution or the university to pay for college expenses
• To be considered, students must file the FAFSA and the IU South Bend Application for Financial Aid.
• Students must complete promissory notes for all loans before funds are credited to their account.
• Two types of loans are available—Federal Perkins Loans and those offered through the Direct Loan program.
  • To be considered for a Federal Perkins Loan, students must file the FAFSA and the IU South Bend Application for Financial Aid by March 1 of each year.
  • There are two types of Direct Loans available to students—subsidized and unsubsidized.
    • Subsidized loans are determined by financial need. Unsubsidized loans do not require financial need.
    • Subsidized loans are federal loans on which the government pays the interest while the student maintains at least half-time status.
    • If a student receives an unsubsidized loan, he or she is expected to pay the interest rate while enrolled in school.

If you take out a Federal Direct Loan, you or your family will not be borrowing money from a bank. Direct Loans are loans made with federal capital and owned by the federal government. Loan repayments are made to the government, and Direct Loans are never sold.

The Office of Financial Aid administers the loans; determines your loan eligibility; approves the loan; confirms the promissory note, when necessary; receives the funds from the federal government; and credits the loan amount directly to your University student account.

Please note: Because IU South Bend participates in the Direct Loan program; we do NOT process Subsidized or Unsubsidized Stafford Loans or PLUS Loans through private lenders.

Private Alternative Loans
Because students should always apply for federal financial assistance, including Federal Stafford Subsidized and Unsubsidized Loans, Indiana University South Bend does not routinely process private alternative loans. If you completed an online application for any of these types of loans, we will automatically contact the lender and cancel the request.

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Here is some additional information on each type of student aid:

Scholarships

IU South Bend awards scholarships that are funded by private donors, business and industry, and friends and alumni of Indiana University. Recipients are selected based on a variety of criteria, including academic performance and financial need. A complete list of IU South Bend scholarship opportunities is available from the Office of Student Scholarships.

FastWEB is the largest and most complete scholarship search on the Internet. It provides access to a searchable database of more than 600,000 private sector scholarships, fellowships, grants, and student loans.

Need-Based Federal and State Grants

• Federal Pell Grants provide financial assistance to full- and part-time undergraduate students who attend postsecondary educational institutions. Students may apply for the Federal Pell Grant by submitting the FAFSA.
• Federal Supplemental Educational Opportunity Grants assist students with high need who also qualify for Pell Grants.
• Indiana Higher Education Awards for Indiana residents are determined by the State Student Assistance Commission of Indiana (SSACI) and are based on financial need. Students must submit the FAFSA by March 1.
• An Academic Competitiveness Grant will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study to full-time students who are eligible for a Federal Pell Grant and who had successfully completed a rigorous high school program, as determined by the state or local education agency and recognized by the Secretary of Education. Second year students must maintain a cumulative grade point average (GPA) of at least 3.0.
• The National Science and Mathematics Access to Retain Talent Grant, also known as the National Smart Grant is available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security. The student must also be enrolled in the courses necessary to complete the degree program and to fulfill the requirements of the intended eligible major in addition to maintaining a cumulative grade point average (GPA) of at least 3.0 in coursework required for the major. The National SMART Grant award is in addition to the student's Pell Grant award.

Fee Remission Grants

• Child of Disabled/Veteran Award: The Indiana General Assembly has provided an education benefit for children of veterans who have suffered a service-connected disability or death, or who are Purple Heart recipients. The benefit reduces the amount of tuition that state-supported institutions charge eligible students. The reduction of tuition varies by institution and can be used for a maximum of 124 credit hours.
• Child or Surviving Spouse of Deceased Indiana State Police or Other Law Enforcement Officer Awards and A Child or Surviving Spouse of a Firefighter: Applicants must have resided in Indiana for at least 12 months. Eligible students should contact their local law enforcement agency or fire department for information.

Work-Study

Contact the Office of Financial Aid for more information on work-study positions.

Loans

Students are eligible to apply for a number of loan programs to help finance their education. These include:

• Federal Perkins: These loans are awarded through the university at an interest rate of 5 percent. Repayment begins nine months after graduation or when the student drops below half-time status.
• Direct Loan Program: These loans are low interest loans available to students enrolled at least half time. The interest rate is variable with a cap of 8.25 percent. Interest is paid by the government on federally subsidized (need-based) loans while interest will be charged beginning when the loan is disbursed on unsubsidized (non-need-based) loans. Repayment begins six months after graduation or when the student drops below half-time status.
• Federal Parent Loans for Undergraduate Student (PLUS): The PLUS program provides an opportunity for parents of dependent undergraduate students to borrow from their banks or lending institutions. The maximum interest rate for a PLUS loan is 12 percent and repayment begins within 60 days of disbursement of the loan. Click here for a printable application for a Parent PLUS loan.