Grants

Another source for free money comes in the form of Grants. Grants are similar to scholarships in that they do not have to be re-paid. In most cases Grants are based on financial need. Both State and Federal Grants can play a large role in how you pay for college.

State of Indiana Grants

The State Student Assistance Commission of Indiana (SSACI) administers many grant programs to assist Indiana students with paying for their education. Below is a list of the current SSACI grant programs for Indiana students attending an Indiana College or University:

• Frank O'Bannon Grant
• Hoosier Scholar Award
• Twenty-first Century Scholars Program
• Twenty-first Century Scholars GEAR UP Scholarship
• SSACI Nursing Scholarship
• Minority Teacher/Special Education Services Scholarship
• Robert C. Byrd Honors Scholarship
• Summer State Work Study Program Indiana National Guard Supplemental Grant
• Part-Time Grant Program
• Child of Certain Veterans and Public Safety Officers Supplemental Grant Program

Important Note: The FAFSA is the basic application for several SSACI grants. In order to be eligible for State of Indiana Grants, the federal processor must receive the completed FAFSA by March 10th.

Eligibility Requirements

SSACI General Eligibility Requirements (GERS) for full-time grants and scholarships include:

• The applicant must show financial need according to program rules.
• The applicant's FAFSA must be received by the federal processor by March 10th of each year.
• If the applicant is a dependent student, the applicant and his/her parents must be legal residents of Indiana and remain legal residents during the academic year.
• The applicant must be an undergraduate student working on an associate or first bachelor degree.
• The applicant must maintain satisfactory academic progress.
• The applicant may not be in default on a loan or owe an overpayment on a SSACI grant.
• The applicant must meet the enrollment requirements of the applicable school.
• Amounts of SSACI grants may vary based on the level of state funding.

Federal Grants

The Federal Government is the largest source of college funding. Below are some of the grant programs run by the Federal Government. Not all of the eligibility requirements are listed.

Federal Pell Grants

Pell Grants are the foundation of federal financial aid and are awarded to undergraduate students who have not earned a bachelor's or professional degree, except for those with a degree who are enrolled in some teacher certification programs.

Academic Competitiveness Grant

An Academic Competitiveness Grant (ACG) may provide up to $750 for the first year of undergraduate study or up to $1,300 for the second year of undergraduate study, for full-time students who have completed a "rigorous high school program."

The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant)

SMART Grants are available in amounts up to $4000 during the third and fourth years of undergraduate study for students majoring in science, mathematics, technology or engineering. Students majoring in a foreign language determined to be critical to national security may be eligible as well.

Teacher Education Assistance for College and higher Education (TEACH) Grant

The TEACH Grant program provides grants of up to $4,000 per year but requires you to teach full time in a high-need field in a school that serves low-income students. You must teach there for at least four academic years within eight calendar years of graduation otherwise the grant funds you received will be converted to a loan and must be paid back. Work with your college or university to decide if a Teach Grant is right for you.

Always remember if you have a question about anything on this site, feel free to drop us a note at outreach@ismloans.org and we’ll be happy to answer or elaborate on an item that is confusing or unclear.