Types of Need-Based Aid
To be considered for all of the aid listed below, you must:
- Be accepted for admission to the University of Evansville by the Office of Undergraduate Admission,
- Have recently graduated from high school or transferred to UE from another college,
- Be enrolled full-time, unless noted otherwise,
- Be seeking your first bachelor's degree, and
- Have completed the Free Application for Federal Student Aid (FAFSA). Be sure to complete the FAFSA that governs the academic year you intend to enter UE and list our code on your FAFSA (001795).
Second Bachelor's Degree: Students who have already earned a Bachelor's Degree and wish to seek a second Bachelor's Degree are eligible ONLY for the Federal Direct Stafford Loan.
Federal Pell Grant
A federal grant for very needy students. Available for full-time or part-time students. New federal regulations will limit a student's use of the Federal Pell Grant to the equivalent of six years of full-time eligibility.
Federal Supplemental Educational Opportunity Grant (SEOG)
Funds are limited, and students must be Pell-eligible to qualify. SEOG awards range from $100 to $4,000 a year. No additional application is necessary. In most cases, the student must have an EFC of zero to qualify.
The University may provide a grant (aid that does not have to be repaid) to students who demonstrate need according to the FAFSA. We have many programs with a variety of titles, some honoring the generous friends and alumni whose gifts have made this aid possible. Eligibility for UE need-based gift aid is established by information we gather on the Application for Admission and the FAFSA. UE gift assistance is awarded only at the time of matriculation to UE.
State Of Indiana Grants
If you are an Indiana resident and demonstrate financial need, you may qualify for the Frank O'Bannon Higher Education Award to attend a public Indiana college or the Frank O'Bannon Freedom of Choice Award (FOC) to attend a private college. The maximum Freedom of Choice Award (FOC) at the University of Evansville for 2013-14 is $7,410. State grant amounts vary based upon both FAFSA data and whether students earned the Indiana Academic Honors/Technical Honors Diploma during high school. Students must complete the FAFSA each year so that it is received by the federal processor no later than March 10. State of Indiana grants are available only for eight semesters, from all colleges attended.
Twenty-First Century Scholars Program
This grant program is available to Indiana students who enrolled in the program during middle school. The program guarantees free tuition to a public college in Indiana for students who successfully fulfill their Twenty-first Century Scholar pledge. Although the guarantee of full-tuition does not apply to private colleges, such as the University of Evansville, Twenty-first Century Scholars who attend the University of Evansville receive $7,528 in 2013-14.
Federal Work Study Program
This program allows you to work on campus to earn dollars for educational expenses. Most jobs pay $7.25 per hour. You would work an average of 7 hours a week and receive payroll checks twice each month, earning about $1,525 per year. Not all eligible students are awarded work because funds are limited.
Federal Perkins Loan
This program also has limited funding, and loans are offered only to the neediest students. Repayment begins nine months after graduation. The loan is interest-free while you are in college; interest during repayment is five percent.
Federal Nursing Loan
Like the Perkins Loan, the Nursing Loan is drawn from very limited funds. It is available only to select students with significant financial need who are nursing majors. Maximums are $2,500 for freshman and sophomore years and $4,000 for junior and senior years. It is also interest-free for as long as you are in school and carries a five percent interest charge thereafter. Repayment begins nine months after graduation.
Federal Direct Stafford Loan
All students who file the FAFSA may use the Federal Direct Stafford Loan. This loan is offered in the student's name and repayment begins six-months after college. The amounts listed below in the first column may be subsidized (interest does not accrue while the student is in college) or unsubsidized (the student is responsible for interest that accrues during college). Eligibility for the subsidized Stafford Loan is determined by the FAFSA, variables related to the student's cost of attendance, and other financial aid received. In addition to the initial amount based on grade level, all students may borrow an additional $2,000, which is always unsubsidized. Independent students (or dependent student's whose parent is denied the PLUS Loan) may borrow additional unsubsidized loan, indicated with an *asterisk.
|Amounts based on grade level.**||Additional Unsubsidized Eligibility||Total Annual Eligibility|
|Freshman Year||$3,500||$2,000 ($6,000 if independent*)||$5,500 ($9,500*)|
|Sophomore Year||$4,500||$2,000 ($6,000 if independent*)||$6,500 ($10,500*)|
|Junior and Senior Years||$5,500||$2,000 ($7,000 if independent*)||$7,500 ($12,500*)|
|Graduate / Professional Students||$20,500 (unsubsidized)|
** Grade Level amounts may be subsidized or unsubsidized, based on financial need.
The University of Evansville will notify admitted students who have filed the FAFSA about their type and amount of Direct Stafford Loan eligibility. Application forms will also be provided.
When the Stafford Loan enters repayment, students may have principal amounts which are accruing interest at different rates. However, for estimation purposes, below is a sample repayment chart for the Stafford Loan Program, assuming the maximum interest rate.
|Sample Repayment Chart for Federal Stafford Loans
(Based on 6.8% interest rate during repayment)
|Amount Borrowed||Number of Payments||Monthly payment after graduation|