Eligibility for most federal and state student aid is based on financial need and on several other factors. Each program has its own, more specific, eligibility requirements.
The following are the most basic eligibility requirements to receive federal and state financial assistance:
Students who receive federal or state financial assistance (including student and/or parent loans) are required to make satisfactory progress toward the completion of their degree or certificate program. Progress is measured by the number of credits successfully completed each semester and students' cumulative grade point average after each semester. The completion rate is generally the total of earned hours compared to total of attempted hours. Exceptions are made for students who fail to earn any credit in a term. In addition, students are limited to 150 percent of the published timeframe for their degree/certificate objective (measured in credit hours). This policy sets the minimum standards for evaluating reasonable academic progress for federal and state financial assistance. Visit www.usi.edu/finaid/policies.asp for more information about the Satisfactory Academic Progress Policy.
Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 6 years or 12 semesters or the equivalent of 600%. You'll receive a notice from the Department of Education if you're getting close to your limit. For more information on how the 600% is determined visit https://studentaid.ed.gov/types/grants-scholarships/pell/calculate-eligibility.
State of Indiana grant programs are limited to four years or eight semesters of full-time enrollment within a ten year eligibility period. Federal grant, loan, and work study programs are limited to six years or 12 semesters of full-time enrollment, the equivalent part-time enrollment, or any equivalent combination of part-time and full-time enrollment for students pursuing the first baccalaureate degree.
If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your 'maximum eligibility period.' This is calculated differently from the 150 percent Maximum Timeframe for the Satisfactory Academic Progress Policy. Visit https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#is-there-a-time-limit for more information about the limit on Direct Subsidized Loans.