Frank O’Bannon Grant awards range from $400 to $10,600, with amounts varying by institution, student need and other factors, according to the Indiana Capital Chronicle. The grant can be used at eligible public, private and proprietary postsecondary institutions, and eligibility is based on financial need shown on the FAFSA, the Indiana Commission for Higher Education says.
Students must be full-time Indiana residents, make satisfactory academic progress and file the FAFSA by April 15 to qualify, according to the Journal Gazette. The award schedule for 2027-28 would keep those amounts at current levels. The commission voted for the freeze Thursday, but the State Budget Committee must give final approval at its December meeting, the Capital Chronicle reported.
How the grant budget shapes the decision
More than 35,000 students received the need-based grant last school year. The Capital Chronicle reports that lawmakers have appropriated $168 million for the program each year since 2021, while commission chief deputy financial officer Cody Robison projected spending of $165 million on grants in 2027-28.
The current proposal follows earlier changes to award levels. The commission increased awards by 35% in 2022, then reduced them in 2024 after changes to federal financial-aid eligibility contributed to higher demand, according to the Journal Gazette. The Capital Chronicle describes the proposed 2027-28 freeze as keeping the schedule unchanged for a third consecutive school year.
