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Credit Completion Requirements and Incentive Awards for Frank O’Bannon Higher Education Award (FOB HEA) Recipients

The Indiana Commission for Higher Education, Division of Student Financial Aid (ICHE/SFA) will begin offering three incentive awards that FOB HEA recipients may qualify to use beginning in the 2014-15 academic year. Students that use their 1st state award during the 2013-14 academic year and beyond will be considered for these awards in the following years.

The Incentive Awards for Eligible Frank O’Bannon Grant Recipients

Students must qualify for a FOB HEA during the year in which they earn an incentive award (prior year) and the year in which they use it (current year). See the SFA website for a list of FOB HEA qualifications at http://www.in.gov/sfa/2346.htm. The value of these awards will be set by ICHE annually in February for the following academic year. All incentive awards may be utilized only toward tuition and could be reduced if the student has other aid that pays their tuition.

NOTE: This rule is only applicable to students that use their first state award in or after the 2013-14 academic year.

Student Centric Year

Students are allowed 12 months from the time that they use their initial FOB HEA to earn the credit hours necessary to be considered for the FOB HEA and the incentive awards in the subsequent year. This is how the “student centric year” is defined.

Student Centric Year Examples

  • Amy uses her first FOB HEA in fall 2013. She has the fall 2013, spring 2014 and summer 2014 terms to complete the minimum hours and earn incentives. If Amy earns both the credit hours, and incentive awards and she still qualifies for the FOB HEA in the subsequent year, then she can utilize the incentive awards.
  • Brandon uses his first FOB HEA in spring 2014. He has the spring 2014, summer 2014, and fall 2015 terms to complete the minimum hours and earn incentives to use the following year.
  • Cathy uses her first FOB HEA in summer 2014 because she went out on a limb and took 12 hours. She has the summer 2014, fall 2015, and spring 2015 terms to complete the minimum hours and earn incentives to use the following year.

Credit Completion Requirements and Effect on Award Amounts

NOTE: The Credit Completion Rule is only applicable to students that use their first state award in or after the 2013-14 academic year.

Students that earn a minimum of 24 credit hours during their student centric year and meet all the other eligibility criteria will be awarded the “Full-time FOB HEA.” Students that earn less than 24 credit hours are ineligible.

However, students who earn 30 or more credit hours during their student centric year and qualify for FOB HEA will be awarded the higher valued “On-Time FOB HEA.” The On-Time HEA amount ranges between $50 - $300 more per term, dependent upon the Expected Family Contribution (EFC) obtained from the annual FAFSA. More information regarding the minimum credit hour requirements can be found at http://www.in.gov/sfa/2569.htm.

Notes

  • Students that do not attend either the fall or spring semesters are still required to meet the minimum number of credit hours within the 12-month period of their student centric year.
  • Retaking a course that was previously passed will not increase your earned credit hours. It will only potentially increase GPA.
  • Students that were not able to earn the minimum credit hours due to co-op or internship, or that have experienced extraordinary circumstances can appeal for an exception to SFA. Read more about the appeal process at http://www.in.gov/sfa/2565.htm.

The Honors Incentive Eligibility Criteria

  • 1st time FOB HEA recipients that graduated from an accredited Indiana high school with a 3.0 or greater cumulative GPA will earn the Honors Incentive Award during their 1st year of FOB HEA eligibility.
  • Second, third, and fourth-year college students who qualify for FOB HEA and have earned a 3.0 or greater cumulative GPA at the end of their student centric year may qualify for the Honors Incentive Award. NOTE: This rule is only applicable to students that use their first state award in or after the 2013-14 academic year.
  • The maximum value of this award during the 2014-15 academic year is $800 per year.

The Associate’s Degree Incentive Eligibility Criteria

  • Students that earn an Associate’s Degree will be awarded the Associate’s Degree Incentive to use while later pursuing their Bachelor’s Degree, provided their primary degree objective was the AS degree when it was earned.
  • The maximum value of this award during the 2014-15 academic year is $800 per year

The Accelerated Incentive Eligibility Criteria

NOTE: This incentive is only available to students that use their first state award in or after the 2013-14 academic year.

  • Students that earn 39 or more credit hours during their prior student centric year will earn an Accelerated Incentive Award the following academic year.
  • The Accelerated Incentive Award is for students that plan to earn their degree within a 3-year period and can only be earned at the conclusion of the 1st or 2nd year of attendance and utilized within the 2nd and 3rd year.
  • The maximum value of this award during the 2014-15 academic year is $1,300 per year