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State OKs student financial aid increase

The Indiana Commission for Higher Education today approved raising the state’s maximum student financial aid awards for the first time in six years.

From 2013 to 2014, Indiana students will benefit from a $44 million, or 5 percent, increase in state financial aid funding, the single largest one-year increase since 1977, according to a statement.

Indiana students with financial need, who graduate from high school with a Core 40 diploma with either Academic Honors or Technical Honors, will be eligible to receive up to 100 percent of the award maxima.

The maximum awards are $4,108 for public, four-year colleges, $7,410 for private colleges and $3,420 for Ivy Tech Community College and for-profit colleges.

Students with financial need who earn the standard Core 40 diploma will receive up to 80 percent of the award maxima. Awards are adjusted based on the student’s financial need as determined from information provided on the Free Application for Federal Student Aid, or FAFSA.