The Ferris Grant is referred to as gift aid, which means the funds do not have to be repaid. This institutional grant is a need based grant and available to undergraduate students. Students must file the Free Application for Federal Student Aid (FAFSA) and be enrolled at least half–time (minimum of six credits.) Award amounts may vary and are dependent on enrollment status: full–time, at least 12 credits; three quarter–time, 9–11 credits; and half–time, 6–8 credits. The maximum award per academic year is $2000.