The average student in Indiana graduates with $27,500 of college debt, according to a report from the Project on Student Debt.
17 students received the scholarship last year. This year, there have been more than 200 applicants.
The state Department of Corrections is being forced to end its college degree programs because of budget cuts.
Frankfort High School Senior Elizabeth Olivas has been allowed back in the U.S. after problems with her visa application.
Indiana State University says if students follow the plan it sets out for them, they should be able to graduate in four years.
The Indiana Commission for Higher Education has laid plans to boost the percent of Hoosiers with a college degree.
Local schools are trying to fund programs that would reduce drop-out rates, but that funding can be hard to find.
Indiana released its reports for graduation rates Tuesday.
The average graduation rate for high schools in Indiana increased to 85.7 percent in the 2010-2011 school year.
Governor Mitch Daniels proposed the idea for the scholarship last year to reward those students who finish up high school early.