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Financial Assistance
Clear the Tuition Hurdle with Financial Aid. Furthering your education is a substantial financial commitment, but you don't have to do it alone. Most students require some financial assistance at some point in their academic careers. In this section, you'll find helpful information and resources to make sense of your options and provide insight into which option is right for you. For answers to specific financial aid questions, please contact the Ohio University Office of Student Financial Aid and Scholarships.
Address:
Office of Student Financial Aid and Scholarships
Attn: Lisa Butler
Chubb Hall 020
Ohio University
Athens, OH 45701-2979
By phone:
Main: 740-593-4141
(8:00 am - 5:00pm, Monday - Friday)
Fax: 740-593-4140
Lisa Butler: 740-593-4712
E-mail:
For questions related to the processing of your financial aid, please email Lisa Butler at
butlerl@ohio.edu.
Website:
http://www.ohio.edu/financialaid/
Ohio University School Code:
003100
Types of Financial Aid
You have Options for Investing in Your Future
Ohio University is dedicated to helping you reach your educational goals. Here is a partial list of financial aid options. To learn more about these and other options, contact your Enrollment Advisor at 1-877-823-1113.
Federal Student Aid
Federal Student Aid is the largest source of student aid in the nation. The Free Application for Federal Student Aid (FAFSA) will help you determine your eligibility. U.S. citizens and permanent residents have access to federally funded loans through the Office of Student Financial Aid and Scholarships (OSFAS). For further information, visit the Ohio University Financial Aid and Scholarships website: www.ohio.edu/financialaid.
Our school code is 003100.
Federal Stafford Loans
Stafford Loans are available to students who qualify. There are two different types of graduate federal student loans: the subsidized Stafford Loan and the unsubsidized Stafford Loan. To see if you are eligible, please visit:
http://studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsp?tab=funding
Subsidized
A subsidized Stafford Loan is awarded on the basis of need, and the federal government pays interest on the loan while you are enrolled at least half-time (6 credits) and for one 6-month grace period after you graduate or fall below half-time enrollment.
Unsubsidized
An unsubsidized Stafford Loan is not based on need and allows some students to borrow additional money. Students are responsible for the interest on an unsubsidized loan. No payments are required on any Stafford Loan until 6 months after you leave school or fall below 6 credits. If possible, you may want to pay accrued interest on an unsubsidized loan while you are enrolled.
For more information on Federal Stafford Loans, click here.
http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp
Employer Tuition Assistance
Some employers provide tuition assistance to their employees. Contact your human resources department to determine your organization's policy.
Alternative Student Loans
Some students may need additional loan funds after maximizing their federal loan options or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students fill the gap between financial aid and college costs.
Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower. Many of these loans also require a minimum of half-time enrollment (5 credit hours for graduate study) per quarter. In the MHA program, you will enroll for 8 credit hours per quarter with the exception of the last quarter, which is 4 credit hours.
For more information about Alternative Loans, please visit:
http://www.ohio.edu/financialaid/loans/loans_alt.cfm
Eligibility Requirements
In order to be eligible for most federal financial aid programs, you must:
Have financial need (except for some loan programs).
Be enrolled (or accepted for enrollment) as a regular student working towards a degree or certificate in an eligible program.
Be a U.S. citizen or eligible non-citizen.
Have a valid Social Security Number.
Make satisfactory academic progress.
Sign:
- A statement of educational purpose, and
- A certification statement indicating that you are not in default on a student loan nor owe an overpayment on a grant.
(Both statements can be found on the FAFSA)
Register with the Selective Service System, if required.
Never have been convicted under a federal or state law of the sale or possession of illegal drugs. A drug-related conviction does not necessarily make a student ineligible for aid. A student with a prior drug-related conviction must complete a worksheet to determine if the conviction affects aid eligibility.
To see if you are eligible, please visit: http://studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsp?tab=funding
How to Apply for Financial Aid
Step1: Obtain a PIN
The next step is to obtain a Personal Identification Number or PIN. You will use this PIN code each year to access your Federal Student Aid records online and apply for Financial Aid.
Apply for a Federal Student Aid PIN
http://pin.ed.gov/
Important: Your PIN serves as your electronic signature and provides access to your personal records, so you should never give your PIN to anyone, including commercial services that offer to help you complete your FAFSA. Be sure to record and keep your PIN in a safe place.
Step 2: Fill out the FAFSA
In order to determine your eligibility youmust fill out the Free Application for Federal Student Aid (FAFSA). Eligibility is determined by your financial situation. Almost every student is eligible for some form of financial aid regardless of income or circumstances, provided that you:
- are a U.S. citizen, a U.S. national or an eligible non-citizen;
- have a valid Social Security Number;
- have a high school diploma or GED;
- are registered with the U.S. Selective Service (if you are a male aged 18-25);
- complete a FAFSA promising to use any federal aid for educational purposes;
- do not owe refunds on any federal student grants;
- are not in default on any student loans; and
- have not been found guilty of the sale or possession of illegal drugs during a period in which federal aid was being received.
You may find it helpful to gather the following documents before you begin the online application process:
- Social Security Number
- Driver's license or State ID (if any)
- Your most recent W-2 Forms and other records of money earned
- Your (and your spouse's if you are married) most recent Federal Income Tax Return (or your Foreign Tax Return)
- Most recent untaxed income records
- Veterans benefits records
- Child support received
- Worker's compensation
- Current bank statements
- Current business and investment mortgage information, business and farm records, stock, bond and other investment records
- Alien registration or permanent resident card (if you are not a U.S. citizen)
Free Application for Federal Student Aid
http://www.fafsa.ed.gov/index.htm
NOTE: The Ohio University Federal ID Code is 003100.
Important: All students should check with Ohio University's financial aid office to determine their exact FAFSA deadlines and requirements.
Step3: Your Student Aid Report
A Student Aid Report (SAR) is a document you will receive after your FAFSA is processed. It will list all of your provided answers, which you should review for correctness. Make any necessary corrections.
The SAR will contain your Expected Family Contribution, which is used to determine your eligibility for financial aid during one school year. Your school will receive an electronic copy of the SAR and use this information to decide how much financial aid you are eligible to receive. If you are selected for the verification process, please wait for instructions from the Office of Student Financial Aid and Scholarships regarding required documents to submit.
Step4: Determine Your Options
You will receive notice of how much assistance in federal loans you are eligible for. It is at this point in the process where you can choose how much money you would like to accept and/or explore other funding options.
Important: Students need to complete a Master Promissory Note (eMPN) during the first year of enrollment. (In subsequent terms, students need only sign a form confirming acceptance of funds during all subsequent terms. http://www.studentloans.gov)
All first-time Federal Direct Student Loan Borrowers also need to complete Entrance Counseling. http://www.studentloans.gov
Both the eMPN and Entrance Counseling can be completed online).
Keep track of all deadlines and required paperwork. If you have any questions contact your financial aid advisor.
Satisfactory Academic Progress (SAP) Policy
In order to receive financial aid, you must make Satisfactory Academic Progress (SAP) as defined by the U.S. Department of Education and Ohio University. Our definition of SAP is different from the University's definition of academic standing. All Ohio University students who have completed a Free Application for Federal Student Aid (FAFSA) and wish to be considered for federal, state, and institutional financial aid must meet the criteria stated in the policy regardless of whether or not they previously received aid
See complete details at: http://www.ohio.edu/financialaid/postapply/postapply_sap_procedure.cfm
Disbursement
Financial Aid will be disbursed to you 10 days prior to the start of each quarter. Disbursements, will not coincide with individual courses, but rather will be consistent with University billing cycles. Aid will only be disbursed if you have fulfilled all requirements, including paperwork and promissory notes.
Refunds
If you have a direct deposit account, your refund will be prepared at the start of the quarter and received in your account within 3-4 business days. For students without direct deposit, checks are mailed to you the first Friday of each quarter. As with disbursements, refunds will not coincide with individual courses, but rather will be consistent with University billing cycles.
For more information on direct deposit, visit: http://www.ohio.edu/finance/bursar/directdeposit.cfm
Quarter |
Summer |
Fall Quarter |
Winter Quarter |
Spring Quarter |
Classes begin |
June or July |
Aug. or Oct. |
Jan. or Feb. |
April |
Aid Available |
After July 1 |
2nd wk. of Sept. |
1st wk. of Jan |
Last wk. of March |
Important Loan Information
As with any loan, make sure you fully understand the interest rates, repayment terms, and tax implications. Find out if interest charges are variable or fixed and if the loan has forgiveness or deferment provisions. Also find out if you can consolidate the loan with other loans, and if it carries prepayment penalties.
Repayment
When taking out a financial aid loan, you must remember that it must eventually be repaid. After graduating or dropping below half-time enrollment, repayment will usually be deferred for 6 months. There are several different types of repayment plans, and choosing the one that best fits your financial situation is important.
Standard Repayment Plan
A fixed annual repayment amount is paid over fixed period of time not to exceed 10 years.
Graduated Repayment Plan
Payments start at a lower amount and increase generally every 2 years. Payments are made over a fixed period not to exceed 10 years.
Extended Repayment Plan
A fixed annual or graduated repayment amount is paid over a period not to exceed 25 years. Must have more than $30,000 in loan debt.
Income-Sensitive Plan
Monthly payment is based on annual income with maximum repayment period of 10 years.
For more information on repayment, click here.
Deferment
Deferment is a period of time when no payments are required; however your interest will continue to accrue on unsubsidized loans.
To qualify for deferment you must be enrolled in school at least half-time, or prove an inability to find full-time employment and/or economic hardship.
Forbearance
Forbearance is a period of time during which payments are temporarily reduced or postponed. During forbearance interest will continue to accrue on both subsidized and unsubsidized loans.
Important: Borrowers must contact their lender to apply for deferment or forbearance.
Default
Default is the worst-case scenario in financial aid loan repayment. Default occurs when an installment payment is missed, or if the borrower fails to comply with the terms of the promissory note.
Loans will go into default if you become 270 days delinquent (for monthly payments) or 330 days delinquent (on longer term payment plans).
If you default on your student loan, you could be subjected to a host of negative consequences (financial and otherwise). As a result, it's best to explore all available options to avoid this outcome.
Important: If you are at risk of default, contact your lender immediately to discuss your options.
Financial Aid Resources
We understand that the options and opportunities for financial aid can be a bit overwhelming at times. A comprehensive list of Financial Aid resources have been gathered here to help educate you so you can decide which financial aid option is best for you. If you need more information or have specific questions, you can also reach out to an Enrollment Advisor at any time by calling 1-877-823-1113.
Ohio University Office of Financial Aid Website
http://www.ohio.edu/financialaid/
Free Application for Federal Student Aid - Official Site
http://www.fafsa.ed.gov/
Department of Education PIN Number Website
http://pin.ed.gov/
Federal Student Aid Official FAQs
http://www.fafsa.ed.gov/help.htm
FAFSA4caster
http://www.fafsa4caster.ed.gov/
Student Gateway to the US Government
http://www.students.gov/
Federal Student Aid Gateway
1-800-4-FED-AID
http://www.federalstudentaid.ed.gov/
Electronic Master Promissory Note / Entrance & Exit Counseling
http://www.studentloans.gov/
National Student Loan Data System (NSLDS)
http://www.nslds.ed.gov
A Guide to Funding Education Beyond High School
http://studentaid.ed.gov/students/publications/student_guide/index.html
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