Savanna Hoffman
Ohio University offers a range of financial aid options for students, including federal and state grants and loans. Federal loans are considered financial aid and are often a more affordable option than private loans, with lower interest rates and more flexible repayment plans. Students can apply for federal student loans by completing the FAFSA, which will determine their eligibility for financial aid. The university also offers short-term loan programs for students facing temporary financial difficulties. Additionally, Ohio University provides specific loan options for students in the medical, dental, optometry, pharmacy, veterinary, and nursing fields, such as the Health Professions Student Loan (HPSL). For parents of dependent students, there is the option of applying for the Federal Direct Parent PLUS Loan, which requires a credit check. Understanding the terms and conditions of any loan is essential before making a decision.
| Characteristics | Values |
|---|---|
| Website | Federal Student Aid website |
| [email protected] | |
| Contact Number | 740.593.4141 |
| Addressed to | Students interested in taking summer semester classes |
| Requirements | SAP requirements, FAFSA completion |
| Parent Borrowers | PLUS Loan Agreement (MPN), credit check |
| Parent Definition | Biological, adoptive, or stepparent |
| Interest Rates | Lower than private sources |
| Repayment Options | More flexible than private sources |
| Loan Forgiveness | Public Service Loan Forgiveness (PSLF), total and permanent disability, death of borrower |
| Loan Types | Perkins, Health Professions, University Loans, Federal Direct Parent PLUS Loan |
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What You'll Learn
FAFSA application
Federal student loans are a great way to assist with the costs of higher education. Ohio University offers federal loans as financial aid to eligible students. By completing the FAFSA (Free Application for Federal Student Aid), you are considered for all types of financial aid, including loans.
The FAFSA application is a comprehensive process that requires you to provide information about your financial situation and that of your family. It is important to gather all the necessary documents before starting the application. This includes tax returns, wage statements, and current bank statements for both you and your parents or guardians. Additionally, you will need to create an FSA ID, which serves as your legal signature when applying for federal student aid.
The FAFSA application will ask you a series of questions to determine your eligibility for financial aid. These questions will cover topics such as your dependency status, family size, and income. It is important to answer these questions accurately and honestly. Once you have completed the FAFSA form, you will need to submit it by the specified deadline.
After submitting the FAFSA, you will receive a Student Aid Report (SAR), which summarizes the information you provided on your application. Review this report carefully to ensure all the information is correct. The SAR will also include your Expected Family Contribution (EFC), which is an estimate of how much your family is expected to contribute to your education for the year.
Finally, based on the information provided in your FAFSA application and the availability of funds, Ohio University will determine the type and amount of financial aid you are eligible for, which may include federal student loans. It is important to remember that federal loans are borrowed money that must be repaid with interest, so be sure to understand the terms and conditions before accepting any loan offers.
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Federal loan interest rates
Federal student loans often offer borrowers lower interest rates and more flexible repayment options than loans from banks or other private sources. To be considered for federal student loans, you must complete the FAFSA (Free Application for Federal Student Aid). Your Financial Aid Offer will include any federal loans you are eligible for.
Federal Direct Subsidized Loans are low-interest, need-based loans made to students enrolled at least half of the time who have completed the FAFSA for the appropriate academic year. The federal government pays the loan interest while the student is in school, and repayment begins six months after the student graduates or drops below half-time enrollment.
As of 2012, for new Subsidized Loans, the interest subsidy during the six-month grace period is eliminated for students who fall below half-time status. The graduate loan program is entirely unsubsidized, meaning that the borrowed amount will accrue interest while the student is in school.
There is a loan origination fee on all Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans. The loan fee is a percentage of the loan amount and is deducted from each loan disbursement. The current Direct Subsidized and Direct Unsubsidized loan origination fee is 1.057%, and the Direct PLUS loan origination fee is 4.228%.
PLUS Loans (FFEL) first disbursed before July 1, 2006, have a variable interest rate that is effective from July 1 of one year through June 30 of the following year. For information about such variable-rate loans, you must contact your loan servicer.
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Federal loan repayment
Federal student loans often offer borrowers lower interest rates and more flexible repayment options than loans from banks or other private sources.
Federal Perkins Loan Repayment
The Federal Perkins Loan Program is a federally funded low-interest loan. Repayment starts nine months after a student leaves school, graduates, or drops to below half-time status. The interest rate on the Perkins Loan is 5%, and the first monthly payment will be due ten months after the borrower graduates or ceases to be a half-time student. The minimum monthly payment will be $40, but may be more if the amount borrowed is large. Repayment occurs over a maximum of 10 years, not including any periods of deferment.
Federal Direct Parent PLUS Loan
The PLUS Loan is available to eligible parents of dependent students. A credit check is required for the parent, and if they do not pass, there are three options:
- The parent can work with Applicant Services if they believe there was an error. If credit is overridden, the parent must complete PLUS Counselling.
- The parent can obtain a credit-worthy endorser who agrees to repay the loan in the event that the student fails to do so.
- The parent can decline the PLUS Loan and allow the student to borrow an additional unsubsidized loan.
Federal Direct Loan
To receive a Federal Direct Loan, you must meet the following eligibility requirements:
- Complete a Loan Agreement (MPN) and Entrance Counselling (if a first-time borrower).
- Be enrolled at least half-time (6 hours for undergraduates or 5 hours for graduate students).
- Be enrolled in a degree-seeking program.
Federal Consolidation
Loan consolidation allows a borrower to combine different types of federal student loans to simplify repayment. A borrower can contact the Department of Education's Direct Lending Consolidation for more information.
Loan Repayment Modules
Ohio University offers 20 loan repayment modules to help students understand their loan portfolio, repayment plans, refinancing, and more.
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Federal loan eligibility
To be eligible for a Federal Direct Loan, you must meet the following requirements:
Firstly, you must complete a Loan Agreement (MPN) and Entrance Counselling if you are a first-time borrower. You must also be enrolled at least half-time, which equates to 6 hours for undergraduates or 5 hours for graduate students. You must be enrolled in a degree-seeking program and not be in default on a previous student loan. Additionally, you must meet Satisfactory Academic Progress guidelines.
If you are a parent applying for a Federal Direct Parent PLUS Loan, you must complete the PLUS Loan Agreement (MPN) and pass a credit check. If you do not pass the credit check, you can work with Applicant Services to determine if there was an error, or your spouse can obtain a credit-worthy endorser who agrees to repay the loan if you fail to do so.
For graduate or professional degree students applying for a Graduate PLUS Loan, you must also pass a credit check and complete the PLUS Loan Agreement (MPN) and Graduate PLUS Entrance Counselling. If you do not pass the credit check, you can either work with Applicant Services or obtain a credit-worthy endorser.
It is important to note that Federal loans are dependent upon eligible enrollment, and some courses that are being retaken after receiving a passing grade may not count towards financial aid eligibility.
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Federal loan alternatives
Federal loans often offer borrowers lower interest rates and more flexible repayment options than loans from private sources. However, alternative loans are available from private sources such as banks or other financial institutions.
Alternative loans are not part of the federal aid process, but their use is restricted by federal aid regulations. These regulations limit the amount of financial assistance a student can receive to the Student Financial Aid Office-determined cost of attendance budget. This budget includes tuition and an average allowance for housing, food, books, and other non-tuition expenses.
Alternative loans require a note to be completed with each new or increased borrowing and require the use of a Private Loan Self-Certification. Promissory notes can be completed online with the lender, or the borrower can request that a paper note be sent to them. Once the note and required paperwork are received by the lender, a credit check occurs, and the prospective borrower is notified of the outcome. If the loan is credit-approved, the student's financial aid office will certify the loan based on eligibility.
Students should first apply for all available scholarships, grants, work-study, and federal loan programs before borrowing from an alternative loan program. Alternative loans are usually in the student's name, and a cosigner is often required. A cosigner can sometimes reduce the costs of the loan. If a student chooses not to pay the interest on their loan while they are in school, the interest may be capitalized (added to the principal balance).
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Frequently asked questions
To apply for federal student loans at Ohio University, you must complete the FAFSA (Free Application for Federal Student Aid). You can also contact the Office of Student Financial Aid and Scholarships Services at [email protected] or 740.593.4141.
Federal loans often offer lower interest rates and more flexible repayment options than private loans. They are also considered financial aid, meaning they can help cover the cost of attendance.
Ohio University offers grants, scholarships, work-study programs, and short-term loans to assist students with temporary financial difficulties. The university also has the OHIO Guarantee, which provides a set of comprehensive rates for tuition, housing, dining, and fees for undergraduate students.
