Types of Educational Aid:

Grants:

  • Grants do not need to be paid back.
  • Grants can be awarded by the government or private institutions
  • Some government grants that are available:
  • Pell Grant
  • qualifying students can receive up to $4,050 per academic year
  • a student’s EFC (estimated Family Contribution) cannot exceed $3850 for the academic year
  • the aid is dispersed over three terms
  • this means that students who attend a quarter-system school are only eligible for aid for the first three quarters. If a student attends college full-time year-round, they will only receive aid for fall, winter and spring quarter, not spring quarter.
  • a FAFSA must be completed
  • only students who have not yet earned a bachelor’s degree are eligible for Pell Grant funding
  • enrolled at least half-time
  • Federal Academic Competitiveness Grant
  • eligible for first and second year students only
  • first year students ware eligible for up to $750 / academic year
  • second year students are eligible for up to $1,300 / academic year
  • beU.S. citizen
  • be eligible for Pell Grant funding
  • be enrolled full-time
  • must complete the FAFSA
  • Federal Science & Mathematic Access to Retain Talent (SMART) Grant
  • qualifying students can receive up to $4,000 per academic year
  • only available to third and fourth year undergraduate students who have not received a bachelor’s degree
  • must major in a field of science, mathematics, technology, engineering or a foreign language deemed critical to national security
  • be a U.S. citizen
  • enrolled full-time
  • be a recipient of Pell Grant funding
  • must have at least a 3.0 GPA based on a 4.0 scale
  • must complete the FAFSA
  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • grant award amount depends upon the institution’s availability of funds
  • generally, students must have application completed by school’s priority deadline to be considered eligible for this type of funding
  • there must be significant financial need
  • available to all undergraduate students seeking their first bachelor’s degree
  • must be enrolled at least half-time
  • must complete the FAFSA
  • Education and Training Voucher
  • federally funded grant program
  • students can receive up to $5,000 per academic year in funding
  • however funds are dispersed by term (quarter or semester)
  • students must submit 4 forms at the beginning of each term
  • is available only to foster youth who have emancipated out of foster care in the state of Ohio ages 18-20
  • youth can receive funding up until the age of 23
  • must have graduated high school or received a GED
  • must have been granted admission to an approved institution
  • students must reapply every year online
  • students must submit official copies of their transcripts at the end of each term
  • must complete the FAFSA
  • *NOTE: receiving ETV funds is calculated on the FAFSA as EFC, this will affect other award amounts
  • Ohio Instructional Grant (OIG)
  • state-based grant program
  • qualifying recipients can receive up to $5,466 per academic year
  • students of low to moderate income are eligible
  • must be an Ohio resident
  • must be enrolled at least half-time
  • must complete the FAFSA
  • application deadline is October 1st
  • OhioCollegeOpportunity Grant (OCOG)
  • state-based grant program
  • available to first, second or third year students
  • award amount is based on institution type
  • public institutions – up to $2,496
  • private institutions – up to $4,992
  • proprietary institutions – up to $3,996
  • student cannot receive more than $2,190 in EFC
  • must be enrolled at least one-quarter time
  • must complete the FAFSA
  • application deadline is October 1st
  • OhioSafetyOfficersCollege Memorial Fund
  • available to children and spouses of safety officers killed in the line of duty anywhere in the U.S.
  • award amount is dependent upon type of institution
  • line of duty death did not have to occur in Ohio
  • must be an Ohio resident
  • must be enrolled at least part time in a post-secondary education institution

Loans

  • must be paid back
  • interest associated with loan amount
  • there may be other fees associated with a loan
  • type of loans available:
  • Federal Parent Loan for Undergraduate Students (PLUS)
  • only the parent of a dependent student can apply for the loan
  • student must meet eligibility requirements for federal aid
  • parents must meet some requirements as well
  • their federal student loans must be in good standing
  • they must not owe monies to any federal student aid program
  • must be a U.S. citizen or eligible non-citizen
  • must meet general guidelines for federal student aid
  • cannot have bad credit
  • award amount depends upon institution’s cost of attendance
  • must be enrolled at least half-time
  • student must complete the FAFSA
  • parent information must be provided on the FAFSA
  • if no parent information is provided, then student is deemed an independent student
  • Federal Perkins Loan
  • federally funded low 5% interest rate loan program
  • award amount is $600 per quarter
  • generally, students must submit FAFSA by school’s priority deadline to be eligible for this loan
  • available to undergraduate and graduate students
  • student must have a financial need
  • must be eligible for federal student aid
  • be enrolled at least half-time
  • undergraduate = 6 credit hours at a quarter system based institution
  • graduate = 4 credit hours at a quarter based institution
  • student must complete the FAFSA
  • there are no additional fees other than the interest rate associated with the Perkins Loan
  • repayment begins nine months after a.) dropping below half-time status, b.) graduation or c.) leaving school
  • Federal Subsidized and Unsubsidized Stafford Loans
  • federally funded loan program
  • Subsidized Stafford Loan
  • does not accrue interest while in college, during the grace period or during a deferment
  • is awarded on the bases of financial need
  • Unsubsidized Stafford Loan
  • begins accruing interest as soon as it is accepted and dispersed
  • if a student opts to not pay the interest while in school, all of the accrued interest is added to the principal amount of the Unsubsidized Loan
  • additional interest amounts will be based on the higher amount
  • student does not need to demonstrate a financial need
  • Interest rate is fixed at 6.8%
  • undergraduate students’ Subsidized Stafford Loans are fixed at 6%
  • there is a fee of up to 4% charged to each awarded loan
  • is available to both undergraduate and graduate students
  • must be enrolled at least half-time
  • undergraduate = 6 credit hours at a quarter system based institution
  • graduate = 4 credit hours at a quarter based institution
  • student’s credit history is not a consideration
  • students with bad credit or no credit can receive Stafford Loans
  • Undergraduate students can receive up to $12,500 in Stafford Loan funding per academic year
  • award amounts varies and is dependent upon an institution’s cost of attendance
  • Graduate students can receive up to $20,500 in Stafford Loan funding
  • award amounts varies and is dependent upon an institution’s cost of attendance
  • students must complete a Master Promissory Note (MPN)
  • student must complete the FAFSA
  • repayment begins six months after a.) dropping below half-time status, or b.) graduation or c.) leaving school
  • Private Loans
  • offered by banks and other lending institutions
  • interest rates can be fixed or adjustable
  • student’s credit history is taken into consideration
  • may require co-signers
  • repayment terms vary depending upon the lender

Other Options for Educational Funding

  • Scholarships:
  • require an application process
  • these usually include an essay component and letters of recommendation
  • some require personal interviews before a committee
  • student must meet any special requirements
  • can include: race/ethnicity, sex, a student’s major, military history, etc.
  • are usually merit based
  • do not have to paid back
  • some schools offer scholarships
  • churches, organizations, employers, businesses , etc. offer scholarships
  • there are hundreds of different types of scholarships available
  • Work-Study:
  • federally funded program
  • allows a student to be employed either on campus or off campus and the government subsidizes 75% of the students wages
  • while at work, student can study for classes
  • money earned can be used to cover educational expenses
  • *NOTE: all wages earned are considered income and must be reported as taxable income to the IRS
  • all students who receive work-study funding will complete a W-2 form at the end of the tax year
  • award amount depends upon other financial aid received AND funds availability of the institution that the student is attending
  • students can only work up to 20 hours per week
  • student must have a financial need
  • must meet federal student aid requirements
  • available to both undergraduate and graduate students
  • must be enrolled at least half-time
  • undergraduate = 6 credit hours at a quarter based institution
  • graduate = 4 credit hours at a quarter based institution
  • must complete the FAFSA
  • Working for an Institution’s Residential Association:
  • students can apply for a position as an employee of the on-campus housing Residential Association
  • most institutions provide free housing for employees of the Residential Association
  • student is still responsible for tuition and other fees
  • Co-Ops and Internships:
  • students volunteer/work for an organization
  • some organizations will contribute to or pay in full the costs of post-secondary education
  • some organizations offer scholarships in return for students contributions