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