Types of Financial Aid
There are many types of aid students may qualify to receive. Some of the aid listed requires more information or forms to be completed
Grants are a form of gift aid and do not have to be repaid. Students must demonstrate financial need as determined by the Department of Education.
- Federal Pell Grant: Eligibility is based on financial need according to a formula that is determined by the Department of Education called the Expected Family Contribution (EFC). The lower the EFC, the more Pell Grant eligibility. Withdrawing from classes or the semester may result in Pell Grant adjustment.
- Federal Supplemental Educational Opportunity Grant (SEOG): The SEOG is a campus-based aid program with limited funding. This grant is intended for undergraduates with exceptional financial need.
- Teacher Education Assistance for College and Higher Education (TEACH) Grant: Students pursuing a career in teaching may qualify as long as the terms of the agreement are met.
All students who meet the federal requirements are eligible for a Direct Loan. The lender for the Direct Loan program is the United States Department of Education.
Students must be enrolled in a minimum of 6 credit hours for loan eligibility.
- Federal Direct Subsidized Loan: This loan is based on financial need. The federal government pays the interest, and the principal is deferred on the loan as long as you are enrolled at least half-time. Repayment begins six months after you graduate, leave school, or drop below half-time status.
- Federal Direct Unsubsidized Loan: This loan is not based on financial need, and you are responsible for the interest while in school. Repayment begins six months after you graduate, leave school, or drop below half-time status.
- Federal Perkins Loan or Federal Nursing Loan: This is a campus-based loan program for both undergraduate and graduate students with exceptional financial need. Repayment is made to the school beginning nine months after you graduate, leave school, or drop below half-time status.
- Nurse Education Assistance Loan: This loan is only eligible for nurses through the State of Ohio. You can apply for the NEALP and must have a FAFSA on file. Applications are open from January 1st to July 15th. The loan requirements must meet Academic Progress Standards. Recipients must serve as a full-time nurse in Ohio for five years to qualify for 100% loan cancellation.
- Repaying Your Loans
- Student Access to NSLDS - National Student Loan Data System
Direct Parent Loan for Undergraduate Students (PLUS): The PLUS loan is for parents of dependent students who wish to borrow aid to cover the cost of their child’s education.
Students must be enrolled in a minimum of six credit hours for Federal Work-Study eligibility.
- Federal Work-Study: Undergraduate students may be eligible for this program based on financial need. Eligible students work campus jobs and earn a paycheck that can be applied to financial expenses.