FREQUENTLY ASKED QUESTIONS:
- What will it cost to attend the University?
- How much financial aid will I receive?
- What is EFC and how does it apply to me?
- What are the minimum credit hours required for financial aid eligibility?
- I am not a full-time student this term; am I still eligible for Financial Aid?
- What if I am interested in studying abroad?
- Why must I provide my parents information on the FAFSA?
- My (or my parents') circumstances are going to change, do I enter what is
true now or what will be true on the FAFSA? - My parents have not filed their tax return yet. Can they estimate their income?
- My parents are divorced, which parent should complete the FAFSA?
- What do I do if I made a mistake on the FAFSA and want to makecorrections?
- What type of aid is determined by the FAFSA?
- I have a trust fund that I cannot touch until I am 21 years old. Do I reportit on the FAFSA?
- If I am a current student in college, can I still apply for the Morrill Scholars Program (MSP)?
- What are the requirements to keep my scholarship?
- How do I set up direct deposit? How long does it take until it is activated?
- Can I change my work study into a loan?
- If I decide to take time off from school, will I be eligible for my scholarship or grant when I return?
Basics
What is Financial Aid?
Financial aid is funds awarded to you to help pay educational costs. The federal and state governments as well as post secondary schools are public sources of aid, while civic groups, clubs, and religious organizations serve as private sources of aid. Financial aid is classified into three basic types: grants and scholarships are funds awarded that are not required to be repaid; employment is work, either on or off campus that you find through campus student employment services or on your own initiative; and a loan is money borrowed from the federal or state government, the University or an alternative lender that must be repaid, including interest. Financial aid is distributed according to a variety of eligibility criteria within two categories:
You are awarded need-based aid to make up the difference between your total cost to attend the University full time and the amount of your family's contribution as determined by the federal government.
You may use non-need based aid to replace your family contribution if you meet the necessary eligibility criteria, which may vary depending on the program.
Can I get Financial Aid?
Financial aid is awarded based on financial need. At OSU, more than half of all students receive some form of financial aid. The total amount of financial aid (need and non-need based) awarded to you cannot exceed your total educational costs. Individual program requirements vary and funds are limited, therefore your total financial need may not always be met.
Most programs require that you:
- Be a U.S. citizen or eligible non-citizen and have a valid social security number. (Individuals in the U.S. on F1, F2, J1, and J2 visas are ineligible).
- Be enrolled at least half-time in an eligible degree or certificate program.
- Demonstrate financial need as determined by review of the Free Application for Federal Student Aid (FAFSA).
- Not be indebted to any institution for repayment of any federal grant (Pell or SEOG) or in default on any federal loan (Perkins or Direct Loan).
- If you are a male born after December 31, 1959 and are at least 18 years old, you are required to register with the Selective Service System.
- Comply with the Federal verification process, if necessary.
Costs:
What will it cost to attend OSU?
Educational costs depend on your program of study, the number of hours enrolled and your living expenses.
More information about costs is available on the Cost of Attendance page.
Students will not be allowed to receive financial aid in excess of their cost of attendance, regardless of the sources of funds. This includes, but is not limited to: federal, state, institutional, donor or external grants, gifts and scholarships. Students who incur expenses in excess of their cost of attendance may file an appeal to the Director of Financial Aid. Along with the letter of appeal, students must submit supporting documentation of expenses above the cost of attendance.
How much financial aid will I receive?
Our cost of attendance budget includes average amounts for all expenses to attend The Ohio State University. These figures are based on the average living expenses in the Columbus metropolitan area. Although many factors help to determine the amount you receive, your Financial Aid award is based primarily on your demonstrated financial need.
Your need is the difference between the cost of attendance and the amount you and your family are expected to contribute (EFC - expected family contribution). Once you are admitted to the University, and your file is complete, the Office of Financial Aid will send you a Financial Aid Award Package.
What is EFC and how does it apply to me?
EFC is the Estimated Family Contribution. The EFC represents the estimated amount that the family can contribute to the student's education. This is often confused with the amount that a student will owe. That is not the case. The primary purpose of this figure is to determine the student's financial aid need.
For more information: Student Aid.
Eligibility:
What are the minimum credits required for financial aid eligibility?
It is dependent upon which source of funding you are using. All OMA scholarships require 12 credit hours, however, some loans go as low as 3 credit hours.
I am not a full-time student this term; am I still eligible for Financial Aid?
You still may be eligible for certain types of aid, providing that you do not drop below half-time.
You are not eligible to receive funds from the Supplemental Educational Opportunity Grant, University Grants, or Perkins Loan. In addition, scholarships awarded to you based on full-time attendance may be reduced or completely cancelled.
What if I am interested in studying abroad?
Yes, the Office of International Education (OIE) will advise you if the program you have selected permits you to use your financial aid.
You should request a budget from OIE for your program and submit it to the Office of Student Financial Aid in 320 Lincoln Tower | 1800 Cannon Drive for evaluation and consideration for funding.
FAFSA:
Why must I provide my parents information on the FAFSA?
A basic premise of Federal Student Financial Aid is that the family is responsible for educational expenses. Be sure to include yourself when entering your parents' family size. Read the FAFSA instructions carefully to determine whether you are dependent or independent for aid purposes.
lMy (or my parents') circumstances are going to change, do I enter what is true now or what will be true on the FAFSA?
Enter what is true now. Use 2007 Federal 1040 tax information. If you or your family has a significant decrease in income in 2008, or if a change occurs such as death or divorce, contact a Financial Aid Officer AFTER you receive your SAR from the Central Processor. We may adjust your award package.
My parents have not filed their tax return yet. Can they estimate their income?
Yes, they may use estimates, but the information must be corrected later to match the exact figures from the actual tax returns before aid is paid to you.
My parents are divorced, which parent should complete the FAFSA?
The parent you lived with most during the last 12 months should complete the FAFSA. If you did not live with either parent, or if you lived with each parent an equal amount of time, use the parent who provided the most support to you in the most recent calendar year.
What do I do if I made a mistake on the FAFSA and want to make corrections?
You should consult the MSS office before making changes. Not all changes require resubmitting the SAR to the Central Processor.
I have a trust fund that I cannot touch until I am 21 years old. Do I report it on the FAFSA?
Yes, a trust fund must be reported because it represents your financial strength.
What kind of aid is determined by the FAFSA?
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal Work-Study Program (FWSP)
- Federal Perkins Loan
- Nursing Student Loan (NSL)
- Health Profession Student Loan (HPSL)
- William D. Ford Federal Direct Loan
- Federal Direct Parental Loan for Undergraduate Students (PLUS)
- Ohio Institutional Grant (OIG)
- Freshman Foundation Program (OSUG)
Ohio College Opportunity Grant (OCOG)
Note: Many students receive a combination of scholarship, grants, loans, and work study in their financial aid package*.
*A Financial Aid Package is the combination of scholarships, grants, loans and work study a student receives to meet their financial aid needs. A student should be sure to know what their financial aid package is composed of, and what they must do to renew their funds.*
OMA Funded Students:
If I am a current student in college, can I still apply for the Morrill Scholars Program (MSP)?
The MSP scholarship is available to those students that are graduating from high school. Current Ohio State students should complete the OSU Scholarship application for scholarship consideration.
What are the requirements to keep my scholarship?
We encourage all students to strive for excellence in their academic performance. Outlined below are the minimum GPA requirements to renew your OMA award, FAFSA requirements, and maximum number of quarters to receive these awards:
AWARD CUMULATIVE GPA # OF QUARTERS RECEIVED FAFSA REQUIRED FFP 2.5 15 quarters Yes MSP Distinction 3.0 12 quarters No **Prestigious 2.7 12 quarters No Excellence 2.5 12 quarters No YSP 2.5 15 quarters Yes I Know I Can 2.0 15 quarters Yes C.A.M.P. 2.5 until 45 credits completed Yes **please note that this is only required for those students enrolled 2006-07 school year and prior
Other Common Questions:
How do I set up Direct Deposit?
To set up direct deposit you need to go to the Office of the Treasurer Website. There are instructions on the student page of the Treasurer's website that will guide you through setting up direct deposit.
Can I change my work study into a loan?
Yes, you can change your work study award into a loan. Your options are as follows:
(a) If you have not exceeded your maximum eligibility for the William D. Ford subsidized and unsubsidized loan, then you can be awarded. Contact Minority Scholarship Services at (614) 292-8889 to make this change.
Maximum Amounts for academic year 2006-07:
Rank 1- $2,625
Rank 2- $3,500
Rank 3- $5,500
(b) If you have exceeded your subsidized and unsubsidized loan limit, contact MSS for other alternatives.If I decide to take time off from school, will I be eligible for my scholarship or grant when I return?
Yes, provided that you enroll at least one quarter per academic year and meet all other eligibility requirements. If you plan to be away for a longer period of time, you must receive approval from our office prior to leaving. However, if you have transferred to a different school and then choose to re-enroll, your scholarship will be no longer available.