LOANS AND SCHOLARSHIPS
How do loans work?
Loans are a form of financial aid used to help meet the cost of attendance when other forms (scholarships, work programs, grants, or personal resources) are exhausted. Loans allow students or families to borrow money at a low interest rate.
There are a variety of federal loan programs for which you can be considered. Keep in mind that loans accrue interest and must be repaid. Some require repayment while you are attending school; others require repayment only after you graduate (or withdraw) from the university.
Next steps:
- Make an informed decision about how much money you should borrow, if any, and which loan programs are best for your needs. To read about your options, see loan programs. A counselor at the Student Service Center can answer any questions you may have.
- Most loans require that you file the Free Application for Federal Student Aid (FAFSA). For deadlines, check Important Dates and Deadlines.
How do private loans work?
Private loans provide additional funding for unmet college expenses. Ohio State does not endorse any private educational loan lender or lending program. Borrowers may choose any eligible participating lender, regardless of whether it appears on our lender list.
Next steps:
- Ohio State recommends using FASTChoice, a loan comparison tool, to search for private loans. Always review lender information carefully.
- Read more about private loans.
Note:
Before you apply for a private loan, we recommend filing the Free Application for Federal Student Aid (FAFSA) to exhaust your eligibility for federal aid (grants, Subsidized and Unsubsidized Stafford loans, Grad PLUS, and Parent PLUS). The Student Consolidated Service Center can provide information about these federal programs to students and their families.
Am I eligible for scholarships?
Scholarships are gift aid (that is, you don’t have to pay it back) typically based on academic merit, special talents, leadership accomplishments, and/or financial need. Scholarships come from many different sources and have various awarding criteria.
To find out if you’re eligible, explore the options. Ohio State students may be eligible to receive:
How do I accept my loans?
You must accept your loans on your Student Center at buckeyelink.osu.edu before funds can be disbursed. For each loan, you may:
- Accept the full awarded amount
- Accept less than the full awarded amount
- Decline the loan
For information about accepting all available loans, go to the Financial Aid Award Guide.
Note:
If you sign a Master Promissory Note, you generally are not required to sign a promissory note every year for a Federal Direct Subsidized or Unsubsidized Loan. However, you will still need to accept the loan, as described above.
How do I sign a consortium agreement?
If you want to take classes at another institution and plan to transfer the credit back to Ohio State as part of your degree program, you may be able to receive financial aid under a consortium agreement between Ohio State and the other institution.
Columbus campus students:
Start the process by submitting the Consortium Agreement Form by the first Friday of the term to the Student Service Center. For more information, contact the Student Service Center.
Regional campus or ATI students: Contact the financial aid office on your campus.
How can I cancel my loan?
You have the right to cancel all or part of your federal loan disbursement each term. To do so, follow the instructions listed under Loan Cancellations on the Student Financial Aid web site.
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