|
FINANCIAL AID QUESTIONS
How do I get financial aid?
Ohio State makes every effort to help students with limited resources attend the university. (In fact, over two-thirds of our students receive some form of financial aid.) Staff of the Student Service Center can help you determine what assistance you qualify for based on your financial need and academic performance.
Next steps:
What financial aid am I eligible for?
Financial aid helps students and families pay for college when family resources are not sufficient to do so. Forms of aid:
- 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.
- Loans allow students or families to borrow money at a low interest rate.
- Grants are gift aid based primarily on financial need.
- Federal Work-Study provides funds for jobs for eligible students.
Factors in determining your aid eligibility:
- Your Expected Family Contribution (EFC): The EFC is a measure of your family’s financial strength and is calculated according to a formula established by law. For an estimate of your EFC, go to Ohio State's Net Price Calculator and Financial Aid Estimator.
- Your budget/Cost of attendance: Budgets are created for all Ohio State students based on academic level, residency, living arrangements, etc., and include the cost of tuition and fees, room and board, transportation, clothing, laundry, telephone, and other miscellaneous expenses.
- Meeting deadlines: Pay special attention to various deadlines for federal, state, and university aid or risk being ineligible for certain types of aid. See Important Dates and Deadlines.
- Meeting merit requirements: Some scholarships require a specific cumulative grade point average or standardized test score. (Read about criteria for merit scholarships at meritawards.osu.edu.)
- Your class rank at Ohio State: The Federal Direct Loan Program has annual limits based on the total number of hours you have successfully completed. See borrowing limits for more details.
Next steps:
How is my aid determined?
Ohio State uses information you report on the Free Application for Federal Student Aid (FAFSA) to determine your Expected Family Contribution (EFC), then uses the EFC to determine need:
Cost of education (student budget)
– Expected Family Contribution (EFC)
= FINANCIAL NEED
In general, your family’s income and assets, the number in the household, and the number in college are all taken into account to produce an index of family financial strength (the EFC). Students with the fewest other resources to pay for their education (lowest EFCs) have the top priority for aid based on financial need.
To estimate your EFC:
To determine your aid eligibility:
File the Free Application for Federal Student Aid (FAFSA). For deadlines, check Important Dates and Deadlines.
What if my financial circumstances have changed?
We want to hear from you if there are changes in your family’s financial situation after you have completed the FAFSA. We may be able to re-evaluate your need. Such changes include, but are not limited to, loss of employment, death or disability of a family wage earner, divorce or separation, substantial reduction of current year income, or loss of non-taxable income.
If you think you qualify for a re-evaluation, please contact the Student Service Center. Keep in mind that the appeal does not guarantee changes to your financial aid package.
How will I know when I am eligible for financial aid? When is aid available?
So, you have followed our step-by-step guide to applying for financial aid (check a box to get more information about that step).
What happens next?
If you have completed the required steps, your financial aid should appear as “pending” on your Student Center about six weeks prior to the beginning of the term, or 2 to 4 days after you have registered for classes. To view pending aid, go to the dropdown menu in your Student Center at buckeyelink.osu.edu and select Pending Financial Aid.
Financial aid is identified as “pending” on your account until it is disbursed approximately 10 days prior to the start of the term, as long as you remain eligible. Once aid is disbursed, it will be displayed as a payment on your student account and the “pending” status will disappear.
When will I get my financial aid refund?
Once your financial aid has been posted to your account and all charges have been paid, there may be money left over. You will receive this overage in the form of a “refund,” which is to be used for college expenses.
- If you have signed up for direct deposit,* expect your refund about 5 to 7 days prior to the start of the term.
- If you have not signed up for direct deposit, a check will be mailed within 7 to 10 business days to the current address listed in your Student Center.
*To sign up for direct deposit:
Sign up for direct deposit via SallieMae’s eRefund. Start by clicking on the Account Refund link in the Finances section of your Student Center at buckeyelink.osu.edu.
Why isn’t my aid showing up on my account?
If you have completed the To Do List on your Student Center at buckeyelink.osu.edu and your aid still has not been posted, contact the Student Service Center. SSC staff can help you figure out what’s going on with your aid.
Why isn’t my refund showing up in my bank account?
SallieMae processes payments and refunds on behalf of Ohio State. Several situations – usually involving incorrect information – can cause a refund to be rejected by your bank.
To find out why your refund isn’t showing up, contact your bank to verify your information. If that doesn’t resolve the issue, contact SallieMae customer service at 1-888-553-4108.
|
|
