Types of Financial Aid

What is financial aid?

Fiancial aid is money to help pay for college.  Aid can come from the U.S. Federal Government, the state where you live, the college you attend or other non-profit or private organizations.

Who is eligible for aid?

  • Different types of aid (private scholarships, state grants, etc.) have different rules, called eligibility criteria, to determine who gets the aid.  
  • Below is a list of general eligibility requirements for federal student aid.
  • demonstrate financial need (for most programs);
  • be a U.S. citizen or an eligible noncitizen;
  • have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  • be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);  You can call Selective Service toll-free at 1-888-655-1825 for general information about registering, or register online at www.sss.gov or via the FAFSA;
  • be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
  • be enrolled at least half-time to be eligible for Direct Loan Program funds;
  • maintain satisfactory academic progress in college or career school;
  • not in default on a federal student loan and do not owe money on a federal student grant
  • show you’re qualified to obtain a college or career school education by having a high school diploma or a recognized equivalent.

Federal Aid

Pell Grant - for Undergraduate Students

  • Federal government grant, based on need
  • Repayment not required
  • Available for full and part-time students
  • Limited to 12 full-time equivalent semesters
  • For additional information about the Federal Pell Grant, visit Federal Student Aid

How to Apply:
Complete the general FAFSA requirements

Amount:
2015-16:  Eligible amount varies based on EFC and enrollment status, but not to exceed the maximum of $5,775 per year

Deadline:
Processed in dated order



Iraq and Afghanistan Service Grant (IASG)

  • A student who is not eligible for a Pell Grant but whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001 may be eligible to receive the Iraq and Afghanistan Service Grant
  • The student must be under 24 years of age OR enrolled in college at least part-time at the time of the parent's or guardian's death
  • Available for full and part-time students
  • Repayment not required

How to Apply:
Complete the general FAFSA requirements; federal government will supply the University with a data match.

Amount:  
  • First disbursement on or after 10/1/14 through 9/30/15 will be reduced by 7.3% from the original amount of $5,730.
  • First disbursement on or after 0/1/15 through 9/30/16 will be reduced by 6.8% from the original amount of $5,775.
Deadline:
Processed in dated order



Supplemental Educational Opportunity Grant (SEOG) - for Undergraduate Students

  • Federal Grant based on need
  • Available for full and part-time students

How to Apply:
Complete the general FAFSA requirement

Amount:
2015-16 - maximum of $500 per term; $1000 per year.

Deadline:
Based on availability of funds



Federal Teach Grant – Undergraduate and Graduate Students

A Teacher Education Assistance for College and Higher Education (TEACH) Grant is different from other federal student grants because it requires you to take certain kinds of classes in order to get the grant, and then do a certain kind of job to keep the grant from turning into a loan.  The program provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching. TEACH Grants are available to Undergraduate and Graduate students.  Teach Grant application can be accessed from Financial Aid Forms.



Federal Work Study Program - Undergraduate/Graduate Students

  • On-campus employment
  • Must be enrolled full-time
  • Work with University faculty and staff
  • Receive paycheck twice a month

How to Apply:
Complete the general FAFSA requirements and submit a Student Employment Application to Career Services

Amount:
$2,500 (estimated) per term

Deadline:
Processed in dated order



Federal Direct Subsidized Loan - Undergraduate Students

  • Federal loan, based on financial need
  • Interest Rate for loans first disbursed on or after 7/1/14 is 4.66%
  • Origination fee of 1.073% for loans disbursed on or after 10/1/14 through 9/30/15
  • Interest Rate for loans first disbursed on or after 7/1/15 is 4.29%
  • Origination fee of 1.068% for loans disbursed on or after 10/1/15 through 9/30/16
  • Must be enrolled at least half-time
  • Repayment begins when you graduate or cease to be enrolled at least half time for a period of at least six months
  • 10-year repayment
  • Interest is paid by federal government while in school and during deferment.
  • There is an Eligibility Period which will limit the number of years a student can receive subsidized loan funds. The limit will only be enforced for NEW borrowers on or after 7/1/13. A student will only be able to receive up to 150% of subsidized loan funds for the published time of a program (ie, associate degree 3 years, bachelor degree 6 years). Once the student reaches the maximum number of years of receiving subsidized loan funds, the student may only borrow unsubsidized loans and interest will begin to accrue on the student's outstanding subsidized loan. FSA will track, calculate and inform students and institutions

 How to Apply:

  1. Complete general FAFSA requirements
  2. Complete a Master Promissory Note
  3. Complete Student Loan Entrance Counseling (for first time borrowers)

Amount:
Undergraduate only:

  • Freshman: $3,500
  • Sophomore: $4,500
  • Junior/Senior: $5,500
  • Aggregate: $23,000

Deadline:
2015-16: Processed in dated order through  April 15, 2016



Federal Direct Unsubsidized Loan - for Undergraduate/Graduate Students

  • Federal loan, not based on financial need
  • Interest Rate for Undergraduate loans disbursed between 7/1/14 -6/30/15 is 4.66%; and 7/1/15-6/30/16 is 4.29%
  • Interest Rate for Graduate loans disbursed between 71/1/14 - 6/30/15 is 6.21%; and 7/1/15-6/30/16 is 5.84%
  • Origination Fees: 1.073% for loans disbursed between 10/1/14 - 9/30/15; and 1.068% between 10/1/15 - 9/30/16
  • Must be enrolled at least half-time
  • Repayment begins when you graduate or cease to be enrolled at least half time for a period of at least six months
  • 10-year repayment
  • Borrower is responsible for accrued interest while in school, during deferment, and grace period

How to Apply:
Same as Federal Direct Subsidized Loan above

Deadline:
Same as Federal Direct Subsidized Loan

Amount:
See below

Dependent Students

Type of Loan

Freshman

Sophomore

Junior/Senior

Subsidized

$3,500

$4,500

$5,500

Unsubsidized

$5,500*

$6,500*

$7,500*

Total

$5,500

$6,500

$7,500

* Less Federal Subsidized eligibility

Independent Students

Type of Loan

Freshman

Sophomore

Junior/Senior

Graduate

Subsidized

$3,500

$4,500

$5,500

$0

Unsubsidized

$9,500*

$10,500*

$12,500*

$20,500

Total

$9,500

$10,500

$12500

$20,500

* Less Federal Subsidized eligibility

Aggregate Undergraduate Total of Subsidized and Unsubsidized:
$57,500 (no more than $23,000 may be sub)

Aggregate Graduate:

$138,500*


Federal Direct Parent Loan for Dependent/Undergraduate Students (PLUS)

  • Federal Direct loan for parents of dependent students, not based on financial need
  • Interest Rates for loans first disbursed 7/1/14 - 6/30/15 is 7.21%;  and 7/1/15 - 6/30/16 is 6.84%
  • Origination fee of 4.292% for loans disbursed 10/1/14 - 9/30/15; and 4.272% disbursed 10/1/15 - 9/30/16
  • At least half-time enrollment required
  • Repayment begins within 60 days after the final disbursement for the academic year; Repayment may be deferred if certain conditions are met
How to Apply:
Complete the FAFSA general requirements and apply electronically via Direct Loan web site
 
Amount:
Cost of education minus other financial aid
 
Deadline:
Same as Federal Direct Subsidized Loan

 


Federal Direct Graduate Loan (PLUS) for Graduate Students

  • Federal Direct loan for graduate students, not based on financial need
  • Interest Rate for loans disbursed 7/1/14 - 6/30/15 is 7.21%;  and 7/1/15 - 6/30/16 is 6.84%
  • Origination fee of 4.292% for loans disbursed 10/1/14 - 9/30/15; and 4.272% disbursed 10/1/15 - 9/30/16
  • At least half-time enrollment required
  • Must have applied for the annual loan maximum in unsubsidized loans before applying for GRAD PLUS loan
  • Repayment begins within 60 days after the final disbursement for the academic year; Repayment may be deferred if certain conditions are met
How to Apply:

Complete the FAFSA general requirements and apply electronically via Direct Loan web site. Must complete Student Loan Entrance Counseling.

Amount:

Cost of education minus other financial aid

Deadline:

Same as Federal Direct Subsidized Loan


Federal Perkins Loan

Students who are eligible to borrow a Perkins Loan must also complete entrance counseling and a Master Promissory Note.  Both of these forms are available on the Financial Aid Forms Page.  Deadline to apply and be originated for 15/16 is September 30, 2015.  All Perkins Loans are serviced by ECSI, and you can visit their website to obtain forms and review your account, www.ecsi.net.

State Aid

Ohio College Opportunity Grant (OCO) - for Undergraduate Students

  • State of Ohio grant, based on need
  • Limited to 10 full-time equivalent semesters of need-based State of Ohio grant aid
  • Available for full and part-time students
  • Seeking first associate's or bachelor's degree
  • Available for tuition and fees only
  • U.S. citizen and eligible non-citizen
  • Ohio residency of 1 year required

How to Apply:
Complete the general FAFSA requirement

Amount:
2015-16 is a minimum of $324 per term to a maximum of $1,296 per term.

Deadline:
2015-16: October 1, 2015



Ohio War Orphan Scholarship

Awarded to students whose parent served at least 90 days of active duty during a declared war or conflict and is severely disabled or deceased as a result of service. Applications are available from high school guidance counselors or veterans offices.



Ohio National Guard Tuition Grant

This program is offered to eligible members of the National Guard. This grant pays the average state-assisted university’s tuition costs at private institutions recognized by the Ohio Department of Higher Education. The grant is available for undergraduate studies. For further information and application, contact a local Ohio National Guard Armory or the Ohio National Guard at 1-800-GO-GUARD.COM or OhioNationalGuard.com.



Scholarships

Visit our Scholarship page for internal and external scholarship opportunities and searches.



Private Education Loan

Once you and your family have considered [institutional and] federal loan options, you can use the Ohio Private Loan Marketplace to instantly and accurately compare rates and terms from multiple private loan lenders side-by-side. This will help you make an informed decision about the most appropriate loan for you.  The Marketplace displays products from local and national lenders, complete with detailed listings of APRs, interest rates, total cost, monthly payments, borrower benefits, fees and repayment options.  Please click on this link to access the Ohio Private Loan Marketplace http://ohio.privateloanmarketplace.com/urbana.

Students who pursue a private student loan are responsible for initiating this process and informing Urbana University of approval and certification information.  There are private lenders who have decided not to participate in the Ohio Private Loan Marketplace, you may choose to borrow through those lenders, and Urbana University will be happy to certify your loan through the lender of your choice.  Please keep in mind that Urbana University does not endorse any private lender, nor do we recommend using any one lender over another.

 

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