Financial Aid
Loans
Student loans allow students to borrow money at a low rate of interest
to assist in meeting the cost of their education. Loans must be repaid
following graduation or if the student withdraws or drops below half-time
(6 credit hours) enrollment. All borrowers must complete a valid promissory
note before any loan funds will be disbursed.
William D. Ford Direct Loan Program
The Ohio State University participates in the William D. Ford Federal
Direct Loan Program. The interest rate for both Direct Subsidized
and Unsubsidized Loans will change to a fixed 6.8% rate for loans first
disbursed on or after July 1, 2006. There are two types of Direct Loans.
With a Subsidized Loans ("Sub")
the government pays the interest while the student is in school. With
Unsubsidized
Loans
("Unsub"),
you the student borrower are responsible for paying the interest while
you are in school.
If you choose not to pay the interest, it will be capitalized (added
on to the principal). For more information on Direct Loans click
here. All first time borrowers must complete an online Entrance
Interview Quiz and an online Master
Promissory Note (MPN).
Federal Perkins Loan ("Perkins")
The Perkins loan is a need based loan administered by The Ohio State
University. It is a 5% interest loan. Interest does not begin to accrue
and repayment does not start until 9 months after the student ceases
half-time (6 credit hours) enrollment. For additional information on
the Perkins Loan click
here.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
PLUS Loans are borrowed by parents for dependent undergraduate students.
The Federal Direct PLUS Loan is a fixed rate loan with a 7.9% interest
rate effective July 1, 2006. Repayment begins 60 days after the last
disbursement. Click
here for additional information.
Alternative Loans
Privately funded and administered loan programs that provide additional
funding for unmet school expenses. For additional information and a
list of potential lenders click
here.
Direct Loan Links
Entrance Interview
Exit Interview
Master Promissory Note
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