Your financial aid award is an accurate reflection of your aid eligibility based on information available to the Student Financial Aid Office at the time of your awarding. Changes to your eligibility or in the availability of funding from federal, state, or institutional sources may result in your aid award being adjusted, even if you have already accepted funds. You must notify the Student Financial Aid Office about other aid you are receiving or expect to receive that is not listed on your award offer.
The Student Financial Aid Office works to present students (and their families) with the most up-to-date information as they plan for the upcoming year.
If we become aware of new information, details will be sent to affected students as well as posted here. The date of the last update is noted above. This Web page will also remain available to all awarded students as a reference via the link on your online financial aid award offer.
Tuition and Fees
Tuition and fees for 2014-15 have been updated on our Costs page based on Board of Trustees action on 04/15/14.
Students should also use Money Matters, a worksheet that helps students plan their billed costs, to estimate their out-of-pocket expences for the upcoming year.
Direct Loan Origination Fee Can Change Annually
Origination fees charged up front on student and parent Federal Direct Loans now will be determined annually tied to the federal budget cycle that begins each October 1. Sequestration continues to impact most federal programs including Federal Direct Loans.
Fees on your loans can therefore be determined by the timing of accepting your loan and completing any outstanding loan requirements.
- Loans accepted, completed, and disbursed prior to October 1: These loans will carry the current origination fees of 1.072% for Direct Subsidized and Unsubsidized Loans and 4.288% for Direct PLUS Loans through the full loan period (even for disbursements in spring or summer) as long as the initial disbursement of the loan to your bill is prior to October 1.
- Loans accepted, completed, or disbursed after October 1: If all three steps are not completed by October 1, the loans must be reprocessed with the revised origination fees of 1.073% for Direct Subsidized and Unsubsidized Loans and 4.292% for Direct PLUS Loans.
In rare cases, students who drop below half-time enrollment prior to completing all loan requirements could become ineligible for fall loans on October 1. Be sure to know how dropping classes or complete withdrawal can affect your aid.
Federal Direct Interest Rates
Interest rates for Federal Direct Loans first disbursed July 2014 through June 2015 were announced on May 7, 2014.
Federal Perkins Loan Deadline - UPDATE
The Federal Perkins Loan program was set to expire on September 30, 2014, unless action was taken by Congress to renew or extend the program. The Department of Education has limited authority in extending the program, though it was able to enact an automatic one-year extension given no action by Congress.
Therefore, for 2014-15, students will see full funding for the Perkins Loan as awarded.
Reminders on Direct Loan Limitations
As a reminder, Federal Direct Loans have new limitations that changed awarding of loans as of last year.
- Limit to the Timeframe a Federal Direct Loan Can be Subsidized: Beginning July 1, 2013, new loan borrowers were limited in borrowing additional subsidized loans if they have exceeded 150% of their academic program (i.e., borrowed subsidized loans for 3 years in a 2-year program or 6 years in a 4-year program), and any previous subsidized loans held would lose their in-school interest subsidy. Students borrowing for the first time July 1, 2013, or after should be particularly planful so as to reach their educational goals in a timely manner.
- Year-Round Attendance and Co-op Loan Distribution: Federal regulations now require schools to process Federal Direct Subsidized and Unsubsidized Loans in 3 equal disbursements when a student is planning to attend year-round. Because co-op students generally enroll year-round in class or in co-op, they are most notably affected by this change. Students who plan to attend year-round yet do not inform financial aid of their plans can jeopardize future aid eligibility.
Estimated State Grant Eligibility
Students eligible for an Ohio College Opportunity Grant (OCOG) for 2014-15 are now being awarded a grant of $1048 for the academic year.
Students awarded prior to 4/9/14 were originally packaged using the 2013-14 award amount of $920. Those awards have been adjusted to reflect an estimate of $1048. This increase in estimated grant amount may cause minor changes in other aid eligibility, primarily a slight reduction in Federal Parent PLUS Loan offers.
Because OCOG is a grant, awarded students will not need to formally accept any new amount.
OCOG will remain as an estimate on student awards until the state formally begins processing 2014-15 awarded funds with us this summer.