Important Supplemental 2015-16 Financial Aid Award Information

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.

Updated: 07/02/15

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 - UPDATED 06/27/15

Tuition and fees for 2015-16 have been set and are posted on our Costs page as well as the links found on the award offer.

Direct Loan Origination Fee Can Change Annually - UPDATED 05/04/15

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 1.073% for Direct Subsidized and Unsubsidized Loans and 4.292% 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, loans must be processed with the revised origination fees of 1.068% for Direct Sub and Unsub Loans and 4.272% for Direct PLUS. Note this modest reduction may not affect your loans as origination fees are ultimately rounded per Department of Education requirements. Therefore, the net increase on loans delayed until after October 1 may be zero or may be a couple of dollars for the year. Tuition bills remain due as scheduled to avoid late fees.

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 Annually Set - UPDATED 05/04/15

Interest rates for Federal Direct Loans are set annually. Rates for loans first disbursed July 2015 through June 2016 will be as follows:

  • Undergraduate Federal Direct Subsidized and Unsubsidized Loan: 4.29%
  • Graduate Federal Direct Unsubsidized Loan: 5.84%
  • Parent and Graduate Federal Direct PLUS Loan: 6.84%

Federal Perkins Loan Deadline

The Federal Perkins Loan program is set to expire on September 30, 2015, unless action is taken by Congress to renew or extend the program. The Department of Education has limited authority in extending the program.

As we approach the expiration deadline, communication will be sent to students who have been offered and accepted a 2015-16 Federal Perkins Loan.

It is our desire to see you receive full funding for your Perkins Loan as awarded, and Student Financial Aid will work to that end within the limits given to us by the Department of Education as we reach any expiration date.

It is important that, if you were offered a Federal Perkins Loan and wish to accept it, you accept the loan on your award offer and complete the Perkins promissory note process prior to August 1st to be in the best position to take advantage of Perkins Loan funds for 2015-16.

Estimated State Grant Eligibility - UPDATED 07/02/15

Students that appeared eligible for an Ohio College Opportunity Grant (OCOG) for 2015-16 are being awarded an estimated grant of $1048 for the academic year with the understanding that the final amount is determined through legislative action.

Now that the State of Ohio budget has been set, we have been notified that the 2015-16 OCOG amount will be $1296 per year. Estimates have been updated on student award offers.

OCOG will remain as an estimate on student awards until the state formally begins processing 2015-16 awarded funds with us beginning in late July.

Because OCOG is a grant, final awards made to students will not need to be formally accepted. They will be accepted when awarded.

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Tuition and other fees for 2015-16 are described on our Costs page.

Tools like Money Matters with information from your Financial Aid Award (including adjustments for part-time or co-op enrollments) can help you in planning for out-of-pocket expenses related to your bill.

NOTES:

  • Students with tuition-based scholarships (i.e., Cincinnatus Presidential or Excellence, Darwin T. Turner, tuition remission) are estimated at the time of award and will be adjusted based on charges.
  • Student with tuition-based scholarships may need to alert their awarding office when changing colleges due to individual college program fees.
  • Tuition remission may be estimated but is only available for eligible students.
    • Remission only covers instructional fee portion of tuition (and not general, ITIE, campus life, college program fees, metro rate surcharge, or non-resident surcharge).
    • Tuition remission requires an annual application to receive the benefit.
    • Students who have an estimated remission amount but recognize they will not be eligible should contact Student Financial Aid.
  • Scholarship award recipients should be aware of scholarship limits.