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Federal School Code 005753

Education Loans

All education loans must be repaid even if you experience difficult financial circumstances or do not complete your education. Before accepting any loans, you should create a plan to repay them.

Each loan has certain eligibility requirements, in addition to the general Eligibility Requirements for aid.

Social Work Transfer Pathway graduates: The State of Ohio is offering a loan repayment incentive to qualifying students who graduated Spring 2023 through Fall 2024 and work at a Ohio Community Behavioral Health Center (CBHC) in a direct care position. Visit the Great Minds Fellowship Workforce Commitment Incentive Program website for details and application materials.  Applications are accepted October 1 – November 15, 2024.

Federal Direct Loan

The federal government provides educational loans under the Federal Direct Loan program. Repayment of the Federal Direct Loan begins six months after you graduate or six months after you drop below half-time status.

There are two types of Federal Direct Loans:

Federal Direct Subsidized Loan: This is a need-based loan for which the interest is paid by the government while you are in school at least half-time. Interest will begin to accumulate at the start of your 6 month grace period (the period of time before repayment, which occurs after you are no longer in school at least half time).

Federal Direct Unsubsidized Loan: There is no financial need requirement to be eligible for an Unsubsidized Loan. However, total financial aid, which includes the Unsubsidized Loan, cannot exceed the cost of attendance. Unlike the Subsidized Loan, interest accumulates while you are attending school and can be paid monthly or capitalized (added to the total loan balance) until you leave school.

Enrollment required: You must be enrolled in, attend and maintain a minimum of 6 credit hours.

Application: Free Application for Federal Student Aid (FAFSA®).

Click here for more information about the Federal Direct Loan, including award amounts, eligibility criteria, fees, interest rates, and repayment information.

Federal Direct Parent PLUS Loan

Parents can borrow funds to cover educational costs for their dependent students. Students must be enrolled in and attend a minimum of 6 credit hours and meet the eligibility criteria outlined in the Federal Direct Parent PLUS Loan information. Parents can begin repayment when the loan is fully disbursed, with the first payment generally due within 60 days, or can choose to begin repayment six months after the student is no longer enrolled at least half time or graduates. There is no financial need required to be eligible; however, total financial aid cannot exceed cost of attendance. The applicant’s credit history will be evaluated in determining loan eligibility.

Maximum award amount: Student’s costs not covered by other financial aid, subject to credit approval
Enrollment required: Students must be enrolled in, attend and maintain a minimum of 6 credit hours.
Applications:

  1. Free Application for Federal Student Aid (FAFSA®)
  2. Federal Direct Parent PLUS Loan Request and Master Promissory Note. Please refer to the Federal Direct Parent PLUS Loan Application Instructions.

Click here for more information about the Federal Direct Parent PLUS Loan, including eligibility criteria, fees, interest rates, and repayment information.

Nurse Education Assistance Loan Program (NEALP)

The Nurse Education Assistance Loan Program (NEALP) is a state program for nursing students who plan to practice nursing in the State of Ohio upon completion of their education. The loan is based on financial need. After graduation, you may be eligible for loan forgiveness at the rate of 20 percent per year and a maximum loan cancellation of 100 percent.

You must meet the following criteria to be considered:

  • be admitted to the Registered Nursing Program or Practical Nursing Certificate
  • be an Ohio resident
  • be a U.S. citizen or eligible non-citizen
  • meet Satisfactory Academic Progress requirements
  • do not owe a grant overpayment or have a federal or state loan in default status

For more information, refer to the NEALP website or call the Ohio Department of Higher Education’s State Grants & Scholarships Office at 1-888-833-1133.

Award amount: Varies based on availability of funds; may be renewed for a maximum of four years.
Enrollment required: A minimum of 6 credit hours
Applications:

  • NEALP application forms are available on the Ohio Department of Higher Education’s website. Applications are available beginning January 1 and must be submitted by July 15 preceding the fall semester.
  • Free Application for Federal Student Aid

Alternative Loans

Some lenders offer private (alternative) loans to students to help cover educational costs. These loans generally require that you have good credit or a credit-worthy cosigner. Eligibility requirements, application procedures, fees, interest rates, and repayment terms vary. Families are encouraged to utilize the Federal Direct and Federal Direct PLUS Loan programs before considering an alternative loan. Students must also complete the Free Application for Federal Student Aid.

Resources for Borrowers

 

FAFSA® is a registered trademark of the U.S. Department of Education.

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