About Ohio Financial Aid
Like many of the states in the U.S., the state of Ohio has a number of financial aid options for students who are willing to pursue further education but lack the financial means to do so. Ohio financial aid is awarded based on a number of factors which include: academic merit, areas of study (such as science, teaching, technology, math, medicine and engineering), military status, financial need, and more.
Types of Ohio Financial Aid Packages
The types of Ohio financial aid packages available include grants, scholarships and loans. Grants and scholarships are a type of financial aid that does not need to be repaid. Students can qualify for a grant or scholarship on the basis of academic performance or financial need. Student loans are given based on the applicant’s credit score and need to be repaid within a certain amount of time. The interest rates and repayment options for these loans vary according to the applicant’s financial standing.
Requirements for Ohio Financial Aid
Grants, scholarships and loans in Ohio are offered by universities as well as federal and private financial institutes. In order to apply for a federal grant or loan, the applicant is required to fill in a FAFSA (Free Application for Federal Student Aid). This form helps the university or federal institute determine the eligibility of the applicant. Private loans and grants are provided by financial institutions and major banks like PNC, SunTrust and Sallie Mae. A number of these loans require a cosigner or some type of collateral. The interest rates on these loans are variable and can change with adjustments in the terms and conditions. In order to be eligible for federal aid, the following requirements need to be fulfilled:
- The applicant must be a citizen of the U.S.;
- A valid SSN is mandatory;
- Acceptance or enrollment as a full time student working toward a degree in an accredited program.
- The maintenance of satisfactory attendance and academic performance during enrollment.
- Proof of no defaults on other loans.
- Certification that the funds will only be used for educational purposes.
Once you have chosen the most suitable form of Ohio financial aid, make sure to thoroughly go through the terms and conditions so that you completely understand how it works. Use our student loan comparison tool above to search, compare, and apply for the student loan that’s right for you.