Student Loans for Ohio State University Students

Central Michigan University studentA top-rated college with one of America’s largest and most comprehensive campuses located in Columbus, Ohio State University is ranked as the 18th best public university in the country.

Ohio State University, or OSU, is home to almost 60,000 students pursuing undergraduate, master’s, doctoral, and professional degrees, with over 200 different majors to choose from. The majority of the OSU population are high-achieving undergraduate students attending school full-time straight out of high school, with an average age of 21.

Full-time students who are unmarried and within a year of high school graduation generally live on campus in one of the many residence halls that offer assistance with the transition to college life and convenient access to classes and the numerous clubs and activities that are a vital part of student life.

OSU is a world-class research university, attracting students from all over the world. Celebrating diversity and equality, OSU provides numerous opportunities and all-inclusive living arrangements as well as hundreds of student organizations. Although OSU is a large school, class ratios are low with an average of 13 students per one facility member, and 62 percent of all undergraduate classes have fewer than 30 students. OSU’s main campus is in Columbus, Ohio, although there are several regional campuses as well.

Cost of Attendance

In addition to tuition and school fees, there are several other factors to consider when determining your total cost of attendance at a higher-learning institution. You must also consider the cost of books, room and board, transportation, and incidental expenses. At OSU, the average tuition for an Ohio resident who is an incoming full-time freshman is $10,037 for the 2014-2015 academic year and $26,537 for non-residents. International students will pay an addition $500 a semester for support and academic services. Tuition and fees may vary by major also, and students should expect a 5-10 percent increase in these fees each year. Part-time students’ fees are calculated on a sliding scale.

Room and board costs are estimated to be $11,666 for the 2014-2015 academic year for both resident and non-resident undergraduate students. Housing options on campus at OSU vary and range from $5,350-$8,110 for the entire 2014-2015 academic year. Most require a dining plan that ranges in price, depending on if you buy a certain number of meals or the unlimited plan. Books and supplies are estimated to cost around $1,248, and additional expenses may be approximately $2,550 a year.

Additionally, international students, or those without adequate health insurance coverage, may be required to purchase Ohio State student health insurance at a cost ranging from $2,260-$2,432 for the 2014-2015 academic year under the Comprehensive Student Health Plan. These costs may be more or less, depending on the type of coverage needed as well. Parking costs at OSU range from $103.56-$771.24, depending on your choice of permit, garage or surface, and parking access.

Submitting the FAFSA

Repayment OptionsTypically, the first step to discover what type of financial aid you qualify for is submitting a FAFSA. To do so, you will need your full name, birthday, Social Security number, school information, current tax records, and any other pertinent financial or income information. If you are a dependent student – if you are under age 24 and have no dependents or spouse – you will also need your parents’ Social Security numbers, tax records, and financial information. The FAFSA uses your information to calculate your expected family contribution, or EFC. This is then used to determine how much and what type of federal, state, or institution financial aid you may receive.

To complete your FAFSA, you will first need to create a Federal Student Aid PIN that will allow you to submit and sign your FAFSA electronically. This PIN acts as your digital signature and also grants you access to your federal student financial aid information. Be sure to keep this in a safe place and do not share it with anyone. Once your FAFSA has been submitted, the school you have chosen will receive your EFC and other information directly. If you are awarded federal financial aid, it will go directly to the school on your behalf to pay for tuition and fees first and then room and board. If there is any money outstanding, that may be disbursed directly to you to cover additional educational expenses, including books and supplies, child care, and transportation.

Federal and State Financial Aid

Ohio State University accepts various federal and state-based financial aid options, including grants and student loans, most of which you apply for simply by submitting your completed FAFSA. To be eligible for federal, state, and institutional financial aid, you must be a U.S. citizen or eligible non-citizen, register with the U.S. Selective Service between ages 18 and 25 if you are male, be considered a regular student in a qualifying certificate or degree program at least half-time, have a high school diploma or an equivalent, not have any federal loans in default, maintain satisfactory academic progress as determined by OSU while receiving funds, and agree to use funds for educational purposes only.

Federal and state grants are forms of free money that don’t have be paid back and should be your first choice when seeking financial aid. Federal and state grants include:

Student Loan Options

Mixed Race College Student With LaptopMore often than not, scholarships and grants are not quite enough to pay for your total cost of attendance. This is when you may consider taking out a student loan. Federal student loans generally offer the lowest interest rates and the best repayment terms, and should be the first options that you consider. Federal student loans are offered to undergraduate and graduate students as well as the parents of undergraduate students. The U.S. Department of Education is your lender for loans disbursed under the William D. Ford Federal Direct Loan Program. Federal loans include:

OSU also provides both short and long-term assistance options if you don’t need a full student loan but are having trouble covering your higher education costs. The Short-Term University Assistance program provides eligible students in good standing with $500 per term interest-free, if paid within 90 days, and funds are required to be paid back before more funds can be disbursed. Students may receive up to $1,000 via a Long-Term University Loan that has a 7 percent per year interest rate, and repayment starts within six months of leaving the school. Both of these options are meant for short-term, small amounts, and they are not intended to be used long-term.

Private student loans should be your last recourse, and OSU’s FASTChoice loan comparison tool can help you determine which lender and loan type are best for you. Additionally, the SimpleTuition website provides the most current and detailed student financial aid information.

 

Pay for Ohio State University*

Total Avg. Cost $24,159
Tuition $7,983
Room & Board Not Avail.
Financial Aid Information
Students Receiving Fin Aid 89%
Typical Grant Amounts
State/Local $2,917
Federal $4,303
%Receiving Loans 45%
Avg. Other Stud. Loans $11,570
%Receiving Other Loans 7%

Get into Ohio State University

Admission Rate 65%
Total Enrollment 55,014
Men 52%
Women 48%
Graduation Rate 75%
Application Fee $40

Contact Ohio State University

Address
190 N. Oval Mall
Columbus, OH 43210(614) 292-6446
Financial Aid Office URL
http://www.sfa.osu.edu
Admissions Office URL
http://www.osu.edu/futurestudents/

*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics

 
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