About Financial Aid
A college education is one of the most important investments a student and family can make. Students and their families will be expected to contribute as much as possible from their own resources (including income, savings, and assets) to help meet college expenses. The purpose of financial aid is to help students and families meet educational expenses.
There are several types of financial aid available:
- "Gift" Aid — these (generally) do not have to be repaid.
- Self-Help" Aid
Some financial aid is need-based; the results of the FAFSA, along with the estimated cost of attendance, will determine whether or not a student has financial need. Most grants, the Subsidized Stafford and Perkins Loans, and Federal Work-Study are need-based financial aid programs. The Unsubsidized Stafford and the PLUS are not considered need-based. Scholarships can be based upon merit, financial need, or both.
There are four main sources of financial aid: the federal government, state governments, educational institutions, and private entities. Approximately two-thirds of all students attending Ohio University receive some type of financial aid from one or more of these sources.