Details on interest rates, fees, and options to repay your loans are available below. Select the link within each program description.  More details about federal loan programs can be accessed by visiting www.studentloans.gov or www.studentaid.ed.gov


Federal Direct Student Loans

 

Federal Direct Subsidized Loans

These loans are offered based on financial need. Interest does not accrue as long as the student is enrolled at least half time.

 

Federal Direct Unsubsidized Loans

Financial need is not required to receive this loan. Interest accrues once the student receives the funds.


Maximum Annual Loan Limits

Academic Level

Dependent

Independent

Subsidized Limit

Freshman            (0-29 Hrs)

$5,500

$9,500

No more than $3,500

Sophomore         (30-59 Hrs)

$6,500

$10,500

No more than $4,500

Junior/Senior (60+ Hrs)

$7,500

$12,500

No more than $5,500

Graduate or Professional

N/A

$20,500

N/A

Associate Degree

$6,500

$10,500

No more than $4,500


Federal Direct Parent PLUS Loan

These loans are available to an eligible parent of a dependent student. The parent may apply at www.studentloans.gov using the parent FSA ID and password.  First time parent borrowers must complete the PLUS Master Promissory Note. A credit check is required for the parent. If the parent does not pass the credit check, there are three options available.

  1. The parent can work with Applicant Services (1.800.557.7394) if the parent believes there was an error made on the credit check. If credit is overridden, parents must also complete PLUS Counseling.
  2. The parent can obtain a credit-worthy endorser. The endorser must complete an Endorser Addendum agreeing to repay the loan in the event the parent fails to do so and pass the credit check. The parent must complete a Master Promissory Note and PLUS Counseling
  3. The parent can decline the PLUS loan and allow the student to borrow an additional unsubsidized loan. For students with fewer than 60 credits, an additional $4000 may be borrowed. For students with 60 or more credits, the additional amount is $5000 for the school year.

Graduate PLUS Loan

Available to graduate or professional degree students. Students may apply at www.studentloans.gov using their FSA ID and password.  Students must pass a credit check and complete the PLUS Master Promissory Note and Graduate PLUS Entrance Counseling. If the student does not pass the credit check, there are two options available.

  1. The student can work with Applicant Services (1.800.557.7394) if the student believes there was an   error made on the credit check.
  2. The student can obtain a credit-worthy endorser.  The endorser must pass complete an Endorser Addendum agreeing to repay the loan in the event the student fails to do so and pass the credit check.

Federal Perkins Loan

The Perkins loan program is a federally funded, low-interest loan. Ohio University is the lender using funds from the federal government. The interest rate is 5 percent and repayment begins 9 months after students leave school.  Students must complete the FAFSA by the first-priority deadline of March 15th. FAFSA results must demonstrate financial need.

Schools may award a new Perkins loan to undergraduate students through September 30, 2017. Students may be awarded even if they had not received a previous Perkins loan.

New Perkins borrowers must be awarded all subsidized and unsubsidized loan funds before Perkins loans can be awarded.

Continuing Perkins borrowers must be awarded all subsidized loan funds before Perkins loans can be awarded.

 

You must complete a Perkins Promissory Note. Once a student leaves school an Exit Interview is required.

 


Eligibility and Disbursement Requirements

To receive Federal Direct Loan, you must meet the eligibility requirements below:

  • Complete an EMPN and Entrance Counseling (if a first-time borrower).
    • First-time freshman borrowers will receive their first payment of Federal Direct Loans 30 days after the semester begins. 
  • Be enrolled at least half time (6 hours for undergraduates or 5 hours for graduate students).
  • Be enrolled in a degree-seeking program.
  • Not be in default on a previous student loan.
  • Meet Satisfactory Academic Progress guidelines.
  • Accept, decline, or reduce your loans on your OHIO Student Center.
  • If the loan period is for a single term, the funds will be disbursed in two equal payments during the semester, one at the start of the semester and one at the midpoint.
  • Loans not disbursed prior to October 1 st will be cancelled due to annual changes in origination fees.  Students will need to request a new loan offer if loans are cancelled due to not completing requirements.