Need-Based Aid

FOR MANY STUDENTS, merit awards, grants, and payment plans are not enough. Our annual costs may exceed what your family can be expected to pay. In these cases, you may demonstrate financial need and qualify for need-based financial aid.

While your primary source of college funds remains you and your parents, other assistance may be available. The amount of help depends upon your eligibility for and the availability of funds.

Once the Financial Aid staff has determined your initial eligibility for assistance, we will develop a package of financial aid. This typically includes three forms of aid: grants or scholarships, which are outright gifts; low-interest loans; and earnings from campus employment. To finalize an award, parents’ tax returns must be submitted to the Financial Aid Office.

For more detailed policy information, go to the Online Catalog.

For links to required OWU forms as well as other financial aid resources, go to Online Applications.

Eligibility Calculations

Income alone does not determine your eligibility for financial assistance; it is, however, a major factor. Assets also influence the calculation, as does family need, family size, other children in college, and large medical or other unusual expenses.

The 2009-2010 average student award package was more than $28,000. The average net price (total cost minus total financial aid) for students was $18,000.

Net price is met primarily by parents, but students are expected to contribute from prior-year earnings and current assets. Each college to which you apply for aid may determine a “family contribution” by using the Free Application for Federal Student Aid (FAFSA) in conjunction with institutional aid policies. Total cost, less this contribution, equals financial eligibility. Ohio Wesleyan’s federal school code is 003109.

For links to the FAFSA Web site and other resources, go to Online Applications.

Need-Based Grants

These are gift monies and do not need to be repaid. They come from several sources including Ohio Wesleyan University, the U.S. Department of Education and the state of Ohio.

Ohio Wesleyan Grant – This OWU grant is provided to eligible students who file the Free Application for Federal Student Aid (FAFSA) and demonstrate financial need. Awards vary in value based on demonstrated need.

Federal Pell Grant – This federal entitlement award is provided to students who file the Free Application for Federal Student Aid (FAFSA) and meet the Department of Education’s requirements. Awards range up to a maximum grant of $5,350 (based on 2009-2010 information).

Federal Supplemental Educational Opportunity Grant (SEOG) – Additional, limited federal funds are awarded through the Office of Financial Aid. Recipients must file the Free Application for Federal Student Aid (FAFSA) before the priority deadline and demonstrate eligibility for the federal Pell Grant.

Ohio College Opportunity Grant – State of Ohio grant for students who file the Free Application for Federal Student Aid (FAFSA) and meet the requirements set forth by the state of Ohio. Other states may also provide grants for use outside of the home state.

Federal Loan Programs

Federal Perkins Loans – Including both our own and federal funds, these allow you to borrow additional funds for undergraduate study. No interest accrues until nine months after you stop being at least a half-time student. Repayment at 5 percent interest begins at that time, extending for up to 10 years.

Federal Subsidized Stafford Loans – With Stafford loans, the government is paying the interest for the student while the student is enrolled on at least a half-time basis and during authorized deferments. The maximum interest rate is 6.0 percent.

Federal Unsubsidized Stafford Loans – If you are not eligible for the maximum Federal Subsidized Stafford Loan for your grade level, you may borrow the difference in a Federal Unsubsidized Stafford Loan. Interest may be paid or allowed to accumulate during the time in school and will be capitalized (added to principal). The total subsidized and unsubsidized amount cannot exceed $5,500 for the freshman year ($9,500 for independent students).

Federal PLUS – The PLUS loan is a federally sponsored education loan that offers a low, fixed interest rate to parents who may borrow up to the full cost of attendance (less other financial aid received) for their dependent student. This loan typically goes into repayment 60 days after full disbursement, but parents may delay repayment while the student is enrolled in school. The standard repayment period is ten years, but there is no penalty for early repayment. In order to receive a Plus loan, one parent will need to complete an on line Master Promissory Note found on the Ohio Wesleyan Web site.