Navigating Financial Aid What you need to know

Navigating Financial Aid What you need to know

What is Financial aid? A variety of funds to assist students and families pay for college. Parents are responsible for contribution to their dependent child’s college education. Students also have a responsibility to contribute.

Direct costs Tuition, fees, housing, meal plan + Indirect costs Books, supplies, transportation, miscellaneous and personal expenses = Cost of attendance Total estimated cost for one year

Expected Family Contribution (EFC) Determines what a student and family are able to contribute. The EFC is calculated from information provided on the aid application and is the same regardless of which institution the student attends.

Cost of Attendance Expected Family Contribution = Financial Need

Scholarships Grants • Merit • Federal • Talent • State • Donor/ Departmental • Institutional • External Self-help • Federal Work. Study • Federal Loans • Subsidized • Parent Plus Loan • Private Loan

How do I apply for aid? • Free Application for • College Scholarship Federal Student Aid Service (CSS) (FAFSA) Profile • Required by most institutions every year • Required by some colleges • Institutional Application • Required by some, but not all institutions.

Reviewing your aid package

Comparing cost: Net Price Calculator A net price calculator provides an estimated cost of attendance and an estimated amount a student may be eligible to receive in financial aid. Just search “Net Price Calculator” and the name of the institution Shopping Sheet Provides a break down of your eligible financial aid award package compared to the cost of attendance to provide a net cost.

Comparing award packages go. osu. edu/compareaid

Understanding your award package Cost of attendance Grant aid • Federal Pell • Scarlet and Gray/FFP/President’s Affordability • Ohio College Opportunity Grant (OCOG) Merit aid • University scholarships (Eminence, Maximus, Provost, Trustees, National Buckeye, Excellence, Prominence, Land Grant) • Departmental/Donor Self-help aid • Federal Subsidized/Unsubsidized loans • Federal Work Study • Parent PLUS Out-of-pocket expenses

Aid Resources Responsible borrowing • Subsidized loans vs. Unsubsidized loans • When considering borrowing loans, keep in mind that loans accrue interest and must be repaid. • Make informed decisions about how much loan money you should borrow, if any, and which loan programs are best for your needs.

Buckeye Link Student Academic Services Bldg. 281 W. Lane Ave. Columbus, Ohio 43210 Hours: Monday-Thursday, 9 -5 Friday, 9 -4 Phone: 614 -292 -0300 | 800 -678 -6400 Email: buckeyelink@osu. edu Web: sfa. osu. edu