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The Ohio State University
The Ohio State University offers Federal Direct Stafford/Ford Loans (Federal Direct Subsidized and Unsubsidized Loans) as a participant in the William D. Ford Federal Direct Loan Program. When you borrow a Federal Direct Loan at Ohio State, you will borrow from the federal government by receiving funds directly through Ohio State.
The Federal Direct Subsidized Loan (Sub) is a need-based federal loan awarded only to students who demonstrate financial need. Undergraduate students who have unmet financial need can be considered for this loan up to the amount of the students' annual borrowing limit. Borrowers must be U.S. citizens or eligible non-citizens enrolled at least half time and maintaining Satisfactory Academic Progress for Financial Aid Eligibility. In addition, borrowers must meet all other requirements listed as Student Rights and Responsibilities.
The Federal Direct Unsubsidized Loan (Unsub) is a non-need based federal loan that cannot exceed the educational cost of attendance minus other financial aid. Undergraduate, graduate, and professional students can be considered for this loan up to the amount of the students’ annual borrowing limit. Borrowers must be U.S. citizens or eligible non-citizens enrolled at least half time and maintaining Satisfactory Academic Progress for Financial Aid Eligibility. In addition, borrowers must meet all other requirements listed as Student Rights and Responsibilities.
Additional unsubsidized amounts are available for students enrolled in the health professions colleges. These include the Colleges of Dentistry, Medicine, Optometry, and Veterinary Medicine. Students in these professional programs may receive up to a maximum of $20,000 annually for 9-month enrollment, not to exceed cost of attendance. Students in the PHP Pharmacy program may receive up to a maximum of $12,500 annually for 9-month enrollment, not to exceed the cost of attendance. Increased amounts are available for enrollments greater than 9 months.
File the FAFSA to be considered for a Federal Direct Subsidized or Unsubsidized Loan.
Borrowing limits depend on class rank and academic level, and vary for undergraduates and graduate and professional students. Special rules apply to students taking coursework through the Office of Continuing Education (CEd) and graduate nondegree coursework.
The Student Financial Aid Office (SFAO) uses the National Student Loan Database Service (NSLDS) to determine your total loan aggregates. Consequently, your loan award will reflect any loans borrowed at Ohio State and/or at previously attended institutions. Refer to your Student Aid Report (SAR) for your loan aggregates.
Federal Direct Loan Annual Borrowing Limits for Loans Disbursed July 1, 2008 or Later
Class Rank
(credit hours)
Dependent Student
Independent Student or Dependent Student Whose Parents are Denied a PLUS Loan
First-year undergraduate (0-30)
$5,500
($3,500 maximum subsidized)
$9,500
Second-year undergraduate (30.5-60)
$6,500
($4,500 maximum subsidized)
$10,500
Third-year undergraduate (60.5-90)
$7,500
($5,500 maximum subsidized)
$12,500
Fourth, fifth-year undergraduate (90.5+)
Graduate or graduate-professional (all levels)
NA
$20,500 ($0 subsidized)
9 months: $40,500 ($0 subsidized)
12 months: $47,167 ($0 subsidized)
9 months: $33,000 ($0 subsidized)
12 months: $37,167 ($0 subsidized)
Continuing Education (CEd) working toward an undergraduate degree program (over one consecutive 12-month period only, all levels)
$2,625 (all subsidized)
$8,625
($2,625 maximum subsidized)
Non-degree-seeking students with prior bachelor's degrees taking courses for teacher certification (all levels)
$5,500 (all subsidized)
Federal Direct Loan Aggregate Borrowing Limits
Student Status
Subsidized Loans
Total Subsidized and Unsubsidized Loans
Dependent Undergraduate (including CEd and graduate nondegree)
$23,000
$31,000
Independent Undergraduate (including CEd and graduate nondegree)
$57,500
Graduate or Law Students
$65,500
$138,500
Health Professional Students
$224,000
Under the Federal Direct Loan Program, you will have several different options for repayment, so you can select the repayment plan that is best for your financial circumstances. For more information regarding repayment options, see the Student Guide.
Current interest information is provided below.
Loan Interest Rates by Disbursement Dates
Loan Type
First Disbursed between July 1, 2012, and June 30, 2013
For Unsubsidized Loans (Unsub), interest must be paid while the student is in school at least half-time. If the student chooses not to pay the interest, it will accrue and be capitalized (added on to the principal at the time of repayment).
Repayment of the principal balance begins six months after graduation, withdrawal, or less-than-half-time enrollment. Students may be allowed up to thirty years for repayment in certain circumstances, however, repayment is usually based upon a ten-year plan.
Examples of Typical Standard Federal Direct Loan Repayments at 5.6% Interest 1
Principalto Repay
Number ofPayments
Monthly Payments
Total Interest Charge
TotalRepayment
$3,500
84 1
$50.00 $47.54
$747.54
$4,247.54
$5,000
119 1
$54.51 $54.71
$1,541.40
$6,541.40
$81.77 $81.26
$2,311.89
$9,811.89
$114.47 $115.05
$3,236.98
$13,736.98
$15,000
$163.53 $164.12
$4,624.19
$19,624.19
1 For more details, see the U.S. Department of Education's Student Guide. You may also access numerous loan repayment calculators at the web site www.finaid.org or at www.ed.gov/directloan.
For more information on borrowing limits, repayment plans, and interest rates, see the U.S. Department of Education's William D. Ford Federal Direct Loan Program page at www.ed.gov/directloan/about.html.
You have the right to cancel all or part of your federal loan disbursement for each semester. Submit a written request to the Student Financial Aid Office (SFAO) within 14 days from the date you receive official notification that loan funds have credited to your university account, or before the first day of classes, whichever occurs last. Official notification will be sent to you no earlier than 10 days before the start of each term. For Parent PLUS Loans, official notification occurs with the posting of the loan to your student's university account.
Your written request to cancel a Stafford, Perkins, or Grad PLUS loan may be submitted by e-mail from your Buckeye Mail e-mail account or as a handwritten, typed, or printed statement bearing an original signature submitted by mail, in person, or by fax. To cancel a parent PLUS loan, the parent borrower may submit a handwritten, typed, or printed statement bearing an original signature by mail, in person, or by fax (no e-mail can be accepted).
No interest will be charged and loan fees will be returned to the loan holder. SFAO must receive the cancellation request in writing from the borrower (you for student loans; parent borrower for parent loans). To cancel the loan disbursement, contact our office.
Cancelling your loan disbursement could cause a balance to be due on your university account which you will be responsible for paying. This is more likely to be true if excess funds (credit balance) have already been distributed via a check or a direct deposit to a bank account or your BuckID.
You cannot cancel your loan disbursement if the designated time period described above has already passed. Instead, you can repay the loan disbursement directly by contacting the loan holder (Direct Loan Servicer for Federal Direct Loans; Student Loan Services for Federal Perkins Loan). The borrower (you for student loans; the parent borrower for parent loans) will be responsible for any interest that may have accrued and/or any loan fees.
You (the borrower) must submit in writing your request to cancel future loan disbursements by contacting our office prior to 10 days before the start of classes for the next term(s). For your convenience, the Report Your Changes form is available for this purpose. Once the loan has been disbursed for the next term(s), then you must follow the procedures described above.
To receive this award, you must:
Federal Direct Loan borrowers who are leaving school, dropping below half-time enrollment, or graduating must complete exit counseling. Exit counseling provides you with important information about repayment and your rights and responsibilities.
If you have received an e-mail instructing you to complete exit counseling, go to the Direct Loan Servicing Center's exit counseling site and click on "Take the Exit Counseling session" to begin. You will need your PIN.
Your session will be recorded once you have completed the questionnaire and finished steps 1, 2, and 3. You may sign the agreement online. Your session is then recorded, and Ohio State will have your information the next business day. Alternatively, you may print your borrower rights and responsibilities pages to sign, date, and submit to SFAO.
According to federal regulations, your Federal Direct Loan award must be issued in multiple disbursements during the academic year. If you plan to enroll for multiple terms, your loan award will be issued in equal disbursements.
Please Note: Per federal regulations, if you are an undergraduate student who will graduate and you enroll fewer than 2 semesters, your loans will be prorated based on the number of terms you will enroll.
If you change class rank during the academic year, you may be eligible for additional Federal Direct Subsidized or Unsubsidized Loan funds. If you change rank from a freshman to a sophomore, from a sophomore to a junior, or from an undergraduate to a graduate status during the academic year, and you wish to be considered for additional loan funds, please contact our office to initiate the process.
