Student Financial Aid

Loan Programs

Long-Term University Loan

The Long-Term University Loan is designed for students whose own resources and those of their parents, guardians, or spouses are not sufficient to finance all of their educational costs of attendance. This loan program is intended to assist with temporary circumstances and is not intended to serve as a sustainable method of funding multiple years of educational costs. Students must maintain Satisfactory Academic Progress for financial aid eligibility to receive this loan. Students are encouraged to pursue Federal Loan options by submitting the Free Application for Federal Student Aid (FAFSA) before applying to a Long-Term University Loan.

Borrowing Limits

You may borrow a maximum of $1,000 per year. The aggregate limit for Long-Term University Loans is $6,000.

Repayment Terms

The interest rate is 7% per year on the unpaid balance and accrues from the date of the loan disbursement. Repayment of principal and interest begins six months after you leave the university. The interest on this loan will not be capitalized; all interest that accrues between the disbursement of the loan and the date of the first payment is due with the first payment.

Cost Estimate:

  • The estimated repayment described below assumes the loan is disbursed in June of one year and the borrower attends through to a graduation date in June 4 years later.
    • Borrowed amount : $1000
    • Total Cost with Interest : $1381.44
    • Payments :
      • First payment of $365 (includes all interest accrued to that point)
      • $50 per month subsequent payments
      • Total Number of Payments: 22 (repaid in 1 year, 10 months)

In some cases when funding allows, for students who otherwise qualify, a more beneficial loan product, Federal Perkins Loan, may be offered in place of the Long-Term University Loan.

Application Process

To be considered for a Long Term University Loan, please contact the Student Service Center (SSC) to determine if your circumstances make you eligible to complete and submit an application. SSC contact information can be found here http://ssc/osu.edu. Students at extended campuses should contact their respective financial aid office.

Please note that consideration for this loan requires a meeting with a Financial Wellness Coach in the Office of Student Life’s Student Wellness Center. You can schedule an appointment at this link. Completion of this appointment does not guarantee approval for this loan program.

The timeframe for processing this loan including the appointment with a Financial Wellness Coach, completion of the application, and disbursement of the funds to the student account can take as long as 7-10 business days.

 

First File the FAFSA