Loans are financial aid that must be paid back with interest over time once you graduate, stop attending at least half time or leave college for any reason. IMPORTANT: You must accept or decline these aid offers. A few things to consider:
Do you need the aid and, if so, how much?
Just because you qualify for a loan does not mean accepting it is a sound financial decision. You have the option to decline your aid package or accept only what you need or want to borrow. (For example, if you are offered two types of loans, you can choose to accept either or both and for the amount you choose.) To help you determine how much loan money you need, we have a few tools to help:
Decide which loan(s) are best for you.
Your aid package
may include a variety of loan programs. It is important to understand the terms of each loan in determining what you decide to borrow.
View federal loan options at-a-glance and see eligibility requirements below.
Eligibility requirements:
Federal Direct Subsidized Loans
This loan is offered based on your financial need. The U.S. Department of Education pays the interest on the amount you borrow while you're in school at least half-time, for the first six months after you leave school (referred to as a grace period), and during a period of deferment. Read about eligibility criteria and terms.
Federal Direct Unsubsidized Loans
This loan is NOT need-based. The amount you can borrow is based on your cost of attendance and other financial aid you receive. You are responsible for paying the interest once the funds have been used. Read about eligibility criteria and terms.
Note: While you are in school, you will be given the option to pay the interest on these loans. If possible, we highly recommend you make these payments. Unpaid interest will be compounded into the principal once you leave school making the total amount of interest paid higher.
Federal Direct Parent PLUS Loan
Parents may also choose to take out a Parent PLUS loan through the Department of Education to help with the cost of your education. The amount for which parents are eligible to apply is listed on the Financial Aid Summary. Parents apply online.
Long-Term University Loan
This loan program is to assist with temporary circumstances and is not intended to serve as a sustainable method of funding educational costs. To be considered for a Long-Term University Loan, students must contact Buckeye Link at 614-292-0300 or buckeyelink@osu.edu, or the financial aid office on your regional campus to determine eligibility and to submit an application.
Note: Consideration for this loan requires a meeting with a Financial Wellness Coach in the Office of Student Life's Student Wellness Center.
Short-Term University Assistance
Designed for students with a temporary cash flow problem or unexpected financial difficulty related to educational expenses as the result of extenuating circumstance. To be considered for Short-Term University Assistance, students must contact Buckeye Link at 614-292-0300 or buckeyelink@osu.edu, or the financial aid office on your regional campus to determine eligibility and to submit an application.