Background Information on 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 2007-2008 average student award package was more than $25,000. The average net price (total cost minus total financial aid) for students was $16,445.

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.

Grants and Scholarships

These are gift monies and need not be repaid. They come from several sources, including Ohio Wesleyan University.

Federal Pell Grants » With a maximum grant of $4,731 for 2008-2009, these are federal entitlement awards for which you apply through the FAFSA.

Federal Supplemental Educational Opportunity Grants (SEOG) » Additional, limited federal funds are awarded through our Financial Aid Office.

State Grants » States may provide these grants for use outside of the home state.

Ohio Wesleyan Grants » These utilize extensive endowment income and annual gifts from alumni and friends.

Ohio Academic Scholarships » Awarded by the State, these provide $2,205 per year for 2008-2009 to one student from each Ohio high school attending college in Ohio.

Ohio Student Choice Grants » Ohio residents attending Ohio’s private colleges may be eligible for grants of approximately $660 per year, regardless of financial need. These Student Choice Grants, established by the State legislature, help close the gap between private and public educational costs.

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 $3,500 for the freshman year ($7,500 for independent students).