Types of Financial Aid & Eligibility Factors
Financial Aid Types & Options
Whether you receive a grant, loan or scholarship, financial aid for school comes with important obligations. Be sure you know your choices, your eligibility and your responsibilities.
Federal Pell Grant
A Federal Pell Grant is an award to help high-need undergraduate students pay for
their education. Eligibility for a Federal Pell Grant is determined by the Student
Aid Index (SAI) calculated from the Free Application for Federal Student Aid (FAFSA).
Ohio College Opportunity Grant
An Ohio College Opportunity Grant is a state grant awarded by the Ohio Board of Regents
to high-need undergraduate students. Eligibility requirements for the grant state
that the student must:
- be an Ohio resident
- be Pell eligible with an SAI of 3750 or below
- have a total household income of $96,000 or less
The Ohio College Opportunity Grant is awarded to qualified students in the summer,
fall and spring as long as they meet the required university enrollment criteria.
This grant may only be applied to tuition and general fees.
Direct Loans
Direct Loans are guaranteed low-interest loans for undergraduate and graduate students
attending school at least half-time. Subsidized loans are available to students who
qualify based on need. Unsubsidized loans are not based on need or income. Therefore,
students and families of all income levels have access to federally guaranteed funds
for college. Eligibility is determined both by need and the number of transfer credit
hours a student transfers into the program or number of credit hours earned.
| Credit Hours | Subsidized | Unsubsidized | Total | |
|---|---|---|---|---|
| Freshman | 0-29 | $3,500 | $6,000 | $9,500 |
| Sophomore | 30-59 | $4,500 | $6,000 | $10,500 |
| Junior | 60-89 | $5,500 | $7,000 | $12,500 |
| Senior | 90+ | $5,500 | $7,000 | $12,500 |
**Dependent students are only eligible for subsidized loan amounts and partial unsubsidized loan amounts.
The following is important information for students planning to borrow a private education
loan.
Because of new federal regulations, the time that it takes to process a private education
loan has increased. Lenders are now required to collect more paperwork from you. For
your private loan to be processed on time, you must begin the application process
sooner than in the past.
For information on private education loans (alternative loans), please see the FastChoice website.
The lenders and loan options presented were selected for the excellent terms and benefits
they provide to borrowers. Our institution has worked with these lenders in the past,
and previous borrowers had positive experiences working with them.
To determine which lenders and loan options to present, we use strict criteria based
on your interests and not those of our institution. We recognize only those lenders
who provide you with exceptional customer service, excellent incentives (e.g., low
interest rates, no origination fees, and loan principal reductions), timely processing,
and electronic funds transfer capabilities when possible.
All of the information provided on the Loan Options page is reviewed annually to ensure
that the benefits that lenders offer continue to adhere to our criteria. Any loan
options that no longer adhere to our criteria are removed, and new loan options that
meet our criteria are added. At least three lenders will be presented to you at all
times.
You are free to select any lender and loan option, including those not presented.
If you choose a loan option that is not presented, please follow the provided instructions
to complete the application process. Application processing will not be delayed unnecessarily
if you choose a loan option not presented.
We maintain professional relationships with all lenders. Our officials are prohibited
from accepting financial or other benefits in exchange for displaying lenders and
loan options in FASTChoice. These include: receiving compensation to serve on any
lender board of directors or advisory boards; accepting gifts including trips, meals,
and entertainment; allowing lenders to staff our institution's financial aid office;
allowing lenders to place our institution's name or logo on any of their products;
and owning lenders' stock (for those college officials who make loan decisions for
our institution).
Students are welcome and encouraged to search for scholarships and grants. A good
search to use is www.fastweb.com.
Attendance Policy
Attendance is required for each class session. If a student misses a class session, the student is required to clarify his/her academic plan through correspondence with his/her academic advisor. Failure to clarify an academic plan with an academic advisor may result in a withdrawal from the program.
Financial Aid Standards of Progress
Federal regulations require Ohio Dominican University to establish Satisfactory Academic Progress (SAP) standards for student financial aid recipients. Ohio Dominican's SAP Policy measures a student's performance in the following three areas: completion rate, cumulative grade point average (GPA), and maximum timeframe. Please refer to the SAP Policy for additional information.
Schedule Changes
Any alterations to an academic schedule, additions and/or deletions may affect a student's financial aid eligibility. It is the student's responsibility to make arrangements with the Adult & Continuing Education Financial Aid Office to determine how this change may affect their financial aid.
Withdrawal
If a student withdraws or is withdrawn from the university, the Financial Aid Office will complete a return of funds calculation to determine the amount of financial aid funds the student is eligible to keep. Based on the calculation loan, funds may need to be returned.
The financial aid office has 30 days to complete a return of funds calculation. Once the calculation is complete, the student will be contacted by the Adult & Continuing Education Business Office in regards to their current account status. Please refer to the Return of Funds Policy for additional information.
Previous Student Loans
If a student borrowed loans that he/she is still repaying, the student has the option of continuing to repay the loans or place the loans in deferment while he/she is enrolled full-time in the Adult & Continuing Education program.
If a student would like to suspend their loan payments, he /she will need to contact the lender or guarantee agency to learn how to place the loans in deferment. If a student needs verification of enrollment for deferment purposes, he/she should contact ODU’s Registrar Office at (614) 251-4650.
Financial Aid Office Code of Conduct
To review ODU's Code of Conduct, please see the Financial Aid Office Code of Conduct.