Student loans allow students to borrow money at a low rate of interest to assist in meeting the cost of their education. Loans must be repaid following graduation or if the student withdraws or drops below half-time (6 credit hours) enrollment. All borrowers must complete a valid promissory note before any loan funds will be disbursed.
William D. Ford Direct Loan Program
The Ohio State University participates in the William D. Ford Federal Direct Loan Program. There are two types of Federal Direct Loans. With a Subsidized Loans ("Sub") the government pays the interest while the student is in school. With Unsubsidized Loans ("Unsub"), you the student borrower are responsible for paying the interest while you are in school. If you choose not to pay the interest, it will be capitalized (added on to the principal). For more information on Fedearl Direct Loans, click here. All first-time borrowers must complete an online Entrance Interview Quiz and an online Master Promissory Note (MPN).
Federal Perkins Loan ("Perkins")
The Fedearl Perkins Loan is a need-based loan administered by The Ohio State University. It is a 5% interest loan. Interest does not begin to accrue and repayment does not start until 9 months after the student ceases half-time (6 credit hours) enrollment. For additional information on the Fedearl Perkins Loan, click here.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
Federal PLUS Loans are borrowed by parents for dependent undergraduate students. The Federal Direct PLUS Loan is a fixed rate loan with a 7.9% interest rate effective July 1, 2006. Repayment begins 60 days after the last disbursement. For additional information, click here.
Privately funded and administered loan programs which provide additional funding for unmet school expenses. For additional information and a list of potential lenders, click here.
Federal Direct Loan Links