Financial aid is money given to students to help pay for college. Financial aid can be one of four types:
-Federal and private loans
-Federal and state grants
-Scholarships
-Federal college work-study
Federal and state grants and scholarships are more favorable than federal loans because they do not have to be repaid--they are free money. In a federal college work-study program, students work for a certain number of hours per week on or off-campus to earn money for college expenses. An ideal financial aid package will contain more Federal and State grants and scholarships than federal loans. Students are encouraged to apply for as many different sources of financial aid as possible in order to pay for their college education.
The four primary sources of aid for students are the federal government, the state of Ohio, the college, and private organizations. The main provider is the federal government.
| Type of Aid | Provider | Basis of Award |
Repayment Needed |
| Grants | Federal & State | Financial need | No |
| Scholarships |
State, College, and private organizations |
Financial need and/or merit |
No |
| Work | Federal & College | Need | No |
| Loans | Federal & private | Financial need | Yes |
See specific sections of Federal, State, and Institutional Financial Aid for more details.
Financial Need:
The majority of financial aid is need-based aid. The cost of college attendance minus the student's expected family contribution determines need; in other words:
Cost of attendance - Expected Family Contribution = Financial Need
The Cost of attendance is more than direct costs of tuition, fees and books. It also includes indirect college expenses such as supplies, transportation, daycare, personal and other program related expenses.
