Navigating Financial Aid What you need to know Welcome and introductions.

What is Financial aid? A variety of funds to assist students and families pay for college. Parents are responsible for contribution to their dependent child’s college education. Students also have a responsibility to contribute.

+ = Direct costs Indirect costs Cost of attendance Tuition, fees, housing, meal plan + Indirect costs Books, supplies, transportation, miscellaneous and personal expenses Based on most commonly chose meal plan/housing options and base tuition costs. = Cost of attendance Total estimated cost for one year

Expected Family Contribution (EFC) Determines what a student and family are able to contribute. The EFC is calculated from information provided on the aid application and is the same regardless of which institution the student attends.

Expected Family Contribution Cost of Attendance - Expected Family Contribution = Financial Need

Scholarships Grants Self-help Merit Talent Donor/ Departmental External Federal State Institutional Federal Work-Study Federal Loans Subsidized Parent Plus Loan Private Loan

How do I apply for aid? Free Application for Federal Student Aid (FAFSA) Required by most institutions every year College Scholarship Service (CSS) Profile Required by some colleges Institutional Application Required by some, but not all institutions.

Reviewing your aid package

Comparing cost: Net Price Calculator Shopping Sheet A net price calculator provides an estimated cost of attendance and an estimated amount a student may be eligible to receive in financial aid. Just search “Net Price Calculator” and the name of the institution Shopping Sheet Provides a break down of your eligible financial aid award package compared to the cost of attendance to provide a net cost. Students are not sent a paper copy of their award package but instead, can access it online through the Financial Status link on www.buckeyelink.osu.edu. Ohio State University makes every effort within its means to help all students with limited financial resources secure the needed funds. However, funding is limited and we are not always able to award enough financial aid to meet all needs. Common issues if not aid package: FAFSA not filed. File, confirm OSU School code, wait a week or so and contact SSC.

go.osu.edu/compareaid Comparing award packages We will also have some worksheets available after the presentation. go.osu.edu/compareaid

Out-of-pocket expenses Understanding your award package Cost of attendance Federal Pell Scarlet and Gray/FFP/President’s Affordability Ohio College Opportunity Grant (OCOG) Grant aid University scholarships (Eminence, Maximus, Provost, Trustees, National Buckeye, Excellence, Prominence, Land Grant) Departmental/Donor Merit aid Grants: Awarded to students with high financial need based on information from the FAFSA need. The amount awarded is limited based on federal, state and institutional awarding guidelines. FEDERAL Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education (TEACH) STATE Ohio College Opportunity Grant (OCOG) INSTITUTIONAL Scarlet and Gray Freshman Foundation Program (FFP) SELF-HELP/LOANS When considering borrowing loans, keep in mind that loans accrue interest and must be repaid. Make informed decisions about how much loan money you should borrow, if any, and which loan programs are best for your needs. Detailed information about the various loan programs is available at www.sfa.osu.edu Federal Subsidized/Unsubsidized loans Federal Work Study Parent PLUS Self-help aid Out-of-pocket expenses

Responsible borrowing Aid Resources Responsible borrowing Subsidized loans vs. Unsubsidized loans When considering borrowing loans, keep in mind that loans accrue interest and must be repaid. Make informed decisions about how much loan money you should borrow, if any, and which loan programs are best for your needs. Detailed information about the various loan programs is available at www.sfa.osu.edu

Buckeye Link Student Academic Services Bldg. 281 W. Lane Ave. Columbus, Ohio 43210 Hours: Monday-Thursday, 9-5 Friday, 9-4 Phone: 614-292-0300 | 800-678-6400 Email: buckeyelink@osu.edu Web: sfa.osu.edu