There is a lot to know about federal aid. It is awarded based on the annual FAFSA application that is published every year on October 1. There are yearly limits, lifetime maximums, enrollment minimums, course completion requirements, and Satisfactory Academic Progress criteria for eligibility. We encourage students to read the basic overview below and utilize the resources on our other pages to better understand how federal aid works.

Federal Pell Grant

  • A need-based grant from the federal government intended for high need undergraduate students seeking their first bachelor’s degree.
  • After the Free Application for Federal Student Aid (FAFSA) is filed, the Department of Education sends you a FAFSA Submission Summary (FSS). This document will indicate if you are Pell eligible and it is important to review for accuracy.
  • Based on the Congressional approval of year-round Pell, students may now receive up to 150% of their Pell eligibility in a single year. You may be eligible to receive a full-time Pell Grant for all 4 terms of the academic year. In the 2023-24 year, a less than half-time student may not be eligible for this additional Pell Grant amount. Beginning with the 2024-25 year, less than half-time students will be eligible for this additional Pell Grant amount.
  • Students may receive the Pell grant for a maximum of 18 terms/12 semesters (based on full-time enrollment). Utilizing year-round Pell will use this lifetime eligibility more quickly.

Federal Supplemental Educational Opportunity Grant (FSEOG)

  • A need-based grant from the federal government intended for high-need undergraduate students seeking their first bachelor’s degree.
  • Administered by the OSU Office of Financial Aid. Funds are limited and eligibility is based in part by meeting the OSU priority FAFSA submission deadline of February 28. (extended to March 31, 2024 for the 2024-25 year)

Federal College Work-Study Program

  • Federal College Work-Study Program (FWS) program helps provide part-time jobs for students with financial need to help them pay for their education.
  • The program is administered by the OSU Office of Financial Aid. Funds are limited and eligibility is based on need and in part by meeting the OSU priority FAFSA submission deadline of February 28. (extended to March 31, 2024 for the 2024-25 year)
  • Being awarded FWS funds allows you to apply for jobs that specifically have the Work-Study designation. If you are awarded FWS and secure a Work-Study job, you will be paid monthly for hours worked.
  • The amount of FWS indicated on your award is the maximum amount you may earn for the academic year. Funds are paid monthly on the basis of hours worked in the pay period not to exceed 20 hours per week. *Note this amount will increase to 24 hours a week as of July 1, 2023 for at least the duration of a one-year pilot program.
  • If you have more than one FWS job, you cannot designate which one utilizes the funds.  Funding is allocated based on timesheet submittal.
  • Students not awarded FWS may still apply for jobs both on and off campus.

Please review our Work-Study Page for more detailed information

Federal Loan Basics

  • Federal Student Loans are aid that must be repaid, beginning 6 months after graduation or not attending school at least half-time.
  • You must file a FAFSA each year to receive a federal loan offer.
  • On Subsidized Loans, the U.S. Department of Education pays the interest while you are attending school at least half-time.
  • On Unsubsidized Loans, you are responsible for paying the interest or letting it accrue while in school.
  • Parent PLUS and Graduate PLUS loans require a credit check and separate application each year.
  • Minimum half-time enrollment (6+ credits for undergraduates and 5+ for graduates) is required each term to receive federal loans.
  • Find interest rate and origination fees for all federal loans online on the FSA website.
  • There are yearly, aggregate, and timeframe maximums for federal loans.
  • The Perkins Loan program has not been extended beyond the 2017-2018 aid year. Repayment and deferment options are handled by the OSU Business Affairs Student Loan Office. Please see our Perkins disclosure page if you have an existing Perkins loan.

Student Loan Comparison

Subsidized Federal Ford Direct Student Loan

  • Subsidized means the U.S. Department of Education pays the interest while you are attending school at least half-time.
  • Awarded to undergraduate students with financial need.
  • The amount you are awarded is determined by your financial need and class rank.
  • If you have not received a Federal Ford Direct Loan at OSU in the past, you must complete Entrance Counseling and a Master Promissory Note online at studentaid.gov.
  • Repayment begins 6 months after graduation or dropping below half-time enrollment
  • Has yearly, aggregate, and timeframe limits.

Unsubsidized Federal Ford Direct Student Loan

  • Unsubsidized means you are responsible for paying the interest during times of deferment.
  • Awarded to undergraduate and graduate students.
  • The amount you are awarded is determined by your class rank and dependency status.
  • If you have not received a Federal Ford Direct Loan at OSU in the past, you must complete Entrance Counseling and a Master Promissory Note online at studentaid.gov.
  • If you are a dependent student and your parent has been credit denied for the Parent Plus loan this year, you may submit a Student Loan Revision form to request an increase in the Ford Direct unsubsidized student loan.
  • Repayment begins 6 months after graduation or dropping below half time enrollment.
  • Has yearly and aggregate limits.

Parent PLUS Federal Loan

  • The Federal Direct Parent PLUS Loan is a credit-based loan borrowed by the parent on behalf of a dependent undergraduate or post-bacc student for educational expenses.
  • Has no yearly or aggregate limits but amounts must fit into the expected cost of attendance.
  • The loan is unsubsidized meaning you are responsible for paying the interest during times of deferment.
  • The parent borrower must complete a Direct PLUS Loan Application and Master Promissory Note (MPN) online at StudentLoans.gov
  • The credit check, run as part of the application, is only valid for 180 days. Do not complete the application more than 180 days before the start of the term, or before May of the respective year if attending summer term.

*For applicants who are denied on the credit check but subsequently qualify for a Direct Parent PLUS loan by documenting extenuating circumstances or obtaining an endorser must complete the PLUS Counseling and a new Master Promissory Note at studentaid.gov.

**If a Parent PLUS Loan has been credit denied for this year, the student may submit a Student Loan Revision form to request an increase in the Ford Direct unsubsidized student loan.

***Although the Parent PLUS Loans do not have yearly or aggregate maximums, they are only available to the credit approved parents of students who are undergraduate and considered dependent for FAFSA purposes. If a student is turning 24 or will otherwise be considered independent for a given aid year, the Parent PLUS Loan option would not be available. Please review the FSA website for further information on dependency status.

Graduate PLUS Federal Loan

  • The Federal Direct Grad PLUS Loan is a credit based loan borrowed by graduate students to assist with educational expenses.
  • Has no yearly or aggregate limits but amounts must fit into the expected cost of attendance.
  • The loan is unsubsidized meaning you are responsible for paying the interest during times of deferment.
  • You must complete a Direct PLUS Loan Application and Master Promissory Note (MPN) and Entrance Counseling online at studentaid.gov.
  • The credit check, run as part of the application, is only valid for 180 days. Do not complete the application more than 180 days before the start of the term, or before May of the respective year if attending summer term.

*For applicants who are denied on the credit check but subsequently for a Direct Graduate PLUS loan by documenting extenuating circumstances or by obtaining an endorser, the applicant must complete the PLUS Credit Counseling and a new Master Promissory Note at studentaid.gov.

 

Undergraduate Ford Direct Loan Limits

Dependent Undergraduate Ford Direct Student Loan Maximum Per Year:

  • $5,500 freshman ($3,500 of that may be subsidized if eligible)
  • $6,500 sophomore ($4,500 of that may be subsidized if eligible)
  • $7,500 junior/senior ($5,500 of that may be subsidized if eligible)

* If a Parent PLUS Loan has been credit denied for this year, the student may submit a Student Loan Revision form to request an increase in the Ford Direct unsubsidized student loan. The maximum increase is $4,000 for freshman or sophomore and $5,000 for a junior or senior.

** If attending less than a standard academic year (3 terms), the student will be offered less than the yearly limit. However, a student can request an increase up to the yearly limit (if otherwise eligible) using a Student Loan Revision form.

Dependent Undergraduate Ford Direct Student Loan Aggregate Maximum (Limit for all years combined):

  • $31,000 Ford Direct Subsidized and Unsubsidized Loans Combined (no more than $23,000 of that may be subsidized)

* If a Parent PLUS loan has been credit denied for this year, the student may submit a Student Loan Revision form to request an increase in the Ford Direct unsubsidized student loan. In this case the aggregate maximum increases to $57,500.

** The credit hour maximum timeframe (MTF) is an additional limitation beyond the federal aggregate aid maximums. More information about the MTF may be found on the Satisfactory Academic Progress section of our website.

*** The Subsidized Federal Direct Ford Loan is need-based with the government paying the interest on the loan while the student is enrolled. A limit on the amount of time that a student is allowed to borrow subsidized loan funds, which may be tied to their program length. Students that exceed 150% of their program length will no longer be eligible to receive subsidized loan funds, regardless of any extensions granted based on the Satisfactory Academic Progress appeal process through the Office of Financial.

Independent Undergraduate Ford Direct Student Loan Maximum Per Year:

  • $9,500 freshman ($3,500 of that may be subsidized if eligible)
  • $10,500 sophomore ($4,500 of that may be subsidized if eligible)
  • $12,500 junior/senior ($5,500 of that may be subsidized if eligible)

Independent Undergraduate Ford Direct Student Loan Aggregate Maximum (Limit for all years combined):

  • $57,500 Ford Direct Subsidized and Unsubsidized Loans Combined (no more than $23,000 of that may be subsidized)

* The credit hour maximum timeframe (MTF) is an additional limitation beyond the federal aggregate aid maximums. More information about the MTF may be found on the Satisfactory Academic Progress section of our website.

** The Subsidized Federal Direct Ford Loan is need-based with the government paying the interest on the loan while the student is enrolled. A limit on the amount of time that a student is allowed to borrow subsidized loan funds, which may be tied to their program length. Students that exceed 150% of their program length will no longer be eligible to receive subsidized loan funds, regardless of any extensions granted based on the Satisfactory Academic Progress appeal process through the Office of Financial Aid.

Graduate Ford Direct Loan Limits

Graduate Ford Direct Student Loan Maximum Per Year:

  • $20,500 (unless seeking certain medical or professional degrees)

Graduate Ford Direct Student Loan Aggregate Maximum (Limit for all years of undergraduate and graduate work combined):

  • $138,500 (unless seeking certain medical or professional degrees)

* The credit hour maximum timeframe (MTF) is an additional limitation beyond the federal aggregate aid maximums. More information about the MTF may be found on the Satisfactory Academic Progress section of our website.