Financial Aid

  • Why is there a difference in price between public and private institutions? 

    The cost of providing a higher education is generally the same at independent colleges and universities as at public universities.  For example, both types of institutions incur costs associated with building and maintaining classrooms, residence halls, computer facilities and libraries; paying faculty salaries and providing career and counseling services.  However private institutions charge a high price or tuition because they do not receive educational subsidy from the state.

     

    Apply to colleges that best fit personal needs, regardless of price.

    The ability to pay for a college education is likely to be an important factor in selecting a college or university.  However, the price of a particular institution should not prevent a student from applying to the schools of his or her choice.  A student should apply to colleges that best suit his or her academic, social and personal needs, regardless of the price, because financial aid can many times make it affordable to attend.

     

    A variety of financial aid is available.

    College financial aid programs help families meet the costs of education that exist beyond their demonstrated ability to pay.  Institutional need-based and non-need-based financial aid (scholarship, merit, athletic, leadership awards, etc.), combined with any state and federal scholarships, grants, loans and work-study programs, comprise a financial aid package and help defray the costs of attending college.  The college will try to make every effort to compile a suitable financial aid package for the student and family so that the price of a college education does not become an overriding factor in choosing an institution.

     

    Complete the FAFSA

    Ohio’s private and public colleges and universities require prospective students to complete the Free Application for Federal Student Aid (FAFSA).   To qualify for some state and federal grant and loan programs, students should complete the FAFSA as soon after January 1 as possible.   Families can get copies of the form by contacting a college financial aid office or complete it online at www.fafsa.ed.gov.  Some colleges and universities also require a supplemental or institutional financial aid form.  Students should contact the college financial aid office to learn which financial aid forms are required and the deadlines for submission.
     
    Financial Aid -Step by Step

     

    Step 1:  Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.  Be sure to check that you interested in both Federal Student Loans and Federal Work Study to gain eligibility for aid programs that require you to at least consider these forms of aid.

     

    Step 2:  Complete the College Scholarship Services (CSS) Financial Aid PROFILE at www.profileonline.com, if required by the schools to which you are applying.

     

    Step 3:  Receive and review your Student Aid Report (SAR) from the US Department of Education, outlining your Expected Family Contribution (EFC), which is the amount you are expected to pay out of pocket to attend college.

     

    Step 4:  Receive and review financial aid award letters from the schools you listed on your FAFSA.  All schools work to award aid to meet the gap between the cost of attendance and your EFC, but not all have the same types or amounts of aid available.

     

    Step 5:  Accept the financial aid award offered by the school you plan to attend and notify other schools that you decided not to attend so that they can free aid for other interested students.

     

    Step 6:  Let your school know if you receive outside scholarships and grants.  You can search for local scholarships through employers, government and community organizations.

     

    Step 7:  Complete any forms required to secure the aid awarded by your school.