Financial Aid and Scholarships

Know your limits

Students are limited in the amount of Federal Direct Loans they can borrow based on their year in college/credit progression as well as a yearly and aggregate limit. The maximum yearly amount for any combination of Direct Subsidized and Unsubsidized Stafford/Ford Loan as set by the federal government and based on class rank are:

• $5,500 for the first year of undergraduate study (Freshman-0 to 44 credits)
• $6,500 for the second year of undergraduate study (Sophomore-45 to 89 credits)
• $7,500 per academic year for the remaining years of undergraduate study (Junior/Senior-90+ credits)
• $20,500 per academic year for graduate students.

Independent undergraduate and graduate students are eligible to borrow an additional Federal Direct Unsubsidized Ford Loan amount. Dependent undergraduates may not borrow from this program, unless an exception is made by a financial aid advisor due to the student’s parent being denied the FDPLUS loan. The additional loan limits are:

• $4,000 for the first year and second year of undergraduate study (Freshman/Sophomore-0 to 89 credits)
• $5,000 per academic year for the remaining years of undergraduate study (Junior/Senior-90+ credits)
• $12,000 per academic year for graduate students.

The total debt you can have outstanding from all Federal Stafford/Ford Loans combined is:

• $31,000 as a dependent undergraduate;
• $57,500 as an independent undergraduate;
• $138,500 as a graduate or professional student, which includes all loan amounts received for undergraduate study.

Viewing your existing loans

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

Borrower Grace Periods

After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This "grace period" will be

• Six months for a Federal Stafford Loan (Direct Loan Program^SM or Federal Family Education Loan (FFEL^SM) Program).
• Nine months for Federal Perkins Loans. Perkins loans are serviced by the school that originated them. You will want to work with them directly for repayment, deferment or forbearance options. Contact information will be available through NSLDS.

Postponing Repayment

If you have trouble making your education loan payments, contact immediately the organization that services your loan. You might qualify for a deferment, forbearance, or other form of payment relief. It's important to take action before you are charged late fees. For Federal Perkins Loans, contact your loan servicer or the school that made you the loan. For Direct and FFEL^SM Stafford Loans, contact your loan servicer. If you do not know who your servicer is, you can look it up in the U.S. Department of Education’s National Student Loan Data System. Visit the Federal Student Aid website for information on deferment, forbearance, and other forms of payment relief.

Repayment

More information about repayment, payment plans, interest rates, and loan forgiveness can be found on the Federal Student Aid website.

Loan Consolidation

A Direct Consolidation Loan allows a borrower to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple monthly payments. More detailed information and advice is available on the Federal Student Aid website.

Verification of Enrollment

You received a bill from your lender but you are still in school and meet the deferment criteria. What do you do? Don't panic! Lenders need to verify that you are in school & meeting the criteria necessary to grant your deferment. This process is called Enrollment Certification or Verification of Enrollment, and is done automatically by the OSU Registrar every term. Enrollment data is reported to the National Student Clearinghouse, where your lenders will be able to access and verify your enrollment data for deferment purposes. Should your lender require that verification of enrollment be submitted to them, the form can be submitted to the Registrar's Office in the Kerr Administration Building. Forms submitted to the Registrar’s Office are then sent to the National Student Clearinghouse. The Clearinghouse will provide a certification report that comes closest to providing the information requested. All such certifications are official and need no further institutional signatures or seals. Only those certification requests that require information not in the possession of the National Student Clearinghouse will be handled by the Registrar’s Office. To learn more about the National Student Clearinghouse, visit their website or contact them at 13454 Sunrise Valley Dr., Suite 300, Herndon, VA 20171. Telephone: 703-742-4200 (8:30 a.m. to 7 p.m. EST), FAX 703-742-4239. Loan companies, other agencies, and even parents can contact the NSC directly for enrollment verifications. Please include your legal name, social security number, and date of birth on all correspondence as well as the mailing address of the recipient for the verification.

More information

For more information on student loans and what you can expect when you graduate, check out our publication Managing your Student Loans.