Financial Aid and Scholarships

Financial aid is based on the premise that the student and parents are primarily responsible for providing for their education expenses and is intended to supplement student and family contributions toward educational costs. Financial aid comes from many sources, including federal and state governments, private organizations, and Oregon State University’s institutional funds. These funds consist of grants, scholarships, federal work study, subsidized loans, unsubsidized loans, and parent loans.

Student Eligibility

OSU uses the Free Application for Federal Student Aid (FAFSA) to determine a student’s financial need and eligibility for various programs. A student’s financial aid award is designed to meet as much of his/her financial need and eligibility as possible, and is determined by the student’s need level and availability of funds. OSU offers merit-based scholarships, as well as need and non-need based financial aid.

Types of Aid

Federal Programs

Federal Pell Grant - The Federal Pell Grant is a need-based grant from the federal government intended for undergraduate students who have not earned a bachelor’s degree. Each student’s award amount is determined on the basis of family circumstances and cost of attendance. After the Free Application for Federal Student Aid (FAFSA) is filed, the Department of Education sends you a Student Aid Report (SAR) or an Information Acknowledgement if you filed online. These documents will indicate if you are Pell eligible and it is important to review them for accuracy.

Federal Supplemental Educational Opportunity Grant (FSEOG) - The Federal Supplemental Educational Opportunity Grant is awarded to undergraduate students with exceptional financial need and is administered by the OSU Office of Financial Aid and Scholarships. Funds are limited and eligibility is based in part by meeting the OSU priority FAFSA submission deadline of February 28.

Federal College Work-Study Program (FWS) - The Federal Work-Study (FWS) program provides part-time jobs for students with financial need to help them pay for their education. It's designed to put you to work in the community or in a job related to your studies, whenever possible. The program is administered by the OSU Office of Financial Aid and Scholarships. Funds are limited and eligibility is based on need and in part by meeting the OSU priority FAFSA submission deadline of February 28. 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. Wages range from the state minimum rate up to $14.15 per hour, depending on job responsibilities.

Federal Perkins Loan - A Federal Perkins Loan is a low-interest (5%) loan for full-time undergraduate, post baccalaureate, and graduate students. Funds are limited and eligibility is based on need and in part by meeting the OSU priority FAFSA submission deadline of February 28. Perkins Loans are made through OSU's financial aid office. Although the loan is made with government funds, OSU will be your lender. Repayment and Deferment options are handled by the OSU Business Affairs Student Loan Office. Students must be enrolled at least half-time and repayment begins nine months after graduation, withdrawal, or if you drop below half-time enrollment. The maximum loan amount per year at OSU depends on available institutional funds and may not meet the federal yearly maximum.

Federal Direct Ford Loan Program - Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.  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;
• $6,500 for the second year of undergraduate study;
• $7,500 per academic year for the remaining years of undergraduate study;
• $20,500 per academic year for graduate students.

The Subsidized Federal Direct Ford Loan is need-based with the government paying the interest on the loan while the student is enrolled. These loans have a fixed interest rate once in repayment. The current interest rate for subsidized loans is 3.4%. Students must be enrolled at least half-time and repayment begins six months after graduation, withdrawal, or if you drop below half-time enrollment.

Important changes to note effective July 1, 2013

Effective July 1, 2013 there will be a limit on the amount of time that a student is allowed to borrow subsidized loan funds which will 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 and Scholarships. For a standard program 270 credits is the limit. For more information on Maximum Timeframe standards, please visit our Satisfactory Academic Progress webpage.

Also effective July 1, 2013, Direct Subsidized Loan interest rates will be going up to 6.8%. Interest will still not accrue while you are attending at least part-time. Last year, interest subsidies during the six month grace period were eliminated for new Stafford Loans made on or after July 1, 2012. The repayment period still begins six months after the student is no longer enrolled at least half‐time, but interest that accrues during those six months will be payable by the student rather than subsidized by the federal government.

The Unsubsidized Federal Direct Ford Loan is non-need-based with the student being responsible for paying the interest while enrolled. Students may choose to defer the interest by having it added to the principal, which is called capitalization. The loans currently have a fixed interest rate of 6.8%, but are subject to change based on legislation. Students must be enrolled at least half-time and repayment begins six months after graduation, withdrawal, or if you drop below half-time enrollment.

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:

• $6,000 for the first year and second year of undergraduate study;
• $7,000 per academic year for the remaining years of undergraduate study;
• $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.

Federal Direct Parent Loan for Undergraduate Students (FDPLUS)- The FDPLUS is a federal loan borrowed by the parent on behalf of a dependent student to assist with educational expenses. Students are awarded the maximum amount they are personally eligible to receive, after which PLUS loans are automatically offered to the parents of dependent students to meet the cost of attendance. As with all loans, you are not required to take it.  Parents are required to complete a FAFSA application to be eligible for a Direct PLUS Loan, and the parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN) on the Federal Loan website. The PLUS is a non-need based loan currently at a fixed interest rate of 7.9%. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full. Payment can be deferred while the student is attending school at least half-time, but interest will continue to accrue.

*Important note about Parent PLUS loan applications: The PLUS loan application will not be available for 2013-2014 until May 2013. If you attempt to apply prior to that date you will be told that OSU does not participate in the program. Rest assured, OSU DOES participate in the Federal Direct Parent PLUS loan program. Applications for parent PLUS loan requires a credit check each time the parent applies for the loan and is only valid for 120 days.  Applying too early may cause delays with processing and disbursements. Students can review their file status through student online services.

State and Institutional Programs

Incoming Scholarships - These limited merit and need based scholarships are administered by the Office of Financial Aid. Incoming students are considered based on completion of the scholarship portion of the admissions application. Eligibility is limited to students who have completed fewer than 12 terms and submit the application for Admission by February 1. Recipients must be enrolled full-time and are notified of their awards in writing.

Departmental Awards – Departmental awards are administered by each department individually. Be sure to check out our searchable database of scholarships! Contact the department or donor directly for specific information regarding the award.

Private Awards - These awards come from outside donors and can affect your financial aid package. Outside Scholarship checks should be mailed to Student Accounts at the following address: Student Accounts, Oregon State University, PO BOX 1086, Corvallis, OR 97339. If you have not already submitted notification to the Financial Aid Office regarding your outside scholarships, please submit the Reporting Additional Sources of Assistance form located on the Financial Aid Website.  Please review your scholarship payment status through student online services as funds will be credited to your student billing account when received. 

State of Oregon Opportunity Grant - The Opportunity Grant is a state grant administered by the Oregon Student Assistance Commission (OSAC) and awarded to full-time undergraduates Oregon residents based on need and allowable funding. Twelve terms of eligibility are possible. This grant is not available during summer term.

Oregon University System Supplemental Tuition Waiver (SCW) - The SCW is a tuition waiver program. The program provides limited tuition funds to full-time resident freshmen and sophomores. Eligibility is limited to students with high financial need.

Other Programs

Private Supplemental/Alternative Loan - Students needing additional funding for school, whose aid package has not fully met their cost of attendance, may opt to apply for funding through a private lending agency. These loans have a variable interest rate, and a credit check must be done on all applicants. For more information, contact the Office of Financial Aid and Scholarships or see Alternative Loans.

Graduate Students

Current Graduate level interest rates for Subsidized & Unsubsidized Direct Loans is fixed at 6.8% Students must be enrolled at least half-time (5 credits) and repayment begins six months after graduation, withdrawal, or if you drop below half-time enrollment.

Important changes to note effective July 1, 2012

Graduate and professional students are no longer eligible to receive subsidized loans. 

• Effective for loans made for payment periods that begin on or after July 1, 2012, graduate and professional students are no longer eligible to receive subsidized loans. However, if you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year.

In addition to Direct Loan eligibility, Graduate Students can also apply for a GRAD PLUS loan to help cover education expenses.

The terms and conditions applicable to PLUS Loans for parents also apply to PLUS Loans for graduate and professional students. These terms and conditions include:

• a determination that you (the applicant) do not have an adverse credit history; and
• a fixed interest rate of 7.9% for Direct PLUS Loans.

Before you can receive a PLUS Loan, your school must have determined your maximum eligibility for Direct Loans.

In addition to these Federal Aid Programs, the Graduate School offers additional information on Assistantship, Grant and Scholarship Opportunities on their website.