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Financial Aid

What is financial aid?
Financial aid is monetary assistance provided to eligible students to pursue their educational and academic goals. Monies are awarded in the forms of grants, scholarships, loans, work-study etc. For more information please contact your home institution's financial aid office.

What is an FAF or FAFSA?
FAF stands for Financial Aid Form, and FAFSA stands for Free Application for Federal Student Aid. The FAFSA form is sponsored by the Federal Department of Education, and is a free application for Federal Student Aid for those students who are financially in need of help with college expenses.  Not all schools participate in all federal student aid programs. Check with each school's financial aid office to make sure the school participates in the federal program(s) listed below:

Federal Pell Grants
Federal Stafford Loans
Federal PLUS Loans
Campus-Based Programs
Federal Supplemental Educational Opportunity Grants
Federal Work Study
Perkins Loans

With a few exceptions Federal Pell Grants are available only to undergraduate students. Grants usually do not have to be repaid. Federal Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. Federal PLUS Loans are unsubsidized loans made to parents. Campus-Based Programs are administered by participating schools. Federal Supplemental Educational Opportunity Grants are grants available for undergraduates only; awards range from $100-$4,000. Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses. Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $4,000 for undergraduate students and $6,000 for graduate students.

What is the difference between a scholarship, grant and loan?
Scholarships are free monies awarded on the basis of academic merit or per donor's request. This award is a special combination of merit and other circumstances. (for example, must be of Hungarian descent majoring in electrical ngineering, etc).

Grants are free monies awarded solely on the basis of need (the Pell Grant is the best known example).

Loans are monies awarded to a student and the student's parents that must be repaid when the student is no longer enrolled in school (regardless of whether or not the degree was completed).

What is the basis by which financial assistance is determined?
Financial assistance is based on "need." Need is determined by the difference in cost between attendance and the student's and/or family's ability to pay.

How can I determine if I meet the application criteria for financial assistance?
You must have applied and have been admitted to your home institution. This means you have paid all necessary application fees and met all other requirements as defined by your home institution. You must also have submitted the Free Application for Federal Student Aid Form (FAFSA).

Can I still receive financial aid if I am taking courses at a distance?
Yes, in most cases. You must, however, do the following:

  • You must have applied to and been admitted to your home institution.
  • You must have completed the Free Application for Federal Student Aid(FAFSA)
  • You must contact your home institution's financial aid office to determine if you have submitted all materials required to complete your financial aid file.

Is it possible to pursue courses at two or more institutions using financial aid?
Yes, you would need to work with your home institution's financial aid office to establish agreements between the other host institution(s). This is called a consortium agreement . This agreement would consider you to be enrolled in an eligible program and unconditionally accepts the credit earned at the host institution for credit toward your degree program at your home institution. You would also need to meet with your academic advisor, at your home institution to make sure the courses for which you are enrolling meet the requirements of your degree program.

How do I maintain good status regarding financial aid?
You need to make sure you are abiding by your home institution's minimum and maximum course load requirements, and deadlines for issues related to adding, dropping, and completing courses. You must maintain satisfactory academic progress (SAP) in order to continue receiving financial assistance. To be sure you are meeting these guidelines, it is advised that you keep close contact with your home institution's financial aid office.

Are there on-line financial aid resources?
Yes there are. Below are listed some commonly used on-line services:

What can I do if I owe money on a previous loan?
If money is owed on a previous college loan, the first stop should be to visit the Financial Aid Office of the institution you attend, or plan to attend.  Report all outstanding loans to the financial aid advisor, along with supporting loan documents, in order to help the advisor counsel you properly.  Prior loans that are considered still in “good standing” and that are not in “default” are looked upon more favorably.  The financial aid advisor should be able to determine whether you qualify for a new or additional loan, and be able to identify what forms and actions you need to take in order to be eligible for any school-based or federal financial aid that is available.



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Ohio Learning Network is a consortium of Ohio's colleges and universities and is not a degree-granting, virtual university