Federal Pell Grant: Eligibility for this need-based grant is determined by the submission of the Free Application for Federal Student Aid (FAFSA). Pell grants range from approximately $900 to over $4700 for full-time students.
Federal Academic Competitiveness Grant (ACG): Freshmen who have graduated from a "higly rigoruous" secondary school program and who are eligible to recieve a Pell Grant, may receive an ACG of $750 for their first year and $1300 for their second year.
Federal SMART Grant: Third and fourth year students who received an ACG and who are maintaining a 3.0 cumulative gpa may be eligible for a SMART Grant of $4000 per year if they major in physical, life or computer science, engineering, mathematics, technology, or a critical foreign language.
Federal TEACH Grant: Teacher education majors planning to teach at the elementary or secondary school level may qualify for annual grants of as much as $4000. TEACH Grant recipients must major in selected "high need" teaching fields and work in designated low-income school districts.
Federal Supplemental Education Opportunity Grant (FSEOG): Eligibility for the FSEOG is also determined by the annual submission of a FAFSA. These grants, based on the demonstration of financial need, range from $100 to $4000 per year at OVU. Pell Grant recipients are given first priority in the awarding of FSEOGs.
Federal College Work Study: Students who demonstrate financial need may qualify for a federally-funded work study assignment. The salary for most work study positions is the federal minimum wage of $5.85 an hour. These funds are assigned to help pay the student's college expenses and will usually consist of five to ten hours of work per week. With the exception of community service assignments, most work study employment will be in on-campus positions. Since this program's purpose is to help pay for college costs, a student's work study wages may be garnished to pay any costs of attendance that the student owes the school. Since students are assigned work study positions for financial assistance to attend college, they are not eligible for unemployment compensation.
Federal Stafford Loan: Most financial aid applicants will qualify for a Federal Stafford Loan by submitting the FAFSA as well as a loan application to a lender of their choosing. Freshman may borrow up to $3500 for their first year; sophomores $4500; juniors and seniors $5500. Borrowers who demonstrate financial need will receive a subsidized loan in which the federal government pays the interest on the loan while the student continues in school through a six month grace period following graduation. Borrowers who do not demonstrate sufficient financial need as a result of their FAFSA calculation can receive an unsubsidized Federal Stafford Loan. Interest on an unsubsidized loan continues to accrue till the loan is paid off. These low interest loans carry a variable rate. Repayment begins six months following the last date of enrollment on at least a half-time basis.
ParentPLUS Loans: Families who need additional financial assistance may want to apply for a ParentPLUS loan. The maximum loan amount is determined by the student's cost of attendance minus other aid received by the student. Applications may be obtained from the OVU Student Financial Aid Office. The interest rate is variable and repayment begins 60 days after the second disbursement (usually in February).
Federal Perkins Loan: Students who demonstrate sufficient financial need may borrow up to $4,000 per academic year as determined by the Student Financial Aid Office. The interest rate of this loan is 5%, but there is no interest accrual until nine months after the student ceases to be enrolled at least half-time. Repayment may extend to a maximum of 10 years.
VA Benefits: Prospective students who are veterans or the children of veterans should contact their local VA office for details concerning their individual benefits. Veterans are required to complete a FAFSA and comply with the same standards of academic progress as other students.
