Types of Aid
Grants are forms of financial aid that do not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, school cost, and enrollment status.
Federal Pell Grant
A federal grant program, Pell Grants ranging from $582 to $5815 for the 2016-2017 academic year are available to eligible students. The amount of an individual student's grant depends upon the student's financial need, cost of attendance, and enrollment status. Awards are limited to the 1st undergraduate degree.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Federal grants ranging from $100 to $4000 per academic year are awarded to students with exceptional financial need. A student with exceptional financial need is determined as one who qualifies for Pell Grant funds. Funds for this program are limited.
Ohio College Opportunity Grant (OCOG)
State-funded grants per academic year are available to Ohio residents who demonstrate financial need. A student with exceptional financial need is determined as one who qualifies for Pell Grant funds. Funds for this program are limited.
Federal Direct Loans
A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.
An unsubsidized loan is not awarded on the basis of need. You'll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate while you are in school or during other periods of nonpayment, it will be capitalized-that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
Federal Direct PLUS Loans
PLUS Loans enable parents who do not have an adverse credit history to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. PLUS loans are available at Central State University through the FFEL Program.
Federal Consolidation Loans
A Consolidation Loan is designed to help student and parent borrowers simplify loan repayment by allowing the borrower to combine several types of federal student loans with various repayment schedules into one loan. You can even consolidate just one loan into a Direct Consolidation Loan, in order to get benefits such as flexible repayment options. If you have more than one loan, a Consolidation Loan simplifies the repayment process because you make only one payment a month. Also, the interest rate on the Consolidation Loan might be lower than what you're currently paying on one or more of your loans. And if you are in default on a federal student loan, you might be eligible for a Consolidation Loan if certain conditions are met.
Veterans' Educational Benefits
A program of national and community service that can help put you through college.
There are many ways to pay for higher education, and choosing the right approach requires a good understanding of your options, your responsibilities, and the various details of each lender's loan products.
It's a lot to keep in mind. FASTChoice makes it easy by providing you with simple but critical information about types of funding and money management. It also clearly presents your new responsibilities if you go on to borrow money. And finally, FASTChoice presents you with a collection of loan products in a way that makes it easy to understand and compare them.
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program
The TEACH Grant provides up to $4,000* per year in grants for graduate and undergraduate students in specified majors who intend to teach full-time in high-need subject areas for at least four years at schools classified as serving low-income students.
*While the TEACH Grant Program was originally funded at annual $4,000 awards, the federal budget has adjusted the amounts that could be awarded students within subsequent timeframes. Instead of $4,000 annual amounts, awards first disbursed during these timeframes were reduced accordingly:
- 10/01/2015 - 09/30/2016: $3,728 reflecting a 6.8% cut.*
- 10/01/2014 - 09/30/2015: $3,708 reflecting a 7.3% cut.
While students intending to teach can benefit from this grant money, accepting TEACH is unlike other grant programs.
Failure to meet all service provisions in full will result in all TEACH Grant funds being permanently converted to a loan with interest calculated to when the grant was received.
To receive a TEACH Grant, students must:
- Complete the Free Application for Federal Student Aid (FAFSA).
- Meet basic aid eligibility requirements of matriculation and academic progress.
- Be enrolled in a program of study designated as TEACH Grant-eligible.
- Meet one of the following academic achievement requirements: Score above the 75th percentile on a college admissions test (e.g. SAT, ACT, or GRE), -or Have a cumulative GPA of at least 3.25
- Complete TEACH Grant counseling each year funds are received.
- Sign a TEACH Grant Agreement to Serve (ATS) each year funds are received and respond to requests by the U.S. Department of Education confirming your continuing intention to meet the teaching obligation.