BGSU :: Student Financial Aid :: Student Financial Aid

Student Financial Aid

FINANCIAL AID JARGON

Admissions Credentials
Your application for admission, an official high school transcript that includes your class rank and class size, your cumulative GPA, the College Preparatory Curriculum Completion Form (signed and completed by your guidance counselor), and your official ACT or SAT scores.

Cost of Education
The average cost of attending BGSU for one academic year. This amount includes instructional, general fees, non-resident fees (if applicable), room and meals, books and supplies, transportation and personal expenses. Also referred to as Budget or Estimated Cost of Attendance.

Deferment
Temporary credit of financial aid to your student account at the Office of the Bursar when aid is approved.

Disbursement
A permanent credit of financial aid to your student account at the Office of the Bursar. Loan recipients are responsible for any loans that have disbursed.

Entrance Counseling
Federally required session you must complete to learn about your rights and responsibilities as a borrower before your first Federal Direct Loan can be disbursed.

Exit Counseling
A federally required session you must complete prior to going into repayment on your Federal Direct Loan or Federal Perkins Loan.

Related Links: Direct Loan | BGSU Office of the Bursar

Expected Family Contribution (EFC)
A figure Student Financial Aid will use to determine your financial aid eligibility and the minimum amount you and your family are expected to pay toward your educational expenses (budget). The EFC is calculated using a Congressional formula based on income and assets from information reported on the FAFSA. Again, this should be viewed as the minimum you would have to pay. The student and family may have to pay more depending on the amount of financial aid available.

Falcon Soars Access Scholarship Grant
The Falcon Soars Access Scholarship Grant is a need based scholarship program for Ohio residents who receive the Ohio Instructional Grant (OIG) or the Ohio College Opportunity Grant (OCOG) and have a cumulative grade point average of 3.0 on a 4.0 scale.

BGSU will match up to 100% of a student's OIG or OCOG amount with this scholarship as long as the student has a remaining need, meets the GPA criteria, and maintains full-time status (12 credit hours). If a student is no longer eligible for the OIG or OCOG, they will lose eligibility for the Falcon Soars as well.

Students must apply by filing the FAFSA (Free Application for Federal Student Aid).

Federal Direct Parent Loan for Undergraduate Students (PLUS)
Also called a PLUS Loan. Parents of dependent students may borrow up to the cost of education less other financial aid, including any Federal Direct Loan the student may be eligible to receive. The repayment of this loan begins 60 days after the funds have been fully disbursed to the students's bursar account.

To apply for Federal Direct PLUS Loan, your parent must submit a Federal Direct Loan Pre-Application to SFA. Before funds are disbursed to your Bursar account, the PLUS Loan borrower must also complete and sign a promissory note (using a Federal PIN), available online here. PLUS Loan approval is subject to a credit check conducted by an independent source contracted by the U.S. Department of Education.

Related Links: Loans | You Have Choices brochure | Funding Education Beyond High School: The Guide to Federal Student Aid 2008-2009

Federal Direct Student Loans
There are two types of Federal Direct Student Loans , both funded by the federal government with interest rates that cannot exceed 8.25 percent. For both loans, you begin repayment six months after you stop attending college at least half-time (6 credit hours for undergraduates and 4 credit hours for graduate students). The Federal Direct Subsidized Loan is awarded on the basis of need. While you are attending school, the interest on the subsidized loan is paid by the government. The Federal Direct Unsubsidized Student Loan is not based on need and while you are in school, you must either pay the interest on the unsubsidized loan or, if you choose not to pay the interest, it will be added to your loan principle.

Federal Direct Loan Master Promissory Note (MPN)
The Master Promissory Note is required to process a Federal Direct Subsidized and Unsubsidized loan. The MPN is a single promissory note which is valid for a period of up to 10 years. The MPN may be completed online here using a Federal PIN.

Related Links: Grants

Federal Work Study
Federal Work Study (FWS) is a federally-funded program which provides work opportunities to graduate and undergraduate students with financial need. BGSU offers on-campus job opportunities as well as a limited number of off-campus community service jobs.

Employment through the Federal Work Study (FWS) Program is based on financial need as determined from data reported on the FAFSA. If you are eligible for the FWS program, the maximum amount you may earn will appear on the Award Letter sent to you by SFA. To receive FWS funds, you must obtain an FWS job and be enrolled for at least half time (undergraduate is 6 credit hours and graduate is 4 credit hours). Your FWS funds will be provided to you through a paycheck for the hours you actually worked. Earnings are not automatically applied to your Bursar billing account. FWS job openings are posted on WorkNet, the Internet-based job posting system maintained by Student Employment Services, 109 Conklin North, (419) 372-2865. To search for job vacancies using WorkNet, you must first create an account. The job postings will provide information about the job, application requirements and an employer contact.

Financial Aid
Financial assistance is composed of grants, scholarships, loans, and/or employment which is provided in an attempt to cover the difference between the Expected Family Contribution (EFC) and the actual costs. Actual costs of attendance include instructional and general fees, room, meals, and an estimate for books and miscellaneous living expenses, such as laundry and transportation to and from home.

Financial Aid "Package"
The total combination of scholarships, grants, work and loans offered to you. BGSU students may view their financial aid package on-line at My BGSU.

Financial Need
Calculated by subtracting the Expected Family Contribution (EFC) from BGSU's cost of education. Your family's contribution is determined by the information you report on the Free Application for Federal Student Aid (FAFSA).

Free Application for Federal Student Aid (FAFSA)
A document designed by the federal government to collect data used to determine your family's contribution towards your college education; available from your high school guidance office, SFA, or online after January 1. The FAFSA is the primary document you need to file in order to receive federal, state, and university financial aid consideration at BGSU.

Installment Payment Plan (IPP)
The option to pay BGSU fees for fall and spring semesters in monthly installments. Information about the IPP is available from the Office of the Bursar.

Related Links: Application Timetable | Aid "Disbursement" to your Bursar Account | BGSU Office of the Bursar | "You Have Choices" brochure

Ohio College Opportunity Grant (OCOG)
*New* - Need-based grant offered through the state of Ohio to low income undergraduate students residing in Ohio.

Students who enroll in college for the first time in the 2006-2007 academic year will be considered for this grant which replaces the Ohio Instructional Grant (OIG). Students enrolled prior to 2006-2007 will maintain their OIG eligibility.

Funds for OCOG are awarded based on the student's Expected Family Contribution (EFC) as determined by the Free Application for Federal Student Aid (FAFSA). The maximum value of the award for 2006-2007 is $2496 with a $0 EFC. The minimum value of the award for 2006-2007 is $300 with a $2190 or less EFC. *If the total family income is greater than $75,000 the student will not qualify for the OCOG no matter what the value of the EFC is.

The Ohio Board of Regents has final say in the awarding of this fund.

FAFSA applications must be on file by October 1st to be considered for this award.

Ohio Instructional Grant
The State of Ohio's need-based grant for undergraduate Ohio residents. Application is made by filing the FAFSA by the state deadline, October 1.

Priority Date
Date used to determine student eligibility for many university funds (including four-year renewable scholarships). Admissions applications and FAFSAs will be received after the priority dates, and processed, but certain financial awards cannot be guaranteed.

Admissions Priority Date: January 15
SFA Priority Date: March 1

Promissory Note
The binding legal document you sign to receive a student loan. It lists the terms under which you are borrowing money to pay for your educational expenses. The promissory note includes information about interest rates, repayments, deferments, cancellation and other loan provisions. You must read and keep a copy of this document for your records. Currently, student loans represent the largest source of financial aid and they must be repaid.

Scholarships
Financial aid awarded by BGSU or other sources (usually in recognition of your academic achievements, talent or service) that does not have to be repaid.

Student Aid Report (SAR)
A summary of the data provided on the FAFSA. The SAR is sent to you approximately two to four weeks after you file the FAFSA if you provide a valid e-mail address on your FAFSA application. You are asked to verify data on the SAR, correct any mistakes, and follow a set of instructions to complete this stage of the financial aid process. The SAR confirms which colleges/universities will receive your FAFSA data so they can process your application and determine your financial aid eligibility.

Summer Financial Aid
Your summer financial aid package is based on the number of credit hours that you report on your summer application. The amount of financial aid you receive for an academic year is usually divided by the number of semesters in attendance; additional federal funds are not guaranteed. To receive Summer Financial Aid, complete the FAFSA for the upcoming aid year, as well as the SFA Summer Application.