Types of Financial Aid
To qualify for any federal financial aid, all new and continuing students and their parents are required to complete and submit the Free Application for Federal Student Aid (FAFSA). All students who submit a completed FAFSA will qualify for federal loans.
Types of financial aid BGSU offers
Explore all scholarship opportunities with the Searchable Scholarship Guide.
- BGSU awards an average of 5,800 scholarships totaling approximately $25 million each year
- Scholarships are considered gift aid and do not require repayment
- Awards are based on academic achievement, service, talent, and need
- BGSU also accepts scholarships awarded by outside organizations
To be considered for any federal grant, the Free Application for Federal Student Aid (FAFSA) must be filed annually. Students are encouraged to apply as early as possible after October 1 prior to the school year during which financial assistance is requested.
- Grants are need-based and typically do not require repayment
- Federal and state grants are limited to lower-income students
- Federal grants include the Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, Iraq and Afghanistan Service Grants
- The State of Ohio also offers the Ohio College Opportunity Grant (OCOG)
Student loans can come from the federal government through filing the FAFSA or from private sources such as a bank or financial institution. Loans distributed by the federal government, called Federal Direct Student Loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources. The Office of Student Financial Aid and Scholarships encourages families to fully explore federal student and parent loan options before turning to private student loans.
- Student loans must be repaid and accumulate interest
- Federal Direct Student Loan for Undergraduate Students is available to help meet educational costs
- Parent PLUS Loans may also be offered to parents to help students cover their remaining balance
- Private loans can also be used to help meet educational costs in addition to federal aid
- All students will be offered Subsidized and/or Unsubsidized loans by completing the FAFSA
- Subsidized loans DO NOT accrue interest while students are in school
- Unsubsidized loans begin accruing interest once the loan has been disbursed
- Monthly Repayment Table (Estimate your payment for federal Loans)
- Monthly Accrued Interest (Estimate the amount of interest you would accrue on your federal loans every month)
Although students may see the Parent PLUS loan on their financial aid award package, this loan requires a separate application and credit check by the parent. This loan is not guaranteed by BGSU and is determined by credit eligibility.
- Loan offered to the parent in the parent's name to help meet educational costs
- Parent PLUS Loan Process
- If a parent is denied the Parent PLUS Loan, the student is eligible for an additional federal loan
- BGSU employs approximately 4,000 students on campus throughout the year
- Student employees work an average of 15 to 20 hours per week
- Students may also qualify for work study if they indicate interest on their FAFSA
Military benefits come from a variety of resources including federal and state departments like the Department of Defense, Veterans Affairs and the state of Ohio.
Students who are currently serving Active Duty in the military are eligible for financial aid including Tuition Assistance (TA), Federal Grants, Loans and Work Study. Below, are a few things to note if you're planning to utilize military benefits:
- TA funds are a source of financial aid for eligible Service members
- Students must receive approval from an Education Service Officer (ESO) or counselor within the military prior to enrolling for courses
- A financial aid advisor can provide information about loans, grants and Work Study but will refer students to their ESO for more information about TA benefits.
For more detailed information including a list of military benefits, contact Nontraditional and Military Student Services or select the link below.
Updated: 05/28/2021 10:29AM