9i果冻制作厂

Federal Direct Loans

Federal Direct Loans are federal loans for undergraduate and graduate students. To receive federal student aid, student applicants must meet eligibility requirements as described on the Applying and Eligibility page and satisfactory academic progress. The Federal Direct Loans are either subsidized or unsubsidized aid that must be repaid by the student borrower.

Subsidized vs. Unsubsidized
A subsidized loan is awarded based on financial need. Subsidized loans do not accrue interest while the student is enrolled in school for at least half-time and during your 6 months grace period.

An unsubsidized loan is not awarded based on need. The borrower will be charged interest from the time the loan is disbursed until it is paid in full by the borrower. If the borrower chooses not to make interest payments and allows the interest to accrue (accumulate) while in-school or during other periods of nonpayment, the interest will be capitalized. This means the interest will be added to the principal amount borrowed and additional interest will be based on that higher amount.

Federal Direct Parent PLUS Loan

The Federal Direct Parent Loan for Undergraduate Students is a federal loan that credit-worthy parents of dependent undergraduate students can borrow for their child’s educational expenses. Both parent applicants and students must meet , and students must meet satisfactory academic progress requirements. The Federal Direct Parent PLUS Loan is a form of aid that must be repaid by the parent borrower.

Credit Checks

Credit decisions are only valid for 180 days. To best ensure a valid credit decision, the Office of Student Financial Services will accept credit decisions 90 days prior to the student鈥檚 start date.

Federal Direct Graduate PLUS Loan

The Federal Direct Graduate PLUS Loan is a federal loan that credit-worthy graduate students can borrow for themselves. Student applicants must meet聽eligibility requirements to receive federal student aid听补苍诲 satisfactory academic progress. The Federal Direct Graduate PLUS Loan is a form of aid that聽must be repaid by the student borrower.

Private loan programs are designed to bridge the funding gap when savings, grants, federal loans, and other resources are not enough or simply not available. Students have the option to borrow private loans directly from a lender. There are many options available to you. It is important to note that all loans are not equal. Pay special attention to interest rates, fees, credit scoring and co-signing. An online lender comparison list is provided to assist you in reviewing your loan options.聽Please contact the Office of Student Financial Services if you choose聽not聽to utilize a lender from the list so that we are made aware of your loan application.

Before you look at private loans, make sure that you have exhausted all possibilities for federal and state financial aid programs.聽Exploring your options now may save you time and money in the future. If you have specific questions or concerns regarding private loans, we suggest you contact the lender directly.

Helpful Tips for Choosing a Private Loan

• 聽 FASTChoice helps you request the loan you determine is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders.
• Private loans are educational loans through a lending institution and not part of federal government programs.
• Private loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted.
• Be sure you have applied for all available scholarships, grants, work-study and federal loan programs offered by 9i果冻制作厂 before borrowing from a private loan program.
• Eligibility for most of these Private loan programs is based on the creditworthiness of the borrower. If you have not yet established credit in your own name you may be required to obtain a creditworthy co-signer. Once a complete application has been received, the lender will perform a credit check and will let you know if your application has been approved.

NOTE: The inclusion of a loan program or lender on this site does not imply endorsement. Although the list is narrowed to certain lenders, 9i果冻制作厂does not endorse any private loan programs or lenders. You are not required to use this tool to obtain a private loan; it is available for you to explore private education loan offerings. Note that information is subject to change at any time, and we are not responsible for the content of lender websites. Contact lenders directly to confirm details or obtain current information.

What to Look for in a Private Loan

• Annual Percentage Rate (APR)
  

  The APR is the annual cost of your loan including the effect of any fees and charges in addition to interest. The APR is determined based on the terms of the loan. APRs will differ based on the terms and loan amount. Make sure you are comparing like loan amounts when comparing APRs to receive a true comparison. Note: if the rate is variable, the APR may be increased after consummation of the loan. Take these terms and APRs into consideration when borrowing a private loan.

• Repayment Incentives
  

  Does the private loan reward borrowers who make payments on-time? For example, after 48 consecutive on-time payments will you receive an interest rate reduction?

• Loan Limits
  

  Does the loan have an annual or aggregate limit? Can you afford to borrow within these limits? It’s a good idea to borrow from the same lender each year, so make sure the loan can cover your costs throughout your entire education.

• Pre-approval
  

  Do you need to know quickly if you qualify? Does the lender offer loan pre-approval over the phone or internet?

• Cosigner Requirement
  

  Does the private loan require you to have a cosigner? Sometimes cosigners reduce the costs of the loan, but if you can’t find a cosigner, you’ll need to find a private loan you may borrow on your own. Does the loan offer a cosigner Release option? Some loans will release your cosigner after 24 consecutive on-time payments, with an approved credit check.

• Interest Capitalization
  

  If you choose not to pay the interest on your loan while you are in school, the interest may be capitalized (added to your principal balance). When is the interest capitalized? Annually? At repayment? If the interest is capitalized annually the loan is more expensive than if it is capitalized only once at repayment. Some loans now require monthly interest payments while in school.

• Repayment
  

  Does repayment begin immediately or after you graduate or leave school? Make payments whenever you can afford to, but if you can’t make regular payments while you’re in school, you’ll need to find a loan that doesn’t require immediate repayment. Some loans now require monthly interest payments while in school.

• Repayment Period
  

  How long is the repayment period in which you repay the loan? If your educational costs require you to borrow large amounts, you may need a longer time to repay the loans.

• Give Yourself Credit!
  

  Lenders use credit scores to make fast and objective decisions on which applicants are likely to repay their loans on time. Credit scoring is calculated using many pieces of your past bill payment history (number and types of accounts, late payments, outstanding debt, and the age of your accounts). The way you have handled credit in the past is often a good indication of how you will manage credit in the future. Therefore, your credit score is like a snapshot of your level of credit risk at a particular point-in-time; when your credit information changes, so does your credit score. Give yourself the credit you deserve. Pay your bills on time, pay down any outstanding debt and avoid taking on new debt or applying for too many new credit cards

NEALP is a program provided by the Ohio Department of Higher Education for Ohio residents that are studying Nursing at an Ohio college or university. Students must be enrolled at least half-time as a Nursing major. NEALP is eligible for 100% cancellation after graduation; recipients of NEALP must serve as a full-time nurse in Ohio for five years as a registered nurse or licensed practical nurse in order to qualify for loan cancellation.

Eligibility for and receipt of NEALP assistance is determined solely by the Ohio Department of Higher Education. For more information about NEALP, please visit the state government website at or contact the program manager at 614-466-3561 or lreed@highered.ohio.gov.

*The application for 2024-2025 has closed as of July 15, 2024. Applications are generally open from April to July.

Federal Direct Loan Exit Counseling

Federal Direct Loan borrowers must complete exit counseling if they are leaving the university before completing their degree, enrolled for less than half-time (less than 6 credit hours), or graduating from the university.
Exit Counseling is designed to help you understand your rights and responsibilities as a borrower and takes about 20 to 30 minutes to complete online. The Student Financial Services office also offers Exit Counseling workshops to assist you with completing the online counseling and answer any questions you may have. minutes to complete.

.

For additional information on exit counseling, go to the聽聽provided by the U.S. Department of Education.

Federal Perkins Loan Exit Counseling

Federal Perkins Loan borrowers are required by Federal Regulation to complete an Exit Interview upon graduation, withdrawal from 9i果冻制作厂, transfer to another school, or if your enrollment drops below half-time (6 hours per quarter).

You may click聽聽to complete the Exit Interview online. If you have difficulty completing your exit, please contact聽Office of Student Financial Services at 614-823-1151 or ECSI at 1-888-549-3274.

Institutional Loan Exit Counseling

IMPORTANT: this exit interview requirement is only for those students who received money from one or more of the following loan types while attending Otterbein:

• Henry Strong Loan
• 9i果冻制作厂Loan
• Pifer Loan
• Schell Loan
• Hoyt Loan
• Dunlap Loan

As a loan borrower of one of the above loan programs you must complete an Exit interview upon graduation, withdrawal from 9i果冻制作厂, transfer to another school, or if your enrollment drops below half-time (6 hours per semester). 9i果冻制作厂has all of these loans serviced by ECSI, Inc. (Educational Computer Systems, Inc). Please contact Office of Student Financial Services to request your online exit counseling session:

Office of Student Financial Services
88 Cochran Alley
Westerville, OH 43081
Phone: 614-823-1151
fax: 614-823-1588

• How do I apply?
  

  鈥婩or Federal Direct Stafford Loans and Federal PLUS Loans, the student must file the (FAFSA). Students must accept their Federal Direct Stafford Loans on their account. Private educational loans do not require a filed FAFSA, and are applied through banks and credit unions.

• Do I have to complete Loan Entrance Counseling and a Master Promissory Note (MPN)?
  

  For federal loans, entrance counseling and a MPN are required. To complete these requirements go to .

• What are the benefits of the Federal Direct Loan Program?
  

  • A guaranteed source of funding.
  • A lower interest rate on PLUS Loans.
  • A single point of service for repayment.
  • Additional repayment options for students and interest rate reductions for on-time payment.

• What happens to the Direct Loans I borrowed in previous years?
  

  Direct Subsidized and Unsubsidized Loans from previous aid years should remain in deferment if the student is enrolled at least half-time. PLUS loan borrowers may request deferment on the PLUS loan application or with the loan servicer if the student is enrolled at least half-time.

• How will repayment be handled if I have Direct loans?
  

  Payments on Direct Loans are made by the borrower to their federal loan servicer. Borrowers that have multiple loan servicers for their loans will have multiple payments to make. Borrowers can opt to consolidate all their federal student loans into one loan. For more information about Federal Consolidation Loans, visit the .

• Where can I find information about who services my federal student loans?
  

  Borrowers can find detailed information about their federal student loans, including their loan servicers, on the National Student Loan Database System (NSLDS). Borrowers will need their Federal Student Aid ID and password to access their federal student loan records.

• Will I still be able to borrow private loans through a lender of my choice?
  

  Yes. Students may continue to pursue private loans with a lender of their choice; however, it is strongly recommended that students apply for federal student aid first. For more information, see our Private Loans information above.

• How do I get uneven disbursements on my loan?
  

  The Federal Direct loans cannot have uneven disbursements. They will be divided evenly over the terms of enrollment for the specific academic year. For private loans we will need the request in writing/email, BEFORE the loan is certified. The request should include your name, Student ID number, type of loan, and the amount of the loan for each term, with a signature. Requests can be emailed to financialaid@otterbein.edu, or faxed to 614-823-1588.

• I am taking a Senior Year Experience class with a trip, how can I include the additional charges in my loan?
  

  You will need to complete the Special Circumstance Form to ask for additional charges be included into your COA. If uneven disbursements are required, please follow the guidelines set forth above.

• When would I need to complete Exit Counseling?
  

  Anytime that you are enrolled less than half-time, withdraw or graduate, exit counseling will need to be completed. Half-time status is 6 hours for undergraduate students and 3 hours for graduate students. You can complete exit counseling .

• How do I get the credit balance on my student account?
  

  Students will need to set up an eRefund account through ePay. If this is already set up, your refund will be processed within 14 days of the term disbursement date. Credits with Parent PLUS loans are refunded to the parent borrower by paper check to the address on the loan application.

• What is included in the Cost of Attendance?
  

  Cost of Attendance (COA) is an estimate of expenses to attend 9i果冻制作厂. These items include direct billed costs such as tuition, fees, room and board (on-campus living only). All other items are non-billed, estimated expenses. Your COA budget is viewable in .

  NOTE: Greek housing is considered as ‘OFF campus’ housing.

• How can I use my financial aid to purchase books?
  

  If you have a credit balance on your student account, you can have that money moved to your Cardinal Card to be used in the book store. Please contact the Business Office at 614-823-1150.

• What is a Master Promissory Note?
  

  The MPN is a loan contract between the borrower and the U.S. Department of Education. It is a promise to repay the student loan. The MPN contains the terms and conditions of the student loan and must be signed before loan funds will be disbursed to Otterbein.

• What is a Private Student Loan?
  

  A private student loan is used to assist students in covering the remaining balance due. These loans are in addition to the federal Direct Stafford loans already included in the student鈥檚 financial aid award. The interest rate will vary with each lender and is credit based; interest will accrue from the first date of disbursement. This loan is in the student鈥檚 name and often requires a credit-worthy co-signer in order for the loan application to be approved. Generally, repayment begins after the student graduates or drops below half-time.

• What is a Federal Parent PLUS Loan?
  

  The Parent PLUS loan program is available to parents of dependent students. The parent is the borrower on the loan and a credit check is performed. The parent may apply for deferment during the application process if the student is enrolled at least half-time. The parent will need to apply for this loan every year.

  If a parent applicant feels they might be denied the Direct PLUS loan, please complete the PLUS Loan Pre-Approval Form and submit it to our office. Our fax number is 614-823-1588. If a parent applicant is credit denied, the student can receive additional Federal Direct Stafford Unsubsidized loan funds in place of the Direct PLUS loan.

• What is a Federal Grad PLUS Loan?
  

  The Grad PLUS loan program is available to students who are working on their graduate degree and already have their bachelor鈥檚 degree. The student is the borrower on this loan and a credit check is performed.

• What are the credit criteria for the PLUS loan?
  

  Eligibility for the PLUS loan depends on a modest credit check that determines whether the applicant has an adverse credit history. To check out what is adverse credit, visit the U.S. Department of Education page here.