As an accepted student, you may be considered for both merit and need-based aid. Merit aid is based on the strength of your admission application; need-based aid requires that you also submit the Free Application for Federal Student Aid (FAFSA).
To be considered for all merit scholarships, your admission application must be received by our Regular Decision deadline of March 1. For maximum consideration of merit scholarships, we recommend applications be received by our Early Action deadline of December 1. To be considered for all available need-based financial aid, consisting of grants, federal loans, and
Financial Aid Checklist
- Accepted for admission or continuing student in good academic standing.
- File the FAFSA at www.fafsa.ed.gov by March 1 for new students. (This is a suggested filing date and NOT a deadline.)
- Complete the 2022-2023 FAFSA using the 2020 tax data. Please be aware using "prior prior" tax information. We highly recommend using the FAFSA's IRS Data Retrieval option. The IRS Data Retrieval option will allow you to import your tax information directly from the IRS to the FAFSA. If your financial situation has changed (such as by the loss of parent’s job or increased medical expenses), go to Special Circumstances to file an appeal.
- Once you have received your OWU financial aid award, go to your financial aid login to accept your aid. On your financial aid award, you also may accept, decrease, or decline your student loan options.
When reviewing your financial aid award, keep the following in mind:
- Scholarships are free money. It is not necessary to pay them back, but there may be a GPA requirement to renew a scholarship from year to year.
- Grants are typically based on the results of the FAFSA and will remain the same from year to year providing your FAFSA results remain about the same. You do not have to repay grant money.
- Department of Education regulations require that you contact the OWU Office of Financial Aid concerning any outside scholarships you receive.
- Either send a copy of your outside scholarship notification letter or an email to the Office of Financial Aid.
- Please note, if the University receives your outside scholarship funds after the due date of your bill, you will automatically be assessed a 1% service charge because you will owe a balance on your account.
- It is best to pay your balance due. When you receive your scholarship funds, you may choose to receive your credit balance or carry the balance forward to the next semester.
- Federal Direct Student Loans are available to degree-seeking students at a
low-interestrate; you are required to repay them beginning six months after graduation or if you stop being a full-time undergraduate student and begin going to school less than half-time.
- Subsidized Direct Loans do not accrue interest while you remain in school; the current interest rate is 3.73%.
- Unsubsidized Direct Loans do accrue interest while you are in school, but you can pay this without penalty; the current interest rate is 3.73%.
- When considering the amount you will owe, please remember the above loans have a 1.057% origination fee. This means if your loan is $3,500, then $3,463 will post to your student account.
- Student work-study funds are awarded to allow you to consider working on campus to help with tuition payments or to make spending money. These funds are not automatically subtracted from your bill.
- To take advantage of student work-study, fill out the work-study paperwork during Orientation. You will need your actual Social Security card with you to complete this process.
- Attend one of the job fairs the first week of classes in August.
- Read more information on Student Employment.
- After June 1, students taking advantage of Direct Student Loans for the first time should process their loans by going to studentloans.gov; sign in using your FSA ID, and then:
- Fill out and submit your Master Promissory Note.
- Complete and submit your Student Loan Entrance Counseling.
- Parents choosing to take advantage of the Direct PLUS Loan should go to studentloans.gov after June 1, sign in using their FSA ID. Then:
- Complete and submit the Direct PLUS Loan Request.
- Complete and submit the Direct PLUS Loan Master Promissory Note.
- If you are declined a Direct PLUS Loan due to adverse credit, you may resubmit with a co-signer, or contact the Office of Financial Aid.
- To take advantage of the 4-month payment plan, you must enroll in July to begin making payments.
- You will be notified of the fall billing statement in July. The balance for the fall semester is due mid-August.