There are many types of private aid you can pursue. Each has different application procedures, interest rates, and repayment options. It is important to do your research to determine which is best for you.
Private Student Loans
Private student loans are loans provided by various private lenders. They are intended to help offset family contribution but may not exceed the cost of education. These loans have varied repayment options, interest rates, and application procedures. Information regarding private student loans can be found on the Ohio Wesleyan website.
Ohio Wesleyan, Schell, Hoyt, University, and Somerville Loans
A limited amount of University funding has been set aside to assist families in meeting their expected contribution. Loans will be made on a first-come, first-served basis with priority given to families experiencing significant financial difficulties.
The Henry Nias Foundation Loan Fund
The Henry Nias Foundation Loan Fund is designed to benefit students from New York City who plan to return to New York City after graduation. Thefund was started with a gift from The Henry Nias Foundation. The level of continued funding by the foundation is directly related to repayments. Like the University Loan Program, this loan will be offered to families who request assistance in meeting their expected contribution and who meet the above criteria of a student who comes from New York City and plans to return there after graduation. Loans will be awarded where it is determined that this amount can truly make a difference in the possibility of attending or continuing studies at Ohio Wesleyan. Loan recipients may apply for loan in subsequent years but must demonstrate at least a 3.0 GPA.
These loans are considered private loans and reduce the family contribution. Please contact the Financial Aid Office for information.
External Scholarships and Grants
Students accepting financial assistance from the University must report to the Office of Financial Aid all scholarships, loans, grants, or other financial resources beyond those provided by the Financial Aid Office. These funds will be used to reduce first, any unmet need and second, the student’s self-help portion of the aid package. If outside funding is greater than the student’s self-help amount, OWU funds may be reduced by the remaining balance.