Prospective Students

Loan FAQs

Do you recommend a federal loan over a private bank loan?

There are many benefits to Federal loans as opposed to private educational loans. One in particular is Federal loans are dissolvable if you become permanently disabled or deceased. Also, Federal loans have fixed interest rates where most private loans offer variable interest rates that have high or no limits. Therefore, there are some major differences between federal and private loans. In addition,  Federal loans provide a variety of repayment options to borrowers and offer some flexibility depending up on circumstances. Terms of repayment should be discussed thoroughly before borrowing from a private lender considering all future plans.  

How do I increase or decrease my loans?

In general you can increase your loans at anytime up until a few weeks before the end of the school year. You can increase this loan up to your Cost of Attendance. If you wish to decrease the amount of your loans, you have up until 15 days after the start of the semester.  

Who receives my loan funding -- me or Ohio State?  

Ohio State receives all of your financial aid funding directly.  These funds pay your University fees, and any remaining funds are then returned to the student as a "refund" to help pay for academic and living expenses. Once you have registered for your first semester of classes, you will be able to enroll in the University's direct deposit program to receive your refund timely.

How am I notified about the denial/approval for my Grad PLUS Loan?

Once you apply for the loan, Direct Loans generally contacts you via email or mail correspondence within a week. If you are denied, you may seek a credit worthy co-signer, as will be explained in the email from Direct Loans.

How long will it take to process my loan request?

You should generally allow 2-3 weeks for your loans to be processed.  In order to minimize the processing time, be sure you complete all of the necessary steps.  Please review our other loan pages for the various loans and their required steps.

Is there a limit on how much loan money I can borrow?

We suggest reviewing your budget to determine how much aid you need to borrow.  Once that is determined you can compare that number with the estimated cost of attendance.  A student cannot be awarded over his/her cost of education, regardless of the type of financial aid.

How do I defer my loan payments?

If you have loans when entering dental school, they may be automatically eligible for an in-school deferment. Please contact your lender or servicer and request that they send you an in-school deferment form. They may have this form available on their website already.  If you borrowed federal loans during your undergraduate career, you can visit the National Student Loan Database System to obtain contact information for your servicer(s).  If you have a private loan, you can pull a free copy of your credit report to obtain their contact information. 

Does the eligibility for any loans (federal or private) REQUIRE parent information on the FASFA or on the application for the loan?

To receive federal loans you need to file the FAFSA.  You do not need to include parent information on the FAFSA if you only want to be awarded federal loan funding.  Ohio State encourages students to include parent information so that they can be considered for all need-based scholarship opportunities and subsidized University loan funding. 

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