Undergraduate Admissions
525 S. Main Street
Ada, OH 45810-1599
PH: 419-772-2260
Toll Free: 1-888-408-4668
Email: admissions-ug@onu.edu
Office of Financial Aid
Weber Hall
525 Main Street
Ada, OH 45810
Phone: 419-772-2272
Fax: 419-772-2313
Email: financial-aid@onu.edu
Student Loans
There are a variety of loan options for families to consider when borrowing for the cost of education. Below you will find more information about these options and links for completing the necessary documentation.
Stafford Loans
Undergraduate first-year annual Direct Stafford Loan eligibility consists of up to $3500 in Subsidized and up to $2000 Unsubsidized loans. (Subsidized cannot exceed $3500 for the first-year). As the student progresses in academic status, the subsidized amounts may increase by a $1,000 for the sophomore and junior years.
- For 2012-2013, these loans have a 6.8% fixed interest rate.
- They have a 1% fee for origination and default that is taken from the total loan before it is disbursed.
- Federal loans are deferred until the student graduates or falls below half-time. The grace period is 6 months.
- Subsidized means that the interest on the loan is paid by the government while the student is enrolled in school until 6 months after graduation or until a student ceases being enrolled at least half-time. Subsidized loans are awarded based on the financial need of a family.
- Unsubsidized means that the interest accrues on the loan once the loan is disbursed to the student.
- To apply visit – www.studentloans.gov and complete both the Entrance Counseling and Master Promissory Note
Parent PLUS Loan
This is a loan that a parent (or step-parent) can borrow on behalf of their student.
- A credit check is required to determine eligibility.
- This loan has a 7.9% fixed rate. Interest will start to accrue once the loan is disbursed to the student account.
- Parent Plus loans have a 4% origination and default fee that is taken from the total loan before it is disbursed to the student account.
- These loans do offer the ability for parents to defer payments until the student graduates or falls below half-time or a parent may choose to go into repayment once the entire loan is disbursed for the academic year.
- This loan may be used to cover any remaining educational needs up to the total cost of attendance.
- To apply visit – www.studentloans.gov and complete both the Loan Application and Master Promissory Note
Private Student Loan
These are loans offered through private lenders. Private loans are in the student’s name, but require a cosigner and a credit check of the cosigner to determine eligibility.
- We work with all private loan lenders including those not on our list. If you choose to work with a lender that is not listed, please notify us so we may process it promptly.
- A student can borrow up to their cost of attendance minus all other financial aid sources.
- Interest usually begins accruing once the funds are disbursed to the student account.
