Loans
What to Know About Loans
Because the cost of a quality education continues to rise, it has become increasingly difficult to fully cover the cost of education through scholarships, grants, and federal work-study programs. To help meet the remaining cost of your education, Ohio Christian University offers several loan options, described below.
Federal Stafford Loan
The Subsidized Federal Stafford Loan is available to students who demonstrate financial need and who are enrolled at least half time and are pursuing a degree. Subsidized loans are awarded in limited amounts, which correspond with a student's year in school. The interest on a Subsidized Federal Stafford Loan is paid by the federal government while a student is attending school.
The Unsubsidized Federal Stafford Loan is available to students who are enrolled at least half time. There is no financial need taken into account for this loan; students of all income levels may take out the loan. The Unsubsidized Federal Stafford Loan has year loan limits that correspond with a student's year in school. The interest on an Unsubsidized Federal Stafford Loan will accumulate while a student is attending school.
2009-2010 Maximum Undergraduate Annual Federal Stafford Loan Limits
| Dependent Students* | Subsidized Base Amount | Additional Unsubsidized Amount |
|---|---|---|
| Freshman | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
| Junior/ Senior | $5,500 | $2,000 |
| *Except students whose parents cannot borrow PLUS | ||
| Independent Students** | Subsidized Base Amount | Additional Unsubsidized Amount |
|---|---|---|
| Freshman | $3,500 | $6,000 |
| Sophomore | $4,500 | $6,000 |
| Junior/ Senior | $5,500 | $7,000 |
| **and dependent students whose parents cannot borrow PLUS | ||
Aggregate Limits
- Subsidized: $23,000
- Subsidized and Unsubsidized Combined: $57,500
Federal PLUS Loan (Parent Loan)*
The Federal PLUS loan is available to all graduate students and parents of students. Students must be enrolled at least half-time to qualify for the PLUS loan. PLUS borrowers my borrow up to the full cost of their education, minus any financial aid already received. PLUS Loan Pre-Approval
*A Dependent student whose parent applies for and is denied for the PLUS loan is eligible to receive an addition Unsubsidized Federal Stafford Loan. See loan limits chart for details.
Private Loans
When federal Stafford loans are not enough to cover a student's bill there are also credit-based private loans that can be used to cover the cost of a student's education after grants, scholarships and federal loans. Students who apply with a cosigner may be eligible for lower interest rates and other benefits. Ohio Christian University has several private loan options available including the following:
Traditional Students
If you need answers or help with any part of the financial aid process, please contact:
Mike Fracassa
Assistant Vice President of Finance
740.477.7758
Wes Brothers
Assistant Director of Financial Aid
740.477.7757
email: finaid@ohiochristian.edu
AIM Students
If you need answers or help with any part of the financial aid process, please contact:
Steve Payton
Financial Aid Counselor
740.477.7864
aimfinaid@ohiochristian.edu
