Of course, this is only the tip of the iceberg.  If you are interested in learning even more of financial aid, visit Financial Aid Basics.

The majority of OUCOM students receive financial aid. The bulk of this financial aid consists of Federal Student Loans.

For a complete listing of Federal Aid check the Types of Financial Aid Chart.

To receive Federal Stafford Loans, complete the documents listed on the Federal Stafford Loan application page:

http://www.oucom.ohiou.edu/saffairs/fin_aid/fin_aid_stafford.htm

1. Subsidized Federal Stafford Loan - Up to $8,500 based on the student’s (not parents’) financial need determined by a Federal formula. A loan is “subsidized” because the government pays the interest for you during the following periods:
    
   1. While you are enrolled in school at least half-time
       
   2. During the six-month grace period after you stop attending school at least half-time
       
   3. During periods of authorized deferment
       
2. Unsubsidized Federal Stafford Loan – Is available to all students regardless of income. (Educational Budget – Subsidized Eligibility = Amount student can borrow). This loan is not subsidized by the federal government.  You are responsible for all interest that accrues while you are in school, in deferment or during your grace period. You may choose to make interest payments while in school or defer (and accumulate) the interest until repayment.
    
3. The Annual Limit of Subsidized & Unsubsidized Stafford Combined - Is $42,722 for Year 1; $40,500 for Year 2 and $47,167 for Years 3 & 4.

Compare the Educational Budget to your individual needs. Most students are eligible to borrow the maximum annual Stafford loan limits, although we strongly encourage you to borrow conservatively to help keep your debt down.

The interest rate for the Federal Stafford loan is adjusted each year on July 1. Federal Stafford Loan Interest Rates are the same for all lenders. Beginning July 1, 2006, the interest rates for new loans are as follows:

• In-school, deferment or grace periods: 6.8% fixed

YES, the lender may charge a fee for originating and guaranteeing the loan. These fees help pay the cost of processing your loan and protect the lender from loss if a student is disabled and unable to repay the loan. Unlike the interest rates, the fees can vary from lender to lender.  They can charge up to 3.5% for origination and guarantee fees.

Credit checks are NOT required to process Federal Stafford Loans. However, we do encourage you to check your credit history for discrepancies. Graduate PLUS loans do require a credit check.

OU-COM maintains a preferred Stafford Loan lender list for students. After analyzing the list, you can either select a lender from the listing or ask us to process the lender of you choice. You are NOT confined to the preferred lender list. While all Federal Stafford loan programs are governed by the same interest rates, lenders differentiate their loans by offering either front end or back end discounts. 

Front end discounts are typically a reduction in the fees the borrower must pay to obtain the loan, and can be equal up to 3.5%.  Front end discounts are “bird in the hand” benefits because you automatically receive them if you use that lender.

Back end benefits are not guaranteed and occur only at repayment. They reward the student for using automatic direct debit of monthly payments and/or for making on-time monthly payments. Benefits as a result of direct payment via EFT are immediate while others require the student to make 12 to 48 monthly payments on time and to continue making the payments on time.  Many graduates consolidate their school loans upon graduation from medical school. At that time they receive a new promissory note with new back end benefits. That means the benefits listed on your original loans no longer apply.  

IMPORTANT:  If you are late on a single monthly loan payment you no longer qualify for on time payment discounts. Do not overestimate your ability to make all the payments on time. It is estimated that less than 15% of borrowers succeed in obtaining any discount other than the 0.25% interest rate reduction for EFT. (Even students who sign up for EFT occasionally miss a payment by having insufficient funds in their account. The actual success rate is probably closer to 10%.

 When selecting a lender please keep the following things in mind.

• Interest rates and terms.
• Loan application processes: Can you apply online? Is instant loan approval offered?
• Repayment plans: some are simple, others complex.
• Benefits for borrowers who pay on time or make loan payments electronically.
• Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?

Below is a list of preferred lenders for OU-COM, however the list is not exhaustive and OU-COM students are welcome to borrow from any lender.

MedLoan -  http://www.aamc.org/programs/medloans/

Student Lending Works - http://www.studentlendingworks.org/

The Department of Education and/or OU-COM randomly selects 30% of students for a process called verification, based on the information you submitted on the FAFSA. Verification is a process the Department of Education requires to make sure that the information applicant's report is accurate. This prevents ineligible students from receiving aid by reporting false information and it ensures that eligible students receive all of the aid they are qualified for. If you are selected for verification, we will contact you by e-mail with instructions about how to complete the verification process. Your financial aid will not be processed until you return the required documentation.

How do I apply for Institutional SCHOLARSHIPS?

OU-COM offers students the opportunity to apply for institutional scholarships. Most of these scholarships are between $1,000 and $2,500. Please see the OU-COM scholarship application available on our web site from January 1st until May 1st of each year.

To apply you must:

1. Complete & return the application by May 1st of each year. No application will be accepted after this date. Application does not guarantee you will receive institutional aid, but does insure your consideration as a candidate for any OU-COM scholarship(s) that you indicate on this application.
    
2. Most institutional scholarships require that the student/parent's demonstrate financial need. To be eligible for these need based scholarships the school must receive your FAFSA data from the federal processor no later than May 1st of each year. The FAFSA should include financial information about you, your spouse, and your parents' information. If you/spouse and/or your parents have not completed the federal tax forms, you can estimate the figures to file the FAFSA.
    
3. If you have any questions regarding these scholarships please e-mail Sharon B. Zimmerman at: zimmerms@ohio.edu or call 740-593-2176.

Unfortunately, we cannot make exceptions to this annual deadline. If you were accepted after May 1st, then you are ineligible to apply for that years’ OUCOM Institutional Scholarships. We encourage you apply next academic year.

In early May of each year, we begin to certify loans. If all of your forms are submitted and complete, you can expect to receive an award letter from us the beginning of June. The award letter will be delivered via e-mail to your Ohio University OAK account, so it is your responsibility to check your OAK e-mail on a regular basis.

Your award letter will contain instructions about what to do next.

Important Note - We do not award OUCOM Institutional Scholarships until June, so if you applied for a scholarship, don’t expect to hear whether you have been awarded a scholarship until late June. In late June, we will contact all students who applied for a scholarship to let them know the outcome of their scholarship application.

YES. You can increase your loans by requesting additional Stafford Loan funds or reduce your loan(s) at any time by stopping by the Office of Student Affairs. The maximum you are allowed to borrow is based on your financial information, federal regulations, and the school’s Educational Budget.

Federal Stafford Loans are disbursed quarterly. The loan servicer will disburse the loan proceeds via electronic funds transfer (EFT) for students using the school's Osteopathic School as Lender program as their lender and deposit it directly into your Ohio University student account. Note: If you do not use the school's program as your lender, contact Student Affairs at 1-800-444-2156. Your award letter will outline the disbursement dates. On those dates, the university will credit your tuition, fees and other outstanding balances to your OU account. An overage check for the remaining amount will be issued or direct deposited into your checking account.

Federal regulations require that Stafford Loan aid be disbursed evenly over the number of payment periods (quarters). Year 1 & 2 OU-COM students attend 3 quarters per academic year and Year 3 & 4 students attend 4 quarters per academic year. Your total Stafford Loan balance will be divided by the number of quarters that you attend OU-COM. Generally, aid is delivered to your account at the Bursar’s office the Friday before the start of each quarter. Your electronic award letter will outline the exact disbursement dates for your Stafford Loans.

A legal document allowing students to borrow multiple years with a single signature. Through annual certification of eligibility by the school, borrowers enrolled at four-year and graduate schools may obtain “serial loans” for up to ten years based on one MPN signature. Provided there are no changes in lender, a single MPN may also be used when transferring between “multi-year” schools, although the new school may require the borrower to sign a new MPN.

The principal repayment period for the Federal Stafford loan begins automatically six months after you graduate or drop below half-time attendance and lasts for up to 10 years. Other repayments options (such as deferments for forbearances) are available at the end of the six month grace period to keep you from having to make payments during your internship & residency years. Be aware that you must repay the loan even if you are unable to find a job in your field or are displeased with your education and don’t complete the program.

The Admissions Office (740) 593-4313 sends all incoming students this information. We recommend that you take a few days to visit our campus to find housing. Visit our housing page www.oucom.ohiou.edu/housing. Check out the classified ads in the Athens News www.athensnews.com and The Athens Messenger www.athensmessenger.com.

All students are required to have health insurance. You will receive information concerning student health insurance for the upcoming year in summer. If you have health insurance from another source you can waive this fee by completing the Health Insurance Waiver Form. If you do not complete a waiver Ohio University will assume you are uninsured and automatically bill you each quarter for health insurance. If you have questions regarding coverage after you receive the health insurance information in late summer, contact Jackie Legg at Ohio University Hudson Health Center at 740-593-1660.

We recommend that you consult a qualified tax advisor, accountant, or a member of the Internal Revenue Service for professional guidance. Check out these websites www.irs.gov or www.hrblock.com for answers to all of your tax questions!