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Completing your college degree is not only possible at Ursuline College, but it's also affordable.
Financial Aid is awarded to adult undergraduate students based on enrollment for each of the three terms within the semester. Students taking one 3-credit hour course each term in a semester will be considered to be 3/4 time enrollment (9 credits) overall for the semester. Aid is disbursed at the point the student becomes half-time (6 credits) – this is typically at the beginning of Term 2.
There are a number of different types of aid available to you at Ursuline College. In addition to the information provided on these pages, our knowledgeable and attentive Office of Financial Aid staff is ready to help answer your questions and provide one-on-one consultations.
A Federal Pell Grant is awarded to undergraduate students who have high financial need and have not previously earned a bachelors or professional degree. Federal Pell Grant amounts vary based on need and enrollment level (e.g. full time, three-quarter time, half-time, etc). The Pell Grant now has a lifetime limit amount of six full-time years or 12 full-time semesters (maximum percentage of 600%). Any student reaching that limit will no longer be eligible to receive this grant, regardless of need. Completion of the FAFSA is required to apply for this grant.
The State of Ohio provides need-based grant funds through the Ohio College Opportunity Grant (OCOG) to full and part-time students attending institutions within state. Application for this grant is made through submitting the FAFSA. The deadline to submit your FAFSA in order to apply for this grant is October 1st of the award year.
Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach a high-need field in a public or private elementary or secondary school that serves students from low-income families. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. Failure to complete this service obligation will result in all amounts of TEACH Grants that you received converting to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed.
Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.
All Ursuline College students who complete the FAFSA and are federally eligible will be awarded the Federal Direct Loan based on their grade level for the academic year. The Subsidized Direct Loan and Unsubsidized Direct Loan are offered to most borrowers. Students may choose to accept all or part of the loan amount offered, or may decline the loan without any affect on the other aid offered.
Additional Loan Requirements
There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).
The aggregate loan limits for undergraduate study are as follows:
The aggregate loan limits for graduate or professional students:
The Parent PLUS Loan is a federal loan that parents of dependent undergraduate students may borrow for educational expenses. It is a non-need based loan with a current variable interest rate of 7.079%, and a cap of no higher than 10.5%. Interest accrues on this loan while the student is in school; however, the parent has the option of deferring payments as long as the student remains enrolled at least half-time (6 credit hours).
There are two steps that a parent needs to complete on line at www.studentloans.gov in order to receive a Federal Direct PLUS Loan:
Both steps listed above require the parent to login with his or her FSA ID Username and Password (not the student’s).
The PLUS Loan Application will determine if you are eligible to borrow for this program. A credit check will be done once submitted and the results will be sent to both the parent and the school. The second step is completing the Master Promissory Note (MPN). The MPN is a legal document in which the parent promises to repay his or her loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan(s). If a parent is borrowing a Direct PLUS Loan for more than one student, the parent will need to complete a separate MPN for each loan.
You will receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount and loan fees, and the expected loan disbursement dates and amounts.
Loan Limits, Interest Rate and Loan Charges
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child’s education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow. The interest rate for Direct PLUS Loans is a fixed rate of 7.0%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The origination fee is deducted when the loan is disbursed, so the loan amount you actually receive will be less than the amount you have to repay.
Using the PLUS Loan for Education Expenses
You may use the loan money you receive only to pay for your child’s education expenses at the school that is giving you the loan. Education expenses include school charges such as tuition, room and board, fees, and indirect expenses such as books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer.
Additional Unsubsidized Based on Parent PLUS Denial
Dependent students whose parents have applied for but were denied for a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds. Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years. Students should contact the Financial Aid Office for more information if parent(s) are denied for a PLUS Loan.
Private loans are funds from private lenders to help cover educational costs. There are private loans available for students or for parents. A student may want to consider a private loan when federal and/or state financial aid is not enough to cover the student’s cost of attendance.
Each private loan lender has specific criteria you must meet to qualify for a loan. Some loans may be for specific majors only and/or require a co-signer. Most lenders will review the applicant’s credit history. In addition, Ursuline College may be asked to certify that you are making Satisfactory Academic Progress and that you have not exceeded your cost of attendance.
Your estimated cost of attendance (COA) is a standardized estimate of what it will cost you to attend Ursuline College for the academic year. Private loans must be re-applied for every academic year.
Your estimated COA is comprised of the following components:
Your financial aid package (including private loans) cannot exceed your estimated COA. See the Tuition and Cost page for specific amounts.
Choosing the right private loan for you.
There are many things to consider when choosing a lender. Be sure to ask the following questions
Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.
To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.
Compare PRIVATE Loans
Ursuline College understands that most employers do not reimburse until after the course ends and the grade has been received. To support this, Ursuline College will allow you to participate in the tuition deferment program that will allow you to postpone payment until 30 days after the course ends to pay your tuition in full.
To be eligible, you must do the following: