Frequently Asked Questions
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How do I apply for financial aid?
It’s easy. Just submit the Free Application for Federal Student Aid (FAFSA) electronically at http://www.fafsa.ed.gov before March 1. Our medical school code is 003090 (if 8 digits are required, the code is 003090-00).
What is the priority date to apply for financial aid?
Mark your calendar each year for March 1; that’s the priority date. You may, however, file as early as January 1.
Do I have to include parent information on the FAFSA?
Since all professional students are considered to be independent, you do not have to include parent information on the FAFSA. If you would like to be considered for some need-based scholarships, you are required to do so. Including parent information on the FAFSA does not mean that we expect your parents to contribute to your education financially. It does help us to determine who the neediest students are.
What type of federal loans do medical students receive?
There are two types: Subsidized and Unsubsidized Stafford loans.
What’s the difference between Subsidized and Unsubsidized Stafford loans?
Subsidized and Unsubsidized Stafford loans have the same interest rate and begin accruing interest when the loan is disbursed. The difference is that the government pays off the interest that accrues on Subsidized Stafford loans while you are in school, grace period, or deferment. You are responsible, however, for the interest that accrues on Unsubsidized Stafford loans from day one. Students do not have to pay off this interest as it accrues; most pay it off with their principle debt when they graduate.
What do I do after I have completed the FAFSA?
Your next step is look for an award letter from OSU in late April, which details what loans and scholarships you qualified for.
I’ve received my award letter. Now what?
Go to http://medicine.osu.edu/futurestudents/financial_aid_disbursement.cfm and follow the steps under “How to Receive Financial Aid Once You Have Applied.”
How do I receive my loan money?
All loan money is electronically credited to your University account once you complete the necessary requirements listed on your award letter. Your loan money will pay the outstanding balance for the quarter with any remainder being sent to you directly to help pay for living and miscellaneous expenses. To have the financial aid overage directly deposited into your bank account, you can sign up for direct deposit at http://www.treasurer.ohio-state.edu/stud_guards/direct_dep_info.html.
Do I have to start paying back my loans immediately after graduation?
No. Students get a six-month grace period after graduation. You can also apply for a deferment that can last up to three years.