Loan Assistance

Loan assistance is readily available to eligible students through completion of the FAFSA (Free Application for Federal Student Aid). College of Dentistry students commonly take advantage of the William D. Ford Stafford federal loan program, university-administered loans, and the federal grad PLUS loan program. Some students elect to fund their education through private loans, which Ohio State also allows.

To learn more about loan options available to College of Dentistry students, please review the sections below.

Federal Loans

College of Dentistry students are considered for federal loans, such as the Stafford Unsubsidized* Loan and the Federal Graduate PLUS Loan, through completion of the FAFSA (Free Application for Federal Student Aid). The priority date for filing the FAFSA is February 1 of each year.

Both the Stafford Unsubsidized Loan and the Federal Graduate PLUS Loan have deferred repayment while students are enrolled at a half-time status or above; however, interest does accrue on the loan amounts disbursed while students are enrolled. Please see the loan comparison chart below for details on each loan. All information listed below is also viewable at studentloans.gov.

Topic	Federal Stafford Unsubsidized Loan	Federal Graduate PLUS Loan
Application Process	Completion of FAFSA	Completion of FAFSA and online application
Credit Check Required	No	Yes
Endorser / Co-Signer Required	No	Only if student's credit check is denied.
Interest Rate	First disbursement prior to July 1, 2017: 5.31% fixed First disbursement post July 1, 2017: 6% fixed Students will be updated one the University has received official notification from the Department of Education regarding post-July 1 interest rates.	First disbursement prior to July 1, 2017: 6.31% fixed First disbursement post July 1, 2017: 7% fixed Students will be updated once the University has received official notification from the Department of Education regarding post-July 1 interest rates.
Annual Borrowing Limit	D1: $40,500 D2-D4: $47,167	Difference of Cost of Attendance (budget) and all other award offers.
Lifetime Borrowing Limit	$224,000; This includes all Stafford loans borrowed as an undergraduate, graduate, and professional student.	There is currently no lifetime borrowing limit for the Federal Graduate PLUS Loan
Loan Repayment	Begins 6 months after graduating, dropping below half-time status, or separating from the University	Begins 6 months after graduating, dropping below half-time status, or separating from the University

Federal Graduate PLUS Loan Online Application Process

Students are offered federal loans through completion of the FAFSA. Loan offers are communicated to students through the Award Summary portion of their online Student Center. In order for students to have loans applied to their account, they must first complete the necessary acceptance steps:

Federal Stafford Unsubsidized Loan

Accept the loan online. Please refer to the Buckeye Link accept/decline awards guide.
Complete the electronic promissory note.
Complete the online entrance counseling session.

Federal Graduate PLUS Loan

Complete the online application
Complete the electronic promissory note.
Complete the online entrance counseling session.

Returning students do not need to complete a new promissory note or entrance counseling session each academic year, as these are valid for ten years. Loans do need to be accepted each year in order for them to continue to disburse.

Since interest accrues on these loans while students are enrolled, the Direct Loans program allows students to make interest-only payments prior to graduation. Students are not required to make any loan repayments while enrolled; however, if students choose to make interest-only payments while enrolled, they can set up a payment plan through the Direct Loans Servicing Center.

University-Administered Loan Options

College of Dentistry students are considered for university-administered loans, such as the Health Professions Student Loan (HPSL), the OSU Loan in Dentistry, and the Snyder Memorial Loan through completion of the FAFSA (Free Application for Federal Student Aid). Even though professional students are considered independent on the FAFSA, they must supply parental information in order to be considered for these loan options. All university-administered loans are subsidized and offer deferred repayment while students are enrolled at OSU. Please see the loan comparison chart below for details on each loan:

Topic	Health Professions Student Loan (HPSL)	OSU Loan in Dentistry	Snyder Memorial Loan
Application Process	Completion of FAFSA with parental information	Completion of FAFSA with parental information	Completion of FAFSA with parental information
Credit Check Required	No	No	No
Endorser / Co-signer Required	No	No	No
Interest Rate	5% fixed	7% fixed	7% fixed
Maximum Annual Award Offer	D1: $4,600 D2-D4: $12,500	D1: $650 D2-D4: $2,000	D1: $4,600 D2-D4: $10,000
Lifetime Borrowing Limit	No maximum	$4,000	$40,000
Loan Repayment	Begins 12 months after graduating, dropping below full-time status, or separating from the University	Begins 6 months after graduating, dropping below half-time status, or separating from the University	Begins 6 months after graduating, dropping below half-time status, or separating from the University

To be considered for university-administered loans, students must complete the FAFSA, including parental information, no later than February 1 prior to the beginning of the academic year. Loan offers are communicated to students through the Award Summary portion of their online Student Center. In order for students to have loans applied to their account, they must first complete the necessary acceptance steps:

Print and submit the appropriate self-certification form* to Dentistry Financial Aid:
- Health Professions Student Loan
- OSU Loan in Dentistry
- Snyder Memorial Loan
Complete an electronic promissory note. Promissory notes are added to the financial aid To Do List within three business days of submitting the self-certification form.

*The self-certification forms serve as acceptance. Students cannot accept these loans online.

Unlike the federal loans, both the self-certification form and promissory note have to be completed each academic year. These are only valid for one year. Forms can be submitted in-person, faxed, or emailed to dentistryfinancialaid@osu.edu.

Private Loans

Before applying for a private loan, the Student Financial Aid Office recommends filing a FAFSA to exhaust any federal and university aid options first.

Ohio State does not promote or endorse any private educational loan lenders. FastChoice is a loan comparison tool that assists borrowers in selecting a private loan. Please review lender information carefully and contact the lender with questions. FASTChoice lists several of the loan companies from which our students have chosen to borrow during the previous aid year.

We reserve the right to add or remove any lending agency from the list at any time. Students are not restricted to using a lender from the FASTChoice list. They may choose any eligible participating lender.

Private loans typically take four to six weeks to process, certify, and disburse. Due to the extended timeline, the University recommends ample time for processing.

Loan FAQs

Question Do you recommend a federal loan over a private bank loan?: Answer

There are many benefits to Federal loans as opposed to private educational loans. One in particular is Federal loans are dissolvable if you become permanently disabled or deceased. Also, Federal loans have fixed interest rates where most private loans offer variable interest rates that have high or no limits. Therefore, there are some major differences between federal and private loans. In addition, Federal loans provide a variety of repayment options to borrowers and offer some flexibility depending up on circumstances. Terms of repayment should be discussed thoroughly before borrowing from a private lender considering all future plans.
Question How do I increase or decrease my loans?: Answer

In general you can increase your loans at anytime up until a few weeks before the end of the school year. You can increase this loan up to your Cost of Attendance. If you wish to decrease the amount of your loans, you have up until 15 days after the start of the semester.
Question Who receives my loan funding -- me or Ohio State?: Answer

Ohio State receives all of your financial aid funding directly. These funds pay your University fees, and any remaining funds are then returned to the student as a "refund" to help pay for academic and living expenses. Once you have registered for your first semester of classes, you will be able to enroll in the University's direct deposit program to receive your refund timely.
Question How am I notified about the denial/approval for my Grad PLUS Loan?: Answer

Once you apply for the loan, Direct Loans generally contacts you via email or mail correspondence within a week. If you are denied, you may seek a credit worthy co-signer, as will be explained in the email from Direct Loans.
Question How long will it take to process my loan request?: Answer

You should generally allow 2-3 weeks for your loans to be processed. In order to minimize the processing time, be sure you complete all of the necessary steps. Please review our other loan pages for the various loans and their required steps.
Question Is there a limit on how much loan money I can borrow?: Answer

We suggest reviewing your budget to determine how much aid you need to borrow. Once that is determined you can compare that number with the estimated cost of attendance. A student cannot be awarded over his/her cost of education, regardless of the type of financial aid.
Question How do I defer my loan payments?: Answer

If you have loans when entering dental school, they may be automatically eligible for an in-school deferment. Please contact your lender or servicer and request that they send you an in-school deferment form. They may have this form available on their website already. If you borrowed federal loans during your undergraduate career, you can visit the National Student Loan Database System to obtain contact information for your servicer(s). If you have a private loan, you can pull a free copy of your credit report to obtain their contact information.
Question Does the eligibility for any loans (federal or private) REQUIRE parent information on the FASFA or on the application for the loan?: Answer

To receive federal loans you need to file the FAFSA. You do not need to include parent information on the FAFSA if you only want to be awarded federal loan funding. Ohio State encourages students to include parent information so that they can be considered for all need-based scholarship opportunities and subsidized University loan funding.

Please note

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