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Financial Aid Glossary of Terms

Direct Parent PLUS Loans

The PLUS Loan is for families needing more assistance paying for college costs. PLUS the parent, not the student, obtains loans and the maximum loan amount is determined by the student's cost of attendance minus other aid received by the student. Interest rates vary and repayment begins 60 days after the second disbursement. There is also an option to defer payments until after the student graduates.

Federal Campus Work Study

Students who demonstrate financial need may qualify for a federally funded Campus Work Study job.  The salary for most CWS jobs is the same as the federal minimum wage. These funds are assigned to help pay the student's college expenses and will usually consist of five to ten hours of work per week. Since students are assigned work-study positions for financial assistance to attend college, the wages may be applied to any outstanding student bill, and students are not eligible for unemployment compensation.

Federal Direct Loan

Most financial aid applicants will qualify for a Federal Direct Loan by submitting the FAFSA.  These low interest loans carry a variable rate.  Repayment begins six months following the last date of enrollment on at least a half-time basis.

Federal Pell Grant

A need-based grant, eligibility is determined by the submission of the Free Application for Federal Student Aid (FAFSA). Pell grants range from approximately $555 to $5550 for full-time students.

Federal Perkins Loan

Students who demonstrate sufficient financial need may borrow up to $4,000 per academic year as determined by the Student Financial Aid Office. The interest rate of this loan is 5%, but there is no interest accrual until nine months after the student ceases to be enrolled at least half time. Repayment may extend to a maximum of 10 years.

Federal Supplemental Education Opportunity Grant (FSEOG)

Eligibility for the FSEOG is determined by the annual submission of a FAFSA and is based on the demonstration of financial need. FSEOGs range from $100 to $1,500 per year at OVU.

Federal TEACH Grant

These teacher education grants may be up to $4000 annually for students who will teach at the elementary or secondary school level may in selected "high need" teaching fields and work in designated low-income school districts.

Pennsylvania State Grant

Pennsylvania awards grants to students residing in Pennsylvania who attend colleges and universities in West Virginia. The filing deadline is May 1.

Subsidized Federal Direct Loan

A borrower whose FAFSA reveals financial need will receive a subsidized loan in which the federal government pays the interest on the loan while the student continues in school through a six month grace period following graduation. 

Unsubsidized Federal Direct Loan

Borrowers who do not demonstrate sufficient financial need as a result of their FAFSA calculation can receive an unsubsidized Federal Direct Loan.  Interest on an unsubsidized loan accrues throughout the life of the loan, but the federal government does not pay the interest while the student is in school.

Verification Process

The federal government selects approximately 30% of students nationwide for Verification.  This process requires the Financial Aid Office to confirm the information entered on the FAFSA is accurate.  Students and parents may be asked to fill out additional paperwork and/or send in tax return transcripts. 

Veteran’s Benefits

Tuition reimbursement, loan repayment, or other college cost payment program offered by various branches of the military. Prospective students who are veterans or the children of veterans should contact their local VA office for details concerning their individual benefits. Veterans are required to complete a FAFSA and comply with the same standards of academic progress as other students.  OVU is a participant in the Yellow Ribbon program.  Qualifying veterans may receive $5,000, which may be matched by the VA.

West Virginia Division of Rehabilitative Services

Assistance is available to qualified applicants. Please consult high school guidance counselors to obtain addresses and contact information for local West Virginia Division of Rehabilitative Services (WVDRS) counselors.

West Virginia HEAPS Grant

West Virginia Higher Education Policy Commission provides grant funds for West Virginia students studying part-time.

West Virginia Higher Education Grant

The West Virginia Higher Education Grant is a need-based grant for students who are residents of West Virginia enrolled full-time in a West Virginia institution of higher education and who maintain a GPA of at least 2.0. Students must file their Free Application for Federal Student Aid (FAFSA) by April 15 of each year and meet all other requirements to be eligible.

West Virginia State PROMISE Scholarship

State residents may receive up to $4750 annually from the PROMISE Scholarship Program. A high school grade point average of 3.0 and an ACT composite score of 22 (with at least 20 in each sub-category) will qualify you for consideration in this very generous state-funded program.

 

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