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Types of Financial Aid
The Art Institute of Ohio — Cincinnati participate s in federal, state, and
other financial aid programs.
Gift Aid
These are grants, scholarships, and other benefits that do not have to be repaid.
Most grants are based on financial need, as determined by federal calculations,
and are awarded by the federal and state governments. Most scholarships are
based on such determining criteria as grades and affiliations, and may or
may not also include a financial need component; most benefits are based
on a combination of criteria.
Federal Pell Grant
The Federal Pell Grant is an important source of aid for
students. The Free Application for Federal Student Aid
is available through high school counselors or the campus
Financial Aid Office. The amount of the award depends upon
the determination of the student's eligibility, his/her
enrollment status, cost of attendance, and a payment schedule
issued by the U.S. Department of Education, Office of Student
Financial Assistance. Applications are available through
the campus Financial Aid Office.
Ohio Instructional Grant (OIG)
Through the OIG program, Ohio residents enrolled in a
degree program may receive an award to apply to their tuition
costs. The amount of the award varies according to family
income and a variety of other determining factors. Awards
are calculated on the basis of the information provided
on the Free Application for Federal Student Aid (FAFSA)
filed each award year by the student. Applications are
available through the campus Financial Aid Office.
Federal Supplemental Educational Opportunity Grant
(FSEOG)
Each year The Art Institute of Ohio — Cincinnati makes
a limited number of awards to students through the FSEOG
program. These funds are targeted for students who qualify
based upon exceptional financial need. The financial aid
officer determines who will receive a FSEOG and the amount
awarded, based on need, not to exceed the program maximum.
Federal Family Education Loan Program
These loans are either subsidized or unsubsidized. A subsidized
loan is awarded on the basis of financial need. The federal
government pays interest on the subsidized loan until repayment
begins and during authorized periods of deferment. An unsubsidized
loan is not awarded on the basis of need. The borrower
is charged interest from the time the loan is disbursed
until it is paid in full. The borrower can allow the interest
to accumulate, that is, the interest will be added to the
principal amount of the loan and will increase the amount
the borrower must repay. To apply, students
should contact the campus Financial Aid Office.
Federal Parent Loan for Undergraduate Students
(PLUS) Loan Program
Federal PLUS loans are for parents with good credit histories
who want to borrow to help pay for their children's education.
Loans are made available to the parents of a dependent
student by a lender such as a bank, credit union, or savings
and loan association. For additional information, students
and parents should contact the campus Financial Aid Office.
Federal Perkins Loan Program
A student who demonstrates financial need may borrow through
the Federal Perkins Loan Program to help meet his/her educational
expenses. Recipients of Federal Perkins Loan funds are
selected by the Financial Aid Office on the basis of financial
need and the availability of funds.
Federal Work-Study Program (FWSP)
The FWSP program provides employment for students who
demonstrate financial need and who must earn a part of
their educational expenses. The program encourages community
service work and work related to a student's program of
study. FWSP employment is arranged with public or private
non-profit agencies off campus, and the work performed
must be in the public interest. FWSP employment may also
be arranged on campus under certain conditions. Eligibility
for participation in the Federal Work Study Program is
determined by the campus Financial Aid Office, based on
the student's financial need and academic progress. Questions
regarding the Federal Work-Study Program should be directed
to the Financial Aid Office.
Vocational Rehabilitation
A student who has a physical or mental disability may
be eligible for training services through the state government
Agency for Vocational Rehabilitation. For further information,
students should contact the campus Admissions Office.
Determining Dependency Status
If you can answer "Yes" to any of the questions below, you will be
considered "independent" for the purposes of federal financial aid,
and your parents will not need to answer the parent questions on the FAFSA.
If you answer "No" to all of these questions, you are considered
to be "dependent."
Are you married?
Are you supporting legal dependents other then a spouse?
Are you an orphan?
Are you a ward of the court?
Were you a ward of the court until age 18?
Are you a veteran of the U.S. Armed Forces?
Will you be 24 years old by December 31 of the award year?
How Federal Aid is Awarded
When you complete the FAFSA (Free Application for Federal Student Aid), and
indicate The Art Institute of Ohio — Cincinnati as one of your school choices,
we will be able to receive an ISIR (Institutional Student Information Report)
electronically. The ISIR will contain an EFC — Expected Family Contribution.
The EFC is determined by a set federal formula and relates to the amount that
you (and your parents, if you are a dependent student) might be expected to
pay for direct and indirect costs for one academic year. The EFC, in relation
to your costs, is used by The Art Institute of Ohio — Cincinnati to determine
your eligibility for the Federal Pell Grant, the Federal SEOG, the Perkins
Loan, and the Federal Subsidized Stafford Loan. These aid types are referred
to as "need based" aid.
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