FEDERAL FINANCIAL AID
FEDERAL FINANCIAL AID PROGRAMS
You must complete the Free Application for Federal Student
Aid, (FAFSA) to determine your eligibility for all federal aid,
federal family loans and the need-based Ohio grant programs
OIG or OCOG. The code number for the Art Academy is 003011.
To complete this application click on the link below:
http://www.fafsa.ed.gov/
Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be
repaid. Pell Grants are generally awarded only to
undergraduate students who have not earned a bachelor’s
or professional degree. (A professional degree is usually
obtained after a bachelor’s degree in a field such as medicine,
law, or dentistry.) In some cases, you might receive a Pell
Grant for attending a post-baccalaureate teacher certificate
program. The FAFSA determines your eligibility for a Pell
Grant.
Federal Supplemental Educational Opportunity
Grant (SEOG)
An FSEOG is for undergraduates with exceptional financial
need—that is, students with the lowest EFCs (Estimated
Family Contributions) — and gives priority to students who
receive Federal Pell Grants. An FSEOG doesn’t have to be
paid back. The college determines awards, therefore early FAFSA
application is recommended as the SEOG funds are limited
and are awarded as financial aid packages and eligibility
are completed.
Academic Competitiveness Grant (ACG)
The ACG is for freshmen and sophomore Pell Grant-eligible students who have successfully completed a rigorous high school program. An ACG does not have to be repaid. The college determines a student's eligibility and funds are limited, so students are encouraged to file the FAFSA early.
FEDERAL FAMILY LOAN PROGRAMS
There are three (3) types of loans available under the Federal
Family Education Loan Program (FFELP). The school will
determine your eligibility based on the results of your FAFSA.
To apply for a FFELP loan you must complete and return a
Loan Input Request Form for your first loan.
Subsidized Stafford Loan
The Subsidized Stafford Loan is a low interest, fixed rate,
need-based loan to help you pay for the cost of your post-
secondary education. The federal government pays the
interest to the lender during your enrollment of six (6) credit
hours or more and for six months immediately following
separation from school.
Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan is available to students who
may not qualify for a Federal Subsidized Stafford Loan or who
may qualify for less than the full annual amount. Unsubsidized
loans mean that the federal government does not pay interest to
the lender on your behalf. You are responsible for paying all
the interest throughout the life of the loan. You may choose to
pay the interest while in school or have the interest capitalized
(added to the principal balance of the loan).
You may be eligible to receive both the subsidized and the
unsubsidized Stafford loans but the total of both loans must
not exceed federal annual loan limits (see chart below).
FEDERAL ANNUAL LOAN LIMITS
CLASS level |
Credit Hours |
maximum |
First Year |
0-29 |
$3500.00 |
| Sophmore |
30-59 |
$4500.00 |
| Junior |
60-89 |
$5,500.00 |
| Senior (4) |
90-120 |
$5,500.00 |
| Senior (5) |
120+ |
$5,500.00 |
| Graduate |
Program Max. |
$8,500.00 |
PLUS Loan for Parents
A fixed interest rate installment loan to help parents or
legal guardians pay for
their dependent student's post-
secondary education. The parent can borrow up to the cost
of education minus any financial aid the student is receiving.
For additional information regarding Federal and Ohio
Financial Aid and Scholarships, please email the Financial
Aid Office, financialaid@artacademy.edu, or contact
513.562.8751 or 513.562.8773.
