These are gift monies and need not be repaid. They come from several sources:

Federal Pell Grants

With a maximum grant of $4,310, these are federal entitlement awards for which you apply through the FAFSA.

Federal Supplemental Educational Opportunity Grants (SEOG)

Additional, limited federal funds are awarded through our Financial Aid Office.

State Grants

Michigan, Vermont, Pennsylvania and Rhode Island residents may apply to their state for a portable grant.

Ohio Wesleyan Grants

These need-based grants are provided through endowment, gifts and operating budget funds. Ohio Wesleyan Grants are only awarded to students who are in degree-seeking programs in a full-time status.

These must later be repaid. Most educational loans carry lower-than-market interest rates:

Federal Subsidized Stafford Student Loan

The interest rate is fixed at 6.8%. The government is paying the interest for the student while the student is enrolled on at least a half-time basis and during authorized deferments.

Federal Unsubsidized Stafford Student Loan

This is a student loan similar to the subsidized Federal Stafford Loan in that the interest rate and repayment terms are the same. If you are not eligible for the maximum Stafford Loan for your grade level, you may borrow the difference in an Unsubsidized Federal Stafford Loan. Interest may be paid or allowed to accumulate during the time in school and will be capitalized (added to principal). The total subsidized and unsubsidized amount cannot exceed $3,500 for the freshman year ($7,500 for independent students).

First-time borrowers need to complete an Entrance Interview prior to receiving any disbursements through this program. All borrowers must complete an Exit Interview when they cease attendance or drop below half-time.

Federal Perkins Loan

This is a deferred, low-interest subsidized loan awarded based on need. No interest accrues until nine months after you stop being at least a half-time student, and then the rate is five percent Repayment begins at that time, extending for up to 10 years.