Financial Aid

• In Ohio, in the 2003-2004 academic year, 78% of full-time freshmen enrolled in Ohio public four-year universities received either state aid, federal aid (including guaranteed loans) or institutional aid or some combination of these three.¹⁸
• The comparable percentages for full-time freshmen receiving financial aid enrolled in public two-year institutions (including university branch campuses) and private nonprofit institutions are 67% and 89% respectively.¹⁹

• In 2003-2004, at public four-year campuses, of full-time freshmen receiving federal grants, the average student received $2,910, about $100 less than the national average.²⁰ Of full-time freshman receiving state grants, the average student received $1,505, about $931 less than the national average.²¹ However, of full-time freshman receiving institutional grants, the average student received $3,667, $676 more than the national average.²²
• In 2003-2004, at public two-year campuses, of full-time freshmen receiving federal grants, the average student received $2,587, $150 less than the national average.²³ Of full-time freshman receiving state grants, the average student received $1,031, $153 less than the national average.²⁴ However, of full-time freshman receiving institutional grants, the average student received $1,297, $92 more than the national average.²⁵
• In 2003-2004, at private nonprofit four-year campuses, of full-time freshmen receiving federal grants, the average student received $3,096, about $1,611 less than the national average.²⁶ Of full-time freshman receiving state grants, the average student received $1,551, $1,374 less than the national average.²⁷ Of full-time freshman receiving institutional grants, the average student received $9,064, $8 less than the national average.²⁸
• The graph below shows average grant awards to full-time freshmen that received financial aid in 2003-2004.

In the Measuring Up 2004 report, Ohio received a grade of F in the area of affordability. The report's summary on this measure concluded:

Ohio has made no notable progress in providing affordable higher education opportunities over the past decade.

The chart below shows the factors the study used. The chart shows Ohio's statistics compared to the top-rated states on the measure of affordability.²⁹

• In the 2003-2004 academic year, 52% of the full-time freshmen enrolled in Ohio public four-year universities received loans. The average amount of these loans was $4,066.
• At Ohio public two-year institutions (including university branch campuses), 36% of full-time freshmen received loans with an average value of $2,506.
• At Ohio private nonprofit four-year institutions, 67% of full-time freshmen received loans with an average value of $4,357.
• Comparable numbers for the nation are 45% for public universities, 18% for public two-year institutions and 62% for private nonprofit four-year institutions.

Because increases in Ohio public tuition have outpaced increases in state and federal grant assistance, families must contribute a significant and growing percentage of their income to achieve financial access to college or students must borrow more. For example, between 1993 and 2002, average tuition at Ohio public universities rose by 76% while the average Pell Grant and average Ohio Instructional Grant awards rose by 43% and 76% respectively according to data from the Ohio Board of Regents. Ohio per capita income rose by approximately 41% in this period.

The Ohio College Opportunity Grant (OCOG), introduced as a recommendation of the Statewide Consultation on Financial Aid & Student Costs in 2002, is Ohio's new and improved need-based financial aid program. OCOG expands the reach of need-based financial aid to more students and families. For more than thirty years, the Ohio Instructional Grant Program (OIG) successfully provided needbased grants to millions of low-income Ohio students, but the methodology it used to determine financial need was limited and out-of-date. OIG used a tablebased approach in determining need that only considers two (2) variables – family income and the number of dependent children in the household. The consultation recommended shifting to the federal methodology of Expected Family Contribution, commonly referred to as "EFC," as the factor for determining need. EFC uses a much more expansive approach by considering more variables such as family assets, student income, number of family members in college, and the age of the parents.

Students who enroll in college for the first-time in the 2006-2007 academic year will be considered for OCOG eligibility while students who show evidence of enrollment prior to 2006-2007 will maintain their OIG eligibility. The Free Application for Federal Student Aid (FAFSA) form will continue to be the vehicle by which students apply for OCOG. The first year phase-in of OCOG will take place in FY 2007 with full implementation taking place in FY 2010. During the phase-in period, OBR will maintain funding for the OIG and the Part-Time Student Grant Program (PTSG).

Visit the Ohio Board of Regents OCOG Web site at http://regents.ohio.gov/sgs/ocog/index.php.

There are a variety of grant and scholarship programs administered by the Ohio Board of Regents State Grants and Scholarships Department to aid students as they pursue higher education. A complete listing of these programs is available at http://regents.ohio.gov/sgs/index.php.

For assistance in determining program eligibility, students are encouraged to call the Ohio Board of Regents toll free financial aid information hotline at (888) 833-1133. They may also wish to contact their prospective institution's financial aid office directly.