Financial Aid FAQs

What is a FAFSA and what do I get from it?

The Free Application for Federal Student Aid (FAFSA) is a federal form required of a student who wants to receive federal Pell grants or loans as well as some other types of aid. FAFSA itself is not “money,” rather it gathers your personal financial and household information to give an index to the Financial Aid Office. We then use that index to determine what grants, loans, and other aid you are eligible to receive.

I submitted my FAFSA, but you still don’t have the results. Why not?

You probably forgot to list the Ashland University (AU) school code (003012) on the FAFSA. Please check to see if the AU code is listed on your FAFSA. Also verify that your social security number on your FAFSA is correct and matches with the number on file at AU. Another reason we may not receive your FAFSA results is we do not have your social security number in our system. Your social security number is how COD links your results to our system and without it, we will never receive them. Check with your Admission Representative or the Registrar's Office to make sure we have your social security number and that it is correct.

I received my FAFSA results recently. When will you receive them?

We normally receive the results electronically seven to ten business days after you receive notification.

I submitted the FAFSA. As a Graduate, Seminary, or Non-Traditional Undergraduate student why do I have to complete an Ashland University Financial Aid Application?

We don’t know how many hours you are taking or the amount of financial aid you are requesting unless you complete the Financial Aid Application. The FAFSA provides us with an index of how much need you have and also lets us know that you are not in default on previous loans. Undergraduate students, Accelerated Nursing, and Physician Assistant students are not required to complete this form as their aid is pre-determined by their program.

As a Bachelor's Plus student I already have my Bachelor’s degree, why am I being asked to provide parental information on my FAFSA?

Bachelor’s Plus students are pursuing a license rather than an additional degree. Therefore, in the FAFSA’s Dependency Status question section, you must answer “No” to working on a master’s or doctorate program. If you cannot answer “Yes” to any of the other Dependency Status questions, you are considered a dependent student and must provide parental information on your FAFSA. Whose house you reside in and who claims you on tax returns have nothing to do with FAFSA Dependency Status.

Can anyone receive a Federal Direct Subsidized/Unsubsidized Loan?

All students who have been accepted in an undergraduate, Bachelor’s Plus, masters, or doctoral degree-granting program are eligible to receive Federal Direct Loans unless they are in default on a previously received Federal Student Loan or have reached the aggregate limit in Federal Direct Loans. For aggregate loan amounts, see the following questions. You must complete a FAFSA in order to receive a Federal Direct Loan of any kind.

I am a Seminary student, what does that mean?

Seminary students are pursuing a masters or doctoral degree. You are considered a graduate student.

How much may a graduate student borrow?

Graduate students may borrow up to $20,500 per academic year (two consecutive terms) in Federal Direct Unsubsidized Loans, not to exceed the Ashland University budget set for their academic program. The aggregate lifetime limit is $138,500 (subsidized and unsubsidized undergraduate and graduate loans combined).

How much may a Bachelor’s Plus student borrow?

Bachelor's Plus students may borrow up to $12,500 per academic year (two consecutive terms), not to exceed the Ashland University budget set for their academic program. Up to $5,500 can be borrowed in Federal Direct Subsidized Loan funds if the student shows need on the FAFSA. The aggregate limit is $57,500 for Independent students and $31,000 for dependent students.

Teacher Certification courses are not eligible for federal financial aid. You can borrow a Private Education Alternative Loan to cover your costs. You can find more information about these loans at target="_blank".

What are the terms of a Federal Direct Subsidized/Unsubsidized Loan?

Federal Direct Loans have a fixed interest rate of 3.73 percent and are deferred while enrolled at least half-time.

What’s the difference between Federal Direct Subsidized and Unsubsidized Loans?

Subsidized means that the federal government pays the interest while the student is enrolled at least half-time. Interest accrues on Unsubsidized Loans while the student is in school and can be paid at any time or added to the principal. To find information on paying your interest while in school, contact your loan servicer.

How large of a Subsidized Loan can I receive?

Your financial aid counselor will determine that from your FAFSA and the budget set for your academic program then it will be included on your Financial Aid Offer letter. Only Undergraduate and Bachelor's Plus students qualify for Subsidized loans if need is shown on the FAFSA.

I was accepted into the program recently. When will my loan be processed?

We process loans in the order of acceptance into the program and when all required completed paperwork is received. It may take up to two weeks for processing, depending on when the paperwork is received. Acceptance and/or forms received in the last few weeks before the beginning of the term may not be processed in time for registration. It may be necessary for you to pay by credit card or set up a payment plan and be reimbursed after you attend your first class when your loan has been processed.

If I had a Federal Direct Subsidized/Unsubsidized Loan last year, do I have to reapply?

You must complete a FAFSA and Ashland University Financial Aid Application (if in a Graduate, Seminary, or Non-Traditional Undergraduate program) each academic year, but you should only complete the MPN and entrance counseling once.

What about Summer Session?

Summer Session requires a separate Summer Financial Aid Application by all student types. The application is available on our website in mid to late February each year.

What if my Federal Direct Subsidized/Unsubsidized Loan isn't enough? What about a Private Education or Federal PLUS Loan?

Most students are eligible for the maximum financial aid budget set by the Financial Aid Office in Federal Direct Loan funds. In a very few cases, students may be eligible for an additional amount. Information on Private Education Alternative Loans and the Federal PLUS Loans is available on our website.

I asked for a larger amount in Federal Direct Subsidized/Unsubsidized Loans than I received. Why didn’t I receive it?

Either you requested more than you are eligible for based on federal regulations or more than the budget set for your academic program.

I didn’t ask for enough. How do I get more?   I asked for too much. How do I reduce my loan?

Do NOT submit a second Financial Aid Application. Rather, send an email to for additional funds or to reduce your loan; include your student ID number on your request. Requests are NOT taken over the phone.

Can I use loans for correspondence courses?

No, correspondence courses are not eligible for loans.

What about workshop courses?

No, workshop courses are not eligible for loans.

I’ve heard about loan forgiveness for teachers. What about it?

If you received a Federal Direct Subsidized/Unsubsidized Loan on or after 10/1/1998 and you teach full-time and have for five years in a low-income school, you might be eligible to have a portion of your loan canceled – up to $5,000. If you teach special education in an elementary or secondary low-income school or math or science in a secondary low-income school for five years, you may be eligible to have up to $17,500 canceled. More information is available at under “Managing Repayment.”

What about repayment of Federal Direct Subsidized/Unsubsidized Loans? How long do I have?

Loans are deferred while you are enrolled at least half-time. Repayment begins after you complete a six-month grace period. Normal repayment is 10 years.

What if I drop out of school for a term? Do I have to pay my loans while I’m not enrolled?

If you are not enrolled at least half-time, your grace period will begin and you will go into repayment six months later. If you have already used a portion or all of your grace period, you may go into repayment sooner. Your loans will again be deferred when you return to school at least half-time.

Have a question that isn't listed?

Contact the Financial Aid Office at or 419-289-5002 or 1-800-882-1548 x5002 and we’ll be glad to help.

Are the loan funds sent to me or AU and how do I receive my refund?

Loan funds are sent to Ashland University directly. If you were awarded financial aid in excess of the amount due and have a credit balance on your student account, you may request a refund check or direct deposit after your first class of the term. Please contact Student Accounts at or 419-289-5022 to make that request.

I am in the Pre-Doctor of Ministry program, do I qualify for loans?

Federal regulations allow students to receive Federal Direct Subsidized/Unsubsidized loans for up to one consecutive 12-month period for preparatory coursework such as the Pre-DMin program. The 12-month period begins on the first day of the loan period when a student receives his or her first Federal Direct Loan in the Pre-DMin program. Regardless whether a student is enrolled or borrows in consecutive terms, when the 12-month period is up, Federal Loan eligibility ends. Pre-DMin students are also subject to undergraduate level Federal Direct Loan limits, up to $12,500 per academic year and an aggregate limit of $57,500. They must also be enrolled in a minimum of 6 credit hours per semester to be eligible for a Federal loan for that semester. To review your borrowing history, log in with your federal PIN at Upon enrollment in the Doctor of Ministry program, students will fall under regular graduate degree loan eligibility.

Why do you need my tax information?

Either the income information on the FAFSA appears to be in error or the federal government chose your FAFSA for verification. The FAFSA must be accurate. If you were chosen for verification, we are required by the federal government to obtain a copy of your federal tax return transcript before you can receive need-based federal aid (i.e., Work Study or Federal Direct Subsidized Loan); we can no longer accept copies of your tax return.

What if I am taking MBA Foundations Courses?

MBA Foundations Courses are not required for your MBA degree. Therefore, they are not eligible for Federal Financial Aid. You may be able to borrow a Private Alternative Education Loan for foundations courses. Go and follow the appropriate links. If you are taking only Foundations courses in a term, no federal aid will be available. If you are taking a Foundations course with MBA degree-required courses in the same term, you are eligible for federal aid based on the number of MBA degree-required hours you are taking.