Each year billions of dollars are available yearly in college financial aid and tax incentives. Grants are financial aid gifts from the government and colleges that do not need to be repaid. Community groups, businesses, and colleges award scholarships based on special abilities or academic excellence. Work-study programs offer students the opportunity to work on campus while taking classes. Loans are available at special interest rates to help meet college expenses. Tax breaks introduced in 1998 include federal tax credits for tuition, the Education IRA, and interest deductions on student loans in repayment.

To apply for federal aid, complete the Free Application for Federal Student Aid. These forms are available from your high school guidance counselor or from the financial aid office of any of the schools to which you are applying. You can even apply over the Internet for faster turnaround time.

The college to which you have applied will use the results of the FAFSA to make a complete financial aid award package. It's likely a federally backed student loan will be part of the package. That's the time to see us.

Completing a few steps is all it takes to get your student loan. Federal student loans are issued through a government-backed program called the Federal Family Education Loan (FFEL) Program. You will need to fill out FAFSA and submit it to the processor indicated on the application. It is very important to remember and use Ohio Valley's lender code number: 833801.

Here are the Steps

I. After you have completed the FAFSA, it should be submitted as soon as possible after January 1st. Remember to use our lender code number 833801.

2. In 4-6 weeks if submitted in writing, 2-4 weeks if over the Internet, the processor will mail you and each of the schools to which you've applied the results in the form of a Student Aid Report or SAR. The schools will determine the financial aid for which you qualify and notify you in an award letter.

3. Review your financial aid package and if necessary, speak with a financial aid officer if you have questions. Once you've selected which school you will be attending, request a loan application from us (if your award letter shows you are eligible for one.)

4. If you are a dependent undergraduate student, your parents/stepparents can borrow under the Federal PLUS Loan Program, even if you do not qualify for other financial aid. So remember to pick up a PLUS application for your parents too.