COLUMBUS – An education at The Ohio State University is about to become a lot more affordable for thousands of Ohio students who come from families of low to moderate income.
OSU announced Tuesday that it, beginning in the fall of 2018, the university would provide money to ensure that all in-state students who qualify for Pell Grants — approximately 3,500 students — will receive an aid package that covers the full cost of tuition and mandatory fees.
“Addressing college costs and protecting college opportunity are defining issues of our time,” said OSU president Michael Drake. “We are thrilled to open our doors even wider to so many more deserving students.”
About 90 percent of the students who receive Pell grants, a key federal program for students with financial need, come from families with household incomes of $50,000 or less, according to the U.S. Department of Education.
The university will provide institutional aid to qualifying new, existing and transfer students on the Columbus campus to close any gap that remains after Pell grants, Ohio College Opportunity Grants and other gift aid is awarded.
The program, funded largely through an endowment created from proceeds of the Comprehensive Energy Management partnership, will provide more than $11 million each year, beginning on the Columbus campus next year, though the university is developing a program for Pell students on its regional campuses as well.
Current in-state tuition and mandatory fees on the Columbus campus total $10,591 annually for first-year students and $10,037 annually for continuing students.
The Ohio State Tuition Guarantee freezes tuition and fees for incoming first-year students for four years and for currently enrolled students for five consecutive years.
Approved by the university’s Board of Trustees in April, the Comprehensive Energy Management partnership is intended to make OSU campuses more energy efficient and provide funds for university programs through its savings.