Office of Student Financial Aid

How to accept and understand your financial aid

Accepting Aid

1. Check myUT often and respond to all requests for information.

MyUT and your UToledo email are the Office of Student Financial Aid’s main communication channels with you.

  • Set up your myUT portal if you haven’t already.
  • Keep your local and permanent addresses up-to-date.
  • Respond promptly to any requests for additional information. Student Financial Aid will alert you by by email when you have actions — or requirements — to complete. To review your outstanding requirements:
    Go to myUT → Student tab → My Financial Aid → My Financial Aid Dashboard

2. Notify the Office of Student Financial Aid if you receive additional financial aid that does not appear on your account.

We need to hear about any aid that isn’t listed in your aid offer, including:

  • Outside or non-university scholarships
  • Veteran’s benefits
  • Graduate assistantships
  • Residence hall advisor stipends

You will receive an email if the additional aid results in changes to your offer.

3. View your financial aid package in myUT.

Aid offers can be viewed in myUT in March if you’re a new student and in April if you’re a returning student.

Go to myUT → Student tab → My Financial Aid → My Financial Aid Dashboard → Award Offer

We’ll notify you by email when you can view your aid in myUT.  New students will receive a more detailed explanation of the aid offer by mail within a week or two.

If at any time your financial aid changes, you will receive an email notification.

IMPORTANT: Your eligibility and aid offer are determined for one academic year only. Our academic year starts in the summer and continues through fall and spring. You must reapply for financial aid every year.

Questions about your aid offer?

  • Review the College Financing Plan in myUT. This consumer tool is designed to help you understand your cost and financial aid information. Go to myUT → Student tab → My Financial Aid → My Financial Aid Dashboard → College Financing Plan.
  • Contact Rocket Solution Central.

Have your financial aid circumstances changed?

Request a review of your financial aid eligibility in light of the new circumstances by submitting a Special Circumstances Application.

How your aid package is determined

The purpose of financial aid is to supplement what your family can afford to pay for college. That amount — the estimated family contribution (EFC) — is determined by the U.S. Department of Education, which administers the FAFSA.

The underlying premise of its financial aid policy is that it is the primary responsibility of the family to pay for college.

We take into account a variety of information to determine the type and amount of financial aid you are eligible to receive.

  • Cost of attendance (COA) — This is an estimate of what it will cost to attend UToledo for one academic year, including estimated living expenses. It includes direct and indirect costs for college. We use federal guidelines and regulations to create this estimate.
    • Direct costs — Tuition and miscellaneous fees associated with your courses and degree program; your room and meal plan charges if you live on campus. These are charges billed by UToledo.
    • Indirect costs — Other educational expenses such as books and supplies, transportation, personal expenses, off-campus housing

We estimate your cost of attendance based on full-time enrollment each semester. If you don’t attend full time, your cost of attendance may be adjusted and your aid reduced.

    • Undergraduate full time = 12 or more credit hours
    • Graduate and Law full time = 9 or more credit hours
    • Medicine full time = 12 or more credit hours

You can view an itemized list of what's included in your cost of attendance estimate in myUT. Go to myUT → Student tab → My Financial Aid → My Financial Aid Dashboard. If you have specific, documentable costs that are not included in your cost of attendance, contact Rocket Solution Central to see if an adjustment is warranted.

The amount and type of aid you receive is based on several factors, including:

  • Grade level ― Used to calculate how much you are eligible for in loans. The maximum loan eligibility for undergraduates increases through the junior year. If your grade level has changed since we created your aid offer, update your information by submitting a Loan Change form in myUT. Go to myUT → Student tab → My Financial Aid → Loan Change Request Form.
  • Expected family contribution (EFC) — This is the amount a family is expected to contribute for your education during the academic year. It’s calculated using the information you provided on your FAFSA, using a formula legislated by Congress. The EFC does not reflect what your family WILL pay. It is a reasonable estimate of what you and your family MAY be able to pay.
  • State residency ― Your residency classification, whether you are an in-state or out-of-state student, is determined when you are admitted. Applying for Ohio residency requires an Ohio In-State Residency Application and supporting documentation.

We take all of this information into consideration and use a formula to determine your financial need for the academic year:

Cost of attendance - estimated family contribution - resources like scholarships = financial need

If your estimated family contribution and other aid are greater than your cost of attendance, you are likely ineligible for need-based aid. However, you may qualify for low-interest student loans and scholarships.

Based on your eligibility, financial aid is awarded in the following order:

1. Resources: These are funds you will receive as a student such as support from the Bureau of Vocational Rehabilitation, a faculty or staff fee waiver, graduate assistantship, contract payment
2. Scholarships: If you have been awarded a scholarship and it does not appear in your Financial Aid Award Package, please contact Rocket Solution Central.
3. Federal Pell Grant (undergraduate students only)
4. Ohio College Opportunity Grant (OCOG) (undergraduate Ohio residents only)
5. Federal Supplemental Educational Opportunity Grant (FSEOG) (high-need undergraduate students only)
6. Federal Direct Subsidized Loan (undergraduate students only)
7. Federal Work-study (FWS)
8. Federal Direct Unsubsidized Loan
9. Federal Direct Parent PLUS Loan (credit approval required)
10. Federal Direct Graduate PLUS Loan (credit approval required) (graduate, law, and medical students only)

Financial Aid Offer Disclaimer: The cost and financial aid offer estimates contained in your notification do not represent a final determination of your final net price or actual award of financial assistance. Calculated estimates are not guaranteed. While care has been taken to produce accurate estimates based on the information provided by the student, the actual cost of attendance and availability of financial aid are subject to change without notice. Future changes made by the federal government, state agencies or The University of Toledo could result in a different offer. Errors, omissions, changes in your financial information, changes in your enrollment status as well as other changes in your eligibility may result in revisions to your offers.  Furthermore, any additional scholarship or other financial assistance you receive may reduce or change your financial aid offers.

4. Accept your aid.

Your financial aid offer is guaranteed for 90 days after we notify you of your financial aid package, unless a shorter term is specified.

Scholarships and grants ― Automatically accepted for you. No action necessary.

Loans and work-study ― You have three choices:

  • Accept all that you are offered.
  • Refuse all or a combination of what you are offered.
  • Reduce the amount of loans you wish to take on. You do not have to take out the full amount for which you’re eligible. Use the estimated costs on your financial aid offer to help you determine how much you need to borrow.

To accept your aid:

Go to myUT → Student tab → My Financial Aid → My Financial Aid Dashboard → Award Offer

NOTE: You will NOT be able to accept Parent or Grad PLUS loans in myUT. You must apply for PLUS loans separately. You also apply for alternative or private loans separately.

How to apply for PLUS or private loans

When you accept your financial aid, you are authorizing UToledo to apply your awards directly to charges on your student account. Funds listed on the award package may be used only for UToledo educational expenses.

5. Complete entrance counseling and sign master promissory note (MPN).

If you are a first-time loan borrower, these steps must be completed before your loan can be disbursed ― or paid ― to your student account.

Submit a Loan Change Request through myUT if you change your mind and want to:

  • Reduce or decline a loan award you previously accepted
  • Accept all or a portion of a loan award you previously declined

Go to myUT → Student tab → My Financial Aid → Loan Change Request Form

6. Review Title IV consent Form.

We highly recommend that you sign the consent form. This allows us to use your federal financial aid to cover room and meal plan fees and non-instructional fees such as orientation, parking permits and more. This helps you avoid late fees. These charges are paid separately from tuition, and students often forget to pay them before the deadline.

Go to myUT → Student tab → My Accounts → Title IV Consent

7. Give family members or others access to your financial information.

A federal law — the Family Educational Rights and Privacy Act (FERPA) — prohibits us from releasing sensitive information about you to a third party without written consent. That includes financial information.

If you want to authorize us to release financial information to a parent or someone else, fill out a consent form:

Go to myUT → Student tab → My Accounts → FERPA Consent

Learn more about FERPA

How you receive your aid

All of the above steps must be completed before financial aid funds are paid ― or disbursed ― to your account at the beginning of each semester.

You also have enrollment requirements specific to each type of financial aid:

  • Loans: You must be enrolled at least half time for loan disbursement.
  • Scholarships: Most scholarships require full-time attendance.
  • Grants: Grants are based on full-time enrollment. If you drop below full time, some grants are pro-rated. The full grant amount will be reduced proportionately according to your enrollment status.


  • Some courses, especially in the summer, have varying start dates. We cannot release your financial aid until you begin the course that brings your enrollment up to half time.
  • Winter Intersession is considered part of spring semester. So if you enroll in Winter Intersession courses, your aid will not be disbursed until the start of spring classes.

Before we release aid to your account, you will notice that your E-statement refers to memoed or authorized aid.

  • Memoed aid ― aid that is in the process of being finalized and is available to be used toward your account balance in a tentative status
  • Authorized aid ― aid that is ready to paid or disbursed, but the date for disbursement has not yet arrived. Any term that offers courses with staggered start dates (e.g., summer) may cause disbursement to be held until the start of the course that brings you to an eligible number of credit hours to receive your loan or grant.

Once aid is paid, the terms “memoed” or “authorized” will no longer appear on your account.

Grants, scholarships and loans

Grants, scholarships and loans administered by the Financial Aid office are paid directly to your account. They are used to pay for instructional, general, lab, surcharge and University room and board fees.

Federal work Study

If you accept a work-study job, you will be paid bi-weekly through the University Payroll Department. Direct deposit is the quickest and safest way to receive your check. To sign up:

Go to myUT → Employee tab of myUT → Direct Deposit Allocation

Outside scholarship checks

Direct the donors of outside scholarships you receive to send checks to the Office of Student Financial Aid, 2801 W. Bancroft St., Mail Stop 314, Toledo, OH 43606. We will apply the funds to your student account. Your name and Rocket number and/or birthday should be recorded on each check or included on an attached letter. This will help us apply the funds to your correct account in a timely manner.

  • Scholarships of less than $500 will be applied to your fall semester bill.
  • Scholarships of $500 or more will be divided evenly between fall and spring semesters.

If the check is co-payable to you and the University, you will be asked to endorse the check prior to it being applied to your account.

If the check is made payable to you, it is your responsibility to notify the Office of Student Financial Aid that you received the scholarship money and to use it to pay any outstanding balance on your student account, before using it toward additional costs.

TIP: If you received a scholarship and the check will not be available prior to the beginning of the semester, send a copy of your scholarship award notification to the Office of Student Financial Aid.

Refunds of Excess Aid

Sometimes the amount of aid you receive exceeds your bill and the excess amount is refunded.

Refunds begin on the second day of the semester. If you are enrolled in courses that begin after the start of the semester, you may not be eligible for all excess aid until all courses for which you have registered have begun.

NOTE: Not all types of aid are refundable. University scholarships, the Ohio College Opportunity Grant and some outside scholarships are nonrefundable.

How to receive the extra funds

    • Direct deposit ― This is the quickest way to get your refund. Sign up for direct deposit to your personal bank account in myUT.
      Go to myUT → Student tab → My Accounts → E-Refund and Profile Setup
    • Paper check — Make sure your local and permanent addresses are current in myUT. We’ll mail the check. Know that it may take 7-14 days longer to receive a check through the mail than if you signed up for direct deposit.

      If your parent borrows through the Parent PLUS Loan program and excess loan funds remain after charges have been paid, a refund check will be mailed to your parent at the address provided on the Parent PLUS Loan application.

    • Rocket Card ― You can transfer up to $800 of your excess refundable financial aid each semester to your Rocket Card to purchase books or other supplies. Complete our online form.
      Go to myUT → Student tab → My Accounts → Transfer Excess Financial Aid to Rocket Card

Funds will be available on the Monday of the week prior to the start of the semester, depending on the timing of your request.

We will continue to transfer excess funds each semester until you return to the Transfer Excess Financial Aid to Rocket Card form and select the “Void Rocket Card transfer request” box.

Money Management Tools

How financially literate are you? Do you need to learn more about how to manage your money? A lot of tools are available to teach you how to budget, handle student loans and more. UToledo partnered with Huntington Bank on our Rocket Financial Wellness Center. It’s a fun, simple-to-use tool to help you build money management skills.

I want to learn about managing my money

Financial Aid Code of Conduct

Have Questions?

Ask Rocket Solution Central.

Rocket Solution Central — or RSC — is your one-stop answer shop for financial aid questions.

Call 419.530.8700
Monday - Wednesday and Friday 8:30 a.m. - 4:45 p.m.
Thursday 10 a.m. - 4:45 p.m.
Visit 1200 Rocket Hall
Monday - Friday 8:30 a.m. - 5 p.m.

No need to wait in line. Register through Rocket Q ahead of time or when you arrive. You'll receive wait-time updates and be notified when it's your turn.

Register by texting "University of Toledo" to 419.419.3430 or by entering your information online.

Financial Wellness

We could all use some help managing our money ― whether you’re a high school student, undergraduate or upperclassman ready to graduate.

UToledo's financial wellness team offers workshops, presentations and tools to help you improve your money management skills. You can even schedule an appointment with our counselor to discuss your personal financial plan.

  • How to pay for college
  • Managing student loans
  • Making a budget
  • And more
Financial Wellness Services
Last Updated: 2/17/23