Ohio State Plans to Cover Full Tuition Costs for Ohio Pell Grant Recipients

Tons of scholarships and grants are available to help you pay for college.

But what if they fall short of picking up the whole tab?

Well, you could always use apps to help you save money or do-it-yourself tricks to keep your wallet tight while you’re in school. You could even shack up with a senior citizen to save some dough.

But now a major U.S. college is stepping in to help in-state Pell Grant recipients close the tuition gap.

This week, Ohio State University announced it will spend $11 million a year to pay the full cost of tuition and other school fees that aren’t covered by Pell Grants, federal subsidies for those who qualify for financial aid and any other aid packages those recipients may have received.

“Ohio State’s tuition coverage program will help bring the American Dream closer to many more individuals and families throughout the Buckeye State,” said Ohio State President Michael Drake in a news release.

The program is slated to begin in fall of 2018 on the school’s Columbus, Ohio, campus for current, new and transfer students. The college estimates the move will cover aid for 3,500 students.

Pell Grants Help Millions of Students Pay for Some College

Last year, the U.S. government awarded 7.7 million students a combined $28.6 billion in tuition money through Pell Grants, according to the most recent data available from the U.S. Department of Education. In Ohio, about 255,200 students receive a combined $915.7 million.

The exact amount shakes out to $3,587.68 per student. That’s basically chump change when you consider tuition costs $9,600 a year on average.

Though in-state Pell Grant recipients would still have to pony up for housing, this new program would mean they would get about $6,000 to close the tuition gap. Not too bad, Buckeyes.

And it’s even sweeter considering nearly 90% of Pell Grant scholars’ families have annual incomes of less than $50,000.

Find out more about how to apply for Pell Grants through Federal Student Aid, a subsidiary of the Department of Education.

But be warned, you will have to fill out the dreaded FAFSA. And if the Pell Grant isn’t for you, we can help you sort out student loan choices.

Alex Mahadevan is a data journalist at The Penny Hoarder.