Education
4:37 pm
Fri April 6, 2012

Ohio State announces $50M in new financial aid

Ohio State University is increasing its student financial aid by $50 million over the next four years with a new merit-based scholarship and added need-based grants.

The university says the new "Eminence Scholars" program will be its most prestigious merit-based scholarship. It provides four-year, full-ride scholarships and a $3,000 one-time stipend to 50 students annually, including 40 from Ohio. It is being offered for the first time this year to high school seniors.

"Scarlet and Gray" need-based grants will increase by one third to help additional students and boost awards from $3,000 to $4,000. They are now available to about 7,800 incoming freshmen, as well as sophomores, juniors and seniors.

The university says funds for the programs will come from cost savings and new funding streams.