Financial aid is money in the form of loans, grants and employment that is available to a student to help pay the cost of attending. Financial aid comes from the federal government, which is the largest provider of aid, as well as state government, the school and a variety of other public and private sources. If you think your educational expenses are more than you and your family can afford, you should apply for financial aid using the Free Application for Federal Student Aid (FAFSA). You will need to apply for financial aid every year by completing a FAFSA. The FAFSA includes all the information necessary to determine your eligibility and must be completed if you want to be considered for any of the federal programs sponsored by the U. S.
Department of Education. The FAFSA is available in two formats: paper and electronic. If you complete a paper FAFSA, you will mail it directly to the application processor listed on the FAFSA. Or you can apply online at web and list school code will receive your processed information. You should apply for financial aid (for the upcoming academic year beginning in August) as soon after January 1 as possible.
Many financial aid programs have limited funding, therefore early application is recommended. Application should be completed at least one month prior to the semester you are planning to attend. If you apply for funding late, you will receive your funding late. Financial Aid Eligibility To be considered for financial aid you must: o be enrolled as a degree- or certificate-seeking student. o be a U.
S. citizen or a permanent citizen of the United States. o have a valid social security number. o register with Selective Service (if required).
o make satisfactory academic progress (successfully complete courses with grade of A, B, C, D or P at least 66% of the hours attempted each term with a cumulative GPA of 2. 0 or above. ) o demonstrate an ability to benefit (see below). The following are the different types of Financial Aid available: GRANTS – funds that do not have to be paid back.
Grants offered at: o Pell Grants – Federal Pell Grants are available only to undergraduates with no prior bachelor’s degree. The Office of Financial Aid determines eligibility and will notify the student when an award is made. o Supplemental Educational Opportunity Grant (SEOG) – This grant is available only to undergraduates having the greatest financial need. Awarded on a first-come first-served basis by the Office of Financial Aid until all federally allocated funds are awarded. o Oklahoma Tuition Aid Grant (OTAG) – OTAG is available to Oklahoma residents. Awards are made by the Oklahoma State Regents based on the information provided on the FAFSA.
Recipients will receive an award notification from the Oklahoma Tuition Aid Grant Program. Early application, prior to April 15 th is requested. For more information, please call the OTAG program directly at 405-234-4356. LOANS – borrowed money that has to be paid back over a period of time, after the student ceases to be less than a halftime student. Loans offered at: o Subsidized Stafford Loan – (Formerly Guaranteed Student Loan) Federal Stafford Loan funds are borrowed from a lending institution (e. g.
, a bank or credit union). Eligibility for this low interest loan is based on financial need. Students must be enrolled at least halftime to receive a loan. The borrower should check with the organization that holds the loan for the interest rate. Repayment begins six months after enrollment drops below half time. The federal government pays the interest on this subsidized loan while the student is in school or in deferment.
o Unsubsidized Stafford Loan – (Formerly Supplemental or SLS) A non-need based Stafford Loan is unsubsidized, which means the student is responsible for the interest while she / he is in school or in deferment. Students must be enrolled at least halftime to receive a loan. Unsubsidized Stafford Loans accrue interest within 30 days of borrowing. Check with the lender for repayment terms. o Parent Loan for Undergraduate Students (PLUS) – Parents of dependent students enrolled at least halftime may apply for the Federal PLUS loan. These loans have a variable interest rate.
Repayment usually begins 60 days after the loan is disbursed; however, prospective borrowers should consult a lender for specific deferment and repayment information, because different options are available. Any grant, loan or scholarship money (minus any bookstore charges and tuition) will be applied to your Business Office account (disbursed) after the two-week add / drop period in the fall and spring semesters has concluded. Refunds are typically available at the Business Office around the 6 th week of the term. The first disbursement for summer will be after the one-week add / drop period. No money will be disbursed prior to the first day of class for the semester.
COLLEGE WORK-STUDY – money that a student must earn by working at a part-time job on campus. Funds to pay the major portion of the student’s work-study earnings come from the Federal Work-Study Program. ? o This part-time work program provides employment opportunities on campus. o Financial aid eligibility is required, and the College Financial Aid Office will contact eligible applicants. Ability to Benefit (ATB) Federal regulations state that a student must demonstrate an ability to benefit from college before receiving aid.
Students, therefore, must demonstrate one of the following ATB requirements: 1. High school transcript showing graduation, or 2. General Education Development (GED) certificate, or 3. COMPASS test with a minimum score of 25 on Pre-Algebra/Numerical, 62 on Reading, and 32 on Writing, all completed in one test session, or 4. College transcript with 60 or more transfer hours. Return of Title IV Aid (formerly called Refund/Repayment) The Federal Government has set guidelines concerning students who receive Title IV Aid and completely withdraw from school or stop attending courses.
Any student making a complete withdrawal or that stops attending their classes who received a Federal Pell Grant, SEOG, Subsidized Stafford Loan, Unsubsidized Stafford Loan or a Parent (PLUS) Loan, will be required to pay back money to the school immediately if they drop out or stop attending courses before 60% of the semester has been finished. After the calculations are figured, the Financial Aid Office will notify any student that might owe money back to the Federal Government. Your Financial Aid Satisfactory Academic Progress status will also be evaluated at the end of the semester and you will be notified accordingly.