Financial Aid

Financial Aid is made available for those who qualify through federal, state, and University programs. 

All students who are interested in financial aid should file the Free Application for Federal Student Aid (FAFSA). This form is used to determine a student’s eligibility for grants, loans, and work-study, and OCU institutional aid. In order to qualify for Indiana state aid the FAFSA Indiana residents’ FAFSAs must be received by the Central Processing Center before March 10. Filing for financial aid is an annual process. File online for free at www.fafsa.ed.gov

Special Circumstances

The FAFSA requires the previous year’s tax information when filing. If a student or a family member has had a loss of income, the Financial Aid Office should be notified. The form that the student would need to file is a Special Circumstances Form. This form is only available in the Financial Aid Office. The Director of Financial Aid will notify the student if additional information is needed.

Eligibility 

  1. For most federal and state student aid, you must have financial need. Unsubsidized loans and parent loans are non-need based loans.
  2. You must be a United States citizen or an eligible non-citizen.
  3. You must have a high school diploma or GED.
  4. You must have a valid Social Security number. Your name on financial aid applications must exactly match the name on your Social Security card.
  5. You must make satisfactory academic progress (SAP).
  6. If you are a male, you must register with the Selective Service. If you are a male age 18 through 25 who has not yet registered with Selective Service, you can register at ww.sss.gov or you can give Selective Service permission to register you by checking a box on the FAFSA.
  7. You must certify if you are in default on a federal student loan owe money on a federal student grant.
  8. You must be admitted to an eligible program as a regular student working toward a degree. (You may not receive aid if you are enrolled as a guest or non-degree seeking student.)

Satisfactory Academic Progress

OCU monitors FA satisfactory academic progress at the end of each term. 
FA SAP is based on cumulative GPA, not on the most recent term.

Students who do not meet SAP will receive written notification at the end of the payment period.

This policy applies only to financial aid awards, and is separate from the academic policy regarding satisfactory progress.

The US Department of Education and the State of Indiana’s regulations governing student financial assistance require that Oakland City University develop standards to measure academic progress.  A student will not be eligible for financial assistance if he/she does not meet the academic requirements that have been established.

Oakland City University Satisfactory Academic Standards for Cumulative GPA:

  • Freshman: 1.50
  • Sophomore: 1.75
  • Junior/Senior: 2.00
  • Graduate: School Specific

State of Indiana’s Satisfactory Academic Standards for Cumulative GPA:
For more information on Indiana’s SAP requirement visit http://www.in.gov/ssaci/2569.htm

  • Freshman: 1.50
  • Sophomore: 2.25
  • Junior/Senior: 2.50

Other scholarships and grants (including merit and endowments) offered by Oakland City University have GPA requirements.  Please contact the Financial Aid Office if you have questions concerning your specific University award.

In addition to GPA requirements, students must meet quantitative and maximum time frame requirements.

Quantitative: Students must complete and pass a minimum of 67% of the credit hours attempted at Oakland City University.

Max Time Frame:  Federal regulations require that a student complete a program of study within 150% of the time allotted for the program.  All credit hours attempted at OCU and all transfer hours to be used toward a degree at OCU that were received at a previous institution will be counted in the determination of hours attempted. 

Failure to meet Financial Aid Satisfactory Academic Progress (FA SAP) will result in a hold being placed on the student’s account in one of the following areas:

Financial Aid SAP Warning:
This hold is assigned to a student who has failed to meet FA SAP upon the first infraction.  Students will be eligible to receive FA during the warning term.  If SAP is not met in the following term, the student will be placed on FA Suspension or FA Probation based on the appeal process (see below for more information on the appeal process).   If the student successfully completes the warning period the hold will be removed and the student will retain financial aid eligibility.

Financial Aid SAP Suspension:
If the student does not meet FA SAP at the end of the warning term the student will be placed on FA Suspension pending the appeal process (see below for more information on the appeal process).  If an appeal is not submitted by the deadline or the appeal is denied the suspension hold will remain on the student’s account.  The student will not be eligible to receive FA and will be required to pay his/her own expenses. 

Financial Aid SAP Probation:
A FA SAP Probation hold will only be placed on a student’s account that has successfully appealed the suspension and has completed and submitted the necessary Academic Improvement Plan (see below for more information on the Academic Improvement Plan).  Eligibility may be reinstated for the payment period for which the appeal was granted and for subsequent payment periods provided the student continues to meet the stipulations outlined in the academic plan.

Appeal Process:
An appeal must be submitted to the Financial Aid Office by the deadline listed on the appeal form.  The appeal must be completed by the student. The student must also complete an academic plan as part of the appeal process.  This plan will need to be completed with Career Services located on the main campus of Oakland City University.  The student will be required to meet the guidelines outlined in the academic plan or the probation status will be revoked.   The appeal will be reviewed by the Appeals Committee.  The student will receive written notification of the committee’s decision within two weeks of submitting the appeal for review.  All required documents must be submitted to the Financial Aid Office within 30 days of the suspension notice or the start of the term, whichever is earlier. 

If the student is failing to meet the State of Indiana’s standards for academic progress he/she must complete and submit the State’s appeal form.  The State will inform the student and Oakland City University if an appeal is granted.  For more information on the State of Indiana’s appeal process visit http://www.in.gov/ssaci/2565.htm

Penalties for Drug Law Violations For Currently Enrolled Students

A federal or state drug conviction can disqualify a student for FSA funds. Convictions only count if they were for an offense that occurred during a period of enrollment for which the student was receiving Title IV aid. If a student, prior to enrollment, was convicted of both possessing and selling illegal drugs, the student must complete the FAFSA Drug Worksheet to determine eligibility with the DFA.

 
 
 
 
 

Federal Grants

Federal Pell Grant:
Unlike a loan, the Federal Pell Grant does not have to be repaid.  Federal Pell Grants are awarded to undergraduate students who have not yet earned a bachelor’s degree.  You are not eligible to receive the Federal Pell Grant if you are incarcerated in a federal or state penal institution or are subject to involuntary civil commitment upon completion of a period of incarceration for a forcible or nonforcible sexual offense.

Amounts awarded for the Federal Pell Grant are subject to change on an annual basis.  The maximum award for the 2016-2017 award year (July 1st, 2016 - June 30th, 2017) is $5815. The amount that you will be awarded depends on the following guidelines:

  • Your financial need (as determined by the Department of Education according to information entered on the FAFSA),
  • Your cost of attendance,
  • Your status as a full-time or part-time student, and
  • Your plans to attend school for a full academic year or less.

If you are eligible for a Federal Pell Grant, your award amount will be applied to your student billing ledger at the beginning of each term, pending the receipt of any verification or other required documents. 

IMPORTANT NOTE ABOUT PELL GRANT:  Effective July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters or the equivalent.  You will receive a notice if you are getting close to your limit.  If you have questions concerning the percentage of Pell Grant eligibility used log on to www.nslds.ed.gov or contact the Financial Aid Office.

**Students must meet Financial Aid Satisfactory Academic Progress Standards to remain eligible. 

Federal SEOG Grant (Federal Supplemental Educational Opportunity Grant):
FSEOG is a grant for undergraduate students with exceptional financial need.  The Financial Aid Office will use FAFSA information to determine eligibility for the FSEOG.  Students who will qualify for the Pell Grants and have the most financial need are given priority based on availability. 

If you are selected to receive an FSEOG award the funds will be credited to your student billing ledger at the beginning of each term, pending the receipt of any verification or other required documents. 

Maximum 2016-2017 FSEOG Award: $1000

**Students must meet Financial Aid Satisfactory Academic Progress Standards to remain eligible.  

Indiana State Grants

To qualify for financial aid from the State of Indiana the student must:

  • Be an Indiana resident by December 31st the year prior to applying, student must also remain a resident throughout entire academic year.
  • Be a U.S. citizen, or eligible non-citizen,
  • Be a high school graduate or hold a GED,
  • Attend, or plan to attend, an eligible college or university,
  • Be enrolled, or plan to enroll, in a course of study leading to an associate or first bachelor’s degree,
  • Be a full time student, or plan to enroll as a full time student, and
  • File the FAFSA by March 10th and make any necessary corrections by May 15th. 

IMPORTANT:  If you did not list OCU as your first college choice on the FAFSA please go to www.fafsa.ed.gov and update your information.  The State will only send an award offer to the school listed as #1 on the FAFSA.  OCU’s school code is 001824.

Frank O’Bannon Grant Program:
The Frank O’Bannon Grant Program is designed to provide access for Hoosier students to attend eligible postsecondary institutions.  The program receives its funding through appropriations made by the Indiana General Assembly.  The grants, targeted to tuition and regularly assessed fees, are “need-based” and do not require repayment.  Due to variations in appropriations, the number of filers and the “need” of the filer base, the dollar value of state grants will vary from year to year. 

21st Century Scholars Program:
Affirmed 21st Century Scholars must graduate from an eligible Indiana high school with a final cumulative GPA of at least 2.0 on a 4.0 scale.  In addition to the general eligibility requirements, students must abstain from criminal activity and the illegal use of controlled substances including alcohol.  Students graduating from high school prior to 2012 must enroll full-time at an eligible Indiana college within two years of graduation.  Those graduating in 2012 and after must enroll full-time at an eligible Indiana college within one year of graduation.  A FAFSA must be filed each year, even if the student is not attending college. Failure to meet these requirements will result in loss of the scholarship.

Scholars who enrolled after June 30, 2011 are subject to annual financial means testing once they enroll as a college student.  While in college, the Scholar’s EFC (Expected Family Contribution) will be determined based on the information provided on the FAFSA. 

The scholarship is valid for eight semesters. 

**Students must meet Financial Aid Satisfactory Academic Progress Standards to remain eligible.  

Additional incentives are also offered for academic honors and Core 40 diplomas as well as associate degree completion.  Visit www.in.gov/sfa for more information.

Credit Completion Requirements for Indiana State Grant Recipients:
House Enrolled Act 1348-2013 requires Higher Education Award (Frank O’Bannon) recipients to successfully complete 24 credit hours by the end of the student’s first academic year, at least 48 credit hours by the end of the student’s second academic year, and at least 72 credit hours by the end of the student’s third academic year to renew their state financial aid awards.  Students who earn at least 30 credit hours by the end of their first academic year, at least 60 credit hours by the end of their second academic year, and at least 90 credit hours by the end of the their third academic may earn additional incentives.  If credit hour requirements are not met CHE will not renew the financial aid award.

Students who receive 21st Century Grants will be held to the 30/60/90 requirement.  If the student does not reach these requirements he will be eligible for the Frank O’Bannon Freedom of Choice Award if he would have otherwise qualified for the program.  Students who lose 21st Century Eligibility will have the ability to regain eligibility once credit completion requirements have been fulfilled.

Federal Student Loan Information

To apply for a federal student loan, you must first complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.  Your loan eligibility will be based on the information you submit to Oakland City University on the FAFSA.

The Department of Education offers student loans through the William D. Ford Federal Direct Loan Program and will serve as your lender.  There are four types of loans available under the Direct Loan Program.

  • Direct Subsidized Loans are made to eligible undergraduate students who are enrolled at least half time (6 credit hours) and demonstrate a financial need.
  • Direct Unsubsidized Loans are made to eligible undergraduate, graduate, and professional students who are enrolled at least half time (6 credit hours).  Unlike the Subsidized loan, the student does not have to demonstrate a financial need in order to be eligible for this loan.
  • Direct PLUS Loans are made to graduate or professional students and parent of dependent undergraduate students who are enrolled at least half time (6 credit hours) to help cover the cost of educational expenses. (Credit check is required.)
  • Direct Loan Consolidation Loans allow students to combine all eligible federal student loans into a single loan with a single servicer.

Perkins Loans
Perkins loans are made to eligible undergraduate, graduate, and professional students who demonstrate an exceptional financial need.  Even though the Perkins Loan Program is a federal loan program, Oakland City University is considered the lender.  Funds depend of your financial need and the availability of funds at Oakland City University from one academic year to the next.

Year Dependent Undergrad Student (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent students whose parents are unable to obtain PLUS Loans) Perkins (independent and dependent students)
First Year (1-29 credit hours earned) Undergraduate Loan Limit $5,500—No More than $3,500 of this amount may be in subsidized loans. $9,500—No More than $3,500 may be in subsidized loans Determined by Financial Aid Office but no more than $5,500
Second Year (30-59 credit hours earned) Undergraduate Annual Loan Limit $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans. Determined by Financial Aid Office but no more than $5,500
Third Year (60+ credit hours earned) Undergraduate Annual Loan Limit $7,500—No more than $5,500 of this amount may be in subsidized loans. $12,500—No more than $5,500 of this amount may be in subsidized loans. Determined by Financial Aid Office but no more than $5,500
Graduate or Professional Student Annual Loan Limit Not applicable (all graduate and professional students are considered independent) $20,500 (unsubsidized only) Determined by Financial Aid Office but no more than $5,500

For more information on the amount of loan funds you have borrowed and lifetime limit information please visit the National Student Loan Data System to access your specific loan information.

PLEASE NOTE: The aggregate loan limits include any Subsidized Federal Stafford Loans or Unsubsidized Federal Stafford Loans you may have received previously under the Federal Family Education Loan (FFEL) Program.  As a result of legislation that took effect July 1, 2010, no further loans are being made under the FFEL Program. Effective for periods of enrollment beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans.  The $65,500 subsidized aggregate loan limit for graduate or professional students includes subsidized loans that a graduate student or professional student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study. If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans.  You may not receive Direct Subsidized Loans for more than 150% of the published length of your program.  You can find the published length of your program of study in the University’s catalog. 

Current Loan Interest Rates

Interest Rates for loans first disbursed between July 1, 2015 and June 30, 2016.

  Undergraduate Students Graduate Students
Direct Subsidized Loans 3.76% N/A
Direct Unsubsidized Loans 3.76% 5.31%
PLUS Loans 6.31% 6.31%
Perkins Loan 5% 5%

 

Current Origination Fees

Most federal student loans have loan fees that are deducted from each loan disbursement you receive.  This is called an origination fee.  You are responsible for repaying the entire loan amount you borrowed and not just the amount you received. 

Loan Origination Fees for loans first disbursed on or after October 1, 2016.

Direct Subsidized Loans 1.069% First Disbursed on or after October 1, 2016: 1.069%
Direct Unsubsidized Loans 1.069% First Disbursed on or after October 1, 2016: 1.069%
Direct PLUS Loans First Disbursed on or after October 1, 2016: 4.276%
Perkins No origination fee

 

Private Education Loans

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