Financial Aid

Financial Aid at OCU

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, work-study, and OCU institutional aid. In order to qualify for Indiana state aid, Indiana residents’ FAFSAs must be received by the Central Processing Center before April 15. Filing for financial aid is an annual process. File online for free at www.studentaid.gov.

Special Circumstances

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 request is a Special Circumstances Form. This form is only available in the Financial Aid Office. You will need to submit a request to [email protected] or call 812.749.1224.

FAFSA

The Free Application for Federal Student Aid (FAFSA) is your application for financial aid.

This includes institutional, federal, and state financial assistance. Completing and submitting the FAFSA is free and quick. The Department of Education uses information submitted on your FAFSA to determine federal loan and grant eligibility. The State of Indiana uses FAFSA information to determine state grant eligibility. Oakland City University uses FAFSA information to determine need based institutional grant amounts.

Please Note: Oakland City University requires any student receiving institutional aid to complete a FAFSA to continue to receive institutional funds.

The fastest and easiest way to complete your FAFSA is on the web at www.studentaid.gov. Please use Title IV Federal School Code 001824 to send your FAFSA information to Oakland City University.

More FAFSA Details

The FAFSA asks for information about you and about your financial situation. Depending on your circumstances, you may need the following information or documents as you fill out the FAFSA:

  • Your social security number (it is very important that you enter it correctly on the FAFSA)
  • You parents’ social security numbers if you are a dependent student
  • Your driver’s license number if you have one
  • Your Alien Registration Number if you are not a US citizen
  • Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if
  • you are a dependent student:
    • IRS 1040, 1040A, 1040EZ
    • Foreign tax return and/or
    • Tax return for Puerto Rico, Guam, American Samoa, the US Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau
  • Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your
  • parents if you are a dependent student.
  • Information on cash, savings and checking account balances; investments, including stocks and bonds and real estate but not including the
  • home in which you live; and business and farm assets for you, and for your parents if you are a dependent student.

If you need help filling out the FAFSA:

  • Main Campus students can contact the Financial Aid Office for an appointment for one-on-one assistance or help over the phone at 812.749.1224; Non-traditional students can contact the Non-Traditional Financial Aid Office for an appointment for one-on-one assistance or help over the phone at 812.749.1437.
  • Chat with live technical support staff by clicking the “Help” icon with the big question mark at the top of any FAFSA on the Web entry page,
  • Read the “Help and Hints” located on the right side of any FAFSA of the Web entry page.
  • Click “Need Help?” at the bottom of any FAFSA on the Web entry page.

Once you have signed and submitted a valid FAFSA, your information is sent to the Department of Education for processing. Once your FAFSA has processed your information will be shared with the colleges and/or career schools that you listed on the application. If you are an Indiana resident, your information will also be shared with the Indiana Commission for Higher Education. The Financial Aid Office will use your information to figure out how much financial assistance you will be able to receive.

The Office of Federal Student Aid at the US Department of Education will send you a Student Aid Report (SAR). This is a summary of the FAFSA information that you submitted. You should receive the SAR within three days to three weeks of submitting your FAFSA. It is very important to look over the SAR information to make sure you didn’t make a mistake. If you find that you need to make corrections log back on to www.fafsa.ed.gov. Once the corrections have been made your information will be resent to the schools you selected on the FAFSA and you will receive an updated SAR.

Once the Financial Aid Office receives your FAFSA information it will be reviewed for eligibility and a financial aid award letter will be issued.

Please note that not all programs at Oakland City University qualify for financial assistance.

FAFSA Verification

Each year, approximately one-third of all FAFSA’s are selected for verification by the U.S. Department of Education.  The federal process of verification requires that the Office of Financial Aid checks the accuracy of certain information provided on your Free Application for Federal Student Aid (FAFSA). For students whose FAFSA is selected for verification, our office will notify you with the steps to complete this process. Once documents have been submitted, the Office of Financial Aid will notify you for any further documentation or clarification needed. Verification must be completed in order for the student’s financial aid to be finalized before disbursement.

If a FAFSA appears to have data discrepancies, the Office of Financial Aid may select the student for verification to ensure accuracy. Any discrepancies found, could result in corrections to the student’s FAFSA.

The documentation necessary to verify your application is indicated below:

Please provide the requested information within 30 days to ensure that your financial aid award can be finalized and disbursed at the start of the academic year. Failure to complete the verification process will significantly delay or may result in the cancellation of a financial aid award.

Entering Students
If you receive an Award Letter prior to being verified, it is a tentative award and your financial aid may change due to the verification process. If so, we will notify you as soon as possible.

Continuing Students
All verification items must be submitted prior to file evaluation and the awarding of official financial aid.

Please submit the following items:

  • A signed IRS Tax Return (student and/or spouse or parents, if applicable).You may use the IRS Data Retrieval Tool on the FAFSA on the Web (www.studentaid.gov) to transfer income tax information for you (student &/or spouse or parents, if applicable). Or, to obtain an IRS tax return transcript, go to http://www.irs.gov/transcript, or call 1-800-908-9946. Make sure to request the “IRS tax return transcript” and not the “IRS tax account transcript.” See the Verification Worksheet (in student portal) for more information. If you filed an amended tax return, please contact our office.
  • Copies of all W-2s, if requested or if you (student &/or spouse or parents) were employed but not required to file a tax return.
  • Completed, signed and dated Verification Worksheet (on student portal).

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 equivalence, such as 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 www.sss.gov you can give Selective Service permission to register you by checking a box on the FAFSA.
  7. If you are in default on a federal student loan, you will not be eligible for any federal assistance until your default has been resolved.
  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.)
SAP Policy

At the end of each semester/payment period, the Office of Financial Aid reviews Satisfactory Academic Progress. Failing to meet SAP may impact a student’s access to financial aid.

Students who do not meet SAP will receive an email as well as written notification at the end of the term/payment period.

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

The United States Department of Education (Higher Education Act of 1965, as amended) requires that students maintain satisfactory progress toward completing their degree to receive financial aid. Satisfactory Academic Progress (SAP) is defined as the successful completion of coursework towards an eligible certificate or degree. Federal regulations require the Office of Financial Aid to monitor the academic progress of students receiving financial aid. This policy treats all students (e.g. full-time, part-time, different programs of study, etc.) the same. For more information, please refer to 34 C.F.R. §668.34(a)(2).

The Office of Financial Aid is required to check three standards: quantitative (pace of progression), qualitative (GPA), and maximum time frame for receiving aid.

These standards, known as Satisfactory Academic Progress (SAP), govern eligibility for students who want to establish or continue aid eligibility for all federal, state, and institutional financial aid programs including grants, scholarships, work-study, and student and parent loans. Many private loans also require SAP.

SAP applies to a student’s entire degree program, including terms (fall, spring, and summer)/payment period (25 instructional weeks) in which financial aid was not applied for or disbursed.

Quantitative (Pace of Progression): 

Students must, at a minimum, successfully complete 67% of all credit hours attempted. Every semester, after grades are posted, a student’s total credit hours successfully completed (earned) will be divided by the credit hours attempted to determine whether the 67% completion rate requirement has been met.

  • Completed (earned) credits: Successfully completed credits include grades of A, B, C, or D (including plus or minus) and credits taken as Pass/No Credit, in which a P was earned. Credits earned by examination will be considered completed credits.
  • Attempted credits: All credit hours for which a student registers at OCU, transfer credits that count toward the OCU degree, and credits earned by examination are included in attempted credits. Grades of F, W, I, WE or WF will count as hours attempted, but not completed. When an I is changed to a letter grade, the new grade will be reflected the next time progress is reviewed, or sooner, at the student’s request.
  • Incomplete grades: If a student is unable to complete all requirements, due to extenuating circumstances approved by the instructor, an incomplete may be issued.  The incomplete will not be calculated into the grade point average. The student will receive the letter grade when all work has been successfully completed; or if the student does not complete the work within the specified time frame, a grade of F will be assigned. Incomplete grades can affect both quantitative and qualitative requirements. Please refer to 34 C.F.R. 668.34(a)(6).
  • Withdrawal from a course: Courses that a student withdraws from are considered in ‘hours attempted’ towards the qualitative, quantitative, and maximum time frame measurements.  If a student withdraws from a course prior to the last day to withdraw for a grade of W, the student will receive earn a grade of W. The WF grade will affect their quantitative and max time frame measurements. If a student withdraws past the last day to withdraw for a grade of W, the student will earn a grade of WF. The WF grade will affect their quantitative, qualitative, and max time frame measurements. Please refer to Refer to 34 C.F.R. 668.34(a)(6).
  • Transfer Credits: Transfer credits that apply to a student’s OCU degree are included in both the credits attempted and the credits earned when calculating the completion percentage. Credits 2022-2023 Undergraduate Academic Catalog 37 received for remedial courses or for courses that are not applicable to the student’s OCU degree are not included in either credits attempted or earned.
  • Repeated Courses: Courses that are repeated to improve a grade are counted in attempted hours each time the course is taken but only one passing grade is counted toward the credit hours earned in the completion rate. Students may retake a class for which they have previously received a grade of “F” as many times as it takes to successfully complete the class. However, students may only repeat a course one time in which they have received a passing grade. After one allowable time, the student cannot use federal assistance for future repeats. However, if the course is added to full-time enrollment of twelve (12) or more credit hours, the student can receive federal aid based on full-time status.

In certain circumstances, students may receive financial aid for repeated courses. Any courses that are repeated will be used in the calculation of a student’s Satisfactory Academic Progress status.  Each repetition will count towards the attempted hours for the quantitative measurement (pace of progression) and will be counted in the GPA calculation for the qualitative measurement for SAP. 

  • Part-time Students: Cumulative GPA requirements are the same as for full-time students. The number of semesters or payment periods required to complete the program will depend on the hours registered. Students must successfully complete the majority of the credit hours attempted each semester or payment period and maintain a 67% cumulative completion rate. However, no student will receive financial aid once 150% of the required credit hours to complete the program have been attempted.

Year in College

Earned Credit Hours

Cumulative GPA*

First-Year

0-29

1.50

Sophomore

30-59

1.75

Junior & Senior

60 or more

2.00

Qualitative Standards (GPA): Qualitative standards refer to cumulative GPA with respect to year in college. The table below outlines the minimum requirements students must meet to remain eligible for federal and state financial aid:

*The minimum cumulative GPA requirements vary for other programs such as university grants and scholarships. Students can contact the Office of Financial Aid to verify minimum requirements for all non-federal and state programs.

Maximum Time Frame for Eligibility:

  • Federal Aid Standards: Federal regulations govern the maximum length of time a student may receive federal aid. For students pursuing a bachelor’s degree, this timeframe is defined as 150% of the scheduled length of the program. For example, students in an academic program requiring 120 credit hours may attempt up to 180 credit hours (150 % of 120 is 180 hours). Students pursuing an associate’s degree requiring seventy-two (72) credits may attempt up to 108 credit hours (150 % of 72 is 108 hours). Other degree programs with differing credit hour requirements will have up to 150 % of the required hours as their maximum. All OCU attempted hours, including hours taken in a change from one major to another will apply toward the 150% total. For transfer students, the number of transfer credit hours accepted at the point of admission to OCU will be used to calculate the student’s remaining eligibility for the 150% maximum time frame calculation. Second undergraduate degree students are only eligible to receive loan funds. Students enrolled in a degree program which is equal to or lower than a degree already earned, will have the previous degree’s accepted credit hours applied toward the student’s current certificate or degree. The accepted credit hours will be counted toward the 150 % maximum time frame calculation.

For transfer students, the number of transfer credit hours accepted at the point of admission to OCU will be used to calculate the student’s remaining eligibility for the 150% maximum time frame calculation. These hours will also be counted towards both attempted and completed hours at OCU. Please refer to 34 C.F.R. §668.34(a)(6).

  • State of Indiana Grants: Full-time students in four-year degree programs may receive Indiana grant aid for a maximum of eight (8) semesters or until the first bachelor’s degree is earned, whichever comes first.

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. If the student successfully meets FA SAP requirements by the end of the warning period, the hold will be removed, and the student will retain financial aid eligibility.
  • Financial Aid SAP Suspension: If a student on FA SAP Warning does not meet SAP requirements by the end of the warning period, the student is placed on FA Suspension pending the appeal process. A suspension hold is then placed in the student’s account, and the student will not be eligible to receive financial aid. This means he or she will be required to pay out-of-pocket for expenses incurred at the university. Students may appeal this status; however, if an appeal is not submitted by the deadline or the appeal is denied, the suspension hold will remain on the student’s account.
  • Financial Aid SAP Probation: A student on FA SAP Suspension may appeal his or her status. A student’s whose appeal is approved and who submits an Academic Improvement Plan may be placed on FA SAP Probation. Students on FA SAP Probation have a hold placed on their account but remain eligible to receive financial aid throughout the payment period for which the appeal was granted and for subsequent payment periods, provided the student continues to stipulations outlined in the Academic Improvement Plan.

Appeal Process:

Financial Aid Denial Notification: Both a letter and an e-mail will be sent at the end of each semester notifying students who are ineligible for further financial aid until deficiencies are rectified. Students are responsible for maintaining awareness of their SAP status for aid renewal whether or not they receive the official notifications. The Office of Financial Aid is not responsible for address changes that are not reported or for other problems with postal mail or e-mail delivery of financial aid notifications.

Correcting Academic Deficiencies: Students who fail to meet the above standards will be ineligible for financial aid. They may enroll at their own expense in courses in a subsequent term to correct deficiencies. Grade or GPA deficiencies can only be corrected at OCU, but credits to correct a deficiency in the number of earned credit hours can be taken elsewhere and transferred to OCU through arrangement with the Office of Academic Affairs. Students may request a review of their progress when a grade is changed, regardless of when that change occurs.

Appeals to Regain Eligibility: A student who fails to meet these standards and has lost eligibility for financial aid may appeal this decision. Appeals must be submitted in writing and must be accompanied by appropriate supporting documents. In the appeal, the student must explain why he or she was not making SAP and changes indicating how he or she will begin making progress. Appeals should be submitted to the Office of Financial Aid at least three (3) weeks before the beginning of the student’s next semester of attendance to allow time for processing.

Acceptable rationales for appeals may be: 1) serious illness or accident affecting the student; 2) death, accident, or serious illness in the student’s immediate family; 3) change in academic program; 4) or other serious extenuating circumstances. The reasonableness and likelihood of the student’s ability for improvement to meet the appropriate standards for the degree will be taken into consideration.

Once submitted, appeals are reviewed by the Appeals Committee. The student will receive written notification of the committee’s decision within two (2) weeks of submitting the appeal for review. Letters approving an appeal also contain academic expectations and next steps. When an appeal is approved, the student is be placed on FA SAP Probation for one semester and aid will be granted. If the student does not meet SAP by the end of the probationary period, the student must complete and submit a SAP academic plan indicating when the student expects to meet SAP to the Office of Financial Aid.

If the appeal for aid is denied, the student may choose to enroll without using financial aid in an effort to repair SAP deficiencies. Students may request a review of their record following any term. If the SAP standards are met at the time of review, financial aid eligibility may be regained for subsequent terms of enrollment that year.

For more information about Oakland City University’s Satisfactory Academic Progress Policy (SAP), contact the Office of Financial Aid.

State Financial Aid SAP Appeals: 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 https://www.in.gov/che/4500.htm.

Penalties for Drug Law Violations For Currently Enrolled Students

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 Director of Financial Aid. 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.

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.studentaid.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

The Perkins Loan program ended September 30, 2017. For more information on the Federal Perkins Loan Program please visit the Federal Student Aid website at: www.studentaid.gov.

For more information on William D. Ford Federal loans please visit the Federal Student Aid website at: studentaid.gov.

Direct Subsidized Loans

  • Direct Subsidized Loans are made available to undergraduate students (enrolled in at least 6 credit hours) who demonstrate a financial need.
  • The Oakland City University Financial Aid Office will determine the amount you are eligible to borrow. This amount may not be in excess of your financial need.
  • The Department of Education pays the interest on a Direct Subsidized loan for you while you are in school at least half time (6 credit hours),
    for the first six months after you leave school (graduate or withdraw), during a period of deferment.
  • Before loan funds can be processed, you must have a valid Master Promissory Note and Entrance Counseling session on file with the Department of Education. Click the links at the top of the page for more information.
  • Before your loan funds are disbursed, you may cancel all or part of your loan at any time by notifying the Financial Aid Office. After your loan is disbursed, you may cancel all or part of the loan within a certain time frame. Contact the Financial Aid Office for more information.

PLEASE NOTE: If you receive a Direct Subsidized Loan that is disbursed between July 1, 2019 and July 1, 2020, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

For more information on William D. Ford Federal loans please visit the Federal Student Aid website at: studentaid.gov.

Direct Unsubsidized Loans

  • Direct Unsubsidized Loans are made available to undergraduate and graduate students who are enrolled at least half time (6 credit hours). This loan does not have a financial aid need requirement.
  • The Oakland City University Financial Aid Office will determine the amount you are eligible to borrow. This amount may not be in excess of the cost of attendance established by the Financial Aid office in combination with other financial aid you may receive.
  • You are responsible for paying the interest on an Unsubsidized Loan during all periods (enrollment, grace, deferments, etc.)
  • If you choose not to pay the interest on your loan while you are in school and during all other periods, your interest will accumulate and be added to the principal of your loan.
  • Before loan funds can be processed, you must have a valid Master Promissory Note and Entrance Counseling session on file with the Department of Education. Click the links at the top of the page for more information.
  • Before your loan funds are disbursed, you may cancel all or part of your loan at any time by notifying the Financial Aid Office. After your loan is disbursed, you may cancel all or part of the loan within a certain time frame. Contact the Financial Aid Office for more information.

For more information on William D. Ford Federal loans please visit the Federal Student Aid website at: studentaid.gov.

Direct PLUS Loan

  • Direct PLUS Loans are made available to graduate or professional students and parent of dependent undergraduate students. The student must be enrolled at least half time (6 credit hours).
  • The borrower must not have an adverse credit history (credit check will be performed by the Department of Education at the time the loan is applied for).
    • If you have adverse credit, you may want to consider and endorser for the loan application.
    • If a parent borrower is denied a PLUS loan, the undergraduate, dependent student may be eligible to receive additional unsubsidized loan funds. Please contact the Financial Aid Office for more information.
  • The maximum loan amount is the student’s cost of attendance, as determined by the Financial Aid Office minus any other financial aid received.
  • You may apply for a PLUS loan at www.studentaid.gov. The Financial Aid Office will receive your completed PLUS loan application from the Department of Education after processing.
  • Before loan funds can be processed, you must have a valid Master Promissory Note and Entrance Counseling session on file with the Department of Education. Click the links at the top of the page for more information.
  • Before your loan funds are disbursed, you may cancel all or part of your loan at any time by notifying the Financial Aid Office. After your loan is disbursed, you may cancel all or part of the loan within a certain time frame. Contact the Financial Aid Office for more information.

For more information on William D. Ford Federal loans please visit the Federal Student Aid website at: studentaid.gov.

Loan Limits & Fees

Annual Loan Limits

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, 2023 and June 30, 2024.

Undergraduate Students Graduate Students
Direct Subsidized Loans 5.50% N/A
Direct Unsubsidized Loans 5.50% 7.05%
PLUS Loans 8.05% 8.05%
Perkins Loan 5% 5%

PLEASE NOTE: If you already have federal student loans and would like to check the interest rate, servicer information, and other financial aid history log on to the www.studentaid.gov.

Interest Rates for loans first disbursed between July 1, 2022 and June 30, 2023.

Undergraduate Students Graduate Students
Direct Subsidized Loans 4.99% N/A
Direct Unsubsidized Loans 4.99% 6.54%
PLUS Loans 7.54% 7.54%
Perkins Loan 5% 5%

PLEASE NOTE: If you already have federal student loans and would like to check the interest rate, servicer information, and other financial aid history log on to the www.studentaid.gov.

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, 2020, and before October 1, 2024.

Direct Subsidized Loans 1.057%
Direct Unsubsidized Loans 1.057%
Direct PLUS Loans 4.228%
Perkins No origination fee

Repayment

To make your payments more affordable, repayment plans can give you more time to repay your loans or be based on your income. Contact your loan servicer if you would like to discuss repayment plan options or change your repayment plan. You can obtain your loan servicer information as well as other information concerning your Federal student loans on the National Student Loan Data System website.

You can use the Department of Education’s Repayment Estimator to get a look at which plans you may be eligible for and see estimates on how much you would pay monthly and overall. Click on the Repayment Plans and Calculators under the Managing Repayment tab. You will need to have your Federal Student Aid PIN ready in order to access this information. If you have forgotten your PIN, you can request a PIN reset or a duplicate PIN by going to www.studentloans.gov and clicking on the Apply for A PIN under the Tools and Resources tab.

An explanation and eligibility requirements of each repayment plan offered by the Department of Education for Federal Direct Loans can be found here.

Perkins repayment plan options are not the same as those for Direct Loan or FFEL Program loans. You will need to contact Oakland City University’s Perkins Loan servicer, University Accounting Service, for more information on Perkins Loan repayment plan options.

Deferment

A deferment is a period of time during which repayment of the principal and interest of your loan is temporarily delayed. Most deferments are not automatically granted, you will need to submit a request to your loan servicer. If you enrolled in school at least half-time you will need to contact the Financial Aid Office as well as your loan servicer for more information on obtaining an in-school deferment. The table below provides an example of situations that may make you eligible for a deferment:

Situations When You May Apply For Deferment Direct Loans FFEL Loans Perkins Loans
During a period of at least half-time enrollment in college or career school YES YES YES
During a period of study in an approved graduate fellowship program in an approved rehabilitation training program for the disabled YES YES YES
During a period of unemployment or inability to find full-time employment YES (for up to 3 years) YES (for up to 3 years) YES (for up to 3 years)
During a period of economic hardship (includes Peace Corps service) YES (for up to 3 years) YES (for up to 3 years) YES (for up to 3 years)
During a period of service qualifying for Perkins Loan discharge/cancellation NO NO YES
During a period of active duty military service during a war, military operation, or national emergency YES YES YES
  • During the 13 months following the conclusion of qualifying active duty military service, or until you return to enrollment on at least a half-time basis, whichever is earlier, ifYou are a member of the National Guard or other reserve component of the US armed forces AND
  • You were called or ordered to active duty while enrolled at least half-time at an eligible school or within six months of having been enrolled at least half-time
YES YES YES

If you are a Direct Loan or FFEL Program borrower who has a loan that was first disbursed before July 1, 1993, you may be eligible for additional deferments for situations including teaching in a teacher shortage area, public service, being a working mother, parental leave, or temporary disability. For more information on these additional deferment options please contact your loan servicer.

Consolidation

If you have multiple federal student loans, you can consolidate them into a single Direct Consolidation Loan. This may help simplify repayment if you are currently making separate payments. Visit the Federal Student Aid consolidation page at http://studentaid.ed.gov/repay-loans/consolidation for more information and options for consolidation.

Loan Forgiveness, Cancellation, and Discharge

Under certain conditions, you may be eligible to have all or part of your loan discharged or forgiven (canceled).

Visit the Department of Education’s Federal Student Aid website, http://studentaid.ed.gov/repay-loans/forgiveness-cancellation#total-and, for a quick view of the types of forgiveness, cancellation, and discharge conditions. Many of the qualifying conditions require an application to be submitted. The required applications may also be found at the link mentioned above.

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 2019-2020 award year (July 1st, 2019 – June 30th, 2020) is $6,195. 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 2019-2020 FSEOG Award: $1000

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

Indiana State Grants and Scholarships

In order to be eligible for state financial aid, students must complete the correct academic year’s FAFSA by the deadline (April 15 annually).

A student’s FAFSA may have edits that pertain only to State of Indiana award and scholarship programs. A student should check his or her ScholarTrack account for a list of any edits that may be on the FAFSA.

Even if a student’s or parent’s Federal income taxes are not complete by the FAFSA filing deadline, the FAFSA should be filed on or before the appropriate FAFSA deadline using ESTIMATED tax information.

The Commission administers State financial aid only and is not affiliated with FAFSA. For assistance with completing the FAFSA, please contact the Federal Student Aid Information Center: 1-800-4FED-AID (1-800-433-3243).

IMPORTANT: If you did not list OCU as your first college choice on the FAFSA please go to www.studentaid.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.

STATE FINANCIAL AID

21st Century Scholarship
The 21st Century Scholarship is Indiana’s early promise program, offering income-eligible Hoosier students up to four years of paid tuition at an eligible Indiana institution.

EARN Indiana
EARN Indiana is a need-based work-study program that gives students access to resume-building, experiential, paid internships, while employers receive state matching funds in exchange for hiring EARN students.

Frank O’Bannon Grant
The Frank O’Bannon Grant is Indiana’s primary need-based financial aid program, designed to provide access for Hoosier students to attend eligible postsecondary institutions.

Mitch Daniels Early Graduation Scholarship
The Mitch Daniels Early Graduation Scholarship is a one-time grant for students who graduate from a publicly supported high school at least one year early.

Adult Student Grant
The Adult Student Grant is Indiana’s need-based financial aid program specifically designed to meet the unique needs of working adults.

FINANCIAL AID FOR MILITARY AND PUBLIC SAFETY OFFICERS

Child of Deceased or Disabled Veteran*
Provides tuition and fee assistance to a student who is the child of a deceased or disabled veteran.

Child of Purple Heart Recipient or Wounded Veteran*
Provides tuition and fee assistance to a student who is the child of a Purple Heart recipient or veteran wounded as the result of enemy action.

Children and Spouse of Indiana National Guard*
Provides tuition and fee assistance for children and spouses of members of the Indiana National Guard killed in the line of duty.

Children and Spouse of Public Safety Officers*
Provides tuition and fee assistance to children and spouses of public safety officers killed in the line of duty.

Indiana Purple Heart Recipient*
Provides tuition and fee assistance to veterans who are Purple Heart recipients.

National Guard Supplemental Grant
The National Guard Supplemental Grant guarantees up to 100% of tuition and regularly assessed fees for eligible members of the Indiana Air and Army National Guard.

Soldier’s and Sailor’s Children’s Home*
The Soldier’s and Sailor’s Children’s Home program covers students who are former students and/or graduates of Morton Memorial High School or who are former residents of the Indiana Soldiers’ and Sailors’ Children’s Home (ISSCH).

FINANCIAL AID FOR TEACHERS

Next Generation Hoosier Educators Scholarship
The Next Generation Hoosier Educators Scholarship provides 200 high-achieving high school and college students interested in pursuing a career in education the opportunity to earn a renewable scholarship of up to $7,500 each year for four academic years. In exchange, students agree to teach for five years at an eligible Indiana school or repay the corresponding, prorated amount of the scholarship.

William A. Crawford Minority Teacher Scholarship
The William A. Crawford Minority Teacher Scholarship is for minority students intending to pursue, or currently pursuing, a course of study that would enable them to teach in an accredited school in Indiana for three years following graduation.

Student Teaching Stipend for High-Needs Fields
The Student Teaching Stipend for High-Needs Fields is for students who plan to teach in a “high-needs” field which affects the economic vitality of Indiana in which there is a shortage of candidates.

Earline S. Rogers Student Teaching Stipend for Minorities
The Earline S. Rogers Student Teaching Stipend for Minorities is for minority students who will engage in student teaching during the upcoming academic term.

State Financial Aid Appeals

If an applicant disagrees with a determination of eligibility, the applicant may ask the Commission to review the decision by submitting an appeal and all relevant supporting documentation using the Commission’s online appeals form.

Click here to submit an appeal.

For more information, please visit the Indiana Commission for Higher Education’s appeal page.

Credit Completion Requirements

In 2013, Indiana lawmakers sent a clear signal that encourages on-time college completion through student financial aid incentives and annual credit completion expectations, because students who complete at least 30 credit hours per year have the best chance to graduate on time.

Students who receive state financial aid for the first time during the 2013-2014 academic year or thereafter will be required to meet certain completion requirements to renew state financial aid awards in subsequent years. This includes students who first started school prior to July 1, 2013 but received their first state awards after that date. Students receiving the Frank O’Bannon Grant, 21st Century Scholarship and Adult Student Grant are subject to Credit Completion Requirements.

Federal Direct Loan MPN and Counselings

Master Promissory Note (MPN) for Federal Direct Loans
All students must complete the MPN to receive federal loans. This must be done before loans can appear on your billing statement and be disbursed to you. This can be completed here.

Federal Direct Loan Entrance Counseling
All students borrowing Federal Direct Loans for the first time at Oakland City University are required to complete the Entrance Counseling Session. This must be done before loans can appear on your billing statement and can be disbursed to you. This can be completed here.

Federal Direct Loan Exit Counseling
All students borrowing Federal Direct Loans at Oakland City University are required to complete the Exit Counseling session. This can be completed here.

Military Aid

Chapter #33 – Yellow Ribbon Program
In August, 2009, Oakland City University became a Yellow Ribbon Program School. The Yellow Ribbon Program is a VA Benefit program that will pay the tuition and fees directly to the school. The student will also receive up to $1,000 per school year for book allowance which is paid directly to them. A housing allowance is also paid to the student.

The student is allowed up to $23,671.94 per school year for tuition and fees. Any tuition and fees that are beyond the $23,671.94 will be paid by VA and Oakland City University.

Oakland City University has renewed its agreement with VA each year since the beginning and will continue to be a part of this program. For more information on the Post 9/11 Yellow Ribbon Program visit www.benefits.va.gov.

To order your JST transcript please click here.

Private Loan Information

Listed below are two application tools that will provide access to multiple lenders. Both the INvestEd Marketplace and FASTChoice will allow you to compare lenders and rates for possible alternative loans. As a borrower, you have the option to select any lender you choose. We recommend that you select a lender included in one of the tools below in order to ensure your loans are processed as quickly and smoothly as possible. Please understand that we will process a loan with a lender that is not listed. If you have any questions regarding the process used to select the lenders included in the INvestEd Marketplace or in FASTChoice, please contact our office.