Graduate Financial Aid
Graduate students may apply for Federal Direct Loans. Oakland City University’s academic year consists of three semesters (fall, spring and summer) and always begins with the fall semester.
| FAFSA Applications by Semester | |
|---|---|
| Summer Semester | FAFSA with year ending in the semester year. Example - Students starting in the summer of 2011 should file a 2010-2011 FAFSA Due June 30th. |
| Fall Semester | FAFSA with year beginning in the semester year. Example - Students starting in the fall of 2011 should file a 2011-2012 FAFSA |
| Spring Semester | FAFSA with year ending in the semester year Example - Students starting in the spring of 2012 should file a 2011-2012 FAFSA |
Filing the Free Application for Federal Student Aid begins the loan application process.
Oakland City University’s federal school code is 001824.
Information for Applicants
Once you have filed the FAFSA and have been admitted into the Graduate Program, you will receive an Award Letter from the Financial Aid office. This Award Letter will tell you what you are eligible for from the Federal Direct Loan.
Students may borrow in this program regardless of income, and it is not based upon your credit rating. This program allows a graduate student to borrow up to a maximum of $20,500 a year. The Direct Loans, subsidized and unsubsidized, are federal student loans with fixed interest rates that are made to graduate students attending accredited programs at least half-time.
The federal government has set loan limits at $8,500 per academic year in subsidized (interest-free while in college) Direct Loans. The interest rate for these subsidized loans is set at 6.8% for 2011-12. Unsubsidized Direct Loans (interest accrues while in college) are available for up to $12,000 per academic year with rates fixed at 6.8%.
Students who do not qualify for the subsidized Direct Loan amount may ask to borrow an unsubsidized Stafford loan for the balance which is a total of $20,500.
These are the federal government loan limits. Your subsidized requested loan amount can never exceed the financial aid budget minus your Expected Family Contribution (EFC from your processed FAFSA) and any financial aid you receive. Your unsubsidized requested loan amount can never exceed the financial aid budget minus any financial aid you receive. Students must be enrolled in at least six credit hours to be eligible for a Federal Direct Loan.
Federal Direct Loan repayment begins six months after graduation or at the time a student ceases to be enrolled half-time. Direct loans are made with federal capital and are owned by the federal government. Students should follow the instructions in their award letter to initiate Federal Direct Loan borrowing.
Apply for My Direct Loan
Eligibility Requirements
Satisfactory Academic Progress (SAP)
Academic Standards required for Financial Aid Recipients:
Students who receive federal or state financial assistance (including student and/or parent loans) are required to make satisfactory progress toward the completion of their degree. >Satisfactory progress is measured by the number of credits successfully completed (academic progress) each year and students' cumulative grade point average after each semester. In addition, students are limited to 125 percent of the published timeframe for their degree. This policy sets the minimum standards for evaluating satisfactory academic progress for federal and state financial assistance. State Grant programs are an exception to the 125 percent rule, their programs are limited to 8 semesters.
Academic Progress Academic progress for financial assistance is based on the number of credit hours completed each academic year. Students must complete 80% of the hours they attempt per academic year. Students have the summer semester to make up the progress required. If a student has extenuating circumstances, a letter of appeal should be addressed to the Financial Aid Office.
Cumulative Grade Point Average Financial Aid recipients are required to maintain the minimum grade point average as they progress toward the achievement of their degree. The Cumulative GP is based on the University’s academic standards found in the University’s Catalog. The Registrar’s Office determines the GPA at the end of each semester. Students who fall below “Good Academic Standing” are placed on Academic Probation.A student is allowed one semester to bring their GPA back up to the required GPA.If the student is placed on Academic Probation a second semester consecutively the students loses their financial aid until the GPA requirement is met.
Graduate student borrowers must complete and receive a passing grade for the number of credit hours for which loan funds were given. Failure to complete and receive a passing grade may put a student on academic progress.
If a student fails to satisfactorily complete the specific courses and credit hours for which he or she enrolled for the semester, future loan disbursements will be cancelled. Progress will be checked at the end of each semester.
Example
| Semester | Enrollment Hours | Progress Standard |
|---|---|---|
| Summer | 12 credit hours | Must achieve 12 credit hours of specific courses |
| Fall | 6 credit hours | Must achieve 6 credit hours of specific courses |
| Spring | 9 credit hours | Must achieve 9 credit hours of specific courses |
Only courses required for the completion of a student's degree count toward enrollment status. Preparatory coursework required for enrollment in a graduate program cannot be counted toward a student's enrollment status. A student must submit a list of all approved courses for his or her program to the Financial Aid Office; the copy must be signed by the student's advisor.
Incomplete Classes
A grade of "I" indicates incomplete and is given when a student's work in a course is not finished because of circumstances beyond the student's control.
For academic transcript purposes, an "I" grade must be removed by the close of the following semester, and it does not count in the computation of grade point average. Incomplete courses which are not satisfactorily completed by the deadline become "F"s on the transcript.
For purposes of academic progress, however, students who receive a grade of an "I" at the end of any semester will be considered as not making academic progress.
Appeal Process
A student may appeal his or her SAP status by submitting a written appeal explaining why he or she was unable to complete the course(s). Appeals must be submitted no later than 14 days after the student is notified. Appeals will be reviewed and the student will be notified of the findings by mail.
Appeals should be submitted to the following address:
Oakland City University
Attn: SAP Appeal
138 North Lucretia Street
Oakland City, IN 47660-1038
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