Loans
Several types of loans are available to qualifying students. See the descriptions and application information here or contact the OCU financial aid office by email or by phone, (812) 749-1436.
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PERKINS LOANS
Loans of up to $4,000 per year are awarded to graduate and undergraduate students who show financial need. Repayment of this loan begins nine months after a student ceases half-time enrollment status. Interest is 5% simple interest.
SUBSIDIZED AND UNSUBSIDIZED DIRECT LOANS
Federal Direct Loans are for undergraduate, graduate, and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Direct Loan. There are two types of Direct Loans made through the Department of Education: Subsidized Direct Loans and Unsubsidized Direct Loans. You must have financial need to receive a Subsidized Direct Loan.
Subsidized Direct Loan
You are eligible for a Subsidized Direct Loan if you are in school at least half-time and have financial need. With a Subsidized Direct Loan, the federal government will pay the interest while you're enrolled at least half-time, during your grace period, and during deferment periods.
Unsubsidized Direct Loan
Unsubsidized Direct Loans are for students who do not have financial need. With an Unsubsidized Direct Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed.
DIRECT PLUS LOANS
Direct PLUS Loans are loans parents can obtain to help pay the cost of education for their dependent undergraduate children. A biological or adoptive parent (and in some case, a stepparent) who does not have an adverse credit history may receive a PLUS Loan to help pay for the educational costs of a dependent undergraduate student who is enrolled at least half-time in an eligible institution. The maximum PLUS Loan amount a parent can borrow is equal to the cost of attendance, as determined by the school, minus any other financial aid the student may be receiving.
APPLYING FOR A FEDERAL DIRECT LOAN
To apply for a federal Direct Loan:
- Complete the OCU Direct Loan Application. Contact the OCU financial aid office with your questions at (812) 749-1436.
- Complete Direct Loan Entrance Counseling. All first time borrowers at Oakland City University are required to complete this session. This counseling session is for undergraduate and graduate students seeking to borrow a subsidized and/or unsubsidized Direct Loan.
- Complete a Federal Direct Loan Master Promissory Note or PLUS Direct Loan Master Promissory Note (MPN), which you can complete online, or in hard copy. For a hard copy of the form, call the OCU financial aid office at (812) 749-1436. Only first time borrowers at OCU are required to complete the MPN.
You may also apply for a Direct PLUS Loan.
Exit Counseling for Student Loan Borrowers
Exit Counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). Now, it will soon be time to start repayment on the money you borrowed from the William D. Ford Direct Loan Program and/or the Federal Family Education Loan Program (FFELP). This Exit Session takes approximately 40 minutes and requires your PIN Number.
CONTACT US
Financial Aid Office Hours
Monday through Friday
8:00 a.m. to 4:30 p.m.
James W. Murray Center, Room 207
Toll-Free Phone: (800) 737-5125
Phone: (812) 749-1224
Phone: (812) 749-1436
Fax: (812) 749-1438
Mailing address:
Oakland City University
Attn: Direct Loan Processing
138 North Lucretia Street
Oakland City, IN 47660-1038
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