Financial Aid
School of Adult & Extended Learning (SAEL)

If you are an eligible student enrolled in the School of Adult and Extended Learning (S.A.E.L.), you can apply for federal and state grants, and the University’s General Baptist grant. Student loans are also offered to you through the William D. Ford Direct Loan Program.

To be considered for financial aid, you must file the Free Application for Federal Student Aid (henceforth referred to as the FAFSA) for the award year you want to receive aid. Also, your FAFSA must be processed by the Department of Education on or before the first day of the semester you plan to enroll in. If you miss this deadline, you will not receive financial aid, including student loans, until you register for subsequent semesters.

The University’s academic year consists of three semesters in the following order:
Semester 1………………………..Fall
Semester 2………………………..Spring
Semester 3………………………..Summer

Generally, most students who are enrolled full time for the fall and spring semesters, use all of their aid eligibility for the academic year. You should always check with the Financial Aid Office if you are unsure of your aid eligibility for summer semesters.

You must file the FAFSA every year beginning in January to be considered for financial aid that will be disbursed in the fall of the same year. It is important that Indiana residents meet the March 10 deadline to be considered for state grants. The State of Indiana makes no exceptions to this deadline. Although the deadline for the state is in March, you can still file after this date to be considered for federal grants and loans.

Eligibility Requirements

You must meet the Department of Education’s eligibility requirements to receive financial aid.

1. You must have financial need for most federal and state student aid programs. Unsubsidized loans and parent loans are exceptions.
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. You must register with the Selective Service, if required. If you are a male 18 through 25 years of age and you have not yet registered with selective service, you can give Selective Service permission to register you by checking a box on the FAFSA. You can also register at www.sss.gov.
7. You must sign the FAFSA statement certifying that federal aid will be used for education purposes only.
8. You must sign a statement on the FAFSA certifying that you are not in default on a federal student loan and that you do not owe money back on a federal student grant.
9. 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 student.)

Student Enrollment Status

The amount of credit hours you enroll in is a determining factor in calculating the amount of financial aid you can receive. For example, you must be enrolled full time to receive state grants, at least six credit hours for student loans and at least three credit hours for Pell grants. Financial aid is prorated for less than full time enrollment.

The Enrollment Chart below shows the University’s policy on enrollment hours:

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 Academic Progress toward the completion of their degree or certificate program. Satisfactory Academic Progress is measured by the number of credits successfully completed (academic progress) each year and the student’s cumulative grade point average after each semester. In addition, students are limited to 150 percent of the published timeframe for their degree/certificate objective. This policy sets the minimum standards for evaluating satisfactory academic progress for federal and state financial assistance.

Academic Progress— Academic progress for financial assistance is based on the number of credit hours completed each academic year. Students enrolling full time must complete 24 credit hours per academic year. The academic year for the Academic Progress standard is the fall and spring semesters. At the end of the spring semester, the 24 hours must be met unless a student starts in the spring. The student who starts in the spring semester will have their Academic Progress measured after completing 2 semesters. If a student does not successfully meet the 24 credit hours, the student loses all financial aid until the progress is successfully completed. If a student has extenuating circumstances, a letter of appeal should be submitted 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 GPA 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.

A word about incomplete classes. “I” indicates incomplete and is given when a student’s work in a course is not finished because of circumstances beyond her or his control. 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.

Federal Student Aid Programs

The federal government offers grants and loans to help you pay for college. You must apply to find out if you are eligible. Applying for federal student aid is free; that’s why the application you complete to apply is called the Free Application for Federal Student Aid.

For a complete list of Federal programs go to: www.FederalStudentAid.ed.gov

State Student Aid Programs

The State Student Assistance Commission of Indiana (SSACI) offers grants to students who are Indiana residents enrolled full time in the fall and spring semesters. Eligibility is based on data you disclose on your FAFSA. Remember, your FAFSA must be received by the federal processor by March 10 and be error-free by June 10 each and every year.

The General Baptist Grant

The University offers a General Baptist grant to students who are or whose parents are active members of a General Baptist Church.

You can apply for this grant by having your Pastor or a member of your church's Board complete the General Baptist Grant Form. Once it is completed, please submit it to the financial aid office.

*Please note that not all Baptist churches are General Baptist.

Fee Schedule

Fees for the 2009-2010 academic school year are displayed in the chart below. All fees may be subject to change, without notice.

Questions regarding the Fee Schedule should be addressed to the Provost:
Murray Center
138 North Lucretia Street
Oakland City, Indiana 47660-1038
(Telephone: 812-749-1238)
Office hours are 8:00 a.m. to 4:30 p.m. Monday-Friday.

Billing Policy for School of Adult and Extended Learning (SAEL) Programs

Oakland City University bills per semester.

Schedule of payment due dates are as followed for Fall, Spring, and Summer semesters:

Questions concerning the billing process should be directed to Anita Miskell,
Business Coordinator S.A.E.L. at 812-749-1240 or amiskell@oak.edu.

The FAFSA

Indiana Residents must meet the deadline for State Aid by filing the 2009-2010 FAFSA by March 10, 2009.

Complete the 2009-2010 Free Application for Federal Student Aid. You can complete this form on-line at www.fafsa.ed.gov or by contacting the Department of Education to request a paper application. Students should request a *PIN number (personal identification number) from the Department to sign their application electronically, or students can print out a signature page, sign it and mail it to the Department.

Instructions are available on the Department’s web site. To access the PIN web site., go to www.pin.ed.gov. Once your FAFSA is processed, the school will receive your processed information in an electronic report referred to as an ISIR. Your ISIR could be selected by the Dept. of Ed. for a process called verification. If it is, the school will request documentation from you to verify your report before you can have financial aid.

If your ISIR is not selected for verification, you will receive an “Award Letter” from the Financial Aid Office showing the type and amounts of financial aid you are eligible to receive.

*Note: Your PIN number serves as your personal identifier. KEEP IT PRIVATE - KEEP IT SAFE. Do not share your PIN number with another individual, do not give your PIN to the Financial Aid Office or to any other Administrative Office. Guard against identity theft.

Identity theft is a widespread and growing national problem for everyone. This crime involves the theft of your personal information such as your name, address, telephone number, and Social Security Number. Identity thieves steal your personal information and ruin your credit. These thieves often run up thousands of dollars in credit card debt, just to name one problem, and the bills are sent to you for payment. Your credit rating can be ruined. Even though it’s not your fault, you’re the one who has to clean up the damage, which can take months or even years to correct.

Special Circumstances

The Direct Loan Process

File a FAFSA

Receive your Award Letter

Submit the Direct Loan Application

First-time Direct Loan borrowers must complete loan entrance counseling online.

Loan borrowers new to the Direct Loan program must sign a Master Promissory Note (MPN) online

Direct Loan Application

Complete the OCU Direct Loan Application. This application must be completed in full. Incomplete forms will be returned to the student, which could mean missing the Direct Loan deadline. Please return your completed Direct Loan Application to the following address:

Oakland City University
Attn: Direct Loan Processing
138 North Lucretia Street
Oakland City, IN 47660-1038
or
FAX: 812-749-1438

Direct Loan Entrance Counseling

Complete the Federal Direct Loan Entrance Counseling . This session takes only 20-30 minutes to complete. All students borrowing Direct Loans for the first time at Oakland City University are required to complete this counseling session. Students who do not have access to the internet should contact the Financial Aid Office.

The Master Promissory Note (eMPN)

Complete the Federal Direct Loan Master Promissory Note or the PLUS Direct Loan Master Promissory Note.  You will need your PIN (issued from the U.S. Department of Education) to begin the process.  The eMPN explains the terms and conditions of your loan and is your legally binding agreement to repay your loan to the Department.  Please note – student Direct Loans or parent PLUS loans will not be disbursed until you have completed and submitted or returned your MPN.  Need help?  Contact the Financial Aid Office at 812/749-1436.

Student Loan Deadlines

It is your responsibility to ensure that all required financial aid documents, forms, and applications have been submitted to the Financial Aid Office. This means that student borrowers must have all loan forms submitted to the Financial Aid Office on or before the above date. THERE ARE NO EXCEPTIONS TO THIS DEADLINE.

* Dates may be subject to change.

Federal Direct Loan Limits

A dependent student whose parent is denied a parent plus loan may be eligible to borrow additional funds under the direct loan program. Contact the office of financial aid for information on how to apply.

Loan Disbursements and Origination Fee

Your loan funds are received by the school electronically and credited to your account on Tuesdays only. You will receive a refund only if your account balance is paid in full before your loan funds come in, or if you have monies left over after your account is paid off by your loan.

If you are due a refund, you should receive a refund check within ten business days after your loan funds are credited to your account. Loan refunds are processed by the University’s Business Office. Students in the MAT and SAEL Programs who are eligible for a refund will receive their checks by mail. Contact the registrar's office to ensure the school has your current address. All other eligible students should pick up their refund check in the business office. Most importantly—please do not spend your student loan monies before you receive them.

If you are a first time borrower, the Department of Education mandates that you must attend classes for 30 days before your first loan disbursement will be released to the school.

Loans funds are released electronically to the school in multiple disbursements.

Disbursements
Loans are processed for the fall and spring semesters unless requested otherwise through the loan application. Disbursement will automatically be divided between the fall and spring semesters.

Origination (Processing Fees)

There is .5% origination or processing fee deducted from your loan disbursements by the Direct Loan Program under federal guidelines. For example, $1,000 borrowed for one academic year would disburse as $995, $498 at the start of the fall semester and $498 at the start of the spring semester. Note that a 1.5% processing fee applies to your Direct Loan. However, only .5% is deducted contingent upon the first 12 consecutive payments being on-time when repayment commences.

Direct Loan Exit Counseling

Complete the Federal Direct Loan Exit Counseling prior to graduating, leaving school or dropping to below half-time enrollment. This session will take approximately 30-40 minutes to complete. You will be required to enter the PIN number you used when you completed your FAFSA. This counseling session has been created to make sure that you understand your rights and responsibilities as a Direct Loan Borrower.
Exit Counseling is required by the Department of Education. Please note that your transcripts will be held until you have successfully completed this session.

For Direct Loan Borrowers:
Prior to graduating or leaving college, borrowers are required to complete an exit counseling session. This online exit counseling session has been created to make sure that you understand your rights and responsibilities as a Direct Loan borrower. This online exit counseling session will take about 30-40 minutes to complete.

To complete the session you will need your PIN number.

Please note that transcripts will be held until we have received confirmation of your completed session from the Department of Education.

If you are graduating or leaving college, you are required to complete exit counseling.  Print and complete the FFELP Exit Interview Form. This form must be completed in full and submitted to the Financial Aid Office.

Please note that transcripts will be held until we have received your FFELP Exit Interview Form.

Repaying Your Loans

For repayment information go to: StudentAid.ed.gov

Learn the Basics and Manage Your Debt

Contact Us

The Financial Aid Office is located in the Murray Center:
Room #207

Office hours:
8:00 a.m. to 4:30 p.m. Monday - Friday

Phone Numbers:
Toll-free 800-737-5125
812-749-1224
812-749-1436

Fax Number:
812-749-1438

Mailing address:
Oakland City University
Attn: Direct Loan Processing
138 North Lucretia Street
Oakland City, IN 47660-1038

Email Us:
cricheson@oak.edu
lbeck@oak.edu
jestrick@oak.edu

Direct Loan Servicing Center Contact Information

Borrower Services:
800/848-0979

Telecommunications Device for the Deaf (TDD/TTY)
800/848-0983

Web site:
www.dl.ed.gov

Fax:
800/848-0984

Hours are 8 a.m. - 8:30 p.m. (ET), AVR available 24 hours a day, 7 days a week.

 
138 N. Lucretia Street, Oakland City, Indiana 47660 | 812.749.4781 | 800.737.5125
webmaster@oak.edu

Oakland City University
Enter to Learn, Go Forth to Serve