Financial Aid-Adult & Online

Ottawa University participates in a variety of financial aid programs, including federal grants and loans, to assist students in obtaining the necessary funds to attend college. Generally speaking, there are three primary types of financial assistance available.

• Grants-including the Federal PELL Grant program awarded on an annual basis.
• Loans-available to students through both federal and private-lending programs.
• Additional Sources of aid such as veteran's benefits, employer reimbursement and local scholarship programs.

We encourage you to make an appointment with the financial services representative at your campus to discuss specific programs for which you may be eligible. Students interested in applying for aid programs should begin by completing a Free Application for Federal Student Aid (FAFSA), which can be done online. Students are encouraged to apply early for aid to ensure that funds are available when needed, as the application process can take up to six weeks.

Financial Aid Instructions

Step 1: Complete the Free Application for Federal Student Aid (FAFSA)

• 2011-2012 FAFSA
  • For enrollment periods between 06/27/11 and 06/23/12.
  • Use your 2010 Federal taxes.
• 2012-2013 FAFSA
  • For enrollment periods between 06/25/12 and 06/29/13.
  • Use your 2011 Federal taxes.
• Use Federal School Code: 001937
• Be sure to electronically sign the application with your Federal Student Aid PIN. Failure to do so will create delays in the processing of your financial aid.
  • If you don’t already have a PIN, you can apply for one or request a duplicate PIN.

Step 2: Complete the Entrance Interview and Master Promissory Note

**Important Note: This step is only to be completed by students obtaining their first student loan with Ottawa University. If this is not your first student loan with Ottawa University please skip to Step 3.

• Sign in with your Federal Student Aid PIN
• Select "Complete Entrance Counseling"
• Upon completion you will be prompted to “Complete a Master Promissory Note”.
  • Be sure to choose your loan type (Subsidized or Unsubsidized)

Students can use the Financial Aid Estimators to help them determine the amount to borrow and the projected cash flow scenarios given various enrollment patterns, loan amounts etc.
A Net Price Calculator is also available to better understand the full cost of attendance.

Once you know the amount of your loan, you can use the Student Loan Repayment Calculator to get an idea of your monthly payments.

Step 3: Complete a new Institutional Application

• All students must complete a new institutional financial aid application each time a new loan is being certified. The institutional financial aid application provides us with the information needed to certify your loan.
• Please return the fully completed pages 1 and 2 of the institutional application to the Financial Aid department via fax or email. Read the directions carefully and do not leave anything blank. If you need assistance, contact your Finance Advisor.

Step 4 (optional): Additional Information for students and parents interested in other types of Student Loans:

• Private/Alternative Loans
• Graduate PLUS Loan
  • Note: A separate Entrance Interview is required when applying for a Grad PLUS loan.
• Parent PLUS Loan (for parents of dependent students only)

 

Important reminders for Adult and Online Students

Loan Eligibility

• Undergraduate students must pass 24 credit hours and complete 32 weeks of class (4 terms) in order to be eligible to renew Federal Stafford Loans.
  • Typically 6 courses at 4 credit hours each
• Graduate students must pass 18 credit hours and complete 32 weeks of class (4 terms) in order to be eligible to renew Federal Stafford Loans.
  • Typically 6 courses at 3 credit hours each

Financial Clearance

In accordance with university policy, each student is required to be financially cleared by the business office prior to the end of the add/drop period. University policy states that, “a student will be disenrolled on the Monday following the last date of the add/drop period if the student is not financially cleared.” The last day of the add/drop period will be Friday of week 2 of classes.

Withdrawing from a Course

Students that wish to withdraw from a course must do so by following the official withdrawal process. Please contact the Registrar’s office if you need information about the correct way of withdrawing from a course. Financial obligations may result based on the date of notification (percentage of class attended) or as a result of unofficial withdrawal (if you stop participating in class but do not officially drop the course). Students who are unable to complete a course are encouraged to officially withdraw since significant financial ramifications could result from being considered an unofficial withdrawal. Upon withdrawal of all credits in a given term, pending financial aid disbursements will be canceled and will require the completion of new paperwork upon return.