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Frequently Asked Questions

Financial Aid Questions

• Can a student get a loan only?
  

  The Federal Stafford Loan is a type of financial aid. Students must complete the federal grant application (FAFSA) before eligibility for a loan can be determined.

• Can a student still get financial aid, even if he or she doesn't have good credit?
  

  Yes. Having bad credit does not prevent students from participating in the federal financial aid programs (except the Federal PLUS Program).

• Do students have to pay back financial aid?
  

  Whether aid is repaid depends on the type of funding received. Loans need to be repaid and Grants and scholarships do not.

• Do students have to reapply for financial aid every year?
  

  Yes, students must apply for financial aid every year. If their financial circumstances change, students may get more or less aid. Renewal of the financial aid package also depends on a student making satisfactory academic progress toward a certificate or degree, such as achieving a minimum GPA.

• Should students report outside scholarships to the Department of Financial Aid?
  

  Yes. If a student receives any kind of financial assistance, it must be reported to the Department of Financial Aid. The university will review his or her financial aid package to determine if eligibility for federal funds has changed.

• What applications do students need and where do they get them?
  

  There are three web-accessible applications needed to apply for financial aid:

  • The Free Application for Federal Student Aid (FAFSA)
  • A Stafford Loan Master Promissory Note (MPN), and
  • An Ottawa University Institutional Application (non-residential students only)

• What happens if a student changes enrollment status? Will the aid eligibility be affected?
  

  It could be affected. Students should consult their Financial Aid Coordinator before making any changes to their enrollment status.

• What if a student and/or his or her family make too much money and is not eligible for financial aid? Are there other sources of assistance?
  

  There are many types of assistance available. However, income is only one of many factors involved in determining aid eligibility. Students should not assume they are not eligible until they have completed the FAFSA. Most students are at least eligible to participate in the unsubsidized loan program.

• What is the award letter?
  

  The award letter is mailed to students after we have determined eligibility for aid. It will indicate the type of aid students are eligible for and the approximate disbursement dates and amounts for these funds.

• What is verification?
  

  Verification is the process whereby the school is required to review the information provided on the FAFSA for accuracy. The federal government randomly selects students for this process or a student may get selected because of conflicting or unusual information provided on the FAFSA. If selected for verification, the student (and parents, if applicable) will be required to submit a verification worksheet and a signed copy of the appropriate year tax return.

• Why does Ottawa University need my tax return?
  

  Much of the information required for verification can only be found on the tax return.

Questions About Grants

• How does a student apply for a PELL Grant?
  

  Undergraduate students should submit a Federal Application For Student Aid (FAFSA) via the Department of Education website.

• How much free money can a student get?
  

  The maximum annual PELL Grant is set by Congress and is determined in part by the student's enrollment status throughout the year and the output results from the FAFSA. Students should contact the Department of Financial Aid for more information.

• What happens if a student does not use all of all of the PELL Grant in one year? Does it carry forward to the next?
  

  No, the amounts of a PELL Grant disbursement are determined on a term-by-term basis. Unused PELL Grant funds at the end of the fiscal year (7/1 – 6/30) are lost.

• What other Grant programs are available and how do I apply for them?
  

  There are 2 more Grant programs available to students attending Ottawa University:

  • SEOG: This is a supplemental grant program only available to undergraduate students attending the traditional college in Ottawa, KS. Students must submit their FAFSA by the March 15th deadline to be considered for these funds. The student does not need to do anything further since the Department of Financial Aid will determine which students are eligible.
  • TEACH: This is a forgivable loan program available to undergraduate and graduate students enrolled in specific programs of study at a limited number of Ottawa University campuses.

Questions About Loans

• How can a student find out what his or her loan payments will be?
  

  Students may contact his or her lender or the Department of Financial Aid. In addition, there are various calculators available to help students determine what their loan repayment will be.

• How does a student know how much money he or she borrowed?
  

  The lender will provide Disclosure Statements showing details of current loans and reflecting overall indebtedness but the National Student Loan Data System (www.nslds.ed.gov) should be the best source of information pertaining to all of your student loan debts.

• If a student defaulted on a previous student loan, can he or she still receive financial aid?
  

  Students may be eligible. They should contact the Department of Financial Aid to further discuss.

• What happens if a student doesn't repay a loan(s)?
  

  Failure to repay loan(s) can have serious consequences. Not only will it affect credit, but a student's wages could be garnished, tax returns withheld and eligibility lost to participate in any further federal financial aid programs.

• What is a deferment?
  

  A student who is eligible for a deferment will not have to make loan payments during the deferment period. Students who are enrolled at least half-time are eligible for an in-school deferment. The University Registrar updates student enrollment statuses each term via the National Clearinghouse.

• What is a grace period?
  

  Students are allowed a grace period of six months before entering repayment. The grace period begins once the student leaves school or drops to less than half time status.

• What is the difference between a subsidized and unsubsidized loan?
  

  The federal government pays the interest on a subsidized loan while the student is in school at least half time and during the grace period. The student can either pay the unsubsidized interest quarterly while in school (recommended) or can choose to capitalize the interest payment and have the interest added to the loan principal.

• What is the interest rate of my loan(s)?
  

  The interest rate on Federal loans can/will vary based on the type of loan and when the loan is taken. Please contact your lender or the Department of Financial Aid for more clarification regarding the rates on your loan(s).

• What is the purpose of the entrance and exit interviews?
  

  The entrance and exit interviews are the student's opportunity to learn about his or her rights and responsibilities as Federal Stafford Student Loan borrowers.

• Which lender should I use?
  

  Students with any previous student loans are encouraged to stay with the same lender. Otherwise, Ottawa University has a list of lenders. Students may contact the Department of Financial Aid for assistance.