Finances

The Accounts Receivable Office (OUAR) is located in the Administration Building, 1st floor. This office strives to provide excellent customer service to OU students, faculty and staff. Listed below are some policies and procedures, as well as common services, offered by OUAR and the Accounting Office ( located in Tauy Jones Hall).

Tuition and fees for each semester of courses are due at the time of registration. Registration for any current term will not be permitted until all charges for the previous semester have been paid in full. In addition, diplomas, transcripts and other records will not be released until accounts are paid in full.

We strongly encourage students to contact the Department of Financial Aid early to begin working on eligible aid for the upcoming year. If the student is not eligible for financial aid, there are two payment options: 1) Pay the entire amount prior to the financial clearance date for each term, or 2) enroll in a program administered by Tuition Management Systems to spread payments over the academic year. Enrollment in Tuition Systems is $70 and allows for current academic year tuition to be paid in 12, 11, 10, 9, or 8 month plans. Payment to the OUAR office for your student’s account balance may be made by cash, check, money order, cashiers check, wire transfer, MasterCard, Visa, or Discover.

Refunds of credit balances on student accounts will be processed once a credit balance is shown on the student account. OUAR will begin reviewing accounts and processing refunds on the second Friday of the semester. Refunds will be processed daily from the 2^nd Friday, through the3rd Friday of the semester. Thereafter, any account with a credit balance will be reviewed on Tuesday and Thursday of each week and will be disbursed through the Acceluraid debit cards. Any student requiring a disbursement in check form will be able to pick up their check in the OUAR office with proper identification on Thursday after 3:00 p.m.

Personal checks (students only) may be cashed in the Accounting Office, Tauy Jones building, 2^nd Floor between 8:00 a.m. and 5:00 p.m., Monday through Friday. Checks may be cashed up to $100. Photo ID is required.

It is encouraged that student paychecks be handled by direct deposit. In order for paychecks to be direct-deposited, students will need a bank account, either in their hometown or with a local bank. Questions concerning student paychecks should be directed to the Payroll Office at 800-755-5200, ext. 12354.

Students who lose their OU student ID may purchase a replacement from the Accounting Office for $25. If a card is broken from normal wear and tear it can be replaced for a $10 charge. The charge will not be added to the student’s account. Payment will be due prior to having the card replaced. If you have questions regarding our procedures or your student’s account balance at any time, please stop by the OUAR Office in the Administration Building, 1st Floor or contact OUAR at 888-487-0182.

Financing a college education is an important concern to most families. To help students meet college expenses, Ottawa University has established a comprehensive financial aid program which provides assistance to students with strong academic backgrounds, special abilities and talents, and/or financial need.

Ottawa University’s financial aid program has four components: 1) merit-based scholarships and achievement awards; 2) need-based grants; 3) campus employment; and 4) loans. Merit-based scholarships and achievement awards are given in recognition of academic achievement, special ability, or talent, without concern for financial need. Need-based awards, campus employment and loans are awarded according to the amount of financial assistance needed. Many students are eligible to receive both merit-based and need-based aid.

Financial aid is renewable from year to year, as long as need, grade point averages, and/or performance requirements are maintained. Adjustments are made each year to accommodate changes in family circumstances, Ottawa University funding or federal regulations. It is important to follow the same application process each year. The Department of Financial Aid will assist you on a continuing basis. Be sure to complete all necessary forms and applications early to ensure that your financial aid request will be processed promptly and in time for fee payment.

The priority date for filing the Free Application for Federal Student Aid (FAFSA) is March 15 for the fall semester. Filing by this date ensures consideration for limited funded federal and state programs.

Students must maintain an adequate rate of progress toward graduation. Students are evaluated twice each year–at the end of the fall and spring semesters.

• Must maintain a minimum GPA based on number of hours attempted.
• There is a maximum time frame whereby students must complete the degree.
• Failure to meet the Satisfactory Academic Progress (SAP) requirements may result in the student being denied further federal financial funding.
• Institutional aid (scholarships awarded by OU) are subject to seperate guidelines. Students should refer to their award letter which states the minimum criteria to retain eligibility.

Progress Criteria

Students enrolled in an undergraduate program must meet the following GPA criteria:

Students enrolled in a graduate program must maintain a 3.00 minimum cumulative GPA throughout the entire program.

Appeals

Students have the opportunity to appeal the loss of federal financial aid eligibility by submitting a written appeal to the director of financial aid (or designee). Appeals should include any unusual circumstances that may have affected the student’s academic performance. The director of financial aid (or designee) will review written appeals and may conduct personal interviews with the student. The decision will be communicated to the student in writing and is considered final.

If a student is denied federal financial aid because of unsatisfactory academic progess, he/she will be responsible for any resulting financial obligations to Ottawa University.

Whether or not students are living in a residence hall, they will need spending money. How much they need depends on how often they go shopping, go to the movies, eat out, talk on the phone, etc. Budgeting is a family matter between you and your student. Parents can probably count on a student spending at least $15-30 per week. Keeping track of expenses for a few weeks is one way for students to determine exactly how much money they will need/want. Some common expenses are phone bills, fast food, toiletries, stamps, entertainment, clothing, gas, laundry, and credit card bills.

If your son or daughter does not have a clear and workable budgeting system that allows for planning and meeting expenses, we encourage you to help them develop one. The demands of college life are challenging enough without the constant pressure of unpaid bills and debt.

Student employment is coordinated through the Office of Financial Aid. The purpose of the program is to provide part-time work positions for students to earn spending money while attending college. It is through this program various departments and offices provide students the opportunity to gain valuable experience and training for future employment.

First year students must attend a presentation during orientation week. Students receive general information about various types of financial aid, information about the student employment program, and as well as completing the required forms.