Financial Aid
Newsletter

2012-2013

From the Director

Financial Aid Team

Welcome to OSUIT! We are glad you chose us to pursue your education. If you are receiving this newsletter, you should also receive an award letter in the mail. This will let you know what financial aid you are offered at this point in time. Now that you have been awarded, there may be other things you need to do to accept some of these awards so please read your award letter carefully and follow ALL of the steps (some awards do not require any action). Don’t want to wait for your award letter in the mail? Log on to your Web4Students account at http://www.osuit.edu/web_4_students. As always, contact our office if you have any questions.

Web 4 Students

Web 4 Students is a great resource to use to keep track of all of your financial aid information. By keeping track of your financial aid information, you can see if we need any documents or any other information to finish processing your financial aid. By staying aware of your financial aid, you can stay proactive and play a part in not keeping your financial aid delayed.

Web 4 Students is also used to accept certain awards:

1. Go to: http://www.osuit.edu/web_4_students

2. Login to "Web 4 Students"

3. Select "Financial Aid" from the top menu

4. Select "Accept Awards"

5. Under "Action", Accept/Decline each individual award. (If you want to select a partial loan, select "Accept Partial Amount" and enter the amount)

6. Scroll to the bottom left of the page and select "SUBMIT"

Be sure to follow all other individual award instructions on your award letter.

To view all of your awards (even ones you do not need to accept) select the "Award Information by Year" from the Financial Aid top menu.


Direct Loans

Loans for Students
Federal Direct Loans are low-interest loans made by the federal government to students attending OSU Institute of Technology at least half time.

Federal Direct Loans must be repaid beginning six months after graduation, leaving school, or when dropping below half-time (six semester credit hours) status.

There are two types of Federal Direct Student Loans.

Subsidized - The Federal Subsidized Direct Loan is based on financial need. The loan amount will depend on financial need, which the college’s financial aid office will determine.

Unsubsidized - The Federal Unsubsidized Loan is a student loan that is not based on financial need. The loan amount will depend on the cost of attendance at OSU Institute of Technology and the amount of other aid that the student is receiving. The student is responsible for paying the interest on an Unsubsidized Direct Loan while in school; however the student has the option to defer payment of interest while they are enrolled at least half time.

Before you can accept and receive any loan funds, you must have loans awarded to you in your financial aid package. If you do not, contact Student Financial Services.

To accept a Direct Subsidized Loan and/or a Direct Unsubsidized loan the following steps must be completed:

1. Go online to http://www.osuit.edu/web_4_students to login to your "web 4 students" account and accept your awards.

2. Go online to https://studentloans.gov to complete your Master Promissory Note.
If you have not already completed one.

3. If this will be your first time to borrow at OSU Institute of Technology, you must complete entrance counseling BEFORE your loan can be disbursed to your student account. Entrance counseling is also found at https://studentloans.gov (on the left hand column of the home page).

Steps are more detailed on your award letter.


Loans for Parents
Direct Federal PLUS loans are for parents who want to borrow to help pay for their children’s education. These loans provide additional funds for educational expenses and, like Federal Direct Loans, are made by the Federal Government. Parent PLUS loans are credit-based. Should a parent be denied based on their credit, the student may increase their unsubsidized loan eligibility. For further information on this process, please contact Student Financial Services.

To accept a Direct Federal PLUS loan the parent will need to complete the following steps:

1. Go online to https://studentloans.gov to complete the required credit check.

• Sign in using your social security number, first two characters of last name, date of birth and FAFSA pin number.

• Click the Start PLUS Application Process option located in the center of the page and complete the application process. After completing, please print a copy for your records.

2. If credit is approved, the parent must also complete the PLUS Master Promissory Note also found on https://studentloans.gov.

3. Complete and turn in the Federal Direct PLUS Loan application. The Federal Direct PLUS application can be picked up at Student Financial Services or online at http://www.osuit.edu/admissions/financial_services/forms_2012.php.

If credit is denied, the student may contact Student Financial Services for another option.


Important & Helpful Facts to Remember about Direct Loans
All first-time student borrowers at OSU Institute of Technology must complete Direct Entrance Loan Counseling found on www.studentloans.gov before any loan funds will be disbursed.

A student must be ATTENDING at least halftime (6 credit hours) before any loan funds will disburse.

All first time borrowers at OSU Institute of Technology must wait 30 days after school begins to receive the first disbursement of their Federal Direct Loan.

If your Direct Loan is a one semester loan, it must be split into two disbursements with the 2nd disbursing after the midpoint of the semester.

The National Student Loan Data System (NSLDS) www.nslds.ed.gov
You may visit the NSLDS website to retrieve any and all information about all of your Direct Loans, Federal Family Education Loan (FFEL) Program Loans, Federal Perkins Loans, and Federal grants. You will need your Federal Student Aid Pin to access NSLDS. NSLDS does not include information about any private loans that you may have received.

First disbursement for the fall 2013 semester is September 27th.

First time borrower's first disbursement date will be October 11th.

Federal Perkins Loan Information

What is a Federal Perkins Loan?
A Federal Perkins Loan is a low-interest loan for undergraduate students with exceptional financial need. OSUIT receives a specific amount of Perkins Loan funds for the year. Priority for these limited funds is given to students who complete the application process, including providing requested documentation, earliest and demonstrate exceptional financial need.

Interest Rate:
The interest rate on the Perkins Loan is fixed at 5%. OSUIT acts as the lender on this loan, which is made with government funds. Repayment of your Perkins loan will be made to ECSI (Educational Computer Systems, Inc.). You may be allowed up to 10 years to repay your loan. The amount of your monthly payment will depend on the amount of your debt and the length of your repayment period.

Loan Repayment:
If you are attending school at least half-time, you have a grace period of nine months after you graduate, leave school, or drop below half-time before you begin repaying this loan. No interest is accruing on your loan during this time. Questions regarding deferment and repayment procedures should be addressed to ECSI (Educational Computer Systems, Inc.) at 1-888-549-3274.

Perkins Loan Repayment Chart

How do I accept and receive the Federal Perkins Loan?
If you are awarded a Perkins Loan: Go online to http://www.osuit.edu/web_4_students to login to your "Web 4 Students" account and accept your Perkins award and then watch your okstate.edu email for instructions from ECSI (Educational Computer Systems, Inc.) about how to log on to their website to sign the Perkins promissory note and complete your entrance counseling, if necessary.

Student Loan Comparison

Student Loans Chart

Federal Work Study

If you have been awarded Federal Work Study, you are eligible to apply for on and off campus jobs. Remember, you have to actually work a job to receive the funding. Job descriptions, contact information and pay rate can be found on the OSUIT website at http://www.osuit.edu/campus_community/human_resources/work_studies.php. You will need to come by Student Financial Services and pick up a FWS referral form and application to take to your interview to show the department you are applying with that you qualify for federal work study. Once you have been hired, you will bring both forms back to us showing us which department is hiring you and we will take it from there. Be sure you have two forms of identification (such as a driver’s license, social security card, etc.) for human resources. A background check is conducted on all work study students so once your department receives notification you are clear, you are good to go.

Don’t have a federal work study award? Just contact us and we will check to see if you are eligible.

There are some jobs available that are considered "community work study" jobs. These jobs are off campus at various schools and/or non-profit organizations. If you are a commuting student and/or have an organization in your area you would like to work for, feel free to visit with us to see if the organization is eligible. We are always looking for community work study opportunities, especially if it is with literacy programs.

Federal work studies receive a check every two weeks (be prepared though, your first check may take three weeks depending on when you start). You can choose direct deposit or can pick your check up at the Bursar’s office (direct deposit is HIGHLY encouraged).

Remember…federal work study is a real job so you need to treat it that way. It is a good way to get experience and develop references while you are going to school.


Satisfactory Academic Progress or "SAP"

As we all are aware, making good grades is very important to being successful in college. All students attending OSUIT are required to maintain satisfactory academic progress in order to remain eligible for financial assistance. Satisfactory academic progress means that students must complete a minimum number of credit hours each semester and maintain a minimum grade point average. Satisfactory Academic Progress is checked at the end of each semester. You are highly encouraged to read the entire policy on the Student Financial Services website at http://www.osuit.edu/admissions/financial_services/policies.html.


Students receiving any type of federal and/or state financial assistance at OSUIT must meet the following guidelines to continue to be eligible for financial aid:

• Maintain a minimum cumulative graduation/retention grade point average of 1.7 on a 4.0 scale for total hours attempted from all institutions for 1 – 30 credit hours OR 2.0 (2.5 for ITD & ETD Majors) on a 4.0 scale for total hours attempted for 31 or more credit hours;

AND

• Successfully complete at least seventy-five (75) percent of all credit hours attempted (PACE) at all institutions;

AND

• Complete an eligible academic program within maximum credit hours attempted of one and one-half times (1.5) the number of credit hours required for the program (see program description in the OSUIT catalogue). (AS – 90 credit hrs max; AAS – 135 credit hrs max; and BT 180 credit hours max)


Students are responsible for knowing their eligibility status at the end of each semester. You can always check your status on your Web 4 Students account. A student who is denied assistance based on the Satisfactory Academic Progress policy can submit a written appeal to the Office of Student Financial Services or may be reinstated by meeting the criteria outlined above.

Students who withdraw from classes, fail classes, or receive incomplete grades place their financial aid eligibility in jeopardy by not meeting these minimum academic requirements.

Also, Financial Aid warning, probation and suspension and Academic warning/probation/suspension are not the same, so be sure you keep up with both!

Attendance/Participation

Attendance/Participation in class is very important. Not attending or participating in class can and will affect your financial aid. If attendance in your class cannot be documented by your instructor, you are not eligible for your financial aid. You can be required to return all of your financial aid that you have received if you are not attending or participating in class.

In accordance with 34CFR Sec.668.22, any student at OSU Institute of Technology who completely withdraws from all classes or ceases attendance will be subject to the Return of Title IV funds policy to determine if the student remained enrolled or attended beyond 60% of the semester. Federal regulations require a student to remain enrolled or attend classes beyond 60% of the semester to earn 100% of their financial aid. Once the financial aid office has been notified you have withdrawn or ceased attendance in all classes, a Return of Title IV funds calculation will be done and you will be notified within 45 days of the aid you were ineligible for.


OSUIT Student Financial Services
1801 E 4th Street
Okmulgee, OK 74447