Frequently Asked Questions

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Where is the Financial Aid & Scholarships Office located?

The Financial Aid and Scholarships Office is in the Grady Clack Center at OSU Institute of Technology. Office hours are 8:30a.m. to 4:30 p.m., Monday-Friday. The address is:

OSU Institute of Technology Financial Aid & Scholarships Office
1801 E. 4th Street | Okmulgee, OK 74447
Tele: (918) 293-4684 | Toll Free: (800 )722-4471 | Fax: (918) 293-4650 | Email: osuitfinancialaid@okstate.edu

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    When will you receive your financial aid funds?

    All financial aid funds at OSU Institute of Technology are disbursed to students through the Bursar’s Office (Cashier). The Bursar’s Office is located in the Grady Clack Center on the East side of the OSU Institute of Technology campus. Bursar’s Office hours are from 8:30 a.m. to 4:30 p.m., Monday through Friday.

    Your financial aid funds will not be available for you on the first day of school. Federal Pell Grant, Federal SEOG, OTAG, Federal Perkins Loan, and Stafford Student Loan funds are automatically credited to your student account by OSU Institute of Technology. Any funds remaining after your account has been paid in full will be disbursed to you by direct deposit or check. We strongly encourage direct deposit of your refund. Contact the Bursar Office in the Grady Clack Building to sign up.

    Financial aid checks are usually available to students on Thursdays, beginning the third week of school and are mailed to the student's primary address.

    Students borrowing loan funds for the first time may have their loan funds split into two disbursements, the second disbursement processing up to 30 calendar days after the first disbursement.

    Oklahoma Tuition Aid Grant (OTAG) Program and Oklahoma’s Promise funds are disbursed to students as OSU Institute of Technology receives those funds from the OSRHE office. Generally, these funds will not be available for you at the time you receive your other financial aid awards.

    Student employees at OSU Institute of Technology working through the Federal Work-Study program are paid every two weeks. It takes approximately six weeks to receive your first biweekly paycheck. Should you desire to apply this amount to your bursar account, you will need to pay them directly, the funds will not be held out of your work study paycheck.

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    What can financial aid be used for?

    When you applied for federal financial aid, you signed a certification statement agreeing to use your financial aid funds solely for educational purposes.

    You were also given the option to sign an authorization to allow OSU Institute of Technology to use your financial aid funds to pay ALL educational charges placed on your student account in the OSU Institute of Technology Bursar’s Office.

    Educational charges include tuition and fees, contracted room and board, books and supplies, tools, equipment, uniforms, clothing purchases, miscellaneous bookstore charges, parking fees, library fines, short-term student loans, returned check charges, late registration fees, and charges incurred in a prior academic year of attendance.

    Detailed Cost of Attendance

    OSUIT Net Price Calculator

    If you gave OSU Institute of Technology authorization to credit your Financial Aid to all charges on your account, your financial aid will be used first to pay all these charges. After all charges have been paid, you will then be issued a refund representing any financial aid funds remaining after your student account has been paid. You may cancel your authorization at any time by notifying the Bursar in writing.

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    Do grades affect your financial aid?

    All students attending OSU Institute of Technology 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 as outlined below:

    Total Hrs Attempted From ALL Institutions 1 - 30 Credit Hours 31 or more Credit Hours
    Minimum Graduation/Retention GPA 1.7 2.0 (2.5 for ETD and ITD Majors)
    Percentage of Total Cumulative Hours Attempted 67% 67%

    Students who fail to meet either of these requirements will be placed on financial aid warning during their next semester of enrollment. During periods of financial aid warning, students are still eligible for financial assistance. However, at the end of the semester of warning, the student must successfully complete at least 67% of the total cumulative hours attempted or with the GPA listed above. A student who fails to meet the minimum semester standards while on warning will be suspended at the end of the warning term.

    Satisfactory academic progress is monitored at the end of each semester. Students are responsible for knowing their eligibility status at the end of each semester. 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 on a probationary basis by meeting both of 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.

    Financial Aid Information Form, Including SAP Requirements

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    What happens if you withdraw from school?

    Sometimes, students find it necessary to completely withdraw from all of their classes at OSU Institute of Technology after receiving their federal financial aid. If you use financial aid to pay your educational charges, any refund of tuition, fees, or on-campus room and board associated with your withdrawal will be returned to the federal financial aid program that helped you pay your charges.

    OSU Institute of Technology’s tuition and fee refund policy is as follows:

    • If you withdraw during OSU Institute of Technology’s designated add/drop period (typically, 2nd week of school) you receive a 100% tuition refund.
    • If you withdraw AFTER OSU Institute of Technology’s designated drop/add period you will receive NO TUITION REFUND.  ADDITIONALLY, you may be subject to U.S. Department of Education regulations regarding Return of Title IV funds, based on the latest date of attendance in class as reported to the Financial Aid & Scholarships Office by classroom instructors.

    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.

    OSUIT Registrar's Office

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    What does it mean to be a first time borrower?

    All first-time student loan borrowers at OSU Institute of Technology must wait 30 days after school begins to receive the first disbursement of the Federal Stafford loan or Federal Perkins loan. Your student loan funds will not be available for you on the first day of school.

    The first time you borrow through the Federal Stafford Loan Program, you will be required to receive Stafford Loan Entrance Counseling. This student loan counseling session is conducted via the Internet at www.studentloans.gov. If you have Internet access, you can visit this website from your home personal computer, or by using one of the personal computers in the OSU Institute of Technology library. You will be required to receive this loan counseling before we can disburse your first Stafford Loan funds.

    First-time Federal Perkins Loan Program Borrowers are also required to complete Perkins Loan entrance counseling. The Perkins loan counseling session is conducted via the Internet at http://www.studentloans.gov.

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    How do I find a job on campus?

    All available Federal Work-Study (FWS) job openings are listed here. Most FWS positions are on campus. Your FWS work schedule will be developed around your class schedule so, as not to interfere with the time you need to be in the classroom. FWS student employees are allowed to work 15 hours per week. If you are interested in finding on-campus employment, here’s what you need to do:

    • Stop by the Student Financial Services Office to obtain a FWS Referral and application. (This will verify that you qualify for Federal Work Study).
    • Choose the job from the FWS job link. Contact the department contact listed on the link above for an interview. Take your FWS Employee Referral / Authorization form and application to the supervisor responsible for filling that position. Remember, you are applying for a real job, so treat it as such.
    • Once you have been hired, have the supervisor sign your FWS Referral Form and return it to Student Financial Services along with your application, social security card and photo ID.
    • Once your back ground check is complete, human resources will contact your supervisor to notify them that you may begin working.
    • Your supervisor will work with you to develop a work schedule. If you’re not hired for the first position you apply for, you can choose another position from the FWS job list.

    Financial Aid Work Study (FWS) Pamphlet (2 pages, folded)

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    What if I need help with my classes?

    Academic counseling is available for students who are experiencing academic difficulties. Academic counseling is available from several sources, including your instructor(s), your faculty advisor, and from the Director of your academic division. In addition to the academic counseling available in your department, counseling is also available from the Admissions Specialists in the Admissions Office.

    The College Readiness Center (or LASSO Center), located in Room 105 of the Learning Resource Center, features full access to all Library and College Readiness resources. Free tutoring in a variety of subjects offered through the College’s Arts and Sciences Division is available to all current and prospective OSU Institute of Technology students.

    If you need assistance in making a career choice, you should contact the OSU Institute of Technology Assessment Center, located in the Grady Clack Center. The Assessment Center offers free comprehensive, individualized Career/Academic Profiling and Counseling Services to students. Your values, interests, abilities, aptitudes, and personality characteristics are entered into a computerized profiling system, and a member of the Assessment Center staff will assist you in evaluating the results of the profile to determine which careers or academic programs you are best suited for.

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    How long can students receive financial aid?

    A student may receive financial assistance for an approved degree program for no longer than the maximum of 150% of the required credit hours, or a maximum of 150% of the approved terms required for completion of that program, whichever is completed first. Should the maximum number of hours allowed for a degree be exceeded, a student with extenuating circumstances may appeal to the Office of Student Financial Services to obtain permission to exceed the maximum hours limit. Transfer students who transfer hours and are close to exceding this limit should complete the Request to Exceed Maxium Hours Form to determine financial aid eligibility.

    Students are eligible to obtain three degrees at OSU Institute of Technology with financial aid eligibility. A student’s financial aid eligibility will terminate after the third degree is received.

    Effective with the 2012 – 2013 award year, Federal Pell Grant duration of eligibility for all Federal Pell Grant recipients is reduced to the equivalent of twelve full-time semesters (600%). The calculation of the duration of a student’s eligibility will include all years of the student’s receipt of Federal Pell Grant funding.

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    What if you already have a degree?

    Students who have received an Associate Degree or higher from any institution may exceed the maximum hours to receive a degree before receiving a second degree. If so,he or she will need to complete an appeal.

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    What about special circumstances?

    Students who experience special circumstances that could have an effect on financial aid eligibility can request a “professional judgement” review of those circumstances by contacting Student Financial Services. Special circumstances eligible for consideration can include:

    • Excessive medical/dental expenses not covered by insurance
    • unusually high child care costs
    • recent unemployment of a family member
    • changes in the family income situation that is out of the control of the individual
    • certain one-time lump sum payments which inflate the family income for a particular year

    How does Web4Students show ACCEPTED financial aid?

    Once the student signs into Web4Students and submits/confirms the principal email addresses and webpages associated with his or her account, the Financial Aid Package will be presented, if ready, with total amounts for the academic year followed by each of the terms. Each financial aid award will come in three columns: Offered, Accepted, and Disbursed. Only the OFFERED Column will contain financial aid when the package is ready to accept or reject; once the Submit button is pushed at the bottom of the page, both OFFERED and ACCEPTED Columns will show financial aid. The Disbursed Columns will be used after money is paid to the student's account.

    REMEMBER:

    • Grants and scholarships, which do not have to be paid back, are automatically accepted
    • Additionally, some grants, scholarships, and Federal work study, do not show on the student's account until paid.
    • Some scholarships, Perkins Loans, and OK Promise do not show on the student's account until processing is complete before payment, sometimes OVER ONE MONTH into the term.
    • Do not forget the Submit button at the bottom nor the links to Entrance Counseling and the Master Promissory Note!
    • Notice of your award letter, like many financial aid correspondence to students, is done by EMAIL. CHECK YOUR OKSTATE EMAIL OFTEN!

     

    HOW MUCH FINANCIAL AID CAN I RECEIVE?

    All students have a cost of attendance budget and the financial aid received from all sources (scholarships, grants, loans, and federal work study) cannot exceed the cost of attendance budget. NEED based aid as determined by the Free Application for Federal Student Aid cannot exceed a student's need. Need is determined by:

    Cost of attendance - EFC (Expected Family Contribution) = NEED.

    Need based aid includes grants, scholarships, federal workstudy, and subsidized student loans. If a student receives an outside grant or scholarship after the student has been awarded their financial aid, if the additional funds exceed need or cost of attendance, some financial aid already received may have to be adjusted or returned to the funding source. This is called an overaward. To prevent an over award from occurring, every student is responsible for reporting to the office of Financial Aid & Scholarships all forms of aid received from private and public sources.

    For further information about student financial aid, contact the OSUIT Financial Aid and Scholarships Office at (918) 293-4684, at (800) 722-4471 ext. 4684, or by email osuitfinancialaid@okstate.edu

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