1. Financial Aid 101

2. Financial Aid 101: Welcome
Welcome to Ottawa University! We are truly
excited to have you joining our family. We are
here to answer your questions and provide you
with information on financial aid and how you
can successfully and affordably complete your
education.

3. Financial Aid 101: Applying for Financial Aid
To be eligible for financial aid at Ottawa University, you must….
Be a U.S. Citizen or eligible non-citizen
Maintain satisfactory academic progress
Be enrolled in a degree or certificate program
Attend a participating college
Male applicants must register with the Selective
Service
Be in good standing on any previous student loans (no
defaulted loans)
Not receive financial aid from any other institutions.

4. Financial Aid 101: Types of Financial Aid
Federal Grants (PELL grant is the only grant available to online students).
Federal Stafford Loans (Subsidized/Unsubsidized)
Federal PLUS Loans (Parent and Graduate)
Private/Alternative Loans
Campus based funds such as the Supplemental Education Opportunity Grant
(SEOG), Federal Work Study, and Perkins loans are only available to students
attending the residential campus in Ottawa, Kansas.

5. Financial Aid 101: Federal Pell Grant
Free money that does not need to be repaid
Available to Undergraduate students only (if student already has a Bachelor’s
degree, they are not eligible to receive Pell).
2011-2012 Maximum Yearly Award = $5550
Award Amount is based on the students Expected Family Contribution
(EFC) number from FAFSA and their enrollment status. Student’s EFC
must be 0 to qualify for the max Pell award. The Pell award amounts
decrease as the EFC # increases.
The FAFSA is the application for Pell and must be completed annually, using
our school code: 001937.
The Pell Grant Fiscal Year is July 1st through June 30th.

6. Financial Aid 101: Key Concepts
What is the Expected Family Contribution (EFC)?
• It is determined by a federal formula
calculated using data from the FAFSA.
1
• The EFC may change from year to year.
2
• Your EFC helps the Financial Aid department
determine how much and what type of
3 financial aid you are eligible for.

7. Financial Aid 101: Federal Stafford Loans
Subsidized Stafford Loan
The loan starts with the students enrollment.
Loans are scheduled for 4 terms (32 weeks) at a time(AKA the Loan Period).
Undergrad interest is fixed at 3.4% for 2011-12 with 1% fees.
Up front interest rebate of 0.5% (Must make initial 12 payments on time to retain this).
Grad interest is fixed at 6.8% for 2011-12 with 1% fees.
Up front interest rebate of 0.5% (Must make initial 12 payments on time to retain this).
Interest is paid by the government while the student is in school and during their 6
month grace period after leaving school.
Repayment begins 6 months after the student leaves school.
Eligibility is based on financial need (EFC). Not all students qualify for subsidized
loans.

8. Financial Aid 101: Federal Stafford Loans
Unsubsidized Stafford Loan
The loan starts with the students enrollment.
Loans are scheduled for 4 terms (32 weeks) at a time.
Undergrad and Grad interest is fixed at 6.8% for 2011-12 with 1% fees.
Student is responsible for the interest that accrues as the loan is disbursed.
They can make interest payments while in school (recommended) or they
can capitalize the interest (add it to the principal of the loan) and repay during
regular repayment period (will end up paying interest on interest).
Repayment begins 6 months after the student leaves school.

9. Financial Aid 101: Federal Stafford Loans
The maximum
amount that a
student is eligible to
borrow is
determined by their
grade level and
dependency status,
as determined by
the FAFSA.

10. Financial Aid 101: Federal Parent PLUS Loan
Available to Parents of Dependent students only; Credit check required.
Maximum amount is higher than the student could obtain on their own.
Students can get more funds (unsubsidized loans) in their name if the
parent is denied a PLUS Loan.
Direct PLUS Loan Interest Rate is fixed at 7.9%, 4.0% Fees .
Up-front interest rebate of 1.5% for Direct PLUS; Must make initial 12
payments on time to retain this.
Repayment begins once the loan is fully disbursed; Payments CAN be
deferred but interest will accrue.

11. Financial Aid 101: Federal Graduate PLUS Loan
Available to Graduate students only who are unable to get enough funds
from the Federal Direct Loan program; Credit check required.
You can borrow up to the school's cost of attendance, less all other aid
you receive.
Student must complete a separate Entrance Counseling and MPN for the
Graduate PLUS loan.
Direct PLUS Loan Interest Rate is fixed at 7.9%, 4.0% Fees.
Up-front interest rebate of 1.5% for Direct PLUS; Must make initial 12
payments on time to retain this.
Repayment begins once the loan is fully disbursed; Payments CAN be
deferred but interest will accrue.

12. Financial Aid 101: Private/Alternative Loans
These loans are not backed by the Federal Government.
Subject to qualifying:
• Credit checks
• Income Verification
• Co-Signers Recommended
• Interest rates tend to be variable, may be higher than Fed. Loans
• Loan fees may also be assessed

13. Financial Aid 101: Other Types of Aid
Ottawa Tribal Grant
Members of the Ottawa tribe of Oklahoma are eligible for free tuition and fees in
any Ottawa University degree program.
Undergraduate students must complete a FAFSA (and provide any requested
verification documents) as well as submit a copy of their tribal membership card.
Graduate students only need to submit their tribal membership cards.
Tribal members are responsible for the purchase of their text books and are
welcome to apply for Federal student loans to help with this cost. Any Pell funds
that undergraduate tribal members are eligible for is used toward tuition cost and
the tribal grant supplements. Tribal members do not receive their Pell funds to
use for books.

14. Financial Aid 101: Scholarships/Other Aid
Ottawa University does not offer any institutional scholarships to online
students at this time.
Students must report any other financial assistance that they are receiving to
the financial aid department when applying for financial aid (i.e.
scholarships, tuition reimbursement from employer, etc.).
Students should be encouraged to try to obtain any scholarships or other
assistance that they qualify for. Reducing overall debt is a GOOD thing.

15. Financial Aid 101:
Starting the Application Process

16. Financial Aid 101: The Federal Student Aid PIN
Students will need a Federal Student Aid PIN in order to sign the FAFSA electronically as
well as to sign on to the www.studentloans.gov website to complete their Entrance
Counseling and MPN.
If a student does not have a PIN, they can apply for one online at www.pin.ed.gov. The
PIN application must be verified by the Social Security Administration before the PIN is
considered active. This process may take 1-3 days. Students have limited use of their
new PIN until it has been verified by the SSA (can sign a new FAFSA but cannot access
other websites).
Students have the option to select their own 4-digit PIN, so they can make it something
easy to remember.
If a student already has a PIN, but has forgotten it, they can “Request a Duplicate PIN”
online at www.pin.ed.gov.

17. Financial Aid 101: Applying for Financial Aid
The application process and lots of other great tools are provided on our public website. From the
Ottawa University homepage, click on the “Quick Links” menu, select financial aid, then “Adult and
Online Students”.
To apply for financial aid, students must complete:
1. The Free Application for Federal Student Aid (FAFSA) online at
www.fafsa.ed.gov. (Ottawa’s school code = 001937)
2. The Direct Loans Entrance Counseling and Master Promissory Note
(MPN) online at www.studentloans.gov.
3. The Ottawa University Institutional Application
• Students must also provide any additional documents requested by the financial aid department
in a timely fashion, which may include: signed copies of their Federal tax returns, W-2s, Non-tax
filer form, Verification Worksheet, Monthly Expense Statement, Selective Service
verification, proof of citizenship, etc. Failure to submit ALL requested documentation will result in
a student being unable to use financial aid until requested materials are received.

18. Financial Aid 101: Applying for Financial Aid
WARNING:
DO NOT enter your information at www.fafsa.com
First word of FAFSA is FREE – fafsa.com charges money to
use their site. This is a third-party site not affiliated with
the federal government.
Make you are using the correct link:
www.fafsa.ed.gov
(Needs to end in .gov)

19. Financial Aid 101: The “FAFSA”
The FAFSA application must be
updated once per year and
requires tax information to be
entered from the previous year.
For example, the 2011-2012
application requires 2010 tax
information.
The FAFSA is required to
determine your eligibility for
Federal grants and loans and is
the first step you should
complete when applying for
financial aid.

20. Financial Aid 101: Applying for Financial Aid
What items do I need to fill out the Free Application for Federal
Student Aid (FAFSA)?
You may also need the
Records of Taxable & following records if such
Untaxable Income Received financial circumstances are
applicable to you.
• W-2 Forms • Investment records
• Federal Tax Returns • Business/Farm Records

21. Financial Aid 101: The Entrance Counseling and MPN
All new students to Ottawa
University, or students
using Financial Aid for the
first time, must complete
the Entrance Counseling
and Mater Promissory
Note(MPN), even if this has
been done for another
school.
Students must sign in with
their PIN to access these
items.
The MPN is valid for 10
years.

22. Financial Aid 101:
The Institutional
Application
PAGE 1:
Be sure to indicate:
1) How many credits per
term you plan to take (No
blank spots or X’s)
2) How many credits you are
transferring (if any) – This
determines your grade
level for funding.

23. Financial Aid 101:
The Institutional
Application
PAGE 2:
Choose only one option
when indicating the
amount requested.
Keep in mind that the
amount you request will
be equally divided over
the next 4 terms.

24. Financial Aid 101: Summary
Summary of the process of Financial Aid Application
Student submits FAFSA online.
Student receives a Student Aid Report (SAR) from the federal
government by mail or email.
Processing center sends results with Expected Family Contribution to
the school indicated on the FAFSA.
Student completes entrance counseling and MPN online. Student
completes Institutional Application and sends to University
Financial aid package is determined and award letter is sent to
student.

25. Financial Aid 101:
Student Resources

26. Financial Aid 101: Financial Aid Estimator
Undergraduate and Graduate versions available
Found online on the Financial Aid webpage
This tool can help you plan your enrollments and manage your
financial aid funds.

27. Financial Aid 101: Student Loan Repayment Calculator
Found online on the Financial Aid webpage
Consider the total
investment that you are
making when financing your
education.
The Student Loan
Repayment Calculator will
assist you in determining
your monthly payments for
once you enter repayment.

28. Financial Aid 101: MyOttawa Portal
Information such as financial aid awards, balances owed, and missing financial aid documents are
available in the "Financial Information" section of the student portal at: http://myottawa.ottawa.edu

29. Financial Aid 101: Conclusion
We hope that this presentation has provided you
with helpful information regarding your financial
aid options at Ottawa University.
Please contact your finance advisor with any
follow up questions you may have.