How do I get financial aid?
File your FAFSA (Free Application for Federal Student Aid) at www.fafsa.gov. New applications open on October 1st. It is best to file as early October as possible to have the best opportunity to receive the most funds. Even if your or your parents’/spouse’s taxes have not been filed yet, estimated numbers can be used. Make sure to update your FAFSA once taxes have been filed. Your FAFSA will determine your eligibility for grants, work-study, and federal loans.
Also, check out this Financial Aid Timeline to help you prepare and receive your aid.
My parents make too much money. Should I still file?
. You have to file the FAFSA
if you plan on receiving any type of federal loan. Also, some scholarships require that the FAFSA be filed for you to be considered.
I’m under 24 but my parents don’t support me. Can I be considered independent?
Only certain situations will make a student independent, but not being supported by your parents is not one of them. These situations include:
- Being 24 or older
- Being married
- Having a dependent of your own
- Having served in the military.
There are other situations—such as being an emancipated minor or in legal guardianship--that can also make a student independent. You may want to refer to the dependency questions on the FAFSA and then contact our office if you have further questions.
My financial situation has changed since filing the FAFSA. What are my options?
The financial aid office can review you for a Professional Judgment if your financial situation has changed since the FAFSA was filed. Situations that can be considered include a significant loss/reduction in income, unusually high medical expenses, etc.
Note: If you have been selected for verification, you will need to have those documents reviewed first before a Professional Judgment can be evaluated. Professional Judgments are only reviewed from July 1st-April 1st each award year.
How much does it cost to attend Oregon Tech?
What is the interest rate for the federal loans?
All federal loans have fixed rates. The following rates are for 2016-17.
- Subsidized Stafford: 3.76% (government pays interest while student is in school at least half-time)
- Unsubsidized Stafford: 3.76%
- Parent Plus: 6.31%
What is the Verification process and how will I know if I need to complete it?
The verification process is a federal requirement which mandates financial aid offices to confirm the information provided on your FAFSA. IF you are selected, we will notify you through the mail or email. Notification will also be listed on your Web for Student account. Be aware that any new FAFSA submissions can trigger being selected for verification, even if you were not selected previously. Therefore, always check your Web for Student and email accounts for new requests.
We will ask for some documentation, such as federal tax return transcripts (not copies of your tax return) and verification of items you claimed on your FAFSA, such as family size, number of people in your family attending college, asset information, income exclusions, etc. We match this information to the FAFSA and revise financial aid awards if necessary.
Your aid can be held up if these documents are not turned in and processed by our office. General processing can be between 4-6 weeks. If you receive any Federal aid, such as a Stafford loan, Pell grant, etc., your funds will not be released to your account until verification is complete.
Where is my award letter?
When ready, your award letter will be on your Web for Student
account. New students will receive letters in the mail when the award letter is ready to be viewed and accepted. Continuing students will receive emails to the Oregon Tech email. View Award letter instructions
When do I get my money?
If all steps have been completed, financial aid will be applied to your student account on the first day of each term. Aid will go towards any bill owed automatically and if there are any extra funds, a refund will disburse to the student.
A student must choose their refund option through BankMobile®. If students are set up on direct deposit to the BankMobile® card they generally receive their refund the first day of the term. Refunds set up to direct deposit to a personal bank account (ACH) will take 2-4 business days; paper checks will be sent within a week to the student. Be sure to always check for holds on your Oregon Tech Web for Student account. Any BankMobile® questions should be directed at the Cashier's Office.
Be aware that any classes dropped within the first two weeks of a term can affect financial aid eligibility. Funds may be owed back to Oregon Tech, even if a refund has already paid out. Make sure to stay up to date with the Cashier's Office and your billing statement.
Will my grades and credit completion affect my aid eligibility?
, all students must maintain satisfactory academic progress. In general, this means that you must maintain at least a 2.0 GPA and complete at least 67% of all attempted credits, per term and cumulatively. Please refer to Oregon Tech’s SAP policy
for specific information.
Can my aid change throughout the year?
Yes. Your initial financial aid award offer is based on the FAFSA information we have at the time the award is created. Any discrepancies discovered through verification or another process may cause a change to your financial aid award. Therefore, it is to your advantage to make sure the information on your FAFSA is as accurate as possible. Additionally, if you filed your FAFSA based on estimated income tax information, it is important to make corrections to your FAFSA as soon as you file your tax return.
Aid can also be affected by outside resources of aid received for you. If any outside scholarships or grants exceed your budget, loans or other aid may be reduced to have space.
Can my parents ask questions about my financial aid?
, not unless you give us permission to share your information with them. FERPA
(Family Educational Rights and Privacy Act) prevents us from releasing confidential information unless you sign a File Authorization form
. It can also be picked up at the Financial Aid or Registrar's office.
I am a Graduate Student, should I apply for Financial Aid?
All students should file their FAFSA. Generally, Graduate students are evaluated for loans and work-study programs.
Does financial aid cover my Math 97 class?
For financial aid to cover a class—or put another way have those credits count towards your enrollment—that class must apply to your degree. At Oregon Tech only classes that are of the 100 level or higher count towards graduation. Therefore, Financial Aid will not cover Math 97 (or any other class under the 100-level).
I already did my MPN and/or Entrance Counseling but it is showing as incomplete in Web for Student.
Entrance Counseling: We down load records from the Department of Education about once a week; if it has been more than two weeks since you completed the counseling and the requirement has not cleared then you can contact our office. We will confirm completion with the Department of Education for you.
MPN (Master Promissory Note): Your MPN will not match in our system until we request the loan from the Department of Education. For Fall Term we generally start originations in September. After your origination is complete the MPN file will match and the requirement clear.