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Types of Financial Aid

View a complete description of the federally funded financial aid programs online, or pick up a Student Guide at the Oregon Tech Financial Aid Office. Listed below is some summary information about grants and loans currently being offered at Oregon Tech.


Grants

(Gift aid that requires no repayment)

Federal Pell Grant:

  • $602-$5,730 (set by Federal Government)
  • The Pell Grant has a lifetime limit of 6 full years or its equivalency
  • Eligibility is determined by need

Federal Supplemental Educational Opportunity Grant (SEOG):

  • $300 at Oregon Tech
  • Available only to students who are eligible for the Pell Grant

Oregon State Opportunity Grant:

  • For Oregon residents to use at an Oregon college
  • The Oregon Student Assistance Commission determines eligibility
  • Awards vary
  • Students must be undergraduates
  • Pro-rated awards are available for part-time students

Loans

Students must be enrolled in at least six credits at Oregon Tech in order to qualify for loans.

Federal Perkins Loan:

  • $500-$2,000 at Oregon Tech
  • 5% interest rate upon repayment
  • Priority given to full-time Oregon Tech students

Federal Stafford Loan Program:

  • Loan maximum for the academic year is $5,500-$12,500 based upon academic year in program, need and dependency status
  • Origination fees of 1% per disbursement
  • Repayment of begins six months after graduation or if enrollment is less than half-time (a minimum of six credits per term).

 Stafford Subsidized loan

  • The 2014-15 fixed interest rate is 4.66%.
  • The federal government pays the interest until a student has either graduated or has stopped attending school at least half time.

Stafford Unsubsidized loan

  • The 2014-15 fixed interest rate is 4.66%.
  • Interest begins accruing at the time of loan disbursement that student is responsible for repaying.

All first time Oregon Tech borrowers are required to complete Entrance Counseling and a Master Promissory Note (MPN) online.

Federal Parent Loan for Undergraduate Students (PLUS):

The PLUS loan program is available to creditworthy parents regardless of income.

  • Available to parents of dependent undergraduate students.
  • The maximum loan amount, per academic year, is the difference between the Cost of Attendance and the other financial aid the student is scheduled to receive that year
  • Origination Fees of 4.292% per disbursement
  • The 2014-15 fixed interest rate is 7.21%
  • Repayment begins approximately 60 days after the final disbursement in the current aid year. Payment options such as interest only and deferment can be discussed with Direct Loans (1.800.557.7394). 
  • A separate PLUS Request Form must be filled out and submitted to the Oregon Tech Financial Aid Office each academic year.
  • Parents must sign a PLUS MPN at www.studentloans.gov.

Employment: (Money that can be earned through a part-time job)

Federal Work-Study Program (FWSP):

Contact the Oregon Tech Career Services Office or go online to www.oit.edu/career for job listings.

  • $1,500 initial award
  • Work at Oregon Tech approved FWSP position or at an approved Work-Study site
  • Must be enrolled at least half-time and have financial need
  • A listing of NON Work-Study part-time jobs can also be found at Oregon Tech Career Services or online. Any Oregon Tech student can apply for these jobs. No financial aid application is required.

Cancelling Loans

Whether cancelling a portion or the entire loan, the student or parent borrower will need to contact the Financial Aid Office of the desired cancellation in writing. Written notice needs to include the amount cancelled and what term the change is to take affect. 

To cancel a portion or future disbursement, students and parent borrowers can fill out a Loan Revision Form. 

Students wishing to cancel and return funds that have already been disbursed must first be repaid on the the student account (if previously refunded). Oregon Tech will then return the funds to the loan agency. 

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