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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:

  • $605-$5,5645 (set by Federal Government)
  • The Pell Grant has a lifetime limit of 6 full years or its equivalency

Federal Supplemental Educational Opportunity Grant (SEOG):

  • $300-$500 at Oregon Tech
  • Available only to students who are eligible for the Pell Grant

Oregon 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
  • Must be credit worthy to receive at Oregon Tech
  • Priority given to full-time Oregon Tech students

Federal Stafford Loan Program:

Separate Stafford Loan application for each borrower, each academic year required.

  • Loan maximum for the academic year is $5,500-$12,500 based upon academic year in program, need and dependency status
  • Guarantee and Origination fees of 1% per disbursement
  • The 2013-14 fixed interest rate for the Stafford Subsidized loan is 3.86%.
  • The fixed interest rate for the Stafford Unsubsidized loan is 3.86%.
  • The federal government pays interest on Subsidized Stafford Loans until a student has either graduated or has stopped attending school below half-time. The student is responsible for all interest accrued on Unsubsidized loans.
  • Repayment of both loans begins six months after graduation or less than half-time enrollment

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):

Separate PLUS request from must be filled out and submitted to the Oregon Tech Financial Aid Office.

  • Available to parents of dependent students
  • Loan maximum for the academic year is total cost of education minus other financial aid
  • Guarantee and Origination Fees of 2.5% per disbursement
  • Fixed interest rate of 6.41%
  • Repayment begins within 60 days of final disbursement (interest only payments and deferment available in certain circumstances)
  • Available year-round

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
  • 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.

Loan Specifics

It's a mandatory Federal requirement for all Stafford Loan borrowers to complete Entrance Counseling an a Master Promissory Note (MPN) before funds will be dispersed. Complete Entrance Counseling and MPN online. When you graduate from Oregon Tech, withdraw, or drop below half-time you must also complete Exit Counseling online.

Remember, six months after you graduate, withdraw, or drop below half-time, repayment of your Student Loans begins.

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