By completing the FAFSA, you are applying for all types of federal and State aid available. This includes: Federal Pell Grants, Federal Supplemental Educational Opportunity Grant (SEOG), Oregon Opportunity Grant (for Oregon Residents), ACG Grant, SMART Grant, Federal Perkins Loan, Federal Family Education Loan Programs (Stafford and Parent Loans for Undergraduate Students), and the Federal Work Study Program. For a complete description of the federally funded financial aid programs, pick up a Student Guide at the OIT Financial Aid Office. By completing the FAFSA, you are applying for all types of federal and State aid available. This includes: Federal Pell Grants, Federal Supplemental Educational Opportunity Grant (SEOG), Oregon Opportunity Grant (for Oregon Residents), Federal Perkins Loan, Federal Family Education Loan Programs (Stafford and Parent Loans for Undergraduate Students), and the Federal Work Study Program. For a complete description of the federally funded financial aid programs, pick up a Student Guide at the OIT Financial Aid Office.  Listed below is some summary information about grants and loans currently being offered at OIT.

GRANTS

 

(Gift aid that requires no repayment)

 

 Federal Pell Grant:

 

  • $890-$4,731 (set by Federal Government).

     

Federal Supplemental Educational Opportunity

 

Grant (SEOG):

 

  • $300-$500 at OIT

     

  • Available only to students who are eligible for the Pell Grant.

     

Oregon Opportunity Grant

 

(formerly Oregon State Need 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.

     

Academic Competitiveness Grant (ACG)

 

  • For first and second year students.

     

  • Must complete a rigorous high school education.

     

  • Students must be Pell-eligible.

  • Not awarded until after summer term, due to grade and transcript verifications.

     

Science and Mathematics Access to Retain Talent

 

(SMART) Grant

 

  • For third and fourth year students.

     

  • Enrolled in an eligible major as defined by US Department of Education must maintain 3.0 GPA.

     

  • Students must be Pell-eligible. 

  • Not awarded until after summer term, due to grade and transcript verifications.
LOANS

 

(Funds that require repayment after student is no longer enrolled

 

at least half-time)

 

 Federal Perkins Loan:

 

  • $500- $2,000 at OIT.

     

  • 5.00% interest rate upon repayment.

     

  • Must be credit worthy to receive at OIT.

     

  • Priority given to full-time OIT students.

     

 

 

Federal Stafford Loan Program:

 

 Separate Stafford Loan Application required for new

 

borrowers.

 

 

Loan maximum for the 2008-09 academic year is $3,500 $10,500 based upon academic year in program, need and dependency status.  Possible origination Fee up to 3%.  Fixed interest rate of 6.80%.  The federal government pays interest on Subsidized Stafford Loans, but the student is responsible for interest accrued on Unsubsidized loans.  Repayment begins 6 months after graduation or less than half-time enrollment.  All first time OIT borrowers are required to complete entrance loan counseling.

 

 

Federal Parent Loan for Undergraduate Students (PLUS):

 

 Separate PLUS application required and request form

 

completed by parent.

 

 

Available to parents of dependent students.  Loan maximum for the academic year is total cost of education minus other financial aid.  Possible Origination Fee up to 4%.  Fixed interest rate of 8.50%.  Repayment begins within 60 days of final disbursement  (interest only payments and deferment available through some lenders).  Available year-round.  Not required to complete FAFSA for PLUS.

 

 JOBS

 

(Money you can earn from a part-time job)

 

 

Federal Work-Study Program (FWSP):

  • $1,500 initial award.

     

  • Work at OIT 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 is located in the OIT Career Services Office or on the Career Services website at www.oit.edu/career.  Any OIT student can apply for these jobs. No financial aidapplication is required.

     

 

Loan Specifics

It's a mandatory Federal requirement for all Stafford Loan borrowers to complete Entrance Counseling before funds will be dispersed. On-campus Entrance Interviews are offered at summer orientations and during the first week of class. If you are not attending OIT's main campus, please complete Entrance Counseling On-line. When you graduate from OIT, withdraw, or drop below half-time you must also complete Exit Counseling. On campus Exit Interviews are offered at the end of each term. If you are unable to attend one of these sessions, please complete Exit Counseling On-line. Remember, six months after you graduate, withdraw, or drop below half-time, repayment of your Student Loans begins.