Federal Financial Aid Information
Federal student aid information center
CALL 1.800.4.FED.AID (1.800.433.3243). www.studentaid.ed.gov/
This grant is available to undergraduate students only. The award amount is based on the family’s need as determined by the government and does not require repayment.
Supplemental Educational Opportunity Grant
This grant is only available to undergraduate students. The amount is determined by the student’s financial need and the availability of funds at the school. It does not require repayment. Policies may vary according to institutions.
Federal work-study program
This program is available to both undergraduate and graduate students. The inclusion of work-study on your financial aid offer only indicates eligibility. It is not a guarantee of a job. The student is responsible for contacting potential supervisors and finding a job. You may find job listings at www.oc.edu/campusjobs.
This loan is currently a needs-based 5% fixed interest loan. Repayment begins nine months after the student ceases to be enrolled at least half-time and does not accrue interest during the student’s period of enrollment or through the nine month grace period. The award amount is based on the family’s need as determined by the government. THIS MUST BE REPAID.
If you've been awarded a Perkins loan and wish to complete your application, please click here.
There are two types of Direct loans and eligibility is determined by using the government's need analysis.
1. Subsidized -- This 3.4% fixed interest rate loan is based on need. The government pays the interest on the loan while the student is enrolled at least half-time.
2. Unsubsidized -- This 6.8% fixed interest rate loan is not based on need, but on the cost of attendance. The government does not pay the interest while the student is in school. The student may choose to pay the interest quarterly or defer it by adding it to the loan principal while in school.
For both Subsidized and Unsubsidized Direct loans, the following information applies:
- The loan may be divided between the two semesters. A 1.0% default fee will be automatically deducted from the disbursements.
- REPAYMENT begins six months after the student drops below half-time enrollment. The minimum monthly payment is $50 per month. However, the maximum repayment term is 10 years; therefore, your monthly payment may be higher
- FIRST-TIME BORROWERS must complete loan entrance counseling before any funds can be issued.
- THESE LOANS MUST BE REPAID!
- Following is a list of the maximum amounts that may be borrowed. $2000 of the amounts listed below must be unsubsidized.
- Freshmen (0-30 hours) – $5,500
- Sophomores (31-59 hours) – $6,500
- Juniors and Seniors (60+ hours) – $7,500
- Graduate Students – $20,500 (with a maximum of $8,500 subsidized)
- Independent students and students whose parents were denied a PLUS loan may be eligible for an additional unsubsidized Direct loan.
If you've been awarded a federal Stafford loan and wish to sign your application, please click here.
This federal grant provides up to $4000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Recipients of the grant who do not teach in a certified Title 1 school for the required amount of time must pay the grant back in the form of a an unsubsidized Stafford loan. The TEACH Grant is only awarded to students majoring in a "high need" field of study. For more information concerning the TEACH Grant, please click here.
Parent Loan for Undergraduate Students (PLUS):
This is a loan available to the parents of a dependent student. A parent may borrow to cover the cost of a college education on behalf of a child regardless of the family’s income.
- Parents may borrow up to the full cost of their dependent’s cost of education, less the amount of any financial aid received.
- To apply for a PLUS loan, you will need to choose a lender and submit an online application at the lender's website. Many parents typically use one of the lenders linked below for faster, more efficient service.
- The PLUS loan has a fixed interest rate at 7.9%.
- Repayment begins 60 days after the loan is fully disbursed and the minimum payment is $50 per month. You have up to 10 years to repay. Parents may also request the PLUS Loan be deferred until six months after the student has ceased attending half-time; however, interest will accrue during the time of deferment.
- There will be a 4% origination and default fee automatically deducted from the disbursements.
- The parent is responsible for paying the interest that accrues on the loan from the time the loan is disbursed until it is paid in full.
- You must be a creditworthy borrower.
The first monthly payment on your PLUS loan (for a fall/spring student) is not due until February or early March. This gives you five to six months in which you could save the amount of the PLUS loan to apply toward future years, thereby reducing the amount you would need to borrow in future years.
To apply for a PLUS loan, click here.