Federal student aid information center
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.
There are two types of Direct loans and eligibility is determined by using the government's need analysis.
1. Subsidized -- All Subsidized Direct Loans borrowed during the 2015-2016 academic year have a 4.29% fixed interest rate for the life of the loan. (The interest rate is reset each year for the life of the loan and is determined at a specific time each year based on the rate of the 10-year Treasury Bill plus 2.237%.) The government pays the interest rate on the loan while the student is enrolled at least half-time. Repayment begins six months after the student ceases to be enrolled at least half-time.
2. Unsubsidized -- Undergraduate students borrowing an Unsubsidized Direct Loan during the 2015-2016 academic year have a 4.29% interest rate for the life of the loan. Graduate students borrowing an Unsubsidized Direct Loan during the 2015-2016 academic year will have a 5.84% interest rate for the life of the loan. (The interest rate is reset each year for the life of the loan and is determined at a specific time each year based on the rate of the 10-year Treasury Bill plus 2.05% for undergraduates and 3.60% for graduate students.) The interest on this loan accrues while the student is in school unless the student choose to make in-school interest payments. Repayment begins six months after the student ceases to be enrolled at least half-time.”
For both Subsidized and Unsubsidized Direct loans, the following information applies:
- The loan may be divided between the two semesters. A 1.068% 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.
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.
- PLUS loans borrowed during the 2015-2016 academic year have a 6.84% fixed interest rate for the life of the loan. (The interest rate is reset each year for the life of the loan and is determined at a specific time each year based on the rate of the 10-year Treasury Bill plus 4.60%.)
- 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 is a 4.272% 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.