Federal/State Award Information
Guide
This information will guide
you through the UCO process of awarding, disbursement, and
release of funds.
After carefully reviewing
this information, if you need further assistance, please feel
free to contact our Student Financial Services Service Center located
in the University Center, Room 141. We encourage you to
keep copies of all financial aid paper work from the school,
your lender and guarantee agencies.
Eligibility for Federal
Financial Assistance must be re-established each academic year.
For administrative purposes, the Office of Student Financial
Services
defines the academic school year as beginning with the fall term
of a given year and concluding with the subsequent spring term.
For awarding purposes, the summer term is considered to occur at
the end of the Academic year. Please note, a separate
Institutional Summer Application is required, in addition to the FAFSA
for summer aid consideration.
If you receive an offer for
assistance and additional information has been requested, please
realize funds will not be released to you or credited to your
account until that information has been received and reviewed.
If after reviewing that information we determine that you are
not eligible for funds previously offered, that offer will be
cancelled. If after funds are released to you or credited
to your account, it is determined that you did not in fact meet
the criteria for receiving aid, you may be required to repay
those funds.
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Award Adjustments
If you have already been
awarded Federal aid and you would like to adjust your award
and/or request funds from additional sources, you should make
your request through the award adjustment process. You can
secure the Award Adjustment Request form from our Service
Center. You should allow at least 7-10 working days for our
office to review and respond to your request. ( Please be aware
that request submitted 3 weeks prior to or after the start of
the semester may take up to 3 weeks for review). Students
wanting to cancel all aid, cancel or reduce Student Loan Awards
such as Subsidized Stafford, Unsubsidized Stafford and/or Parent
Loan funds should use the Aid Cancellation Form which can be
downloaded from our website in the General Forms Area or secured
from our service center.
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Scholarship Information
Scholarship awards will not
be included on the financial aid award letter, but the funds
will be applied directly to your student account once you have
enrolled. If you want to check to see if your scholarship funds
have been applied, you can review your student account record on line. You will
need to use your UCO ID and PIN to access this information.
If you were expecting scholarship awards that have not been
applied to your account you may want to contact the Area or
Agency responsible for awarding the scholarship.
Oklahoma Higher Learning Access Program
(OHLAP)
The Oklahoma State Regents
Office offers a tuition scholarship to Oklahoma Residents who
attend school in the state of Oklahoma called the Oklahoma
Higher Learning Access Program (OHLAP). Student's eligible
for this program had to apply between their 8th &10th grade year
of high school and the family income at the time of application
had to be less than $50,000. To receive the scholarship
the eligible recipient must notify the Bursar or the Student
Financial Aid Office of their intent to attend UCO.
Beginning with the Fall
2004 term, OHLAP will be processed in conjunction with the
Federal Aid process. Therefore if the OHLAP recipient has
also applied for Federal Student Aid through the Free
Application for Federal Student Aid (FAFSA), the OHLAP award
will processed once the Federal aid requirements have been met.
Students who apply for federal aid but are not eligible or
choose not to accept the federal aid offered, can still receive
OHLAP funds. The OHLAP award will be based on an average
of $2600 for the year, but the amount disbursed to the student
account will be equal to the amount of the general tuition
charged for the term. OHLAP funds are designed to pay
tuition costs, however if the tuition has already been paid by
some other source, the OHLAP funds can be used for other
expenses.
OHLAP recipients who
graduated between 2000 & 2002 whose effective family income
resulting from the 2004/05 FAFSA is less than 1000 may be
eligible for OHLAP plus, which entitles them to double their
OHLAP value.
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Oklahoma Tuition Aid Grant (OTAG)
The Oklahoma State Regents
Office awards Oklahoma Tuition Aid Grants (OTAG) funds to
eligible residents of the state of Oklahoma who attend school in
Oklahoma.
The OTAG award is included as part of your award package after
UCO has been notified of your eligibility. However, even
if you have been approved for an OTAG award, funds will not be
forwarded to UCO on your behalf until after we have verified
your enrollment. To insure that the OTAG funds are
available to you when the term begins, you should enroll at
least 2 weeks prior to the first day of classes.
Because enrollment for OTAG purposes is not confirmed until the
end of the refund period, students awarded OTAG but withdraw or
cease to be enrolled at least half time during the refund period
will not be eligible for OTAG funding.
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Federal Program Information
UCO participates in the following Federal Programs; Federal Pell
Grant, Federal Supplemental Educational Opportunity Grant,
Federal Perkins Loan, Federal Family Educational Loan Program
(which includes Federal Subsidized Stafford, Federal
Unsubsidized Stafford & Parent Loan), & Federal Work Study. For more detailed
information about the Federal Programs and eligibility
requirements, please refer to a copy of the Federal
Student Guide for Financial Aid, which can be secured
from our Service Center, or you can go to
www.fafsa.ed.gov and click on Student Guide to review that
information.
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Federal Student Loan Funding
Federal Guidelines require
student loan borrowers to sign a promissory note, which is a
promise to repay funds borrowed to help pay educational costs.
When you view your award on the web you will see the Loan programs you are
eligible for as well as the amount of that eligibility.
Please realize you must be enrolled at least halftime (6 credit
hours undergrad or 5 credit hours graduate) before the
loan process can begin. In addition, if you are a new
borrower, you will be required to complete an Entrance
Counseling Session and choose a lender before the UCO loan process begins.
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Federal Perkins Loan (Perk)
The Federal Perkins (Perk)
loan is a low interest (5%) loan. With UCO as the lender,
federal funds are awarded to eligible students as long as funds
are available. Because of limited funding, priority
consideration will be given to those who have previously borrowed
from this program while attending UCO. If the Federal
Perkins Loan (Perk) is listed on your award letter, you should
receive further instructions regarding the Loan process by mail.
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Federal Stafford Loans (Subsidized (Stafd & Unsubsidized & USL)
The Master Promissory Note
(MPN), which was introduced in July of 2000, was designed to
streamline the loan application process. Using this note,
borrowers would be required to sign a promissory note only once
during the duration of their studies instead of each year, as
long as they maintained the same lender. For this reason
we encourage borrowers to always maintain the same lender.
Beginning with loans
certified after October 1, 2002, all loan periods must contain
at least 2 disbursements. This means that single semester loans
will be disbursed in 2 payments. The first half at the beginning
of the semester and the second half at the mid point of the
semester. In order to electronically
transmit your loan request, your choice of Lender and Guarantee
agency must be identified. If you attended UCO and borrowed
funds through the Federal Stafford Loan program during the past
year, we will transmit your loan request to the same Lending
institution you used previously. If you did not receive a
federal loan at UCO during the past year you should secure a Lender Selection/Change Form to select
your lender.
You may secure the form from the
General Forms section of our
website or you may pick up one from our service center. If you want to change
Lenders or Guarantors, you can use this same
Lender Selection/Change Form.
Online Options with
the Federal Family Loan Program
Beginning in April 2004 borrowers will
have the opportunity to take advantage of some online processes
that include electronically signing their promissory notes,
Checking the status of their loan applications, and/or Reviewing
their Loan History through Open Net. Even though it is
connected to our website, Open Net “Secure Access” is different
from your UCO “Secure Access” in that it is the vehicle used to
gain online access to Guarantor/Lender information such as Loan
Guarantees & Disclosures via the web. The access is separated
to keep Student Loan Information secure. When entering
the Open Net environment for the first time, borrowers will be
instructed to “create a new account”. The Open Net-User Id and
password created should be maintained for future use.
Most students who have already signed a
Master Promissory Note (MPN) for prior loans will not need to
sign a new note, therefore the “Complete App/E-Sign” option
will not appear. However, these students can view the
details of their approved loans by selecting “view details”.
If you log in and no loan record is
shown, you may have attempted to access your loan information
before your application is available to be completed. If you
listed an e-mail address on your FAFSA, you should receive an
e-mail advising you that your student loan MPN is available
on-line.
Please remember you must be enrolled at
least ½ time (6 hours-undergraduate, 5 hours-graduate) and
have accepted your loan (s) prior to your loan being certified
and available online.
You can either sign your application
with an electronic signature or you may choose to print the
MPN and mail it to your lender.
Some of the Information (address, etc)
will already be provided. Be sure to correct any errors and
provide all missing information.
If you do not have all the information
needed to complete your MPN, you can save the information
you’ve provided and return later to complete the MPN.
UCO posts loan disbursements from
lenders to student accounts on Tuesdays and Thursdays. You
may check your student account via your UCO secure login on
our website. If your total loan is more than your total
charges, you will be refunded the difference. Please allow at
least 7 -10 working days to receive these funds in the mail
from UCO. You may also sign up for direct deposit into your
checking account with our Bursars Office if you do not want a
check to be mailed.
Click here to move to the Student Loan
Information Links to electronically sign your MPN.
If after signing the MPN you decide to decline the loan offer, please complete
the Loan Cancellation Form, which can be secured from the
Service Center or from our Website.
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Parent Loan for Undergraduate Student (PLUS)
PLUS Loans- Education Loans for Parents of dependent
students
Beginning with the 2007/2008 school year
UCO will require PLUS borrowers to first complete the FAFSA.
PLUS loans are available to parents to
help pay for the education of a dependent student who is
enrolled at least half time and making satisfactory academic
progress. The interest rate is variable. The interest rate is
based on the 91-day Treasury bill plus 3.1% and not to exceed
9%. Parents may borrow up to the total cost of education less aid
awarded and other educational resources.
Features & Benefits
- PLUS funds may cover full cost of
education as determined by school – including tuition & fees,
room & board & supplies, transportation costs, and living
allowance.
- Parents are generally required to pass a
credit check or demonstrate that extenuating circumstances
exist, or have an endorser to pass the credit check.
- Low variable rate not to exceed 9%
- Payments can be postponed up to 3 years
in cases of economic hardship.
- For many parents, interest is tax
deductible.
Flexible Repayment Options
- Loan repayment begins 60 days after loan
is fully disbursed
- Standard principal and interest payments
- Interest-only payments for a period of
time followed by standard principal and interest payments
- Income sensitive repayment based on your
monthly income
- Up to 10 years to repay
STEPS TO APPLY FOR PLUS (Parent Loan for
Undergraduate Dependent Students) BY PHONE OR VIA THE WEB AT UCO
1.
Complete the FAFSA by going to
www.fafsa.ed.gov.
2. Once you receive
confirmation that the FAFSA has been processed, contact a
preferred lender as shown below. If you are a previous
PLUS loan borrower and your lender is not shown below, you
should contact them for PLUS pre-approval instructions.
3.
Provide parent and student information.
4.
Receive loan approval while on the phone or internet and
procedures for submitting your pre-approved PLUS Master
Promissory Note Electronically.
5.
Print and complete
PLUSRL Form and return to the
Student Financial Services Office at UCO.
6.
Your lender will notify UCO of the pre-approval and
obtain required certification from UCO after your child has
received notification of your PLUS Loan Award.
7.
You will receive notice of loan disclosure
indicating estimated disbursement dates to UCO.
After completing
the FAFSA, apply
for PLUS loan by clicking one of the preferred lender websites
below.
824206 Chase Bank (Bank One) Serviced by
SallieMae 877-663-3663
www.salliemae.com
816376 Tinker Credit Union/Serviced by SallieMae
877-663-3663
www.salliemae.com
813979
Commerce Bank/Serviced
by Sallie Mae
800-666-3910
https://enroll.commercebank.com/studentloans
809063 Bank of
Oklahoma/Serviced by NelNet
800-788-1881
www.nelnet.net
831870 Citizens Bank/Serviced
by NelNet
800-788-1881
www.nelnet.net
826878 Citibank
800-3947035
studentloan.citibank.com
809094 Arvest Bank/Serviced
by OSLA
800-456-6752
www.olsa.org
809070 BancFirst/Serviced by
OSLA
800-456-6752
www.osla.org
828352 BankOne/Serviced by
OSLA 800-456-6752
www.osla.org
834059 Collegiate Funding
Services
www.cfscampusloans.com
Repayment Incentives
PLUS
Loans Serviced by Sallie Mae:
- .25%
interest-rate reduction for automated payments
- Extended
Repayment and Loan Consolidation
-
Graduated Payment Plans with monthly payments as low as
Interest-Only while the student is in college
- No
payments while the student is in college-available for up to 5
years (Parents need to request this option annually)
PLUS
Loans Serviced by NelNet:
- 2%
interest rate reduction after 48 on-time monthly payments
- 1%
interest credit when the PLUS loan enters repayment applied
210 days after the PLUS loan is fully disbursed
- .25 %
interest rate reduction for auto debit payments
- Flexible
repayment plans that allow the parent to make smaller payments
while the student is still in school.
PLUS
Loans Serviced by OSLA:
- 1.5
interest reduction after 12 on time payments
- .33%
interest reduction for direct debit of payments
- 1%
principle reduction after 3 on time payments
PLUS
Loans Serviced by CitiBank:
- Parents
can defer PLUS payments for up to 48 months while the student
is in school
- 1%
principal reduction 90 days after final disbursement
- .25%
interest rate reduction if loan payments are automatically
deducted from your bank account
-
Interest-only repayment option for the first two to four years
of repayment
PLUS
Loans Serviced by Collegiate Funding Services:
- 3%
reduction of outstanding principle balance after 36
consecutive on-time payments
- .5%
interest rate reduction after 36 consecutive on-time payments
- .25%
interest rate reduction for direct debit of payments
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Alternative (Private) Loans
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Student Employment (FWSP)
Federal Work-Study funds
are earned as a result of securing a Federal Work-Study job.
If you were awarded Federal Work-Study please understand this
award is only an offer, not a guarantee, to obtain employment.
Federal Work-Study jobs are posted on-line at
http://jobs.ucok.edu.
Students won't need to go to the HR office unless they're hired. Postings can be sorted by off-campus
work study, regular, or work study (on-campus). Students may search
from home and apply before they even arrive on campus.
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Disbursement & Release of Aid
Federal and State funds,
(Pell, SEOG, Stafford, FUSL, Perkins, and OTAG) will be applied
to your account before the term begins. Funds in
excess of direct cost to the University (tuition, fees and
housing) will be released beginning the first week of the term.
For purposes of receiving student loan funding at UCO, the
disbursement date listed on the Notice of Loan Guarantee &
Disclosure Statement refers to the date funds are sent to UCO.
The release date refers to the date funds are available for
release to you or credit to your account.
To insure that funds are
available to you when the term begins, you must be enrolled and
awarded at least 2 weeks prior to the beginning of the
term. After the initial release period, funds will be made
available on a weekly basis.
Changes in enrollment, your
housing plan or securing additional resources after aid has been
awarded and/or disbursed may constitute a re-evaluation of
eligibility that could warrant repayment of funds previously
received or credited to your account.
For the release of aid, we
highly recommend that you sign up for Direct Deposit. This
process allows funds to be deposited directly into your banking
account. If you are interested in this process, please
contact the Bursar’s Office. For those who did not select
the option of direct deposit, checks will be sent to your
mailing address; therefore we encourage you to make sure your
mailing address is correct with the Registrar’s Office.
Remember a valid UCO I.D. must be presented when you are
conducting business with the Student Financial Aid and Bursar
Offices.
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Consortium Agreement Facts
Students seeking federal student aid while simultaneously
attending more than one institution can seek aid for the
combined enrollment using the UCO consortium form. Since the
student is required to be degree seeking to receive federal aid
for most programs, generally the home school where the student
is seeking the degree would grant the aid. Interested
students can secure a copy of the Consortium Agreement Form from
the General Forms segment of this website. The home institution
is considered the institution granting the degree and the other
institution is referred to as the host institution. If UCO
is the home institution, consortium hours will not be added to
the UCO enrollment for aid consideration until after the end of
the UCO refund period.
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Enrollment Changes with No Record
During the semester
students may drop courses without a grade notation on their
transcript, or change a course for credit to audit. If
federal funds have been already been issued to the student or
credited to the students account, this action could constitute a
re-evaluation of eligibility resulting in a repayment.
For student loan borrowers
who completely withdraw or drop to less than half time
enrollment status, federal regulations require that subsequent
Loan disbursements be canceled. Reinstatement of a loan
can be considered, by written request, once you are enrolled at
least halftime. An *Exit Counseling Session must be
completed prior to exiting the University (graduating or not
planning to return), or ceasing to maintain at least half-time
enrollment.
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Withdrawing
If you are enrolled and no
longer plan to attend the University of Central Oklahoma, you
are required to officially withdraw through the Registration
Office. Failure to do so could cause you to owe money to
the University for fees, even though you are not attending.
Tuition refunds as a result of a complete or partial withdrawal
will be returned to the Federal award program from which the
tuition was paid.
Federal aid recipients who
completely withdraw after school begins, but prior to completing
at least 60% of the semester will have to repay some portion of
the Federal funds received. The University would be
required to calculate the earned and unearned portion of the
funds received or credited on your behalf. This
calculation may require you and/or the University, on your
behalf, to immediately repay funds disbursed for the purpose of
paying educational costs.
Please be aware that you
will be expected to reimburse the University funds repaid to the
federal programs on your behalf. Repayment arrangements
should be made only through the Bursar Office.
Student Financial Aid Service Counselors will be prepared to
discuss the impact of the withdrawal with you at the time of
withdrawal.
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Entrance & Exit Counseling
Exit sessions for Perkins
borrowers should be scheduled through the Perkins Loan
Collections Division of the Bursar Office.
Sessions for FFELP
borrowers may be scheduled through the Student Financial Aid
Media Center, UC Rm. 141Q, or via the web at
UCO
Financial Aid Entrance Counseling
<or>
UCO
Financial Aid Exit Counseling
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Rev.06/02 |
