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How to Apply for Financial Aid

 

Free Application for Federal Student Aid

The 2024-25 Free Application for Federal Student Aid (FAFSA) is available now for students wishing to attend OSU Institute of Technology academic school year starting Fall 2024.

 

The 2024-25 FAFSA will be available until June 30, 2025. Visit studentaid.gov to get started. The 2023-24 FAFSA until June 30, 2024.

 

Changes 2024-25 FAFSA Program

The 2024–25  FAFSA form expands eligibility for federal student aid, including Pell Grants, and provides a streamlined user experience. 610,000 new students from low-income backgrounds will be eligible to receive Federal Pell Grants due to updates to student aid calculations. Plus, applicants will be able to skip as many as 26 questions, depending on their individual circumstances. Some applicants could answer as few as 18 questions, which could take less than 10 minutes. 

 

FAFSA Form

 

Students/parents have the following options available to them when filing:

• Using the IRS Data Retrieval Tool to pull in their completed 2021 taxes;
• Using the student’s/parents’ tax information from two years prior to complete their FAFSA financial information section

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Getting Started

Even if you think you would not receive federal grants, or plan to pay on your own, you should apply for aid because many scholarships require an application even if the funder does not use it!

 

While the primary responsibility of paying for a college education lies with the student and his or her family, we are available to assist you with accessing all financial assistance possible to offset the costs of a college education. All students attending OSUIT are required to maintain satisfactory academic progress in order to remain eligible for financial assistance. Students are required to be familiar with the Financial Aid Standards of Academic Progress.

 

The key to accessing the greatest amount of available federal, state, and institutional grants and loans is to apply early:

 

1. Obtain an FSAID to electronically sign your FAFSA at fsaid.ed.gov. If you are a dependent student, a parent will need an FSAID as well.
2. To get started, you will need to complete the Free Application for Federal Student Aid (FAFSA). This is an online process at studentaid.gov.  Our federal school code is 003172. Complete the 2023-2024 FAFSA if you are attending Fall 2023, Spring 2024 or Summer 2024.
3. Once our office receives your information, we will notify you if additional information is needed and/or send your award letter via your institutional email.

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How to File

The Free Application for Federal Student Aid (FAFSA) is available on October 1 for the upcoming academic year, starting with the fall term.

To begin the financial aid process you will first need to fill out the Free Application for Federal Student Aid (FAFSA). You can complete the FAFSA electronically at studentaid.gov. You will need your previous year's tax information. Use the IRS Data Retrieval Tool (DRT) to obtain tax return information, if you are eligible. The retrieval tool allows FAFSA applicants and parents the ability to transfer their income information from the IRS to the FAFSA.

As of May 10, 2015, FSAID was implemented, requiring the use of  a user ID and password to log in and complete a FAFSA. The FAFSA website will automatically redirect you and provide additional information to assist you in setting up your new FSAID!

• Create your Federal Student Aid Identification (FSAID)- OSUIT School Code: 003172
• Direct Loan: Accepting Your Direct Loans - Your guide to completing Entrance Counseling and a Master Promissory Note.
• Studentaid.gov- Website for Entrance/Exit Counseling and Master Promissory Note.
• Parent PLUS Loan Application - Loans Available for Parents. Online application required. A Master Promissory Note  (loan agreement) will need to be completed once the application is approved. Parents will need to create FSAID (electronic signature).

It’s that simple! If at any time you have questions, please feel free to contact our office at 918-293-4684, toll-free at 1-800-722-4471, or osuitfinancialaid@okstate.edu. Many questions about financial aid and the admissions process can be answered by reviewing our Frequently Asked Questions below.

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Financial Aid FAQ

•  Where is the Office of Financial Aid & Scholarships located?

  The Office of Financial Aid & Scholarships is located in the Grady W. Clack Center at OSU Institution of Technology.

  • Office hours are 7:30 am - 4:30 pm, Monday-Friday.

  OSUIT Financial Aid & Scholarships Office
  1801 E. 4th Street

  Okmulgee, OK 74447

  
  Office: 918-293-4684

  Toll Free: 800-722-4471

  Fax: 918-293-4650

  Email: osuitfinancialaid@okstate.edu

•  When will I receive my financial aid funds?

  All financial aid funds at OSUIT are disbursed to students through the Bursar’s Office (Cashier). The Bursar’s Office is located in the Grady W. Clack Center on the East side of the OSUIT campus. Bursar’s Office hours are from 7:30 am - 4:30 pm, Monday through Friday.

   

  Your financial aid funds will not be available for you on the first day of school. Federal Pell Grant, Federal SEOG, OTAG, and Direct Federal Loan funds are automatically credited to your student account by OSUIT. Any funds remaining after your account has been paid in full will be disbursed to you by direct deposit or check. We strongly encourage direct deposit of your refund. Contact the Bursar Office in the Grady W. Clack Center to sign up.

   

  Financial aid checks are usually available to students beginning the third week of school and are mailed to the student's primary address.

   

  Students borrowing loan funds for a single term (1-term loan) may have their loan funds split into two disbursements, the second disbursement processing up to 30 calendar days after the first disbursement.

  Oklahoma Tuition Aid Grant (OTAG) Program and Oklahoma’s Promise funds are disbursed to students as OSUIT receives those funds from the Oklahoma State Regents for Higher Education (OSRHE) office. Generally, these funds will not be available for you at the time you receive your other financial aid awards.

   

  Student employees at OSUIT working through the Federal Work-Study program are paid every two weeks. It takes approximately six weeks to receive your first biweekly paycheck. Should you desire to apply this amount to your bursar account, you will need to pay them directly, the funds will not be held out of your work study paycheck.

•  What can financial aid be used for?

  When you applied for federal financial aid, you signed a certification statement agreeing to use your financial aid funds solely for educational purposes.

   

  You were also given the option to sign an authorization. This will allow OSUIT to use your financial aid funds to pay ALL educational charges placed on your student account in the OSUIT Bursar’s Office.

   

  Examples of educational charges include:

  • tuition and fees
  • contracted room and board
  • books and supplies
  • tools and equipment
  • uniforms and clothing purchases
  • miscellaneous bookstore charges
  • parking fees, library fines, returned check charges, late registration fees
  • short-term student loans
  • charges incurred in a prior academic year of attendance.

  Detailed Cost of Attendance

  OSUIT Net Price Calculator

   

  If you gave OSUIT authorization to credit your Financial Aid to all charges on your account, your financial aid will be used first to pay all these charges. After all charges have been paid, you will then be issued a refund representing any financial aid funds remaining after your student account has been paid. You may cancel your authorization at any time by notifying the Bursar in writing.

•  Do grades affect my financial aid?

  All students attending OSUIT are required to maintain satisfactory academic progress in order to remain eligible for financial assistance. Satisfactory academic progress means that students must complete a minimum number of credit hours each semester and maintain a minimum grade point average as outlined below:

   

  Total Hours From ALL Institutions	1 - 30 Credit Hours (Freshman)	31 or more Credit Hours (Sophomore)
  Minimum Graduation/Retention GPA (Earned Hours)	1.7	2.0 (2.5 for ETD and ITD Majors)
  Percentage of Total Cumulative Hours (Passed Hours Divided by Attempted Hours)	67%	67%

  Students who fail to meet either of these requirements will be placed on financial aid warning during their next semester of enrollment. During periods of financial aid warning, students are still eligible for financial assistance. However, at the end of the semester of warning, the student must successfully complete at least 67% of the total cumulative hours attempted or with the GPA listed above. A student who fails to meet the minimum semester standards while on warning will be suspended at the end of the warning term.

   

  Satisfactory academic progress is monitored at the end of each semester. Students are responsible for knowing their eligibility status at the end of each semester. A student who is denied assistance based on the Satisfactory Academic Progress policy can submit a written appeal to the Office of Student Financial Services. A student may also be reinstated on a probationary basis by meeting both of the SAP criteria outlined above.

   

  Students who withdraw from classes, fail classes, or receive incomplete grades, place their financial aid eligibility in jeopardy by not meeting these minimum academic requirements.

•  What happens if I withdraw from school?

  Sometimes, students find it necessary to completely withdraw from all of their classes at OSUIT after receiving their federal financial aid. If you use financial aid to pay your educational charges, any refund of tuition, fees, or on-campus room and board associated with your withdrawal can be returned to the federal financial aid program that helped you pay your charges.

  OSUIT’s tuition and fee refund policy is as follows:

   

  • If you withdraw during OSUIT’s designated add/drop period (typically, 2nd week of school) you receive a 100% tuition refund.
  • If you withdraw AFTER OSUIT’s designated drop/add period you will receive NO TUITION REFUND.  ADDITIONALLY, you may be subject to U.S. Department of Education regulations regarding Return of Title IV funds, based on the latest date of attendance in class as reported to the Office of Financial Aid & Scholarships by classroom instructors.

  In accordance with 34CFR Sec.668.22, any student at OSUIT who completely withdraws from all classes or ceases attendance will be subject to the Return of Title IV funds policy. Federal regulations require a student to remain enrolled or attend classes beyond 60% of the semester to earn 100% of their financial aid.

   

  OSUIT Registrar's Office

•  What does it mean to be a first-time borrower?

  All first-time student loan borrowers at OSUIT must wait 30 days after school begins to receive the first disbursement of the Federal Direct Loan. Your student loan funds will not be available for you on the first day of school.

   

  The first time you borrow through the Federal Direct Loan Program, you will be required to complete Direct Loan Entrance Counseling and a Master Promissory Note (MPN). This student loan counseling session and MPN are completed online at studentaid.gov. If you have Internet access, you can visit this website from your personal computer. There are computers available to use for financial aid purposes in the OSUIT library and in the lobby of the Grady W. Clack Center. You will be required to complete these requirements before we can disburse your first Direct Loan funds.

•  How do I find a job on campus?  

  All available Federal Work-Study (FWS) job openings are listed here

   

  Most FWS positions are on campus. Your FWS work schedule will be developed around your class schedule so, as not to interfere with the time you need to be in the classroom. FWS student employees are allowed to work 15 hours per week. If you are interested in finding on-campus employment, here’s what you need to do:

   

  • Stop by the Financial Aid Office to obtain a FWS Referral and application. (This will verify that you qualify for Federal Work Study).
  • Choose the job from the FWS job link. Contact the department contact listed on the link above for an interview. Take your FWS Employee Referral / Authorization form and application to the supervisor responsible for filling that position. Remember, you are applying for a real job, so treat it as such.
  • Once you have been hired, have the supervisor sign your FWS Referral Form and return it to Student Financial Services along with your application, social security card and photo ID.
  • Once your background check is complete, human resources will contact your supervisor to notify them that you may begin working.
  • Your supervisor will work with you to develop a work schedule. If you’re not hired for the first position you apply for, you can choose another position from the FWS job list.
•  What if I need help with my classes?

  Academic counseling is available for students who are experiencing academic difficulties. Academic counseling is available from several sources, including your instructor(s), your faculty advisor, and from the Director of your academic division. In addition to the academic counseling available in your department, counseling is also available from the Admissions Specialists in the Admissions Office.

   

  The College Readiness Center (or LASSO Center), located in Room 105 of the Learning Resource Center, features full access to all Library and College Readiness resources. Free tutoring in a variety of subjects offered through the College’s Arts and Sciences Division is available to all current and prospective OSUIT students.

   

  If you need assistance in making a career choice, you should contact the OSUIT Assessment Center, located in the Grady W. Clack Center. The Assessment Center offers free comprehensive, individualized career/academic profiling and counseling services to students. Information is entered into a computerized profiling system and a member of the Assessment Center will assist you in evaluating the results. The profile will determine which careers or academic programs you are best suited for. Information that may be used includes your values, interests, abilities, aptitudes, and personality characteristics.

•  How long can I receive financial aid?

  A student may receive financial assistance for an approved degree program for a maximum of 150% of the required credit hours, or a maximum of 150% of the approved terms required for completion of that program, whichever is completed first. Should the maximum number of hours allowed for a degree be exceeded, a student with extenuating circumstances may appeal to the Office of Student Financial Services to obtain permission to exceed the maximum hours limit. Transfer students who transfer hours and are close to exceeding this limit should complete the Request to Exceed Maximum Hours Form to determine financial aid eligibility.

   

  Students can receive financial aid at OSUIT for one bachelor's degree.

   

  Federal Pell Grant duration of eligibility for all Federal Pell Grant recipients is the equivalent of twelve full-time semesters (600%). The calculation of the duration of a student’s eligibility will include all years of the student’s receipt of Federal Pell Grant funding.

•  What if I already have a degree?
  Students who have received an associate degree or higher from any institution may exceed the maximum hours to receive a degree before receiving a second degree. If so, he or she will need to complete an appeal.
•  What about special circumstances?

  Students who experience special circumstances that could have an effect on financial aid eligibility can request a “professional judgment” review of those circumstances by contacting Student Financial Services. Special circumstances eligible for consideration can include:

   

  • Excessive medical/dental expenses not covered by insurance
  • unusually high child care costs
  • recent unemployment of a family member
  • changes in the family income situation that is out of the control of the individual
  • certain one-time lump sum payments which inflate the family income for a particular year
•  How does my Banner Portal show accepted financial aid?

  Once the student signs into their Banner Portal (my.okstate.edu) the financial aid package will be presented, if ready, with total amounts for the academic year followed by each of the terms. Each financial aid award will come in three columns: offered, accepted, and disbursed. Only the OFFERED Column will contain financial aid when the package is ready to accept or reject; once the Submit button is pushed at the bottom of the page, both OFFERED and ACCEPTED Columns will show financial aid. The disbursed columns will be used after money is paid to the student's account.

   

  REMEMBER:

  • Grants and scholarships, which do not have to be paid back, are automatically accepted.
  • Additionally, some grants and/or scholarships do not show on the student's account until paid.
  • Some scholarships and OK Promise do not show on the student's account until processing is complete before payment, sometimes OVER ONE MONTH into the term.
  • Do not forget the Submit button at the bottom nor the links to Entrance Counseling and the Master Promissory Note!
  • Notice of your award letter, like many financial aid correspondence to students, is done by EMAIL. CHECK YOUR INSTITUTIONAL EMAIL OFTEN!
•  How much financial aid can I receive?

  All students have a cost of attendance budget and the financial aid received from all sources (scholarships, grants, loans, and federal work study) cannot exceed the cost of attendance budget. NEED based aid as determined by the Free Application for Federal Student Aid (FAFSA) cannot exceed a student's need. Need is determined by:

   

  Cost of attendance - EFC (Expected Family Contribution) = NEED.

   

  Need based aid includes grants, scholarships, federal work-study, and subsidized student loans. If a student receives an outside grant or scholarship after the student has been awarded their financial aid and the additional funds exceed need or cost of attendance, some financial aid already received may have to be adjusted or returned to the funding source. This is called an over-award. To prevent an over-award from occurring, every student is responsible for reporting to the Office of Financial Aid and Scholarships all forms of aid received from private and public sources.

   

  For further information about student financial aid, contact the OSUIT Office of Financial Aid and Scholarships at 918-293-4684, at 1-800-722-4471 ext. 4684, or by email osuitfinancialaid@okstate.edu

Coursework toward Program of Study FAQ

• Your enrollment does affect your eligibility for federal financial aid.
•  Federal regulations require you to be in an associate or bachelor's degree to receive financial aid at Oklahoma State University Institute of Technology, but the courses you take must also be required for the program.
• Essentially, only the coursework that counts towards your degree will be used in determining your hours of enrollment for federal aid purposes (grants, loans, and Federal Work-Study).

Eligibility Examples

• If you are eligible for the Pell Grant and are enrolled in 12 credit hours, but only 9 are required for your program, you will receive federal aid for only those 9 eligible hours.
• If you are enrolled in 6 credit hours, but only 3 are required for your program, you will not be eligible for the student loan.
• Students must be enrolled in a minimum of 6 eligible hours for Federal Direct loans.
• Prepare and register early to ensure your courses will be eligible for federal aid.

• Will my classes count?

  To see if your classes are eligible, check your DegreeWorks audit. DegreeWorks is a great way for you to review your program audit to see required courses and courses remaining to complete your program. Your advisor can also meet with you to map out your program plan.

• How do I know if I have a financial aid issue with my schedule?

  If we determine one or more of your courses is not aid eligible, you will receive an email to your student email account. The notification will clearly identify that there is an issue with aid eligibility for a specific semester

• What can I do if my classes don’t count?

  Start early and be familiar with your DegreeWorks audit, so you can make enrollment adjustments. Your program of study is located on top. Generally, courses not counting will show in the “courses not applied” section of your audit. You can also use the “What If” feature to check other degrees or certificates you may be considering. If you are planning on changing your enrollment or program of study, we encourage you to contact your advisor for assistance.

• Will my aid pay for courses that don't count?

  Aid awarded will be applied to your account balance owed when the funds are disbursed.  Your balance could include tuition for a course that is not eligible.

   

  For example: let’s say you have 9 hours and only 6 are eligible; it’s possible for your award to cover the tuition for the eligible hours and have enough excess to pay for the 3 hour course that is not eligible.  Always review your awards on your Banner Portal (my.okstate.edu) to see the whole picture.

• What about electives, developmental courses, and others?

  Electives, developmental (also called remedial or 0-level), and concentration courses all can count as long as they are required for the program of study.

• Can my prerequisite count?

  If the prerequisite is listed as a required course for your program, the course will be eligible.

• Why is DegreeWorks showing that my course counts, but it is not counting for my financial aid eligible enrollment?

  Contact your academic advisor. He or she may need to submit a substitution or advise you to replace the course with another course.

• What if I am taking courses just to be admitted to another program?

  We would encourage you to contact financial aid staff for assistance. We may review your situation for consideration as “preparatory coursework”. Through preparatory coursework, students may be eligible for federal loans while taking required courses within the approved time frame.

• Am I still able to take courses not required for my degree?
  Yes, you can take a course that is not required. Just know that the course will not count toward your financial aid enrollment status.
• Will courses count if I am taking them to transfer to a degree at another institution?
  No, only courses that count toward your program at OSUIT can be counted for student aid.
• I am double majoring; will all my courses count?
  DegreeWorks should properly identify crossover courses, including electives. Even with a double major, to be eligible for federal aid, you must still be enrolled in required courses.
• What if I change my schedule and add a required course?
  Once you make a change, DegreeWorks will need to update overnight. Then, contact the financial aid office so we can re-evaluate your eligibility. Contacting us will provide you peace of mind and ensure accuracy within your updated audit and financial aid award. 
• What if I make a change to my schedule after I receive my refund?
  Our office may need to re-evaluate your financial aid eligibility, depending on when the schedule change occurs. We would encourage you to contact the financial aid office prior to making any schedule changes after a semester begins. Schedule changes could affect the amount awarded or disbursed, causing a student to owe a balance.
• Do I have to be enrolled full-time to receive Federal financial aid?

  In most cases, no you don’t. Half-time is required for student loans, and half-time, or even less-than-half-time, is sufficient to receive your financial aid.

   

  • Full-time = 12 or more hours
  • Three-quarter-time = 9 - 11 hours
  • Half-time = 6 - 8 hours 
  • Less-than-half-time = < 6 hours