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Additional Student Info

Lost, Missing, Destroyed or Stolen Checks

Students who were issued a refund check and have never received the check, lost the check, destroyed the check by mistake, or had the check stolen may request a replacement check. Replacement checks can only be issued after 10 business days from the date of the original check. Students requiring a replacement check may request one at the Student Accounts Office (Windows 13 or 14) in the Kerr Administration building. Staff members will check the account to verify when the original check was issued and that it has not been cashed. If all requirements are met, a replacement check will be issued. Students must present two forms of picture ID when requesting a replacement check.

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Returned checks or Non-sufficient funds payments

If a check (paper check or eCheck) is not honored by the payer's bank and is returned to the University, the consequences are serious. The service charge for returned check collection is $25.00 per item, regardless of the amount of the check or the reason it was returned. Returned checks will be billed on your student account - this means that you will see a charge back for the amount of the check. A hold may be placed on your student account or check writing privileges may be suspended if multiple checks are returned. Checks returned because of bank error require a letter from the bank to be sent to the Cashier's Office, and must include the student ID number. OSU is not responsible for any fees that your bank charges you as a result of writing checks against funds not on deposit at your bank.

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Scholarships - External Scholarship Check Disbursement

The organization awarding the student's scholarship should provide the student with information as to how the check will be distributed. If the scholarship check is made payable to OSU, it is applied directly onto the student's OSU student account, according to the scholarship source's specifications. If the scholarship check requires a student signature, we will contact the student by ONID email. The check is then applied directly to the student's OSU student account. The Student Accounts Office verifies eligibility requirements defined by the scholarship source, and notifies the Office of Financial Aid and Scholarships when the scholarship is applied to a student's OSU student account.

The donor should inform students when the scholarship check has been mailed. If a student needs to know when to expect the check to arrive at the Student Accounts Office, they should contact the scholarship source.

Some scholarships are awarded for an academic year, in which case the scholarship source may send an individual check each term or a single check for all terms of the academic year. The Student Accounts Office will follow the requirements defined by the scholarship source for distribution of the funds. If the scholarship is made out directly to the university and the donor does not specify which terms the scholarship is for, the funds will be disbursed equally throughout the academic year.

If there are no charges to pay, or the amount of the scholarship is greater than the amount of charges, the excess is refunded to the student. Refund checks are mailed to student's active Current Mailing address or direct deposited depending on which option the student has chosen. Please see the refund policy for information regarding refund distribution.

NOTE: Scholarship proceeds cannot be refunded to students until the first day of classes each term.

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Third Party and Sponsor Payments

Third Party Payment is when a domestic or foreign company, corporation, state or government agency has made arrangements with OSU Student Accounts for special billing to cover tuition and other fees for students that they sponsor. OSU Student Accounts must have a letter of authorization on file. Letter of Authorization from the Sponsor includes:

  • Student's name
  • Student's ID#
  • Term or duration of program
  • Charges they will be responsible for
  • Address where to send the bill
  • Contact person's name and telephone number

Students who are sponsored and do not have other financial aid but have questions regarding their sponsorship billing should contact OSU Student Accounts. All correspondence, contracts, military forms, tuition assistance forms and payment vouchers from the government or companies should be sent directly to the Student Accounts office at:

Accounts Receivable
Oregon State University
Attn: Third Party Billing
PO Box 1086
Corvallis OR 97339-1086

Students are responsible for on time payment of any charges not paid for by their sponsor.

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1098-T Tuition Statement

The 2007 1098-T Hope and Lifetime Learning tax credit tuition statements were mailed to students in January 2008. The 2007 1098-T Hope and Lifetime Learning tax credit data is also available to view online through Student Online Services. Students can view 1098-T tax information for prior years through Student Online Services as well.

Universities are required to report this information to students to assist with the Hope and Lifetime Learning tax credit which may be utilized when filing an annual Individual Income Tax Return Form to the IRS. OSU Student Finance staff are not tax professionals, and cannot provide advice on completing a tax return form, the use of the information provided on the 1098T form, or provide services to compute tax credits.

For your information, the following are some of the resources available for tax information:

  • IRS Tax Form 8863 with form instructions
  • IRS Publication 970 Tax Benefits for Education
  • Online: http://www.irs.gov
  • IRS 800 Phone Number: 1-800-829-1040
  • Professional Tax Preparers

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Alternative Loan Disbursements

Students can no longer pick up or sign for alternative loan checks at the Cashier's Office. These loan payments are now applied directly to the student's billing account. After applying to charges, any excess funds will be refunded to the student.

Students with active direct deposit will have any remaining funds transferred to their designated bank account.

Students that do not have active direct deposit will have any remaining funds refunded by paper check. Paper checks are mailed to the student's current mailing address.

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Emergency Loans

Emergency loans are short term loans of up to $250.00 per term. To be eligible to receive an emergency loan students must be in good financial standing, attending at least half time and be formally admitted to the university. Non Degree seeking students are not eligible. Students may only have one emergency loan outstanding at a time and may only obtain one emergency loan each term.

Emergency loan debt becomes part of the student's student account balance and is assessed interest charges accordingly. The interest rate for all outstanding student account balances is 12% APR (1% per month). Emergency loans are due by the end of the term.

Please note that because emergency loans are not considered "institutional charges" they will not be paid automatically by federal financial aid funds. This means that a student may still owe on an emergency loan even if they receive a financial aid refund check after taking out the emergency loan.

Applications for emergency loans are available outside of the Cashier's Office in the Kerr Administration building. Students will need two forms of photo ID to receive emergency loan funds.

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Information for Study Abroad Students

Study abroad students may wish to consider the following as they prepare to depart. The information listed below is not mandatory but contains suggestions which may be helpful when students are out of the country.

Financial Aid

Students should make sure that all of their financial aid information is up to date. This includes signing any necessary promissory notes.

Refund Checks

Study Abroad students expecting to receive a financial aid refund may want to consider signing up for direct deposit. With direct deposit any refunds processed for a student will go directly to their bank account instead of being printed and mailed as a paper check. This does away with the possibility of checks being lost in the mail and also eliminates the need to go to the bank to cash a paper check.

Student Privacy

Although students are welcome to call us during regular business hours or email our office anytime, it can sometimes be difficult for study abroad students to communicate directly with the university when concerns arise. For this reason students sometimes ask another person such as a parent, spouse, relative or friend to contact the Student Finance or Cashier's office on their behalf. Because of regulations regarding the privacy of student accounts we are required to have a release of confidentiality form on file before we can release student account information with anyone other than the student.

Students wishing to sign a release form should do so before they leave the country. Release forms are available at the Student Finance office in the Kerr Administration Building. Students need to bring photo ID with them when signing a release form so that our staff can verify identity. We can also mail or fax release forms, however, they must be notarized when they are not signed at our office. Study abroad students should note that it can be difficult to find a notary public when visiting other countries.

Some students choose to take the step of assigning a Power of attorney. Power of attorney allows the student to appoint another person as their legal representative who may complete legal and financial transaction on their behalf. Papers to assign power of attorney can typically be found online or at stationary stores. Power of attorney forms must be notarized in order to be valid. Students may drop of a copy of their completed power of attorney forms at the Cashier's Office.

Alternative Loans

Students that have applied for alternative loans should make arrangements for processing their alternative loans before they leave the country. Most lenders send alternative loans funds electronically, however, there are a few lenders who send alternative loan funds via paper check. Students can check with their lender to verify whether or not their funds will be transfereed to OSU electronically. Lenders that send paper checks to OSU will either make the check out directly to OSU, make the check payable to the student or make the check payable to both the student and OSU. If the students is listed as a payee, then the student or their legal representative must endorse the check.

Mailing Address

Students leaving on study abroad should check to make sure that their current mailing address is current. Students can verify their address and make changes at Student Online Services.

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Prepayment

In general, OSU does not encourage prepayment on student accounts. Student accounts are not set up in such a way that payment for future charges can be made ahead of time. Student accounts are monitored for credit balances and a process is run weekly to refund credit balances to the student. Attempting to make a payment when no charges are present will often result in a refund directly to the student.

We are aware, however, that there are certain situations where prepayment on a student account is necessary, such as situations where a trust is donating a large sum that must be made payable to the university and is to be used over several terms. In these cases special accommodations can be made. For more information please contact the Student Accounts Office by email at Accounts.Receivable@oregonstate.edu or by telephone at (541) 737-3775.

OSU does not have a program when accounts can be prepaid to freeze tuition rates.

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Federal Perkins Loan Program

The Federal Perkins Loan is a need-based, federal loan with a 5% interest rate, administered by the OSU Business Affairs/Student Loan Office. Selection of recipients is handled by the Office of Financial Aid & Scholarships in accordance with federal regulations. The government pays the interest while the student is enrolled at least half time. Repayment begins nine months after graduation, withdrawal, or if attendance drops below at least half-time enrollment.

A student must sign a promissory note in order to receive the loan funds. The amount listed on the award letter is the total amount that may be borrowed. The Office of Financial Aid & Scholarships sends the promissory note to the student with additional enclosures. The OSU Business Office/Student Loans Office is the holder of the signed promissory note. Loan funds are disbursed as a credit to the student's billing account. See Federal Programs on the OSU Financial Aid & Scholarships website for further information.

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Repayment

When you received your student loans, you signed a promissory note agreeing to make repayment according to the terms of the note. The note is a legally binding document which obligates you to repay the loans. Perkins Loans are borrowed from and repaid directly to OSU. It is important not to confuse Perkins Loans with other student loans you may have borrowed, such as the Federal Direct Student Loans, private educational loans through banks, etc. Perkins Loans cannot be "bought" by another lender as some other student loans may be, though they can be included in a consolidation loan. Also, Perkins Loans borrowed from different schools are never "combined" but are repaid to each school separately.

Exit Interview: When you complete your coursework at OSU or drop below half time enrollment, you must go to the Student Loan Office (Window 16 in the Kerr Administration Building) to complete an Exit Interview. You will be given important information about your rights and responsibilities as a Federal Perkins Loan borrower. If you do not complete the Exit Interview in person, the information will be mailed. This must be done even if you are transferring to another school.

Grace Period: The grace period is the interval between leaving OSU or dropping below half time enrollment, and the beginning of loan repayment. The grace period is nine months. During this time, payments need not be made and interest will not accrue. When the grace period expires, principal and interest will begin to accrue and your first payment will be due one month later. The OSU Business Affairs/Student Loan Office will send you a notice when your grace period has expired.

Interest Rate: Interest begins to accrue on your loan upon completion of the grace period. The annual percentage rate is five percent (5%), calculated monthly on the unpaid principal balance.

Change of Address: As stated in your promissory note, you are responsible for keeping the OSU Business Affairs/Student Loan Office informed of your current mailing address until your loan is repaid. Late charges are assessed when a bill is not received due to an invalid address. REMEMBER THAT YOUR LOAN OBILIGATION STILL STANDS EVEN IF THE BILL DOESN'T REACH YOU.

 

Deferment

Principal need not be paid and interest will not accrue during a period when our office is officially notified of the following:

Student Deferment Privileges: There is no limit to the number of times you may receive a student deferment. It is your responsibility to submit a complete DEFERMENT FORM to the Registrar of the school you are attending for verification of enrollment. This form may cover periods for up to one academic year. After the Registrar certifies the form, it should be returned to the OSU Student Loan Office. If you return to OSU at least halftime, your payments will be deferred automatically after registration. There is no limit on the number of times you may receive a student deferment. Medical interns and residents are not eligible for this deferment.

You may also defer your loan payments if you are:.

  • enrolled in a Department of Education-approved course of study that is part of a graduate fellowship program.
  • enrolled in a Department of Education-approved course of study that is part of a rehabilitation training program for disabled individuals.
  • engaged in a graduate or post-graduate approved fellowship supported study outside the United States.

Unemployment Deferment privileges - If you are seeking and unable to find full-time employment, you may defer your loan payments. Maximum is three years.

Economic Hardship Deferment privileges - If you are experiencing an economic hardship, you may defer your loan payments. Maximum is three years.

In addition, you will receive a six month post-deferment grace period following any of the above deferments. The Student Loan Office will send you a letter when your post-deferment grace period has expired.

Forbearance - If you are experiencing financial hardship, poor health, or other temporary financial difficulty not covered by an Economic Hardship Deferment, you may qualify for a forbearance. Unlike deferments interest continues to accrue and there is no post-deferment grace period. Maximum is three years.

 

Cancellation

The National Defense Education Act and subsequent amendments provide for full or partial cancellation of loans under the certain circumstances.

Teacher Privileges: Your loan is cancelled at the rate of 15% of the original loan amount for each of the first and second complete year of teaching, 20% for each of the third and fourth complete year of teaching, and 30% for the fifth complete year. Exception: The rate of cancellation for Head Start is 15% of the original loan amount for each complete year of service. Your request for cancellation will not be processed until you have taught for one full school year. To defer payments during the qualifying year, you must apply for a deferment.

Teaching in a Low-Income School - You must be a full-time teacher in a public or other nonprofit elementary or secondary school determined by the Department of Education to have a higher concentration of students from low-income families. The list of qualifying schools is published annually in the Directory of Low-Income Schools for Teacher Cancellation Benefits. If you are teaching at a school that is on the list one year but not the next, you will remain eligible to receive a cancellation as long as you teach at that school.

Service in a Head Start program - You must be a full-time staff member in a Head Start program.

Teaching Special Education - You must be a full-time special education teacher, including teachers of infants, toddlers, children, or youth with disabilities in a public or other nonprofit elementary or secondary school system.

Teaching in a Shortage Field - You must be a full-time teacher of mathematics, science, foreign languages, bilingual education, or any other field of expertise where the State educational agency determines that there is a shortage of qualified teachers.

Employment Privileges: Your loan is cancelled at the rate of 15% of the original loan amount for each of the first and second complete year of employment, 20% for each of the third and fourth complete year of employment, and 30% for the fifth complete year.

Provider of Early Intervention Services - You must be a full-time qualified professional provider of early intervention services in a public or other nonprofit program under public supervision, as authorized in Section 676 (b) (9) of the Individuals with Disabilities Education Act.

Nurse or Medical Technician - You must be a full-time nurse or medical technician providing health care services.

Provider of Services to High Risk Children - You must be a full-time employee of a public or private nonprofit child or family service agency who is providing, or supervising, the provision of services to high-risk children who are from low-income communities and the families of such children.

Law Enforcement or Corrections Officer - You must be a full-time law enforcement officer for a local, State, or Federal corrections agency.

Military Cancellation Privileges: If you become a member of the United States Armed Forces, you may qualify for a cancellation of up to 50% of your loan. Cancellation is calculated at the rate of 12.5% of the original loan amount for each full year of service for a maximum of four years. Eligibility is limited to those who are serving in an area of hostility that qualifies for special pay under Section 310 of Title 37 of the United States Code. Contact the Student Loan Office for more details.

Peace Corps Cancellation Privileges: If you are a volunteer working under the Peace Corps Act or the Domestic Volunteer Service Act of 1973, you are entitled to cancel up to 70% of your loan. Cancellation is calculated at the rate of 15% of the original loan amount for each of the first and second twelve-month periods of volunteer service and 20% for each of the third and fourth twelve months periods of volunteer service, with a maximum of four years.

Permanent and Total Cancellation: Should you become permanently and totally disabled, your loan can be cancelled in full. Permanent and total disability means the inability to work and earn money because of an injury or illness that is expected to continue for an indefinite period or result in death. Please contact the Student Loan Office for further information.

Death Cancellation: In the event of your death, your loan will be cancelled in full upon receipt of a certified copy of the death certificate.

 

Loan Rehabilitation

If you default on your Federal Perkins Loan, you may rehabilitate your defaulted loan by requesting the rehabilitation and by making on-time, monthly payments, as determined by OSU, each month for twelve consecutive months. If you successfully rehabilitate your Federal Perkins Loan, you will again be subject to the terms and conditions and qualify for the benefits and privileges of your original promissory note and the default will be removed from your credit history. You can rehabilitate a defaulted Federal Perkins Loan only once.

 

Disputes

You may dispute the terms of your Federal Perkins Loan by writing to the OSU Business Affairs/Student Loan Office. If OSU is unable to resolve the dispute, you may seek the assistance of the Department of Education's Student Loan Ombudsman:

 

Billing & Payments

Perkins loan statements are mailed out at the end of each month. Payments are due on the 15th of the month
You can set up Automatic Payment of your OSU Perkins loan. You can authorize the Student Loan office to deduct your payment directly from your bank account. This means reliable and consistent payments, and you save time and postage.

 

Delinquency and Holds

As a loan borrower, you are responsible for repaying your loans. If you are experiencing difficulty adhering to your Perkins loan repayment schedule, you should contact us at the OSU Student Loan office. We are committed to assisting borrowers, but must follow strict collection procedures. As the lender of your Perkins loan, OSU is responsible for managing the collection of the loan.

If you fail to make scheduled payments, and do not contact the OSU Student Loan office, OSU will assume that you are unwilling to meet your financial obligation and declare your loan to be in default. If deemed necessary, OSU may accelerate the maturity of the loan and demand immediate repayment of the entire principal balance plus accrued interest and fees. The loan may also be referred to a collection agency and will be reported to a national credit bureau as a defaulted loan.

Default on your loan is serious and can have the following consequences:

  • Hold on release of OSU transcript
  • Hold on registration or readmission to OSU
  • Future financial aid may be denied
  • Assignment of the loan to the US Department of Education

 

Tax Deduction for Student Loan Interest

NOTE: 1098E forms are mailed at the end of January.

The Internal Revenue Service offers helpful information about the Taxpayer Relief Act, IRS forms, and IRS publications.

Check out IRS Tax Information for Students. Their Publication 970 describes tax benefits for education.

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