Business Affairs

• Financial Aid Refund Policy
• Tuition Reduction Policy
• Direct Deposit Procedure
• Holds on Service Policy
• Release of Student Account Information Policy
• Replacement Check Procedure
• Perkins Loan Policies

Holds on Service Policy

Holds - Registration and Transcript: You may have a "hold" on your account, which requires you to do something to remove it. There are many departments across campus that are able to apply a Hold on certain services, and the OSU Collections Department does participate in that program. Holds will be placed on registration and transcripts if your OSU student account is past due or delinquent. In most cases, a minimum amount due must be paid to get the hold removed. Once the minimum is paid, the hold will be removed.

OSU policy requires that currently enrolled students pay their account balances down to at least $2,200 before you can register for the next term. A registration hold generally exists because your student account exceeds $2,200. Students who have missed a term other than summer, must have their entire balance paid before they are able to register again. The OSU policy regarding release of transcripts states that a student must have his/her account balance paid in full in order to receive their transcript, official or unofficial. This means any balance relating to a term for which grades have been posted to your transcript must be paid in full before any transcripts will be released. For more information about transcripts, please contact the OSU Registrar's Office.

Release of Student Account Information Policy

Student Records & Privacy (FERPA): The Family Education Rights and Privacy Act of 1974 (FERPA) is a federal law designed to protect the privacy of a student's educational records. FERPA also applies to the student's financial records. In accordance with the FERPA regulation, OSU Student Finance departments are required to have the student's permission in order to release account information. If a parent/guardian/spouse/etc. contacts our offices with questions regarding a student's account, without a FERPA release on file, details of the account cannot be released. This includes account balance, payment history, and specific charge information. Other OSU offices may also require FERPA releases, and each office has unique forms and guidelines under which they operate.

The OSU Student Finance FERPA release Form must be signed in-person at Student Accounts, or be notarized.

For more information, please see the OSU Catalog section on Student Records.

Replacement Check Procedure

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. If you require a replacement check, come to Student Accounts in the Kerr Admin Building - Window 13 or 14. Your account will be reviewed 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.

Perkins Loan Policies

Statement of Rights and Responsibilities

The Federal Perkins Loan, which has been approved for you by Oregon State University, is a legal obligation. It is extremely important that you understand your rights and responsibilities regarding the repayment of this loan. Unless you, the student borrower, agree to comply with the following statements and to honor the terms and conditions of the promissory note, you should not accept this loan.

• This loan may be used only for educational expenses.

• The maximum annual amount that can be borrowed is $3,000 for an undergraduate and $5,000 for a graduate or professional student. The maximum cumulative amount that can be borrowed is $15,000 for undergraduate and $30,000 for a graduate or professional student, including loans borrowed as an undergraduate.

• OSU holds the promissory note for this loan and payments will be made to the OSU Business Affairs/Student Loans office.

• You must report any of the following changes to the OSU Business Affairs/Student Loans office:

  • withdrawal from school or transfer to another school
  • dropping below half-time (6 hours/undergraduate, 5 hours/graduate)
  • change of name, address, or social security number

• When you graduate or withdraw from OSU you must go to the Student Loan Office (Window 16, Kerr Administration Building) for an exit interview.

• OSU reports information on all Federal Perkins Loans to credit bureaus.

• The annual percentage rate of 5% will be the finance charge based on the unpaid balance. Interest will begin to accrue at the end of the grace period.

• Your minimum monthly payment will be at least $40.00 and it may be more if the amount borrowed is sufficient to require larger payments, with a maximum repayment length of ten years. All payments are applied first to any collection costs, late charges, accrued interest, and then to the principal balance of the loan.

• Deferment of payments may be granted under certain circumstances according to the terms of your promissory note. The OSU Business Affairs/Student Loans office must receive certification before the deferment will be granted.

• Partial cancellation may be granted under certain types of activities according to the terms of your promissory note. The OSU Business Affairs/Student Loans office must receive certification before the cancellation will be granted.

• The U.S. Department of Defense may repay a portion of your loan if you enlist in the U.S. Army, the Army Reserves, or the Army National Guard. For more information, contact your local Army recruiting office.

• A number of private financial institutions offer a student loan consolidation program. This service permits borrowers to reduce monthly payments and pay only one lender for all loans. Consolidation lowers monthly payments, but increases the total loan repayment amount because of a longer repayment period and higher interest rates.

• If you should default on your loan, you will be ineligible for further Federal Title IV Aid Funds and OSU can withhold future services. If you fail to make scheduled payments when due, the entire unpaid indebtedness including late charges, collection costs legal fees and accrued interest may be due immediately. In addition, OSU may utilize a collection agency and/or litigation to recover the outstanding debt and you delinquent status will be reported to credit bureaus as required by Federal regulations. If your loan remains in default, it may be assigned to the U.S. Government for collection.

• If you should default on your loan, you can request a one time Loan Rehabilitation and upon completion of rehabilitation, the credit bureau will be instructed to remove the defaulted loan from your credit history.

• If you dispute the terms of your loan in writing and OSU does not resolve the dispute, you can contact the Student Loan Ombudsman's Office by calling (877) 557-2575 or visit webpage at http://www.studentaid.ed.gov

• You may prepay without penalty at any time. Making such prepayments will reduce future interest.

• If you cannot make a payment on time, you must contact the OSU Business Affairs/Student Loans office to make payment arrangements. You must promptly answer any communication from OSU regarding your loan.

• The OSU Business Affairs/Student Loans office is located in the Kerr Administration Building, 1st Floor, Window #16.

  Mailing Address:
  Oregon State University
  Business Affairs/Student Loans
  P.O. Box 1086
  Corvallis, OR 97339-1086
  Phone: (541) 737-3778
  Email: student.loans@oregonstate.edu