All Campus Scholarships - These limited need based scholarships are administered by the Office of Financial Aid. Eligible undergraduate students are considered for these awards during the financial aid process. The scholarships are based on a combination of financial need and academic merit. Eligibility is limited to students who have completed fewer than 12 terms and submit the aid application (FAFSA) by February 1. Recipients must be enrolled full-time and are notified of their awards in writing.
University, Departmental, and Private Awards - University, departmental and/or private awards are listed on your award as information is provided to the Office of Financial Aid and Scholarships. Students should notify this office of any award or financial assistance they receive. Contact the department or donor directly for specific information regarding the award.
State of Oregon Opportunity Grant - The Opportunity Grant is a state grant administered by the Oregon Student Assistance Commission (OSAC) and awarded to full-time undergraduates Oregon residents based on need and allowable funding. Twelve terms of eligibility are possible. This grant is not available during summer term.
Oregon University System Supplemental Tuition Waiver (SCW) - The SCW is a tuition waiver program. The program provides limited tuition funds to full-time resident freshmen and sophomores. Eligibility is limited to students with high financial need.
Federal Pell Grant - The Federal Pell Grant is a need-based grant from the federal government directly to undergraduate students who have not earned a bachelor’s degree. Each student’s award amount is determined on the basis of family circumstances and cost of attendance. After the Free Application for Federal Student Aid (FAFSA) is filed, the Department of Education sends you a Student Aid Report (SAR) or an Information Acknowledgement if you filed online. These documents will indicate if you are Pell eligible. $5,350 is the maximum award amount for 2009-2010.
Federal Supplemental Educational Opportunity Grant (FSEOG) - The FSEOG is a federal grant administered by the OSU Office of Financial Aid and Scholarships. Funds are awarded to full-time undergraduates with Pell eligibility and exceptional financial need as determined by the institution.
Federal College Work-Study Program (FWS) - FWS is a campus based program administered by the Office of Financial Aid and Scholarships. Eligibility is need-based and limited to full-time students with exceptional financial need. The amount of FWS indicated on your award is the maximum amount you may earn for the academic year. Funds are paid out monthly on the basis of hours worked in the pay period not to exceed 20 hours per week. Wages range from the state minimum rate up to $10.00 per hour, depending on job responsibilities. Students awarded FWS funds are assisted by the Office of Financial Aid and Scholarships in locating employment on campus or at an approved site in the community. If you accept a FWS position, you are expected to perform the work in a satisfactory manner.
Federal Perkins Loan - The Federal Perkins Loan is a need-based, university administered federal loan with a 5% interest rate. The interest is paid by the government while the student is enrolled at least half time. Repayment begins nine months after graduation, withdrawal or attendance drops below at least half-time enrollment. If you have been awarded a Federal Perkins loan, you must sign a promissory note in order to receive the loan funds. The amount listed on your award is the total amount you may borrow. Prior to the start of the term, you will be notified by the OSU Business Office regarding procedures for signing your promissory note and collecting borrower information. The OSU Business Affairs Student Loan Office will be the holder of your signed promissory note. Loan funds are disbursed as a credit to your student billing account.
The loan is made available to full-time undergraduates, post baccalaureate and graduate students with high financial need. The maximum loan amount per year at OSU depends on available institutional funds and may not meet the federal yearly maximum. Undergraduates may be awarded up to the federal maximum of $4,000 per academic year, to a maximum of $20,000 for undergraduate study. The federal maximum amount for graduate students per academic year is $6,000 up to a limit of $40,000 for both undergraduate and graduate study.
Payments and the length of the repayment period depend on the size of your debt with up to 10 years to repay. Repayment and Deferment options are handled by the OSU Business Affairs Student Loan Office.
Federal Direct Ford Loan Program - If you have been awarded a Federal Direct Ford Loan (subsidized or unsubsidized), you must accept or reject these loans on your award. First time borrowers must sign a promissory note on-line at: http://dlenote.ed.gov. Your loan funds will be disbursed as a credit to your student billing account. Loans that are certified for one term only must be disbursed in multiple payments. First time borrowers will also be required to complete an entrance counseling session prior to disbursement of the loan. These sessions are available at http://dlservicer.ed.gov. Federal Direct Ford Loans come directly from the U.S. Department of Education with a 3% loan fee being taken from the amount of the loan prior to the funds being disbursed. The maximum yearly amount for any combination of Direct Subsidized and Unsubsidized Stafford/Ford Loan as set by the federal government and based on class rank are:
The Subsidized Federal Direct Ford Loan is need-based with the government paying the interest on the loan while the student is enrolled. The Unsubsidized Federal Direct Ford Loan is non-need-based with the student being responsible for paying the interest while enrolled.Students may choose to defer the interest by having it added to the principal, which is called capitalization. The loans have a variable interest rate, which is currently capped at 8.25%. Students must be enrolled at least half-time and repayment begins six months after graduation, withdrawal, or if you drop below half-time enrollment.
Independent undergraduate and graduate students are eligible to borrow an additional Federal Direct Unsubsidized Ford Loan amount. Dependent undergraduates may not borrow from this program, unless an exception is made by a financial aid advisor due to the student’s parent being denied the FDPLUS loan. The additional loan limits are:
The total debt you can have outstanding from all Federal Stafford/Ford Loans combined is:
Federal Direct Parent Loan for Undergraduate Students (FDPLUS)- The FDPLUS is a federal loan borrowed by the parent on behalf of a dependent student to assist with educational expenses. Parents interested in this loan should fill out the PLUS Loan Information Sheet enclosed in this packet. Parents may borrow up to the cost of attendance as determined by the Office of Financial Aid and Scholarships, minus any other financial aid the student may receive. The FDPLUS is a non-need based loan at a variable interest rate capped at 9%. Interest is charged on the loan to the borrower from the date the first disbursement is made until the loan is paid in full. Repayment generally begins within 60 days after the final loan disbursement. A 4% loan fee is deducted proportionately by the federal government each time a loan disbursement is made.
A parent is required to complete the FDPLUS loan application and promissory note and return it to the Office of Financial Aid and Scholarships. When borrower approval from the U.S. Department of Education is granted, the loan funds are disbursed as a credit to the student’s billing account. Any refund is then returned to the student unless the parent requests otherwise. Funds are disbursed in multiple payments, as noted on the promissory note.
Private Supplemental/Alternative Loan - Students needing additional funding for school whose aid package has not fully met their cost of attendance, may opt to apply for funding through a private lending agency. These loans have a variable interest rate, and a credit check must be done on all applicants. For more information, contact the Office of Financial Aid and Scholarships or see Alternative Loans
