Financial Aid

Once you have been accepted to participate in an international program, the International Programs Office will work with you and the Office of Financial Aid and Scholarships to help you use your aid to study abroad. The International Programs Office will submit a list to the Office of Financial Aid and Scholarships of all students going abroad the following term. The International Programs Office provides the financial aid office a budget for each student showing their costs abroad. Financial aid and scholarships will review the FAFSA you have on file and contact you about the difference in your aid package. You will then need to follow up with financial aid to accept the aid and complete all necessary paperwork.

What you need to do to use your financial aid on an international program:

• Complete your Free Application for Federal Student Aid (FAFSA) as early as possible - at least six months before your program starts. Apply online at www.fafsa.ed.gov. There is no fee to apply for financial aid, so it is ideal to apply for aid even before you have applied to your program. The earlier you apply, the earlier you can find out your award and plan a budget. Apply early, but not before January 1 for the following academic year. Applications may be submitted until May 1 for the following year. If you have never used financial aid before, consult with financial aid and scholarships about your options and timing.
• Sign and submit all follow-up paperwork to the Office of Financial Aid and Scholarships.
• The Office of Financial Aid and Scholarships is not responsible for incomplete aid files, missing signatures, interest charges, missing or outdated addresses, satisfactory academic progress or registration holds that may delay the financial aid process.
• Sign and submit a copy of the OSU award notification to the Office of Financial Aid and Scholarships. You may do this online.
• Sign Perkins and/or Ford Direct Student Loan Promissory Notes. If you are a first-time borrower, you must complete an entrance counseling session before your loans can be disbursed. Entrance counseling is available on the Web at dlservicer.ed.gov. Make sure you sign and return the Rights and Responsibilities checklist to the OSU Office of Financial Aid and Scholarships. You may sign your federal Ford promissory note on line at: dlenote.ed.gov.

Plan ahead for emergency funding

Do not expect emergency loan assistance through the Office of Business Affairs. If possible, identify sources for emergency funds before you leave in case an unexpected need arises while you are overseas.

Release of Financial Aid

Your financial aid will be applied to your OSU account at the start of the term (For 2006-2007 Fall: September 25; Winter: January 8, Spring: April 2, Summer: July 1). Due to federal regulations, your aid cannot be released sooner even if your program starts earlier. Only the current term's tuition and fees (or the costs you are required to pay to OSU as part of your study abroad program) will be deducted from any federal aid before a refund is issued. Any state-based aid or private loans (such as alternative loans) or scholarships will be applied to current charges and any past due balances you may have before the aid is refunded.

Financial Aid Refunds

Direct Deposit

The easiest and fastest way for you to receive your financial aid refund is to sign up for direct deposit. You can sign up for direct deposit through your account at Student Online Services. The direct deposit form can be found by logging onto Student Online Services, selecting "Personal Information" and then "View or Update Direct Deposit Authorization." Students wishing to set up direct deposit for financial aid refunds should fill out the section labeled "Student Accounts/Employee Payables".

Update your Current Address

If you do not sign up for direct deposit (direct deposit is highly recommended), a refund check will be issued and mailed to your current mailing address. You need to update your address to a safe location (parents or friends address) where your refund check could be sent the first week of the term. You can update your address through Student Online Services. It is your responsibility to update your current mailing address so that your refund check is mailed to the correct address.

Financial Aid Refund Checks are processed each day for the first two weeks of the term. If your aid is applied to your account after the first two weeks, the aid will remain on your account unless you specifically request a refund check to be issued. To request a refund check after the first two weeks of the term, e-mail Charlotte Hughbank and provide your name, birthdate, OSU ID number and the address to which you would like the check mailed.

Pay any up front costs

You are encouraged to contact the program directly to determine any up-front cost for the study program or internship. You may need to seek outside funding to pay the program deposit, airline tickets, insurance, visas, etc. Certain expenses may not be covered by federal aid funds.

Federal regulations do not permit the disbursement of aid funds until the beginning of each scheduled term for the OSU campus. For some programs, the disbursement schedule of aid funds may not coincide with the study abroad program billing deadlines and start dates.

Pay off any balance on your OSU account

Scheduled financial aid funds are applied to the student billing account. It is your responsibility to pay any remaining program costs owed to an outside agency or university and not covered by financial aid. Any unpaid balance may result in your grades being held until payment is made in full.

Release of Financial Aid Information

Again, due to federal privacy regulations, you must sign a release form if you want to authorize another person to ask questions or receive information regarding your financial aid. This release does not authorize anyone else to sign anything on your behalf, such as a promissory note, or a financial aid award letter, or to endorse an alternative loan check. It simply allows the financial aid office to discuss your aid situation with whomever you authorize. The financial aid office release form is available at the financial aid office, or it can be downloaded.

Alternative Loans

An alternative loan is a student loan that you apply for directly with a bank. (NOTE: the Ford loans, Perkins loan, and Direct PLUS loan are NOT alternative loans, so these instructions do not apply to them.) Alternative loans are not automatically applied to your OSU account. If you have an alternative loan, you must contact Charlotte Hughbank in the OSU Cashier's Office (737-2597). She will explain the procedure to get the alternative loan check, which will include assigning a power of attorney to someone if the check is scheduled to be sent to OSU after you have left the country.

Direct PLUS (parent) loans

There are several steps in the PLUS loan application process. Accepting your aid award with a PLUS loan offered to you is only the first step. Your parents must complete the application form, submit the necessary financial documentation, and sign the promissory note. Be sure all of these steps are completed before you leave for overseas. When you have completed all of the steps you will receive a disclosure statement showing how the loan will be disbursed.

Athletic Scholarships

If you have an athletic scholarship, contact Sally Wright in the OSU Athletics Department at 541-737-7476, to discuss how those funds will be disbursed.

Staff Rates

If you are eligible for staff rates and you are paying tuition to OSU for your exchange program (as opposed to paying tuition to the foreign institution), you can pay OSU tuition at staff rates while you are on exchange. The same paperwork required for on campus staff tuition rates is required to use staff rates on exchange programs.

Financial Aid Compliance

At the end of each term you are abroad, you will receive a letter from the OSU financial aid office stating that you are out of compliance and your future aid is in jeopardy. This is a form letter that goes out to all students who do not have grades posted on the system at the end of the term. Your aid will continue to be released for the academic year, provided there are not other issues with your financial aid eligibility that existed prior to your overseas program.

At the end of spring term, students on spring term or yearlong programs will receive a letter from the OSU financial aid office stating that your aid eligibility has been terminated. As a study abroad student, your grades will not be posted until six to eight weeks after the end of the term. Once your grades for the program have been processed (and provided you completed the required number of credits), your fall term aid eligibility will be reinstated.