This notification contains the terms and conditions of your Federal Student Aid awards for the 2015-16 academic year, as well as specific information on how to accept, reduce or decline your awards. The following information is very important so please make sure you read and understand each item.
General Terms and Conditions
Your financial aid award is based on full-time enrollment for each semester. Final adjustments will be made based upon verified attendance of your classes at the time your financial aid is applied to your account after the semester begins. The amount you receive from the Federal Pell Grant will depend on your hours of enrollment and attendance as follows: 1-5 credit hours less than 50%, 6-8 credit hours 50%, 9-11 credit hours 75%, 12+ credit hours 100%. If your Federal Pell Grant award is between $625 and $2326, you may not receive any payment of the award for part-time enrollment or verified attendance during a semester. Federal Pell Grants paid after a semester has ended are paid based upon final enrollment hours and verified attendance. You can go online to Status for Financial Aid Awards for more information regarding payment of aid awards and attendance.
Once you have registered for classes, you are responsible for any tuition, fees, books, and other charges to your account. Your financial aid cannot pay for any portion of the tuition, fees, and/or books unless you attend class or officially withdraw from classes. If you do not attend class or plan to withdraw for the semester, you must contact Student Services. Failure to do so may result in you receiving failing grade(s) and non-attendance or withdrawal from classes can result in you having a balance due the College.
As a financial aid recipient, you must satisfy the academic requirements for financial aid eligibility. Please see the OTC policy regarding Satisfactory Academic Progress (SAP) for financial aid. Failure to meet Financial Aid Satisfactory Academic Progress status will result in a loss of financial aid eligibility.
If you have enrolled in late start or second eight-week block courses, the total amount of your financial aid will be disbursed after your class attendance has been verified.
You may receive federal student aid such as Pell Grants or student loans from only one college at a time. If you are or have received federal student aid from any other college during the 2015-16 academic year, contact the OTC Financial Aid Office immediately. Failure to do so may result in repayment liability on your behalf. Additionally, your financial aid is subject to adjustment or cancellation due to changes in regulations, expected federal or state appropriations or funds, financial situations, living arrangements, and/or discovery of data or processing error.
There are limitations on the number of times Federal Student Aid will pay for repeat coursework. Those limitations are: 1) A student may repeat a previously passed course once. 2) A student may repeat a failed course until it is passed. Therefore, the amount of aid received from Federal Student Aid may be impacted by repeat courses for which you have enrolled.
If you are classified as a visiting student at OTC or are taking classes while classified as a high school student, you are not eligible for financial aid.
This notification is provided as your initial notification of Federal Student Aid awards. In order to view updates to your awards, you must login to your online student account and go to Financial Aid Status By Term. Other information is also available online as described below and in the Financial Aid area of the OTC website.
Awards Information and Updates
Now that you have read the terms and conditions of your financial aid awards, the following information explains how awards may be accepted, adjusted, reduced or cancelled. Information is also provided regarding cost of attendance and other student aid programs.
Unless you notify the college in writing to decline your financial aid awards, we will consider you as having accepted your eligible financial aid awards. You will be paid based upon your eligibility at the time of payment for each semester in accordance to the appropriate federal, state, or institutional laws, regulations, statues, or policies.
Disclosure of Information: When a student borrows money through the Federal Direct Student Loan Program, information is provided by the institution to the National Student Loan Data System, and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the system.
If your financial aid package includes student loans, you must have completed previously or are required to complete:
1. Federal Direct Loan Master Promissory Note (MPN)
2.Online Federal Direct Loan entrance counseling session.
If you have not completed the MPN and entrance counseling, visit StudentLoans.gov in order to complete each process. Your FAFSA PIN will be required to login.
If eligible, your financial aid award will include the Federal Direct Subsidized Loan. If you require loans beyond the subsidized amount, you must request the Federal Direct Unsubsidized Loan. Complete the request at Unsubsidized Student Loan Request Form. The maximum eligibility for student loans can be found at How Much Can I Borrow?
In accordance to Federal Student Aid regulations, if you are a first time student at OTC, your student loan disbursement will be delayed for a minimum of 30 days after the semester begins. Therefore, your student loan disbursement will not be included with the initial or first group of disbursements for the semester.
Financial aid refund information is available online. Please visit the Financial Aid Refund Schedule page for more information. Once again, if you are a first time student at OTC, your student refund will not be included in the first group of loan disbursements for the semester.
The FWS program allows students to work on campus in part-time positions. Students earn the current prevailing minimum wage. You must be enrolled in classes, and have financial aid eligibility for consideration of employment in a FWS position. If you do choose a FWS award, your Federal Direct Student Loan award may be reduced by the amount of your FWS award. Information and openings are available for the Federal Work Study Program online.
Thank you for taking the time to read this notification. If you have any questions, concerns, or need further information regarding financial aid, please go online at students.otc.edu/financialaid. You may contact us in person at any OTC campus site, by email at email@example.com or call us at (417) 447-6900.