Financial Aid FAQ

SAP

• Federal regulations require institutions that participate in Title IV Federal Aid Programs to monitor a student’s academic progress. They use standards such as grade point average, completion ratio and time frame. A student must meet satisfactory academic progress to remain eligible for financial aid.
• Read and Review the SAP Policy at: students.otc.edu/financialaid/enactus-meeting-2/keep/

Probation

• A student must meet satisfactory academic progress to remain eligible for financial aid. OTC places students on probation when he/she fails to meet SAP policy requirements. NOTE: OTC calculates the completion ratio from all attempted credit hours from all semesters at OTC.
• OTC notifies students by email of their status after grades post at the end of each term.

Appeals

• OTC notifies students via email of their status after grades post at the end of each term.
• Use the link in the email notification to submit an appeal online.  Be sure to submit any supportive documentation to Student Services.
• If you are unable to find the link, please request an appeal link from financialaid@otc.edu. It may take 24-48 hours to receive the link.

Over the Maximum Timeframe

• The federal government allows a time limit for completing a degree program.  In other words, there are a maximum number of credit hours for which assistance can be awarded.

Credit Hour Limits

• 96 credit hours for Associate Degree
• 48 credit hours for Certificate
• 150% of program length

Student Planning

In MyOTC, click on Student Planning. From your degree audit, plan each course required to graduate. To create your plan, select the course in your degree audit, click Add Course to Plan, then select the term you plan to take the course. The Financial Aid Appeal Committee needs to know your plan of action from now until graduation and how you expect to fulfill Satisfactory Academic Progress standards.  If you are graduating, you cannot plan your program.  Be sure to indicate that in your appeal explanation.

See more on Planning Courses from your Degree Audit.

View your FAFSA Status at How do I check the status of my FAFSA® form? | Federal Student Aid

Retrieve a copy of your FAFSA Submission Summary to see the results at Learn About the FAFSA Submission Summary | Federal Student Aid

• Students can view their financial aid by logging in to MyOTC and selecting My Awards.  It is important to note that initial financial aid offer includes the maximum amount for a full-time enrollment status. So, what you see may not be what you will get. For example, the federal Pell Grant pays per the number of credit hours a student is attending.
• If a student is attending less than full-time, they will not receive the full amount shown on the financial aid page.  A student who has 2nd 8-week block classes will not receive the funds for those hours until they are attending those classes.
• If you are less than full-time and want information on how the Pell Grant pays, click here.
• To be eligible for loans, you must be a half-time student (6 credit hours).
• Other financial aid (including loans, scholarships and some grants) may be adjusted once your federal financial aid is processed.
• There is a “cap” on the amount of financial aid a student may receive in one school year.  Therefore, you may want to follow-up with the Financial Aid Office if you are unclear about the amounts.

Potential Financial Aid Issues

• If you are selected for verification you may need to turn in additional documentation. Log into MyOTC and open Student Forms to see a list of required documents.
  • If you have submitted all verification paperwork, it takes 10-14 days to confirm receipt. If you submitted your paperwork, you may still receive an email requesting the information.
• You are required to provide documentation to verify your answer if you answered “YES” to a dependency question on your FAFSA. Check MyOTC for more information
• There may be an issue on your FAFSA that you need to resolve before you can receive federal financial aid, such as a defaulted student loan.
• Your FAFSA will be incomplete if there is a missing signature or consent for you or one of your contributors.
• If a correction is required after the Financial Aid office reviews your application, this must be submitted and returned from the Department of Education before federal aid can be offered.
• You may have cancelled your financial aid through My Awards in MyOTC.
• To receive financial aid, you must meet Satisfactory Academic Progress standards. If your SAP status is Suspension or Over the Time Frame, you must appeal to receive financial aid.

How to Apply

• START EARLY and GET ORGANIZED.
• Apply for Admission and select a program of study that will lead to a Certificate, Associate of Applied Science, Associate of Arts, or Bachelor of Science degree.
• The FAFSA (Free Application for Federal Student Aid) is your first step to apply for grants, loans, and work-study.  By completing the FAFSA you are applying for the Federal Pell Grant.
• To learn all about the FAFSA and complete the application go to FAFSA® Application | Federal Student Aid. OTC’s Federal School Code is 030830
• Create an FSA ID at Create Account | Federal Student Aid to access and sign the FAFSA.  Each contributor will need their own FSA ID.
• Questions about filling out the FAFSA? Contact the Federal Student Aid Center 1-800-433-3243.
• Priority Deadlines: You may be eligible for state grants if you meet Missouri’s priority deadline of April 1st.  However, you may still file a FAFSA if you missed the deadline.
• Request your GED results or official high school transcripts and official transcripts from EACH college or university previously attended.  Have the transcripts sent to Ozarks Technical Community College, 1001 E. Chestnut Expressway, Springfield, MO  65802 or faxed to 417.447.6925.

After FAFSA

1) After filing the FAFSA, you will receive your results via the FAFSA Submission Summary (FSS) from the Department of Education. The FSS contains important information about what to do next. Read it thoroughly for accuracy and follow- up!

2) Check the comment section of your FSS for possible errors you might need to fix.

• Make sure all signature and consent requirements have been met
• Make corrections noted in comment section
• Plan to submit your financial documentation to the school if you are selected for verification

3) Check the status of your financial aid in My Awards in MyOTC.

4) The financial aid office communicates via OTC email with students regarding their financial aid file.  Monitor your email on a regular basis for important communications from our office.

• Until you are 24 years of age, FAFSA requires your parents’ information and signature on your FAFSA.
• For additional information visit Complete the Personal Circumstances and Demographics Sections of the FAFSA® Form (Determine your dependency status and identify your contributors)

To determine if you have an unusual circumstance visit What should I do if I have an unusual circumstance and can’t provide parental information? | Federal Student Aid.

 

The following situations are not considered unusual circumstances. Your parents:

• Do not want to provide their information on your FAFSA
• Refuse to contribute to your college expenses
• Do not claim you as a dependent on their taxes
• Or, you do not live with your parents.

Pell Grant

• Apply for Admission and select a program of study that will lead to a Certificate, Associate of Applied Science or Associate of Arts degree.
• Fill out the Free Application for Federal Student Aid (FAFSA) to apply for grants, loans and work study.  By completing the FAFSA you are applying for the Federal Pell Grant.
• The Pell Grant pays on a sliding scale based on the number of credit hours you are attending.  For more information about how Pell pays, click here.

• Avoid potential problems by double checking your FASFA Submission Summary (FSS) which is sent to you after filling out a FAFSA.  Read the comments and make corrections.
• Check your My Awards in MyOTC to see your financial aid.
• Check your MyOTC student email often for communications from the Financial Aid Office.
• To see how enrollment affects your award, view Attendance and Aid Payment – OTC Financial Aid

• Student Account Services is responsible for the disbursement of funds to students.
• Direct questions regarding billing or refund disbursements to the Student Account Services Office at 447-4827 or cashhelp@otc.edu.
• You must have a Smart Card to receive a refund. This is mandatory for all students.

No, the Pell Grant will be awarded at an Accepted status. However, for disbursement, you must meet all eligibility requirements and faculty must have verified attendance in your classes. If you do not wish to receive the award, you may choose to decline the award.

• The Department of Education selects 1 of 3 random FAFSAs to be verified, or in other words audited, by the college’s Financial Aid Office.
• If the Department of Education selects you, the process will require additional documentation to finalize your FAFSA.
• For more information, see FAFSA Verification Documents Required.

• Read the comment section on your FAFSA submission Summary (FSS).
• The Financial Aid Office will also to notify you via your MyOTC student email. Make sure to set up a Student Forms account through MyOTC.
• Check your email often for communications from the Financial Aid Office.

• If you have been selected for verification, you may find more information about the verification process and the required worksheets on our website at FAFSA Verification.
• If you are under 24 years old and answered one of the ‘dependency questions’ yes, you must submit documentation to verify your answer.

• Verification must be complete to receive financial aid benefits. The process could take several weeks, so it is important to submit all completed paperwork as soon as possible.
• If you are in verification, you will not see aid on your student account until the verification process is complete.

• You may receive an updated FAFSA Submission Summary (FSS) from the Department of Education which indicates your verification is complete.
• Once you receive the FSS, allow 5-7 business days for awards to be updated on your MyOTC student account.
• If after 5-7 business days you continue to receive the notification, there may be an issue with your documents.  Email financialaid@otc.edu from your OTC email account or contact your student success team member.

Verification Documents

• The turn-around time to for it to reflect on your student records is approximately 5-7 business days.  During this time, it is possible that you could receive another computer-generated email indicating a document is still missing.   If you turned in the document within the past 10-14 days, you can ignore the request.
• If after 5-7 business days you continue to receive the notification, there may be an issue with your documents. Email financialaid@otc.edu from your OTC email account, or contact your student success team member.

• We digitally image and track all documents you submit. If you have submitted all the paperwork, it can take up to 5-7 days to add your paperwork to your file.   Because of this, you may receive additional requests for the information submitted within that 5-7 day time period.
• If after 5-7 business days you continue to receive the notification, there may be an issue with your documents. Email financialaid@otc.edu from your OTC email account or contact your student success team member.

Awards are originally posted for the maximum Pell grant funding available for the semester on a student’s MyOTC-financial aid by term.  This amount adjusts once attendance has been verified.  This maximum Pell grant adjusts according to the number of hours attending.

 

A student enrolled in B-Block or 2nd 8-week coursework will receive additional Pell grant funding when B-Block attendance has been verified and adds enough hours to your full semester hours to move you to the next tier.

*Students statements, found at MyOTC, show the cost for both full semester & B-Block classes at enrollment.  Therefore, your expense reflects the entire semester, but your financial aid pays after attendance is confirmed.

OTC students must enroll in or attend six or more hours each semester to be eligible for student loan funding.

For example, students enrolled in four full semester hours and two B-Block hours will not be eligible for loan funding until their class attendance in six or more hours is confirmed.

The A+ eligible student attendance requirement is twelve or more hours.  Therefore, A+ will not pay for enrollment for B-Block courses until after verification.

Loans

With the Federal Direct Loan system, the Department of Education makes all students aware of their maximum loan eligibility automatically.  However, they will equally disburse the amount you see in fall and spring ONLY IF you choose to complete the loan process and remain eligible.  If you do not want a loan or want to reduce the loan amount, you may choose to decline your loans in MyOTC through My Awards.

Do you want a Loan?

• YES – I want a loan

Now what do I do?

Go to Manage Loans | Federal Student Aid

Complete Required (Two Steps):
1) Entrance Counseling
2) Master Promissory Note (MPN)

Confirm that you completed both steps:
1) Click “View Completed MPN”
2) View Previously Completed Counseling

Accept your awards:
1) Log in to MyOTC and go to My Awards to accept your loan amounts

• YES BUT – I want to reduce my loans

Now what do I do?

1) Complete the loan process and
2) Go to My Awards in MyOTC, choose the term(s) and loan you wish to reduce. Enter the new, lower amount and submit.

Once your request is processed:

Accept your awards:
1) Log in to MyOTC and go to My Awards to accept your loan amounts

• NO – I do not want a loan

Now what do I do?

Decline your loan awards:
1) Log in to MyOTC and go to My Awards to decline your loan amounts

5 Easy Steps to Apply for a Direct Loan

Complete your FAFSA.

Apply for Financial Aid at OTC – OTC Financial Aid

You must enroll in a minimum number of hours (6 credit hours) to be eligible for loans.

Complete Student Loan Entrance Counseling

• Go to StudentAid.gov.

Complete your Master Promissory Note (MPN)

• Go to StudentAid.gov.

Confirm that you have completed the process

• You may confirm that the items are complete by logging in at studentaid.gov and clicking “View Completed MPN” and “View Previously Completed Counseling.”

Additional Questions? Go to Direct Student Loans – OTC Financial Aid

If you want the loan to disburse, you must accept the loan(s). You may choose to decrease and accept or accept the whole loan amount. Remember, you must meet all eligibility requirements, including attending the minimum credit hours and completing the Entrance Counseling and MPN.

If you do not want to borrow loans, you may choose to decline the loan(s).

• Any student who registers for My Payment Plan may charge his/her books at the OTC Bookstore.

The Federal Direct Loan disbursements must be made in two equal installments as follows:

• Fall/spring – one during fall and one during spring
• One semester only (Fall, Spring, or Summer)– two during the semester (one occurring after mid-semester)

For financial aid refund dates, please contact the Student Account Services Office at 447-4827, or email cashhelp@otc.edu from your OTC webmail.  Refund information can be found on the web at: Refund Schedule and Appeal Information – OTC Finance Department

• Dropping or withdrawing from classes can put your current and/or future financial aid at risk.

Students must meet Satisfactory Academic Progress standards to be eligible for financial aid.  Many students do not realize dropping classes can put them on Financial Aid Warning or Financial Aid Probation.

Students must complete two-thirds (67%) of their total hours attempted at OTC.

• OTC will count credit hours transferred in from other colleges and universities in the total credit hours attempted when counting the credit hours toward the maximum time frame (see SAP policy).
• All enrolled credit hours on the first day of the semester will count as attempted hours regardless of changes made to your schedule (i.e. adding, dropping, switching). This may affect your financial aid depending on the type of aid you are to receive, how many hours you drop and your SAP status.

IF YOU DROP ALL YOUR CLASSES:

• You may have to pay back financial aid if you completely drop all classes.  The amount is unknown until a recalculation of earned funds is complete.
• OTC may place you on Financial Aid Warning or Financial Aid Probation if your completion ratio falls below 67%.  It’s possible that you could be considered “Over The Maximum Time Frame” if you exceed the maximum number of allowed hours toward a degree.
• OTC sends appeal forms by email after grades post at the end of the semester when GPA and completion ratio are calculated.
• If you wish to drop all your classes, contact your student success team member.  More information is available on how to withdraw if you click on Change of Schedule.

There are early action dates and deadlines for financial aid processing. Visit Important Dates & Deadlines to see all dates.

Upon review of the information, the Financial Aid Office determined more information was needed before we could accept your form.  The Financial Aid Office has emailed your OTC account with the additional steps needed to complete the form.