Description of Federal Aid Programs

GRANTS- gift awards which need not be repaid

Federal Pell Grant

The Federal Pell Grant provides funds to eligible undergraduate students. All students applying for other forms of federal or state aid must apply for this grant. When it appears that the student is eligible, the Department of Education will include the Federal Pell Grant award in the financial aid package. OTC applies funds to the student account following verification of attendance in classes.  Student Account Services sends an email to the student if an over payment results in a refund to the student’s Smartcard.

Federal Supplemental Educational Opportunity Grant

The Department of Education awards Federal Supplemental Educational Opportunity Grants (FSEOG) to undergraduate Pell Grant recipients with exceptional need. It bases the grant on program funding and gives priority to students whose FAFSA was received by May 1.  They may make subsequent awards available later in the year as funding permits. Attendance and payment procedures are the same as Federal Pell Grant.

Work-Study Program

Federal Work-Study

This program is for students with financial need and an interest in working on campus part-time to earn money for educational expenses.  Students earn the current prevailing minimum wage. OTC disburses payroll once each month by direct deposit on or around the 15th based on hours worked in previous month. There are limits to the number of positions available. They also require that the student interviews with the supervisor for the position.  OTC posts positions online as early as two weeks prior to start of term at https://students.otc.edu/financialaid/federal-work-study/job-openings/

Federal Direct Loans

Borrowed money which must be repaid

Visit Direct Student Loans for additional information

Click Here for information regarding attendance and pro-rated financial aid payments.