[vcex_heading text=”Federal Student Loans”]

2nd 8 Week Enrollment

2ND 8 Week Enrollment status indicates you enrolled in all second 8 week courses.  Your award has been determined for the award period and verification of enrollment and attendance is pending.  Also, for your loan to pay, the MPN and loan counseling must be complete and the MPN current.

Accepted Status

Accpeted status indicates enrolled in college and are eligible to have the Department of Education schedule your loan payment to your OTC student account.  If the payment results in an overpayment of your account, OTC will apply the remaining amount to your OTC SmartCard. Student loans require at least 6 credit hours for fall and spring and 3 credit hours for summer.

Entrance Counsel Request

Entrance Counsel Request status indicates the Department of Education does not have student loan entrance counseling confirmation.

MPN not Received

MPN not Received status indicates OTC does not have confirmation of completion of your Master Promissory Note (MPN).

First Time Loan Stdt

First Time Loan Stdt status indicates financial aid award is pending payment to your account. You should refer to your Right to Cancel Notice received in your OTC student email which outlines disbursement information.

Pending

Pending status indicates the award has been determined for the award period and verification of enrollment and attendance is pending. For any semester, the student loans may have a Pending status until after enrollment and attendance has been verified.  Also, for your loan to pay, you must complete the MPN and loan counseling. Your MPN must also be current.

Loan is in Process

Loan is in Process status indicates the loan has originated and information has been sent to the Department of Education.  The student is in 6 hours for fall or spring, 3 hours for summer, and the student completed entrance counseling.

Denied

Denied status indicates you are not eligible for the award.  This may be due to poor academic status, previous financial aid history at OTC or elsewhere. This could also be because the U.S. Department of Education notified your college of your ineligible status.

Rejected

Rejected status indicates that you notified the college that you do not want the award shown.

SAP Ineligible

SAP ineligible indicates the student did not meet Satisfactory Academic Progress Standards to receive Federal Student Aid at OTC.  Students must meet certain academic requirements in order to continue receiving financial aid.  Students who are SAP Ineligible may have an appeal option available.  If you attended OTC within the past year and received Federal Student Aid, you will have an email in your OTC email regarding your SAP status following your last semester of attendance at OTC.  If you attended longer than one year ago, you may send an inquiry to financialaid@otc.edu requesting a review of your eligibility for an appeal.  Use the Subject: Appeal Review Request with your email.

Loans