Financial Aid Notification Terms and Conditions

Enrollment

OTC bases your financial aid award on 12 credit hours for each semester. Financial Aid makes final adjustments based upon verified attendance of your classes at the time OTC applies your financial aid 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. The annual Pell amount is multiplied by the enrollment intensity percentage.

Enrollment Category	Enrolled Credit Hours	Enrollment Intensity
Full-Time	12 (or more)	100%
Three-Quarter Time	11	92%
	10	0.83
	9	75%
Half-Time	8	0.67
	7	58%
	6	0.5
Less-than-Half-Time	5	42%
	4	0.33
	3	25%
	2	0.17
	1	8%

Attendance

Once you register 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. 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 grades.  Non-attendance or withdrawal from classes can result in your having a balance due to the college.

14 Week or Second Eight-Week Block Courses

OTC will disburse your financial aid after it verifies your class enrollment and attendance.

Satisfactory Academic Progress

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.

Limitations

You may receive federal student aid such as Pell Grants or Student Loans from only one college at a time. If you received federal student aid from any other college during the 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.

Repeat Coursework

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 they pass it.

Therefore, repeat courses may impact the amount of aid received from Federal Student Aid.

Visiting Student or High School Student

If OTC classifies you as a visiting student or you are taking classes as a high school student, you are not eligible for financial aid.

Updates and Adjustments

OTC provides your initial notification of Federal Student Aid. To view updates to your awards, go to My Awards when you log into your MyOTC from the Financial Aid menu. Other information is also available online as described below and in the Financial Aid area of the OTC website.

Accepting Federal Student Aid

Based on your eligibility at the time of payment for each semester in accordance with the appropriate federal, state or institutional laws, regulations, statutes or policies.

Reducing or Cancelling Aid

If you want to reduce or cancel your loans, go to My Awards in MyOTC through the Financial Aid menu.  For each loan, you may choose the terms you plan to attend and then enter a lower amount to reduce the loan amount and click accept.  To decline the loan, which means you wish to cancel the whole amount, click decline for that loan.

First Time Students Receiving Loans

In accordance with 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 Refunds

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 refunds for the semester.

Federal Work Study

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, have financial aid eligibility, and demonstrated need 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.

Financial Aid Offer Letter

Once you have reviewed and accepted your financial aid package you should also review your financial aid offer letter. When you log into your MyOTC, go to Offer Letter from the Financial Aid menu.

Cost of Attendance

The Cost of Attendance Information for Ozarks Technical Community College is available online.

Description of Federal Aid Programs

Visit Description of Federal Student Aid Programs for more information regarding the Federal Student Aid programs in the financial aid package.

Additional Aid Information

Visit Additional Types of Financial Aid online for information about other aid programs.

Glossary of Financial Aid and Terms

Financial Aid Offer    

A financial aid offer is a document sent by a postsecondary institution to a student that outlines the amounts and details of the financial aid being offered to the student, which may include scholarships, grants, loans, employment, or other forms of financial assistance to pay for college expenses.

 

Cost of Attendance

The Cost of Attendance consists of the sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a student can receive during an award year.

 

Costs Paid to Others

Costs paid to others (also referred to as indirect, non-billable, or additional costs), are other expenses not paid directly to the school, but associated with receiving an education. These expenses are estimated by the school and may differ from student to student based on their individual circumstances. These expenses may include books, course materials, supplies, equipment, transportation, parking, personal expenses, childcare costs, computer costs, disability expenses, licensure expenses and off-campus rent and food.

 

Costs Payable to the School

Costs Payable to the school (also referred to as direct or billable costs) generally include tuition, fees or any other expenses paid to the school for enrollment.

 

Educational Loan

Money borrowed from the federal government, a college or university, or a private source like a bank or financial institution to pay for educational expenses and must be paid back with interest.

 

Federal Loan

Also known as the Direct Loan Program, which allows eligible students and parents to borrow directly from the U.S. Department of Education at participating colleges or universities. Federal student loans include Direct Subsidized and Direct Unsubsidized loans.

 

Federal Direct Subsidized Student Loan

A Direct Subsidized Loan is an undergraduate federal student loan based on financial need and offers students a reduced, fixed interest rate and flexible repayment terms. Interest is subsidized, meaning it does not accrue to the borrower, while in an in-school, grace, or deferment period. Annual and aggregate limits apply.

 

Federal Direct Unsubsidized Student Loan

An unsubsidized loan offers students a fixed interest rate and flexible repayment terms. It is not based on financial need. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins. Annual and aggregate limits apply.

 

Private Loan

A student or parent loan from a bank, credit union, private company, a nonprofit or state-affiliated lender, or from the college or university directly to pay for educational costs. Interest begins to accrue when the loan is disbursed, and repayment begins while the student is still enrolled in school.

 

Enrollment Status

The number of credits, clock hours, or classes the student is enrolled in, or whether they have withdrawn, graduated, etc. Enrollment status affects eligibility for and the amount of financial aid a student may receive. It also affects when student loans enter repayment status.

 

Federal Pell Grant

The Pell Grant is a federal grant program designed to assist undergraduate students in low- and moderate-income households to pay for college. The award amount is based on the cost of the institution, SAI, and enrollment status, and is subject to an aggregate limit.

 

Federal Supplemental Educational Opportunity Grant (FSEOG)

A federal grant provided by the institution to qualified undergraduate students who demonstrate exceptional financial need and does not need to be repaid. The amount of funding from this program varies by institution.

 

Federal Work-Study (FWS)

Federal Work-Study provides funding for part-time jobs for undergraduate and graduate students with financial need. Unlike grants and loans, FWS is paid to students as they earn the funds by working.

 

Grants & Scholarships

Any money provided to students that does not have to be repaid. They can be called grants, scholarships, tuition remissions, gift aid, or tuition waivers. Grants and scholarships are provided based on many different factors.

 

Need

The student’s Cost of Attendance minus their Student Aid Index.

 

Need-based Aid

Financial assistance provided to students based on their financial situation, determined by completing the FAFSA. Need-based financial aid can take different forms, including grants, scholarships, work-study programs, and low-interest loans, like the federal direct subsidized loan.

 

Net Price

The difference between the cost of attendance and all grants and scholarships. Net price reflects what the student is expected to pay for their education on their own and can be covered through a variety of sources, including savings, student employment, institutional payment plans, or education loans.

 

Other Funding Options

Funding options outside of grants and scholarships that a student and their family may use to pay any remaining costs or expenses. This may include loans, student employment, institutional payment plans, or personal savings.

 

Student Aid Index (SAI)

The SAI is the eligibility index used to determine your eligibility for federal, and in some instances, state and institutional need-based student financial aid. Generally, students with a higher SAI are eligible for less need-based financial aid. It is based upon the information provided by the student and their families on the FAFSA.

 

Verification

A federally mandated process to confirm the accuracy of data provided by selected applicants on the FAFSA. To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn’t match what was reported on the FAFSA, verification can result in changes to the student’s financial aid eligibility, and/or financial aid offers.