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Manage your Financial Aid

Use the drop down boxes below to find out how to manage your financial aid.

If you do not wish to borrow the full amount of student loans showing in mYOTC at My Awards, you may choose to reduce the amount. Go to the loan you wish to reduce and enter the new, lesser amount you wish to borrow and click accept. The status will show “In Review” until your request is processed.

A couple hints when reducing your loans:

  • If you have requested the unsubsidized loan, you will need to decline the unsubsidized loan prior to reducing the subsidized loan.
  • If you do not wish to borrow the loan and wish to cancel the entire amount, click Decline.
  • To decline the spring portion of a fall/spring loan or to decline a summer loan, you may enter 0 in the box and click submit.
  • You may not decline a loan that has already disbursed to your student account.

If you do not wish to borrow the loan showing in myOTC, in My Awards, you may choose to decline your student loan.  Go to the loan you wish to decline and click on Decline. The status will show “In Review” until your request is processed.

A couple hints when declining your loan(s):

  • You may reduce the term to zero by entering 0 in the box and submit. Or, decline the loan. See above steps to reduce the loan amount.
  • If your loan has already disbursed to your student account for that term, you will be unable to decline it.

If you do not plan to attend OTC for the term or wish to receive no financial aid at OTC due to attending another school, you may decline your financial aid in myOTC through My Awards.

For each federal financial aid award you wish to decline, click Decline in that award section.

Hints:

  • You may not decline an award that has already disbursed to your student account.
  • If you are transferring to another institution or need assistance processing the decline, please email financialaid@otc.edu. Additional steps may be needed.

To request an increase in your loan award amount or to request a new loan:

Login to myOTC and in choose Request A New Loan from the financial aid menu.

Hints on Requesting a New Loan:

  • You may request the entire amount offered or enter the amount you wish to borrow.
  • You may not be eligible for the full award amount you request. If you are not, we will award the max amount you are eligible for.
  • If you enter less than the amount you are eligible for, we will only award up to that amount.
  • In the loan periods section, you may check the boxes for the semesters you wish to borrow. Note, there are deadlines as to when we can accept new loan requests for each term.
  • If you only check the fall box, you will only be approved for the loan if you are enrolled in all courses to graduate in that fall term.
  • If you check a combination of terms in the loan period section, note that the loan amount will be divided between those terms.
  • If you previously declined your loans, you may submit the Request a Loan to request a reinstatement of your loans.

In order for your federal financial aid to pay, you must accept the federal financial aid award and meet all eligibility requirements.

Hints on accepting awards and disbursements:

  • Your federal financial aid will not disburse if you do not accept the award.
  • Your federal financial aid award amounts will not disburse if you do not meet all eligibility requirements, even if you have accepted the awards.

A Consortium Agreement  is a written plan between two schools which recognizes a student’s combined enrollment for the purpose of awarding a Pell Grant. Federal regulations mandate Federal Student Aid may only be paid to a student by one institution for the same enrollment period. Consortiums are completed as needed on a semester-by-semester basis. It is the student’s responsibility to initiate the consortium agreement with the Home School.

The student must:

  • Determine which educational institution they will consider as their “Home” school.  Home is defined as the institution at which the student will receive their federal awards and plan to receive their primary degree.
  • Determine which educational institution they will consider as their “Host” school.  Host is defined as the institution at which the student will not receive their federal awards (i.e. Classes will most likely be transferred to the Home school).
  • Make payment arrangements with the Host school since the Home school is not allowed to transfer funds to anyone other than the student.

OTC as the Host School:

Student plans to receive financial aid at the Home (degree-seeking) school, NOT at OTC.

  • Contact the Home school to initiate the Consortium Agreement.
  • The student will not receive financial aid at OTC.
  • The student will not have the deferred payment option at OTC and will need to select a payment plan or pay charges in full by the payment deadline at OTC.
  • The student is responsible for all charges assessed by OTC/Host school, whether or not the course is completed.
  • Agrees to have grades transferred to the Home school at the end of the semester. Request official transcript through myOTC.

OTC as the Home School:

If the class you are taking at the Host school will transfer (meet a needed requirement) into the degree you are seeking at OTC, a consortium agreement may be requested. OTC would be considered your Home school.

But, if you are degree seeking at your other school, they would be considered your Home school and you would need to initiate a consortium agreement there. OTC would be the Host school.

If you determine OTC is your Home school complete the Consortium Agreement Request form and see below.

  1. Terms:
    • This agreement is valid for the consortium between OTC and the Host institution for the purpose of providing financial assistance to the named student.
  2. Enrollment:
    • The student certifies they are:
    • Admitted to OTC as a degree-seeking student.
    • Enrolled in classes at the Host school which are required for their degree completion at OTC and are eligible for credit transfer. OTC Student Services Academic Advisor Approval is required.
  3. The student agrees to:
    • The student is responsible for submitting a transcript to OTC’s Admissions office within 30 days following the completion of the semester.
    • Any enrollment changes at the Host institution, including course drop/withdrawal, will be reported to financialaid@otc.edu within 15 days of the change.

Tuition and Fees:

  • Under this agreement, OTC serves as the degree-awarding institution. Tuition and fees for courses taken at OTC will be billed at normal rates. Students are responsible for reviewing their OTC charges and making payment arrangements in myOTC through Student Accounts.
  • OTC will not charge tuition or fees for courses taken at the Host institution. The student is personally responsible for all charges assessed by the Host school and all payment arrangements with the Host school, regardless if the course is completed.

Application of Financial Aid:

  • Financial Aid eligibility, including the return of funds, will be monitored by OTC. Aid will be applied to OTC fees and the balance will be electronically transferred to the student’s SmartCard.

Satisfactory Academic Progress (SAP):

  • SAP will be evaluated in accordance with OTC policy and will include performance at both institutions.
  • Drop/withdrawals from courses under this agreement will be treated as withdrawals from OTC courses.
  • Students are responsible for requesting an official transcript be sent to OTC admissions at the end of each semester.

Deadline to Submit:

  • Consortium agreements, with Academic Advisor signature of approval, must be submitted to OTC Financial Aid office no later than the 16th calendar day of the semester.

How to Request a Consortium Agreement

To request a consortium agreement with OTC as the Home school.

  1. Register for classes at both the Home and Host schools.
  2. Click Consortium Agreement to access the form.
  3. Complete, print and sign the agreement
  4. Obtain OTC Academic Advisor approval (signature required or submit via email – *be sure to include approval email from advisor). The student can obtain approval in one of the following ways:
    • Email a request for advisor approval for consortium
      • You must include the course codes from the Host school classes in your email to advising@otc.edu
      • The returned reply from advising@otc.edu regarding approval must be submitted with consortium agreement request form to Financial Aid at OTC.
    • Meet in-person with their assigned OTC Student Services Academic Advisor on campus
  5. Submit completed form and advisor approval in one of the following ways:
    • Mail to
      Ozarks Technical Community College
      Financial Aid
      1001 E. Chestnut Expressway
      Springfield, MO 65802
    • Or email to financialaid@otc.edu
    • Or fax to 417-447-6938

What’s Next?

  • Once we receive request, we will process and send to the Host school for approval signature.
  • Once the consortium agreement is received back from the Host school and attendance has been verified, Pell Grant at OTC will be increased to include payment on the combined credit hours at both schools.
  • *If at any point it is determined the course(s) from the Host school will not transfer to OTC:
    • Pell Grant will be adjusted accordingly
    • Student will be notified via OTC email
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