OCTC

Financial Literacy FYE 100Strategies for College Success

Lets Talk Money

How often should students file for financial aid?

Students must file for financial aid every academic year.

4

FAFSANew FAFSA applications are posted online on January 1st each yearInformation must match social security cardEach FAFSA covers an academic year, NOT a calendar yearMust be U.S. citizen or an eligible non-citizenState grant eligibility is based on FAFSA filing date

How are students notified of any outstanding requirements for financial aid?

Students are notified via email and checklist items are assigned on their to-do list located on their student self-service.

Checklist ItemsVerificationUnusual Enrollment HistoryLifetime EligibilityLoan DefaultSelective Service

True or False

All OCTC credentials are financial aid eligible.

FalseFinancial aid eligible programs must be at least 16 credit hours in length.

ProgramsCertificatesPending programsUndecided

True or False

A student must be enrolled full time to receive financial aid.

False

Federal financial aid programs do not require students to enroll full time.

Enrollment StatusPell GrantSEOG KY CAP Grant KEES Federal Work-studyFederal Direct Loan Private Loan

1+ credit hoursMust be Pell eligible6+ credit hours6+ credit hours6+ credit hours6+ credit hoursVaries by lender

Who is eligible for a student loan?

Students who are enrolled in an eligible program and are taking at least six credit hours each semester are eligible for student loans.

Student LoansEnrollment requirementLoan requirementsSubsidized vs. unsubsidizedGrace periodIn-school defermentLoan servicersRepayment optionsDefault

Standards of Academic Progress

SAP

SAPStandardsWarningSuspensionAppeal process

KEES must be used within how many years of high school graduation?

Students can receive KEES for up to eight academic terms. The scholarship must be used within five years of high school graduation.

ScholarshipsApplication available in JanuaryNeed-based AND merit-based optionsDue date - April 1Late applicationsRecipients must reapply each year

True or FalseIf a student withdraws or stops attending classes, he/she does not have to repay any grant money.

FalseStudents are awarded financial aid based on the assumption that they will attend for the entire enrollment period. Failure to do so will result in the loss and repayment of financial aid funds.

R2T4RecalculationsRepayment

GET ADVICE!

REFUNDS

TIPWithdrawal is sometimes the best option, but make an educated decision (and dont give up too easily).FYE 100Strategies for College Success

TIPMake a wise investment Make the best use of your time and $.FYE 100Strategies for College Success

Lets go racing!FYE 100Strategies for College Success