FINANCIAL AID POLICIES



According to federal requirements, financial aid defines enrollment status as:
Undergraduate - less than half time -  5 or less credit hours attempted
Undergraduate - halftime -  6 - 8 credit hours attempted
Undergraduate - 3/4 time - 9 - 11 credit hours attempted
Undergraduate - full time - 12 or more credit hours attempted

Graduate - half time - 3 credit hours attempted
Graduate - full time - 6 or more credit hours attempted

All financial aid recipients should contact the Financial Aid Office before dropping a class.  Dropping a class may result in cancelation of certain types of grants, scholarships or loans and you will be responsible to pay these funds back to the program.

Family Education Rights and Privacy Act (FERPA)
To protect your privacy, all records and conversations between the student and Office of Financial Aid are confidential.  No public announcement shall be made of need-based amounts awarded to students.  No information concerning the students' financial aid records will be released to anyone outside of the Office of Financial Aid without the students' permission in accordance with FERPA.  If the student wants information released, a letter of consent must be submitted.

All Awards are Subject to Change
The most common reasons for adjusting aid include insufficient enrollment, change in residency status, and receipt of aid from other sources (tuition discounts, outside scholarships, VA benefits, etc.).  Awards may also be reduced or cancelled due to changes or inaccuracies in any of the information provided, failure to maintain degree-seeking status, make Satisfactory Academic Progress, or comply with other federal, state and institutional guidelines.

The Office of Financial Aid reserves the right to replace ALL GIFT AID (grants and/or scholarships) awarded by OLLU with other gift aid sources in the same amounts in order to maximize limited resources.  Please note that the total amount of gift aid awarded will not be reduced.

Verification Policies and Procedures
Students that are selected for verification are notified automatically with Datatel Colleague’s Communication Management System.  The system creates a missing information letter that asks students for needed documents when selected for verification.  Students need to complete the requested documents as soon as possible but no later than two weeks before the end of the term they are attending.  Failure to provide documents needed for verification will result in forfeiture of your financial aid.

During the verification process, if changes need to be made to the students SAR, financial aid will make the changes for the student.  The student will be notified by receiving a new SAR.  For the 12/13 school year, financial aid will notify students of changes to their awards due to the verification process by sending the student a new award letter.  For 12/13, aid will not be processed until all verification is complete.

 

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