Financial Aid FAQ
Frequently Asked Questions
- Who is eligible for Financial Aid?
- How do I apply for Financial Aid?
- Do I have to apply for financial aid every year?
- What is an academic year?
- I missed OTC's deadline for aid. Is it useless to file a Free Application for Federal Student Aid (FAFSA)?
- What information is needed to apply for financial aid?
- When should I apply for financial aid?
- Can I get financial aid for the summer?
- How do I know if my Free Application for Federal Student Aid (FAFSA) has been received and/or processed?
- Can I transfer my financial aid to OTC or from OTC?
- I feel like I am an independent student, why do I have to apply for financial aid using my parent's information?
- If my parents are separated or divorced, who should complete the parent's information on the FAFSA?
- If my parent has remarried, do I have to include my stepparent's information on the FAFSA?
- How do I answer the question about the balance in my cash, savings, and checking accounts when the balance changes?
- What can I do if my income and/or my family's income have changed drastically from our tax statement or some other extenuating circumstance has arisen?
- I am not currently married, however, I will be getting married during the school year. Can I fill out my FAFSA as "Married"?
- How much will I and/or my family be expected to contribute towards my yearly college costs?
- How is financial need calculated?
- If I am awarded financial aid and later I receive an additional scholarship, can my financial aid be adjusted?
- When will I receive my financial aid at OTC?
- What do I do if I failed to list OTC on my SAR/ISIR?
- What is the difference between a Subsidized and Unsubsidized Stafford Loan?
- What is Satisfactory Academic Progress?
- What will happen to my financial aid if I drop a class?
- What will happen to my financial aid if I withdraw from ALL classes?
- Do I have to attend all of my classes in order to receive financial aid?
- What are B block classes and how will they affect my financial aid?
- What is Entrance Counseling?
- What is Exit Counseling?
- Can I still receive financial aid if I have a drug conviction?
- Financial Aid Student Notifications