Ozarks Technical
Community College

Who is eligible for Financial Aid?

To be eligible for financial aid at OTC, you must be a U.S. citizen or eligible noncitizen, registered with Selective Service (if required), registered for classes, seeking a degree/certificate at OTC, making satisfactory academic progress, and not in default on a student loan.

To be eligible for a student loan, you must be registered for at least 6 credit hours each semester.

For a Pell Grant, you can enroll for less than 6 hours and in some cases be eligible to receive funding. Please see the Financial Aid Office for more details.

How do I apply for Financial Aid?

Please see How To Apply

Do I have to apply for financial aid every year?

Yes.

I missed OTC's deadline for aid. Is it useless to file a Free Application for Federal Student Aid (FAFSA)?

No, you can still send your FAFSA in to apply and, if you are eligible, receive aid later in the semester. The only stipulation is that OTC must receive your Student Aid Report(SAR) / Institutional Student Information Record(ISIR) while you are still enrolled and eligible.

What information is needed to apply for financial aid?

Previous year tax return information, social security number, veteran benefits, untaxed income information, current bank statements, current mortgage information, business and farm records, records of stocks, bonds, and other investments.

When should I apply for financial aid?

As soon as possible after January 1 once you have completed your federal income taxes, and preferably after you have applied for admission to OTC. Also, make sure to list all of the Title IV school codes that you are considering attending under Step Six of the FAFSA. OTC's Federal School code is 030830.

Can I get financial aid for the summer?

You may be eligible for financial aid in the summer term based on how many hours you enroll in and how much financial aid you have previously received in the current academic year. Please contact a financial aid advisor to determine your remaining eligibility, if any.

How do I know if my Free Application for Federal Student Aid (FAFSA) has been received and/or processed?

There is a postcard located with the FAFSA self-addressed envelope. You can include this postcard in the envelope with your FAFSA and the processor will return this postcard to you with the date they received your FAFSA. You can also call the Federal Student Aid Center at 1-800-433-3243 and they can give you this information.

What do I do if I failed to list OTC on my SAR/ISIR?

Call 1-800-433-3243 and ask them to add OTC to your information. You will need to have your DRN number from page one of your Student Aid Report. If you have your Student Aid Report, you can also bring or fax it in to the Financial Aid Office and we can add the school code electronically.

Can I transfer my financial aid to OTC or from OTC?

You can never actually transfer your financial aid from one school to another. What you must do is cancel your aid at the first school and re-establish your eligibility at the new school. You will need to meet the new institution's procedures and requirements. The new school will then re-calculate your eligibility at their institution and send you an award letter.

It is important to realize that you may not be eligible for the same amount or even the same types of financial aid at the new school. Also, transferring to a new school may delay the receipt of your financial aid.

I feel like I am an independent student, why do I have to apply for financial aid using my parent's information?

The definition of an independent student is defined specifically by the law. You will automatically be considered independent for financial aid purposes if you meet one or more of the following criteria in the Free Application for Federal Student Aid (FAFSA):

1. You were born before January 1, 1983.
2. You will be working on a degree beyond a bachelor's degree in the school year 2006-2007.
3. You are married as of the date you completed the FAFSA.
4. You are an orphan or ward of the court or were a ward of the court until age 18.
5. You are a veteran of the U.S. Armed Forces.

1. You are considered a veteran if you:
   1. Have engaged in active service in the U.S. Army, Navy, Air Force, Marines, Coast Guard or were a cadet or midshipman at one of the service academies and were released under a condition other than dishonorable.
2. You are not considered a veteran if you:
   1. Were never in the U.S. Armed Forces.
   2. Were ONLY an ROTC student.
   3. Are currently a cadet or midshipman at one of the service academies.
   4. Were ONLY a National Guard or Reserves enlistee and were not activated for duty.
   5. Are currently serving in the U.S. Armed Forces.
3. You have legal dependents that fit one of the following definitions:
   1. children who receive more than half of their support from you; or
   2. dependents (other than your children or spouse) who live with you and receive more than half of their support from you now.
      

If you cannot answer YES to any of the above statements, then you are considered DEPENDENT and MUST report your parent's information on the FAFSA.

If my parents are separated or divorced, who should complete the parent's information on the FAFSA?

The parent you lived with the most in the last 12 months. If you did not live with one parent more than the other, answer in terms of the parent who provided the most financial support during the last 12 months or during the most recent calendar year that you actually were supported by a parent. (Support includes money, gifts, loans, housing, food, clothes, car, medical and dental care, payment for college costs, etc.)

If my parent has remarried, do I have to include my stepparent's information on the FAFSA?

YES, if your parent is married as of the day you completed the FAFSA.

How do I answer the question about the balance in my cash, savings, and checking accounts when the balance changes?

You must report the information as of the date you signed the original FAFSA.

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?

You must complete the OTC Special Circumstance form and submit it to the Financial Aid Office. This request will be reviewed to see if any adjustments can be made.

I am not currently married, however, I will be getting married during the school year. Can I fill out my FAFSA as "Married"?

NO. You must record your marital status at the time you complete the FAFSA. You can wait to complete the FAFSA until you are actually married and then answer YES at that time, however, this may cause a delay in the receipt of your financial aid.

How much will I and/or my family be expected to contribute towards my yearly college costs?

The Expected Family Contribution (EFC) is the amount the federal government expects you and/or your family to contribute towards your educational expenses and living expenses. The EFC is determined by a formula established by the government and is listed on your Student Aid Report.

How is financial need calculated?

Cost of Attendance
(-) Expected Family Contribution
(-) Any other financial aid
(=) Financial Need

How much financial aid can I expect?

If you are eligible for a Pell Grant, it will be based on the number of credit hours you are enrolled in each semester.

If you apply and are eligible for a student loan, you may qualify for one of the following:

• As a freshman, you may borrow up to a maximum of $2,625 per academic year if eligible.
• As a sophomore, you may borrow up to a maximum of $3,500 per academic year if eligible. In order to be considered a sophomore at OTC, you must have 30 credit hours toward your major and be pursuing a two-year degree.
• Independent students may borrow up to an additional $4,000 unsubsidized loan. Students are limited to one of these loans per grade level.

Maximum total debt outstanding on ALL Stafford Loans combined are:

• Dependent Undergraduate Student is $23,000.
• Independent Undergraduate Student is $46,000 ($23,000 in subsidized).

What is an academic year?

At OTC the academic year is defined as the Fall, Spring, and Summer terms.

If I am awarded financial aid and later I receive an additional scholarship, can my financial aid be adjusted?

YES.

When will I receive my financial aid at OTC?

There are specific dates for each semester at OTC. Contact the Financial Aid Office for details. The first disbursement of financial aid for each semester does not occur until about the fourth week.

What is the difference between a Subsidized and Unsubsidized Stafford Loan?

The main difference is who is responsible for the interest that accumulates on the Stafford Loan.

Subsidized Stafford - the federal government is responsible for the interest that accumulates while you are in college at least half-time.

Unsubsidized Stafford - you are responsible for the interest that accumulates while you are in college.

What is Satisfactory Academic Progress?

See the Satisfactory Academic Progress Policy.

What will happen to my financial aid if I drop a class?

Dropping any class or classes could have an effect on your financial aid. It depends on the type of aid you are receiving, how many hours you are dropping, and when you are dropping these courses.

Please see the Financial Aid Office for specific details regarding your situation.

What will happen to my financial aid if I withdraw from ALL classes?

A refund calculation will be made using the appropriate federal policy. This calculation will determine how much financial aid, if any, you are eligible to receive.

If you have received any loans, you start using your grace period. If you have not received your loan yet, it will automatically be cancelled.

Withdrawing can create satisfactory academic progress problems and may result in the loss of your continued eligibility to receive financial aid.

Please see the Financial Aid Office for specific details regarding your situation.

NOTE: If you decide to withdraw from all classes, make sure you go to the Registrar's Office and officially withdraw in writing.

Do I have to attend all of my classes in order to receive financial aid?

YES. Instructors will report your attendance in each class electronically to the Financial Aid Office and your eligibility for financial aid will be determined accordingly. Mid-term and end of semester attendance will be requested if failing grades are reported and could result in loss of financial aid. Continued attendance in each course is highly recommended.

What are second eight-week block classes and how will they affect my financial aid?

In the fall and spring semesters, OTC offers classes that do not begin until after eight weeks have been completed in the semester. You may enroll in these classes and receive financial aid, however, your financial aid award may not be disbursed to you until you have attended the second eight -week classes. In other words, enrolling in any second eight-week block classes will cause a delay in the disbursement of your financial aid.

What is an entrance interview?

The student loan entrance interview is a federal requirement that all student loan borrowers must meet prior to receiving student loans. Student loan information and repayment is presented to prospective borrowers.

Students acquiring loans at OTC are required to have an entrance interview prior to their loan application being accepted by the Financial Aid Office.

Entrance counseling is available online at Mapping Your Future. Once you have completed the online counseling, you will be instructed to complete an online information form that is e-mailed to the OTC Financial Aid Office as confirmation of your counseling completion.

What is an exit interview?

Any student who has received a student loan at OTC is required to attend an exit interview. This interview is required at the time you are graduating, transferringto another institution, or you drop below six hours. It will last about 30 minutes and allows us to explain what your responsibilities are with regard to repaying your loans and when that will begin.

Exit counseling is available online at www.mapping-your-future.org. Once you have completed the online counseling, you will be instructed to complete an online information form that is e-mailed to the OTC Financial Aid Office as confirmation of your counseling completion.

Can I still receive financial aid if I have a drug conviction?

The law suspends your eligibility for Title IV federal financial aid if you have been convicted of any offense under state or federal law involving the possession or sale of a controlled substance. The duration of ineligibility depends on the type and number of convictions, as follows:

• For possession: one year for first offense, two years for second offense, indefinite for third offense.
• For sale: two years for first offense, indefinite for second.

You may regain eligibility (if the suspension is indefinite), or regain eligibility earlier than specified (if the suspension is for one or two years), by satisfactorily completing a drug rehabilitation program. The rehabilitation program must include two announced drug tests and must meet other criteria established by the Department of Education in regulation.

Other common questions and answers.

Other common questions and answers can be found at: www.finaid.org