Financial Aid Refunds

Financial Aid Refund Schedule

SUMMER 2014 FINANCIAL AID REFUNDS WILL BEGIN ON JUNE 19, 2014

Student aid recipients at Ozarks Technical Community College can expect to receive a refund AFTER the following steps have taken place:

  1. Processing the student aid file (verifying eligibility and documentation included in the file)
  2. Validation of student enrollment and attendance
  3. Receipt of funds from the grant, scholarship or direct loan source, and subtracting course expenses (tuition, fees, bookstore items, etc.) to determine the overpayment/refund due to the student
  4. Depositing the refund amount to the OTC SmartCard

Processing of Student Aid File
Students who submit their financial aid application and supporting information to the Financial Aid office prior to the deadline for the semester should receive their refunds approximately 4 weeks after classes begin.

Students who apply for financial aid after the deadline may still receive a refund, but should expect a delay in receiving their refund.

Student files that are incomplete or are selected for the verification process (http://www.otc.edu/financialaid/fafsainfo.php) may take up to an additional 6-10 weeks to process.

Validation of Student Enrollment and Attendance
In order to receive student aid funds, class attendance is required to maintain an acceptable academic record and to maintain student aid eligibility. Students who fail to meet Satisfactory Academic Progress Policy requirements may become ineligible for financial aid.

Students receiving financial aid assistance must attend classes as required. Students who do not attend classes are subject to being dropped from their class by the instructor. Since student aid is paid on enrollment (with attendance), students dropped from classes will not be paid for those classes.

Determining Student Refunds
Financial aid funds are applied directly to each student's account with the college in order to pay tuition, fees, bookstore charges or any other items charged by the student.

After the student account charges have been paid, any remaining credit balance (overpayment) will be refunded.

Deposit of the Refund Amount to the OTC SmartCard
This is the step everyone likes - getting the money!  Students must have an active SmartCard in order to receive their financial aid refund.

Once all the above steps are complete, Cashier's services reviews each student account, processes overpayment amounts, and deposits the refunds to the student's OTC SmartCard.

Initial student aid refunds are typically deposited to each student's SmartCard account approximately 4 weeks after the beginning of classes. 

SUMMER 2014 FINANCIAL AID REFUNDS WILL BEGIN ON JUNE 19, 2014

Financial Aid Links