Understanding Your Financial Aid Options
Every student has the right to pursue higher education regardless of their financial background. The Oakland University Financial Aid Office is committed to providing financial assistance to deserving students to help them achieve their academic goals.
The financial aid landscape can be complex, with various types of aid available. The Oakland University Financial Aid Office simplifies the process, providing personalized guidance to each student.
Types of Financial Aid
Oakland University offers a range of financial aid options, including:
- Scholarships: Grants based on academic merit, financial need, or specific criteria.
- Grants: Free money awarded based on financial need, not requiring repayment.
- Loans: Money borrowed from the government or private lenders that must be repaid.
- Work-Study: Part-time employment opportunities on or off campus that allow students to earn money while attending university.
Applying for Financial Aid
The first step towards receiving financial aid is completing the Free Application for Federal Student Aid (FAFSA). The FAFSA determines your Expected Family Contribution (EFC), which is an estimate of how much your family can contribute towards your education. Your EFC is used to calculate your financial aid award.
Due Dates:
- FAFSA opens on October 1st for the following academic year.
- Oakland University’s priority filing deadline is March 1st.
Calculating Your Award
Once you have submitted your FAFSA, the Oakland University Financial Aid Office will review your information and determine your eligibility for financial aid. Your award will be based on factors such as:
- Your EFC
- Your cost of attendance (COA)
- The availability of funds
Your COA includes tuition, fees, room and board, books, supplies, and other expenses related to attending Oakland University.
Disbursement of Funds
Financial aid awards are typically disbursed at the beginning of each semester. The funds are applied directly to your student account. If there is a remaining balance, you may receive a refund.
Types of Loans
The Oakland University Financial Aid Office offers a variety of loans, including:
- Federal Direct Subsidized Loans: Loans with low interest rates for students with financial need.
- Federal Direct Unsubsidized Loans: Loans with higher interest rates available to all students, regardless of financial need.
- Federal Direct PLUS Loans: Loans for parents of dependent undergraduate students and graduate students.
Interest Rates and Repayment
Interest rates for federal student loans are set by the U.S. Department of Education. Repayment typically begins six months after you graduate or leave school.
Resources and Contact Information
The Oakland University Financial Aid Office provides comprehensive resources and support to students:
- Website: https://www.oakland.edu/financialaid/
- Phone: 248-370-2180
- Email: [email protected]
- Walk-in: 100 Meadow Brook Road, Rochester, MI 48309
Frequently Asked Questions
Q: What is the FAFSA?
A: The Free Application for Federal Student Aid is a form used to determine your eligibility for federal and institutional financial aid.
Q: What is my EFC?
A: Your Expected Family Contribution is an estimate of how much your family can contribute towards your education.
Q: When should I apply for financial aid?
A: Apply for financial aid as soon as possible after October 1st. Oakland University’s priority filing deadline is March 1st.
Q: How do I know how much financial aid I will receive?
A: The Oakland University Financial Aid Office will calculate your award based on your EFC, COA, and available funds.
Q: How are financial aid funds disbursed?
A: Funds are typically disbursed at the beginning of each semester and applied directly to your student account.
Q: What types of loans are available?
A: Oakland University offers Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, and Federal Direct PLUS Loans.
Q: When do I start repaying my loans?
A: Repayment typically begins six months after you graduate or leave school.