Financial Aid Awarding for 2014-2015

Oregon Resident Scholarship Opportunities

Changes to Financial Aid for 2014-2015

What is the Cost of Attendance for 2014-2015?

What about the new First Year Housing requirement?

What if I am not sure I am coming to OSU?

Why didn’t receive any scholarships?

When should I apply for the Parent PLUS loan?

Where can I find Financial Aid Forms for 2014-2015?

How can I get an IRS tax transcript to submit?

What about Summer term?

 

Financial Aid Awarding for 2014-2015

Financial Aid for 2014-2015 is awarded based on the 2014-2015 FAFSA application (including Summer term) which uses your 2013 tax information. OSU will begin downloading FAFSA application data for 2014-2015 AFTER February 1st. Financial Aid awards will be processed and sent to students starting April 1st.  Incoming Freshman will receive a paper award letter and can accept through their ONID account. All other students will be notified at their ONID email address when their award is ready to view and accept.

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Oregon Resident Scholarship Opportunities

The Oregon Student Access Commission (OSAC) offers scholarships to Oregon Residents. You don't need to be a merit scholar or a student with financial need to apply for OSAC scholarships. All types of scholarships are available. Many are based on criteria such as, the high school you attended, your academic interests, your school and community activities, or your career goals. Some require a minimum GPA and others require no GPA whatsoever. There are more than 400 scholarships and you may qualify! But you won't know unless you apply. Early Bird application deadline is February 15th and the final deadline is March 1st. Visit getcollegefunds.org today to start your search! 

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Changes to Financial Aid for 2014-2015

Undergraduate

Direct Subsidized Loans 

Effective July 1, 2013 there will be a limit on the amount of time that a student is allowed to borrow subsidized loan funds which will be tied to their program length. Students that exceed 150% of their program length will no longer be eligible to receive subsidized loan funds, regardless of any extensions granted based on the Satisfactory Academic Progress appeal process through the Office of Financial Aid and Scholarships. For a standard program 270 credits is the limit. For more information on Maximum Timeframe standards, please visit our Satisfactory Academic Progress webpage.

Direct Loan Rates for 2014-2015 

Interest rates are established each year for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans for which the first disbursement is on or after July 1 through the following June 30. The rate is the sum of a uniform “index rate” plus an “add-on” that varies depending on the type of loan and whether the borrower is an undergraduate or a graduate/professional student.  Under the new provision, interest rates are the same for Direct Subsidized Loans and Direct Unsubsidized Loans taken out by undergraduate students, with a different rate for Direct Unsubsidized Loans taken out by a graduate/professional student and for PLUS Loans taken out by parent borrowers or graduate/professional student borrowers.

Under the law, the index rate is determined each year as the “high yield of the 10-year Treasury note” auctioned at the final auction held prior to the June 1 preceding the July 1 of the year for which the rate will be effective, plus a statutorily defined “add-on”.  As noted, the add-on differs depending on the type of loan and the student’s grade level. Each loan type is also subject to a maximum interest rate (or cap).

The interest rate for a loan, once established, applies for the life of the loan – that is, the loan is a fixed-rate loan.

On Tuesday, May 7, 2014, the Treasury Department held a 10-year Treasury note auction that resulted in a high yield of 2.612%.  The chart below displays the resultant interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2014 and before July 1, 2015.

Undergraduate Direct Student Loans

  • Subsidized-4.66%
  • Unsubsidized-4.66%

Graduate Direct Student Loans

  • Unsubsidized-6.21%
  • Graduate PLUS-7.21%

Parent Direct Loans

  • Parent PLUS-7.21%

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What is the Cost of Attendance for 2014-2015?

This is an estimate of the total cost to attend OSU. This estimate includes tuition and fees, books and supplies as well as living costs such as housing, food, personal and miscellaneous expenses. Award amounts offered reflect a three-term, full-time cost of attendance. (These are estimated costs only and subject to change based on factors such as dining plan chosen, actual credits taken, etc.) The actual charges you can expect to see billed to the student account by OSU will only be tuition and fees and room and board (if applicable) on a per term basis. The standard cost of attendance may be adjusted for differential tuition for specific programs, and for students participating in approved study abroad programs.

 

Please Note: Cost of Attendance figures are used for budgeting purposes only and represent an estimate of projected tuition and fees for the coming academic year. Actual tuition rates are approved by the state legislature in July and may vary.

 

The budgets below are standard, full-time, full-year (three term) budget for 2014-2015.

 

Resident

 

 

Non-Resident

 

Tuition & Fees

$9,123

 

Tuition & Fees

$26,295

Books & Supplies

$1,965

 

Books & Supplies

$1,965

Room & Board

$10,929

 

Room & Board

$10,929

Personal & Misc

$2,577

 

Personal & Misc

$2,577

Total

$24,594

 

Total

$41,766

 

Resident Graduate

 

 

Non-Resident Graduate

 

Tuition & Fees

$13,380

 

Tuition & Fees

$21,426

Books & Supplies

$1,965

 

Books & Supplies

$1,965

Room & Board

$10,929

 

Room & Board

$10,929

Personal & Misc

$2,577

 

Personal & Misc

$2,577

Total

$28,851

 

Total

$36,897

 

Cost of Attendance components

Tuition and Fees: Actual tuition rates are approved by the state legislature in July and may vary based on program.

Books and Supplies: This is an average amount you might spend on books and supplies. This amount does not appear on your billing.

Room and Board: This amount is an average figure based on double occupancy for campus and off-campus living arrangements. Students living in university housing will be billed for their actual room and meal rates.

Miscellaneous and Personal: This is an estimate of what you might spend during the school year on personal items, clothing, recreation and travel.

*Loan Fee Allowance: An average amount is built in for loan recipients to cover the Federal Ford Direct Loan fees. COA shown does not include loan fee allowance.

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What about the new First Year Housing requirement?

As part of the First Year Experience program, Oregon State University requires full-time, first-year students to live on campus. For more detailed information on your housing options, please visit the First Year Experience webpage

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What if I am not sure I am coming to OSU?

If you have received an award letter or scholarship offer from OSU and have not made your final decision yet, you should accept your financial aid award or scholarship offer! This will hold your offer until you finalize your decision to attend OSU. Accepting your financial aid or scholarship offer is not a binding commitment to attend OSU.  You can update the financial aid office to cancel your offer should you decide not to attend.

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Why didn’t I receive any scholarships?

Scholarships that are awarded during the Admission process are selected on a competitive basis with limited awards.  It is not your only scholarship option while attending OSU. If you were not selected, do not lose hope! Many opportunities exist for students to apply for OSU scholarships based on their College or Major.  Each department administers their own scholarships, sets deadlines, posts and reviews applications, and awards based on their established criteria.

In an effort to maximize student access to OSU scholarship opportunities we have a searchable database that consolidates all available departmental scholarships into a centralized location! You select the criteria that fit you and the search will return any scholarships you might be eligible for. Click on the name of the scholarship for specific criteria, hover over additional notes for further application details, and when they are available for submission, click on the link to go to that scholarship's application page! Exploring your options couldn't be easier! Visit our Scholarship Database and get started today!

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When should I apply for the Parent PLUS loan?

The PLUS loan application will not be available for 2014-2015 until May 2014. If you attempt to apply prior to that date you will be told that OSU does not participate in the program. Rest assured, OSU DOES participate in the Federal Direct Parent PLUS loan program. Applications for parent PLUS loan requires a credit check each time the parent applies for the loan and is only valid for 90 days.  Applying too early may cause delays with processing and disbursements. Students can review their file status through their ONID account. The PLUS loan application and Master Promissory note can be completed at studentloans.gov.

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Where can I find Financial Aid Forms for 2014-2015?

As they become available the forms will be updated on our website under Forms and Publications. Access to some forms that are part of outstanding requirements are also available through ONID. The instructions for your outstanding requirements will often contain a link that will take you to a PDF version of the required form.

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How can I get an IRS tax transcript to submit?

If you are required to provide tax information as part of the verification process and are unable to download the information through the FAFSA/IRS linking system, you may submit an IRS Tax Transcript instead. If you need a copy of your IRS tax return transcript, visit the IRS website and click on the "Order a Return or Account Transcript" link or you may call the IRS directly to order a copy at 1-800-908-9946. Be sure to request the "IRS Tax Return Transcript" and NOT the "IRS Tax Account Transcript".

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What about Summer term?

Summer term aid requires a 2014-2015 FAFSA application, as summer is the start of the academic year for financial aid purposes. If you wish to attend summer term you will submit a request through your ONID account (when available) and we will adjust your financial aid accordingly. Summer financial aid is limited due to funding constraints and loan program limits.  Students expecting to attend for 4 terms can anticipate their student loan funds to be re-distributed over the 4 terms of enrollment.  Yearly loan limits remain the same regardless of the number of terms you attend. Students who have been awarded work study for the academic year may begin working during summer term if enrolled half-time or more.

 

Enrollment levels are NOT different in summer. Fulltime is 12 credits, 3/4 time is 9-11 credits, and half-time is 6-8 credits for Undergraduates. Half-time for Graduate students is 5 credits, full-time is 9 credits. You must notify Financial Aid if you will be enrolled less than full-time. You must be enrolled at least half-time to be eligible for Financial Aid.

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