Outside Scholarships and Grants
Students may be eligible for a specialized scholarship or grant from their church or an outside civic, educational, non-profit, or business organization. Please notify the Department of Financial Aid if you will be receiving this type of aid.
Military and Veterans’ Benefits
Benefits are available to military personnel in a variety of eligibility circumstances. Each Ottawa University campus has a staff member in the Registrar’s department or a general administrative staff member available to help the student apply for VA benefits.
Employer Reimbursement
Some organizations provide reimbursement for educational costs for employees seeking to continue their education. Students should consult with their employers as to the company policy concerning education reimbursement. Contact the Ottawa University Business Office regarding the tuition deferment plan available for students receiving employer reimbursement.
Federal Family Education Loan Program
When deciding whether to borrow, students should examine the need for assistance and the future availability to repay the loan. Unlike consumer loans, student loans have longer terms of repayment. In most cases, payment on a student loan is not required until the student leaves school or is enrolled less than half-time. The precise terms of the loan are contained in the promissory note that the borrower is required to sign.
Federal Stafford Loan
Low-interest Federal Stafford Loan funds are available to help students and their families finance the cost of education. Federal Stafford Loans, which must be repaid, are available
through banks and lending agencies at fixed interest rates. Eligibility for each of these types of loans is determined by the student’s financial need. The amounts listed below are the maximum annual amounts a student can borrow in both subsidized and unsubsidized Stafford Loans. A student may receive less than these annual maximum amounts if he/she receives other financial aid that is used to cover a portion of their cost of attendance. The descriptions here are current as of the date of printing and are subject to change.
| Dependent Undergraduates |
Subsidized |
Total |
| |
(Subsidized and Unsubsidized) |
| First Year |
$3,500 |
$5,500 |
| Second Year |
$ 4,500 |
$ 6,500 |
| Third Year and Beyond |
$ 5,500 |
$ 7,500 |
| Independent Undergraduates |
|
(and dependents whose parents are unable to borrow under the PLUS program)
| First Year |
$ 3,500 |
$ 9,500 |
| Second Year |
$ 4,500 |
$ 10,500 |
| Third Year and Beyond |
$ 5,500 |
$ 12,500 |
| Graduate and Professional Students |
$8,500 |
$20,500 |
Aggregate Limits
| Dependent Undergraduates |
$ 23,000 |
$ 31,000 |
| Independent Undergraduates |
$ 23,000 |
$ 57,500 |
(and dependents whose parents are unable to borrow under the PLUS program)
| Graduate and Professional Students |
$ 65,500 |
$138,500 |
For periods of study that are less than an academic year, the amount a student can borrow will be prorated. For additional information, consult the Department of Financial Aid. Minimum monthly repayments of $50 begin six months after the student leaves school or is not enrolled at least half-time. Thestandard repayment period is 10 years, but several alternative repayment schedules are available. Students should contact their lenders to make alternative payment arrangements, update change of address information or if there is any difficulty in repaying the loan. Subsidized Federal Stafford Loans are interest-free for the student while enrolled at least half-time and during a six-month grace period just prior to beginning repayment. A student must have remaining financial need, as determined by the Federal Congressional Methodology, to qualify for a subsidized Federal Stafford Loan. Unsubsidized Federal Stafford Loans accrue interest to the student beginning after the loan is fully disbursed. Students may be able to defer making the interest payments on an unsubsidized loan, but this interest will be added to the loan principal and result in higher indebtedness. Students are encouraged to make the quarterly interest payment, if at all possible, while still in school. Students do not need to have financial need to qualify for this type of loan. Eligibility is determined by the cost of attendance and other financial aid available to that student and can replace the estimated family contribution. A student may receive both a subsidized and an unsubsidized Federal Stafford Loan, but the total cannot exceed program limits as illustrated in the chart above.
Federal Parent Loan for Undergraduate Students (PLUS Loan)
This is a federal loan program available to parents on behalf of their dependent’s educational costs. Eligibility is determined by the cost of attendance and other financial aid available to that student; can replace the estimated family contribution.
Creditworthiness is an important qualifying criterion and co-signers may be required under some circumstances.
Private/Alternative Loans
Many lenders provide private/alternative loans to help students finance their education when traditional sources of funding are not available or are insufficient to meet their educational costs. These programs are outside the realm of the federal government but will mimic the Federal Stafford Loans in many ways. Creditworthiness is an important qualifying criterion and co-signers may be required under some circumstances. Contact the Department of Financial Aid for more information about these types of loans.