Private Loans
Student Loans
Stafford Student Loans (back to
top)
Student Loans must be repaid. Avoid unnecessary debt, borrow only what
you need.
A Federal Stafford Loan is a loan, not a grant. Before you borrow, make
sure you can afford the monthly payments. You must repay the funds you borrow,
plus interest and fees.
In order to receive a Federal Stafford Loan, you must have already completed
the Free Application for Federal Student Aid (FAFSA). You must also return
your signed award letter and have a promissory note on file with your lender.
Upon completion of the FAFSA, you may qualify for either a subsidized or
unsubsidized Stafford Loan, or a combination of both. When your loan has
been processed in the Financial Aid Office, you will receive a letter letting
you know if your loan is subsidized, unsubsidized, or a combination of both.
- Subsidized: Based on certain need criteria, the federal government
will pay the interest on this loan while you are enrolled at least half
time, and during grace and any periods of authorized deferment.
- Unsubsidized: Students not meeting the criteria to qualify for
a subsidized Stafford Loan may still apply for an unsubsidized Stafford
Loan. The borrower is responsible for the interest on this loan. The interest
may either be paid on a quarterly basis or added to your principal balance
through a process called capitalization.
Federal Stafford Loan Program Annual
Maximums
(back to top)
0-29 Credit Hours Complete*** |
| |
Dependent* |
$3,500 |
| |
Independent** |
$3,500 + $4,000 |
| 30-59 Credit Hours Complete*** |
| |
Dependent* |
$4,500 |
| |
Independent** |
$4,500 + $4,000 |
| 60 or more Credit Hours Complete*** |
| |
Dependent* |
$5,500 |
| |
Independent |
$5,500 + $5,000 |
* Dependent: Students who were required to use parent’s income tax
information to complete the FAFSA
** Independent: Students who needed only their own and/or spouse’s income
tax information to complete the FAFSA or dependent students whose parents
have been denied a PLUS Loan.
*** Credit Hours Complete must count towards your degree.
What Lender Do I choose? (back
to top)
The lenders on our Preferred Lender List provide excellent customer service
to our students. We encourage you to choose one of these lenders. However,
if you have previously borrowed a Stafford Loan from a different lender,
staying with the same lender will simplify your repayment process. If
you choose a lender not listed, please contact the Financial Aid Office.
How will OCC receive my loan money? (back
to top)
Federal Regulation requires that your loan be disbursed in two disbursements.
Loan disbursements will be received through EFT anytime you choose a lender
that we have an EFT agreement with. This includes all of our Preferred
Lenders. Any loan that is from a non-EFT lender will be received in the
form of a paper check. When your loan is certified you will be sent a
letter that will let you know the approximate date we anticipate the loan
funds arriving. You will need to allow 3 days from the anticipated date
for the funds to be applied to your student account by the Business Office.
How can I make changes to my loan?
(back to top)
Use the Loan
Change Form to make changes to your Stafford Student Loan.
You can complete
the form online and it will be sent directly to the Financial
Aid Office for processing or contact the Financial Aid Office.
Follow these easy steps to apply for a Stafford Student
Loan. (back to top)
- Sign and return your award letter to the Financial Aid Office . If
you have had a loan at OCC previously, you do not need to continue to
step 2.
- E-sign the Master Promissory Note. Click on the lender of your choice
from the
Preferred Lender List. If you wish to borrow from a lender not listed
or do not want to sign the Promissory Note on the internet, contact the
Financial Aid Office.
NOTE: You must be enrolled in at least 6 credit hours in order to
be eligible for a Loan.
Parent
Loans
PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS) (back
to top)
The PLUS Loan is a fixed interest rate loan made available to creditworthy
parents of a dependent undergraduate student. The loan is intended to cover
the remaining cost of attendance.
The interest rate is fixed under current regulations at 8.5%. Interest
is charged from the date of first disbursement. Repayment on both interest
and principal begins 60 days after the final disbursement of the loan. (Some
lenders allow parents to postpone payments while the student is in school.)
The loan funds will be sent to the school in two disbursements. The funds
will first be applied to tuition, fees, room and other school charges. If
any loan funds remain, the parent borrower will receive the balance from
the Business Office.
In order to receive a Federal PLUS Loan, the student’s financial aid file
must be complete. A complete file includes the results of the Free Application
for Federal Student Aid (FAFSA). You must also complete a Promissory Note.
INSTRUCTIONS FOR APPLYING: (back
to top)
- Choose a lender from the
Preferred Lender List and complete a PLUS Loan Credit PreScreen Evaluation.
The lender will notify the OCC Financial Aid Office of the loan approval
or denial.
NOTE: If your loan is not approved, the OCC Financial Aid Office will notify
the student of additional unsubsidized loan eligibility.
Private
Loans
Private loans may be available. Contact the Financial Aid Office for more
information.
If you have any questions concerning your financial aid, please do not
hesitate to call or e-mail us.
Phone: 417.626.1234 (X2017) or (X2027)
Toll Free Phone: 1.800.299.4622
Email: FinAid@OCC.edu