Financial Aid

Several Financial Aid Options to Choose From

Paying for college may be challenging but not impossible. At Oak Point University, we understand and we do our best to help students bridge the financial gap. We are upfront about our tuition and fees. We provide budgeting tools to help students gain a clear picture of the costs involved. Oak Point University is committed to helping you through the process.

We offer the assistance you need to manage the many financial aid options that are available to Oak Point University students. We will do our best to help you understand the different financial programs and help you successfully apply for aid.

Financial aid plays a crucial role in making higher education accessible and affordable for millions of students. With the rising costs of tuition, books, and living expenses, financial aid has become increasingly important for many families to bridge the gap between college costs and their ability to pay.

There are various forms of financial aid available to students, including grants, scholarships, work/study programs, and loans. Grants and scholarships are considered “gift aid,” as they do not need to be repaid, while loans require repayment, often with interest. Work/study programs allow students to earn money through part-time employment while attending college.

Grants are typically need-based, meaning they are awarded to students who demonstrate financial need. Examples include the federal Pell Grant and state-funded grants. Scholarships, on the other hand, may be awarded based on a wide range of criteria, such as academic achievement, leadership, or community service. Some scholarships are also need-based, while others are merit-based.

Work-study programs, funded by both the federal government and individual colleges, allow students to earn money while attending college, helping to offset their educational costs. Students are matched with jobs on campus, which are often related to their field of study or career interests.

Student loans can be either federal or private, with the former usually offering lower interest rates and more favorable repayment terms. Federal loans include the Direct Subsidized Loan, Direct Unsubsidized Loan, and Direct PLUS Loan for graduate students and parents. Private loans are offered by banks and other financial institutions and often have higher interest rates and less flexible repayment options.

Navigating the financial aid process can be challenging, but it is essential for students to understand the options available to them. To begin, students should complete the Free Application for Federal Student Aid (FAFSA), which determines eligibility for federal and state financial aid, as well as many institutional grants and scholarships. Colleges and universities may also have their own financial aid forms to complete, in addition to scholarship applications.

How to Apply for Financial Aid

Applying for federal financial aid doesn’t have to be confusing. Simply follow these easy steps.

NOTE: You must be accepted to the University to receive information from the Oak Point University Financial Aid Office. Please speak with your Enrollment Advisoe to ensure you are enrolled as a degree-seeking student.

File your FAFSA beginning October 1 of every calendar year.

Step One

Complete the FAFSA at studentaid.gov – Oak Point University’s School Code is 022141.
- Obtain your FSA ID number at FAFSA website or create one at the time you complete your FAFSA.
The U.S. Department of Education recommends that families utilize the IRS Data Retrieval Process (Step Two below) when completing the FAFSA.
The U.S. Department of Education will process your FAFSA and email your results to the email address listed for the student on the FAFSA.
The FAFSA is available Oct. 1 of every year and will use the Federal Income Tax information of (prior-prior year).

Step Two

If you are selected for verification, additional documentation will be requested (e.g., IRS tax transcript, verification of dependent support, W-2s) by Oak Point University. The IRS Data Retrieval process provides the student with the easiest way to meet the verification requirements for income. Students can also upload any documentation to Financial Aid Office directly on their student portal. NOTE: If you owe federal taxes on a filed tax return, you will be unable to utilize the IRS data retrieval process until April 15.

Step Three

A Financial Aid Award Offer will be sent to the student. The award offer outlines all financial aid, for which the student is eligible during the academic year. (Two semesters at a time)

Step Four

After receiving your Financial Aid Award Offer, you must:
- Accept your Financial Aid Award Offer online via the student portal.
- Complete the Entrance Counseling and Master Promissory Note. Note: Entrance Counseling, Direct Loan MPN, Parent PLUS Application, Parent PLUS MPN, Grad PLUS Application, and Grad PLUS MPN are completed on www.studentaid.gov.

Email: financialaid@oakpoint.edu

Grants

Federal, State, and Institutional grants are awarded based on financial need and are considered gift aids – they do not have to be repaid if the required eligibility is met.

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Scholarships

Scholarships are considered gift aids – they do not have to be repaid if the required eligibility is met. Scholarships are awarded based on financial need, community service, and/or merit.

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Student Employment

The Federal Work Study Program (FWSP) is a financial need based program for undergraduate and graduate students interested in working while attending school to meet some of their educational expenses.

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Loans

Oak Point participates in the Federal William D. Ford Direct Loan Program. Eligible students and parents borrow directly from the U.S. Department of Education. Private loans are also available.

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