Student in the Library, Graduating Students, Students in the Classroom
Federal School Code 005753

Understanding Financial Aid Awards

The Student's Financial Aid Package

The studentís financial aid awards will be posted to his/her Owens Ozone account. The student should review all the information on his/her account and on the financial aid web site carefully. The financial aid web site contains important details about the studentís financial aid package and their responsibilities as a financial aid recipient. The student is responsible for the information provided to them. Students will be notified if he/she must respond to their award notice.

The studentís offer of financial assistance is their estimated financial aid package for the academic year. Eligibility for need-based aid is based on the estimated cost of attending Owens Community College, the studentís Expected Family Contribution (EFC) based on the information that was provided on the studentís Free Application for Federal Student Aid (FAFSA) and the studentís enrollment status.

The Office of Financial Aid at Owens acts as a clearinghouse for many aid programs. If the student is eligible, and aid funds are available, the student may receive a package composed of funds from different sources. These funds are combined with the studentís resources to meet his/her financial need. The types and amounts of financial aid in a studentís package also are limited by regulatory maximums, the studentís academic class status (freshman or sophomore), grade point average, fund availability and his/her enrollment status (full- or part-time). If the student receives additional financial aid assistance during the academic year, a new award notice will be sent by email to the studentís Owens email account.

If the student, spouse, and/or parent(s) experienced a substantial change to the income that was reported on the FAFSA, the student has the option to request for a special conditions adjustment. The following Special Conditions Application along with all required documentation should be submitted for an adjustment to be considered.

Shopping Sheet

The Shopping Sheet summarizes the studentís financial aid so that he/she may compare financial aid awards among various colleges and universities. Students may view the Shopping Sheet in Ozone by selecting the ďFinancial AidĒ link and clicking on ďShopping Sheet.Ē If the student does not have an Ozone account, he/she may obtain one by completing an admissions application.

How Eligibility for Student Financial Aid is Calculated

Estimated Cost of Attendance

Financial aid is provided to students to pay for educational costs. While actual costs will vary from student to student, Owens Community College uses average cost figures when determining a studentís eligibility for financial aid. This average is calculated according to dependent or independent status. The instructional and general fee component is based on full-time enrollment for Fall and Spring semesters. If the student is assessed non-resident fees, this cost will be considered. Other expenses related to attending college such as housing, meals, books and supplies, transportation and an allowance for personal and miscellaneous expenses are included in determining a cost of attendance figure.

The chart below lists examples of a student's expense budget for Fall and Spring semesters for full-time. These budget figures are averages, and the studentís actual cost may be different. Students who are less than full-time will have their budgets updated after the freeze date has been reached.

The studentís cost of attendance is not the amount owed to Owens.

2015-2016 Independent Dependent living with parents Dependent living off-campus
Tuition and Fees $4,164 $4,164 $4,164
Books and Supplies $1,400 $1,400 $1,400
Transportation $1,350 $1,350 $1,350
Personal/Miscellaneous $1,050 $1,050 $1,050
Room and Board $4,530 $1,350 $4,530
Total $12,494 $9,314 $12,494

In addition to these costs, students may incur lab, course materials, and/or registration fees where applicable.

To obtain an estimate of the overall expenses and potential grant and scholarship aid for attendance at Owens, please go to the Net Price Calculator.

Expected Family Contribution (EFC)
The studentís EFC is based on the data that has been provided on his/her Free Application for Federal Student Aid (FAFSA). It is calculated using a federally mandated formula, which considers taxable and non-taxable income, assets and family members in college. If the student is considered a dependent student, parental data is also included when determining the EFC value.

Outside Aid
Federal regulations require students to disclose, and the Office of Financial Aid to include, outside awards in a studentís financial aid package. As a result, the Office of Financial Aid may reduce the financial aid initially offered to the student at Owens. When possible, loans and Federal Work Study eligibility are adjusted before grants or scholarships. Federal Pell Grant funds are not reduced if the student receives a scholarship or other education-based award.

Financial Need
A studentís financial need is the amount that remains after his/her EFC and other student resources are subtracted from the estimated cost of attendance.

If the resulting calculation is a positive figure, then the student is considered to have financial need. The Office of Financial Aid attempts to meet a studentís financial need by providing access to federal and state funds.

If the studentís combined EFC and other resources are higher than the estimated cost of attendance, the student will not eligible for need-based aid, but may qualify for low-interest educational loans. On-campus employment is another source of funds to assist a student in paying for his/her school expenses.

Change in Financial Circumstances
The Office of Financial Aid recognizes that a sudden change in family income or an unavoidable expense can have a direct impact on the studentís ability to continue his/her education. The Office of Financial Aid can consider those changes and re-evaluate the studentís eligibility for financial aid. In order for the studentís application to be reviewed for special circumstances, the student will be asked to complete a Special Conditions application and provide the required documentation. Students who have not completed the verification process will also be required to submit verification documentation. Additional assistance will be based on availability of funds.

Packaging Your Financial Aid
Since the student will be the primary beneficiary of his/her college education, the studentís package will contain self-help types of aid -- loans and/or Federal Work Study eligibility. The student also may receive gift types of aid (grants or scholarships) if he/she demonstrates sufficient need and funds are available. Gift aid does not have to be repaid as long as the student completes all classes for the semester. The Federal Supplemental Educational Opportunity Grant, Owens Community College Grant and Federal Work Study are offered to eligible students on a first-applied, first-considered basis until funds are exhausted.

Terms and Conditions of the Studentís Financial Aid Package

Most financial aid is originally packaged assuming the student will be a full-time student enrolled in a minimum of 12 credit hours for the entire length of each semester. Some aid programs require that the student is enrolled for a minimum number of credit hours to receive financial assistance. Audited courses and courses taken through the Workforce and Community Services Division do not count toward enrollment requirements.

Some aid programs have supplemental requirements in addition to enrollment and grade point average. Nursing and Federal Direct Loans require that the student sign and complete a promissory note. First-time Federal Direct Loan borrowers must complete Entrance Counseling. Students accepting an offer for Federal Work Study, America Reads program, and America Counts program must be hired and perform their assigned job duties before they receive those funds.

If the student is receiving any type of private, public or outside scholarship he/she must report it in writing to the Office of Financial Aid. Failure to do so may result in an over award, which may cause a balance on the studentís Owens account and will require immediate repayment.

Changes in a Student's Financial Aid Package

The studentís aid may be revised at any time, based on a change in his/her eligibility, his/her enrollment, or office or agency error. If the studentís financial aid already has been credited to his/her student account, the student may be responsible for partial or full repayment of the funds, regardless of the reason for the adjustment. As required by law, revision of a studentís aid package may occur if:

  • The student's aid was based on false or inaccurate information (including estimated income data or grade level). This may be the result of corrections found during the verification process.
  • The amount of financial aid received exceeds the studentís calculated financial need
  • The student does not maintain satisfactory academic progress
  • The student fails to meet enrollment, grade point average, participation or other requirements for a specific award
  • The student drops classes, stops attending classes, withdraws from the College or does not complete all modules for which he/she were registered for at the time those modules began
  • The Office of Financial Aid made an error in determining the studentís eligibility for, or disbursement of, his/her financial aid awards

The Office of Financial Aid has the right to review, adjust and cancel a financial aid award at any time due to changes in the studentís financial or academic status or the studentís failure to provide requested documentation. Financial aid is contingent upon many factors, including availability of federal, state and institutional funding.

Payment of Financial Aid

With the exception of Federal Work Study, financial aid processed by the Office of Financial Aid will automatically be disbursed to the studentís student account, provided his/her application is complete and the student has met the requirements for each type of aid. The Office of Student Accounts will automatically deduct incurred costs (tuition, fees, lab costs, and other authorized charges such as books and supplies, etc.) from the financial aid that is credited to the studentís account. Any remaining financial aid is refunded to the student once the funds are available. With the exception of Federal Direct Parent PLUS Loans for which the parent has requested the refund, refunds will be issued via the Owens Higher One card and will be delivered in the manner the student chooses:

  1. Refund to the Owens Higher One debit card (approximately 2-3 business days after a refund appears on the studentís account); OR
  2. Electronic fund transfer to the studentís personal bank account (approximately 3-5 business days after the refund message appears on the studentís account).

For more information on the Owens Higher One Card, please see the Office of Student Accounts website.

Private scholarship checks received by the College will be directly applied to the studentís account unless otherwise specified by the scholarship donor. When the Office of Financial Aid is notified, it will be listed as part of the studentís aid package as an "outside scholarship".

If the studentís Federal Direct Loan is for only one semester, the loan will be issued in two separate disbursements within the semester. The second disbursement will be provided after half of the semester has been completed. New freshman Federal Direct Loan borrowers should note that federal regulations require the first disbursement of a Federal Direct Loan to be delayed until 30 days after the start of classes.

All Federal Direct Loan borrowers are required to be enrolled, have attendance verified in and maintain at least six credit hours at time of disbursement.

Financial aid disbursements for eligible students begin on the dates listed below.

  • Fall 2015:Financial aid disbursements for most students will begin on September 16, 2015. Loan disbursements for first time loan borrowers will begin on September 23, 2015.
  • Spring 2016 : Financial aid disbursements for most students will begin on February 3, 2016. Loan disbursements for first time loan borrowers will begin on February 10, 2016.

Book Vouchers

Financial aid recipients who are expected to have funds remaining after tuition costs are covered can use the excess to purchase or rent books and to purchase supplies from the Owens Bookstore using a book voucher. Students can only use the book voucher for books and supplies which are required for their education. This includes the purchase of one computer, laptop, or tablet for educational purposes during the studentís entire academic career. Students are expected to purchase required textbooks prior to purchasing other eligible items. Students are reminded that the book voucher may include student loan funds; therefore, students should consider their purchases carefully.

The book voucher process works as follows.

  1. As long as the student meets certain eligibility requirements, his/her financial aid file is complete, and he/she has authorized the use of financial aid for bookstore charges via the Authorization Form, a book voucher will automatically be set up.
  2. Confirmation of the book voucher and spending limit can be found on the studentís Ozone account. A link to an active message will appear on the "My Overall Status of Financial Aid" page. Students who do not have a book voucher can click here for more information or contact Oserve.
  3. The student brings a copy of his/her schedule to the bookstore and shows his/her Owens ID when making a purchase. The book voucher can only be used at the Owens Bookstore. Students who do not wish to use a book voucher may pay at the bookstore using another method or may purchase books on their own elsewhere.
  4. Purchases made using the book voucher will be charged to the studentís account, viewable in Ozone under ďAcc. Sum. By Term.Ē
  5. Financial aid for which the student is eligible is disbursed to the studentís account and is used to pay tuition, fees, and book voucher purchases. Any financial aid remaining will be refunded to the student.

Book vouchers will be available during the following periods. All purchases must be made during the book voucher period, including purchases for courses which begin later in the term.

For students whose Satisfactory Academic Progress status is SAP Warning or SAP Probation, or who are near the maximum limit, the current semesterís grades must be reviewed before a book voucher can be issued for the next semester.

Fall 2015: August 3, 2015 Ė September 11, 2015
Spring 2016: December 21, 2015 Ė January 29, 2016

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