Types of Aid
Getting a college degree is an amazing opportunity. The dreams you can achieve and the places you can go with a college degree are endless. It is our job at the Financial Aid Office to make sure money does not stand in the way of achieving higher education that you may be eligible to receive. The types of aid you can obtain for OKWU include Grants, Loans, OKWU Scholarships, and Outside Scholarships. Please feel free to contact us at any time if you need any help at all to find out what type of aid is right for you.
The Federal Pell Grant is given to students who demonstrate financial need based on FAFSA information. The grant for full-time students ranges from $5,550 to $555 per year.
Supplemental Educational Opportunity Grant (SEOG)
This federal grant supplements the Pell Grant and is given to students with the highest financial need. The grants at Oklahoma Wesleyan University range from $400 to $2,000 annually. OKWU funds are limited by government allocation. So, priority is given to those students who apply early. The FAFSA processing date is used to determine aid eligibility. If verification paperwork is not completed by the priority deadline, funds may be removed.
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants for up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low income families. In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach at least four academic years within eight calendar years of completing the program of study for which you received the TEACH Grant.
IMPORTANT: If you fail to complete this service obligation, all amounts of the TEACH Grants that you received will be converted to Federal Direct Unsubsidized Stafford Loans. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed.
For more information go to www.teachgrant.com
Oklahoma Tuition Aid Grant (OTAG)
OTAG is a need-based program for Oklahoma residents attending Oklahoma colleges or universities. Application is made through the FAFSA and awarded to eligible applicants. The OK Regents sets a cutoff date that varies each year but OKWU recommends filing before March 1. It is important to file early. Grant eligibility and policy are determined by OK Regents and is based on the Expected Family Contribution (EFC). Students must meet Satisfactory Academic Progress.
Oklahoma Promise (formerly OHLAP)
OK Promise is a scholarship for Oklahoma residents attending Oklahoma colleges or universities. It is a program that a family must sign up for while the student is in the 8th, 9th, or 10th grade, and there are specific income, academic, and conduct requirements to receive the scholarship. For information on this award, contact the Oklahoma State Regents for Higher Education at 800-858-1840.
Oklahoma Tuition Equalization Grant (OTEG)
OTEG is a need-based program for Oklahoma residents enrolled as full-time undergraduates at an Oklahoma not-for-profit, private or independent institution of higher learning. Application is made through the FAFSA and awarded to eligible applicants as funds allow. Grant amounts are $2,000 per academic year or $1,000 per academic semester. To be eligible, the student must complete the FAFSA, be enrolled fill-time at OKWU, have unmet financial need, have family income of $50,000 or less, be an Oklahoma resident according to the OK Regents Policy on Residence Status and meet the institution’s satisfactory academic progress requirements.
Subsidized and Unsubsidized Stafford Loans are awarded on the budgeted annual cost of attending OKWU. Students are limited in the amounts they can barrow through the Stafford Loan program each year. The interest rate is variable from year to year but is capped at 8.25 percent. Students who use the Stafford Loan program are not required to make payments on the principal of the loan until six months after they leave school or drop below half time.
A Subsidized Stafford is a need-based loan that is awarded to students who have financial need based on the information submitted to FAFSA. The interest on subsidized Stafford Loans is paid by the federal government while the student is in school at least half-time.
For unsubsidized Stafford Loans, interest accrues while the student is still in school. The borrower has the option to pay the interest while in school. If they choose not to pay the interest, the interest is added to the principal of the loan.
The Perkins Loan is a need-based federal loan in which the student borrows money from the institution. It currently has a 5 percent fixed rate. While the student is in school, no payments are required and no interest will accrue.
Upon leaving school, the student is given a nine-month grace period. Payments and the accrual of interest will begin after the grace period expires. Schools have limited funds for awarding Perkins Loan each year. Early application is recommended.
Perkins Loan awards range from $400 to $2,200 annually. Currently, Perkins Loans are only available to our Traditional students.
The Parent Loan for Undergraduate Students (PLUS) is a loan that a parent applies for and repays on behalf of his or her dependent student’s education. The interest rate on the PLUS loan is fixed rate set each July 1, with a cap of 9.00 percent. It is currently below that rate. Contact the Office of Student Financial Service for information on the current year’s rate.
Private Education Loans help bridge the gap between the cost of an education and the other aid available. Private loans are offered by private lenders and eligibility generally is dependent on a credit score. Most traditional students require a co-signer. OKWU does not recommend a private lender but does recommend you use a reputable bank and review the terms carefully.
There are many organizations that support students in the educational pursuits. Check the following resources.
Military/Veterans Benefits may be utilized by those who have served or who are serving in the US Armed Services, their spouses and dependents, and/or their surviving family members. There are several different military/veteran benefits available to many of our students. OKWU students may contact the Registrar’s Office for more information at 918-335-6269.
Vocational Rehabilitation Services (VRS)
Vocational Rehabilitation Services is a program of the Bureau of Rehabilitation Services (BRS), provides quality individualized services to enhance and support people with disabilities to prepare for, obtain or retain employment. Through active participation in their rehabilitation, people with disabilities achieve a greater level of independence in their work place and living environments.
For more information, visit http://www.in.gov/fssa/ddrs/2636.htm
Native American Scholarships
Many tribes fund scholarships for college-bound members. A list of offices can be found at www.aiccm.org/oklahoma-tribes
High School Counselor
Set an appointment with your school counselor to discuss scholarship options.
Free, online scholarship databases. Apply often!
Tuition reimbursement or employer assistance is offered by many companies as an incentive to their employees to obtain or complete their degree. Check with your employer or your parent(s)’ employer if you are a dependent student.