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    University of Tulsa
   
 
  Aug 19, 2017
 
 
    
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2017-2018 Undergraduate Bulletin

Student Financial Services


 

To make high-quality private higher education accessible to all qualified students, The University of Tulsa offers financial assistance in the form of scholarships, grants, loans, and part-time employment.

Financial Need Determination

The Office of Student Financial Services uses the need analysis from the Free Application for Federal Student Aid (FAFSA) to determine financial need. Students must submit the FAFSA directly to the Department of Education. All information contained in these credentials is held in strict confidence. Financial records are protected in accordance with the Family Education Rights and Privacy Act of 1974, as amended.

Financial need represents the difference between the cost of attending the University and the amount that the student and the student’s family are expected to contribute toward the educational costs. The Office of Student Financial Services carefully considers the size of the family and its income, resources, and obligations in making an assessment of the family’s contribution.

The factors considered in determining the types and amounts of aid received by an applicant are: (1) the availability of funds; (2) the student’s analyzed financial need; and (3) the student’s classification and record of academic performance.

For Best Consideration

Applications are available each year in October. The FAFSA should be completed by February 15 for students to receive full consideration for all assistance available.

Financial Aid Packaging

Packages of aid may consist of a combination of scholarship, grant, loan, and employment. This aid packaging concept enables the University to make more funds available to a larger number of applicants. The FAFSA form is recommended for consideration of grants, loans, and part-time employment opportunities. Timely submission of the FAFSA and all requested information is required to receive the largest award possible. Recipients of federal aid must reapply each year to be considered for continuation in the following year. Scholarship recipients will receive renewals based on the criteria of the particular award.

The University of Tulsa reserves the right to reduce or rescind award packages if federal allocations to the University are insufficient to cover expenditures.

Academic Requirements

All students who receive financial assistance must demonstrate the ability to do satisfactory college work. High academic performance is usually required for scholarship consideration.

There are minimum academic course-load requirements for the various types of financial assistance available through the Office of Student Financial Services. Students must be full-time students to be considered for University-funded financial aid. Full-time enrollment is defined in the Academic Policies  section of this Bulletin. Enrollment in audit classes does not count toward eligibility for financial assistance.

Students receiving financial aid who reduce their course loads below the required minimums after enrollment must inform the Office of Student Financial Services, which may cancel awards at any time if students fail to maintain satisfactory academic progress or minimum course-load requirements.

Students receiving University grants are required to maintain at least a 2.0 cumulative grade point average. Scholarship grade point requirements vary according to the type of scholarship. Inquiry should be made in the Office of Student Financial Services as to the exact qualifications.

Transient students and those who attend summer term only are ineligible for financial aid. All aid recipients must be admitted as regular students pursuing a degree program.

Eligibility for continued financial assistance depends upon maintaining “satisfactory academic progress” and “good standing.” Students who do not meet satisfactory progress and good-standing criteria may not be eligible for federal financial assistance for the next academic period. Students should contact the Office of Student Financial Services immediately if extenuating circumstances interfere or prevent them from meeting these requirements.

Satisfactory Academic Progress (SAP)

Federal regulations require that all recipients of student financial assistance make satisfactory academic progress toward a degree or eligible certificate. Students applying for assistance through the Federal Pell Grant, Federal SEOG, Federal Work Study, TEACH Grant, Oklahoma Tuition Aid Grant (OTAG), Oklahoma Tuition Equalization Grant (OTEG), OK Promise, Federal Perkins Loan, Direct Subsidized Loan, Direct Unsubsidized Loan, Direct Parent PLUS Loan and Direct Graduate PLUS Loan programs must meet three requirements to maintain their financial aid eligibility at The University of Tulsa.

  • QUALITATIVE: First, students are required to maintain a minimum cumulative grade point average.
  • QUANTITATIVE (PACE): Second, students are required to complete (pass) a minimum 67% of hours they attempt.
  • MAXIMUM TIME FRAME: Third, students must complete their degree within a timely manner

These three requirements are summarized in the Satisfactory Academic Progress Policy. Failure to meet all of these minimum academic standards will result in the loss of federal financial aid eligibility. Students are expected to know when they may be placed on financial aid warning, financial aid suspension or financial aid probation based on the Satisfactory Academic Progress Policy. Satisfactory academic progress is reviewed at the end of each semester once grades have been posted to the academic transcript.

Study Abroad-Consortium Agreement Requirements

Any student who has completed a semester of study abroad or has a consortium agreement as a visiting student from another college or university must wait until grades have been submitted to The University of Tulsa to determine satisfactory academic progress. The student cannot receive federal financial aid for the semester until the grades are received from the institution in which the student was enrolled.

Federal financial aid and TU scholarships are portable on approved study abroad and visiting programs. A number of merit-based and need-based study abroad scholarships are available through program providers as well as U.S. government-sponsored sources. Pell Grant recipients are eligible to apply for the Benjamin A. Gilman International Scholarship for study abroad. Students are encouraged to apply for any scholarship that supports their desire to study abroad. For more information, visit the Office of Student Financial Services.

Other Information

Financial Aid Disbursements. Financial aid is disbursed through the Office of the Bursar. One disbursement will be made at the beginning of each semester if the student file is complete and awarded.

Employment Projections. Employment projections for TU graduates are available on the TU Student Consumer Information webpage. Local employment information and beginning salary levels for University of Tulsa graduates are also available in the Office of Career Services.

Campus Security Reports. Campus security policies and campus crime statistics are available on the TU Student Consumer Information webpage.

Default Rates and Indebtedness Reports. Student loan default rates and average indebtedness statistics are available on the TU Student Consumer Information webpage.

Completion and Graduation Rates. Completion and graduation rates for TU students, including student athletes, are available on the TU Student Consumer Information webpage.

Drug and Alcohol Abuse Prevention. Information concerning prevention of drug and alcohol abuse is available on the TU Student Consumer Information webpage.

Refund Policy. The refund and repayment policy for students receiving Title IV federal funds is available on the TU Student Consumer Information webpage. Sample refund/repayment examples are available for review in the Office of Student Financial Services.

Application Procedure

Students must be admitted to the University before final consideration for financial aid is possible. However, applications for admission and financial aid may be submitted and processed simultaneously. Students applying for financial assistance through the Office of Student Financial Services are requested to complete the Free Application for Federal Student Aid (FAFSA) online. Assistance in applying online is available from the Office of Student Financial Services.

The FAFSA is used as the University’s application for consideration of most sources of financial assistance. It serves as the student’s financial aid application for the Federal Pell Grant program, TEACH Grant, OTAG program, OTEG (Oklahoma Tuition Equalization Grant), Federal Supplemental Educational Opportunity Grant (SEOG), Federal Perkins Loan, and Federal Work-Study program, as well as documentation of eligibility for any federal loan program. Detailed instructions are included with the FAFSA. An acknowledgement report will be sent when a student’s FAFSA has been processed.

Students must reapply annually for financial assistance. After the initial application using the FAFSA, students are sent a Renewal Free Application for Federal Student Aid the following year if they meet certain conditions. The Renewal FAFSA is emailed in October to the address listed on the student’s previous FAFSA. It allows students to answer fewer questions if information reported in the previous year is still correct. Either the FAFSA or the Renewal FAFSA may be used to reapply for financial assistance.

FAFSA Verification

Students whose FAFSA’s are selected for verification by the federal government must complete submit all requested documentation upon receipt of the FAFSA. The University of Tulsa contracts with a third-party servicer (Inceptia) for the verification process. TU does not disburse awards for students who are selected for verification until the process is complete. Failing to complete verification by the deadlines will result in loss of eligibility for federal aid funds. If a student completely withdraws prior to submitting the documents for verification, federal aid will not be considered.

For the 2016-2017 award year, students who are eligible for federal funds must complete verification prior to the last day of enrollment or September 23, 2017, whichever is earlier. For the 2017-2018 award year, students who are eligible for federal funds must complete verification prior to the last day of enrollment or September 22, 2018, whichever is earlier.

In addition, a valid Effective Family Contribution (EFC) must be received by TU before the last day of enrollment. Direct loan applications must be certified by the Office of Student Financial Services prior to the last day of enrollment to receive loan funds. Please contact the Office of Student Financial Services with questions concerning verification and the required documents.

University Undergraduate Scholarships and Grants

For detailed information on University scholarships and grants, visit the Office of Student Financial Services.

Loans

Federal Perkins Loan

The Federal Perkins Loan Program Extension Act of 2015 (the Extension Act), enacted on December 15, 2015, extends the Perkins Loan Program through September 30, 2017. Per the changes in the Extension Act, effective December 18, 2015, schools participating in the Perkins Loan Program may make Perkins Loans through September 30, 2017 to:

  • An eligible current undergraduate student for his or her first undergraduate degree who, on the date of disbursement, has an outstanding balance on a Perkins Loan made by the school, if the school has awarded the student all Direct Subsidized Stafford Loan aid for which the student is eligible.
  • An eligible new undergraduate student for his or her first undergraduate degree who, on the date of disbursement, does not have an outstanding balance on a Perkins Loan made by the school, if the school has awarded the student all Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.
  • Awards: Up to $5,500 per year for an undergraduate; amount is determined by need analysis. Undergraduate indebtedness may not exceed $27,500 during all undergraduate years.
  • Eligibility: Determined on the basis of need analysis by the Office of Student Financial Services as funding permits. Limited funding is available.
  • Application Procedure: Complete the FAFSA, Perkins Master Promissory Note, and Perkins Loan Counseling, which are submitted electronically. Visit the Student Financial Services Perkins Loan page for procedures for applying for Perkins Loans.
  • Interest and Repayment: The interest rate is 5 percent simple interest, beginning nine months after the student ceases to be enrolled at least half-time. There is no interest while the student is enrolled at least half time. Repayment begins nine months after the student ceases to be enrolled at least half time. Visit the U.S. Department of Education Federal Student Aid website for information about repayment plans.

Direct Loans: Subsidized and Unsubsidized

  • Awards: Loan amounts may not exceed reasonable college costs, less other scholarship, loan, and gift assistance. Expected family contribution is also used in determining eligibility for the Direct Subsidized Loan.
  • Annual Maximum: Annual maximum for a dependent undergraduate (subsidized and unsubsidized) Direct Loan is $5,500 (maximum $3,500 subsidized) for freshmen, $6,500 (maximum $4,500 subsidized) for sophomores, and $7,500 (maximum $5,500 subsidized) for juniors and seniors. Independent undergraduates may borrow up to $9,500 ($3,500 maximum subsidized) as a freshmen, $10,500 (maximum $4,500 subsidized) as sophomores, and $12,500 (maximum $5,500 subsidized) as juniors and seniors. The total Direct Loan debt a student may have outstanding as a dependent undergraduate is $23,000 subsidized and $31,000 combined subsidized and unsubsidized; as an independent undergraduate, $23,000 subsidized and $57,500 combined subsidized and unsubsidized.
  • Eligibility: Direct Subsidized Loan eligibility is determined on the basis of need analysis by the Office of Student Financial Services. As of July 1, 2013, a new provision was added to the Direct Loan statutory requirements that limit a first-time borrower’s eligibility for Direct Subsidized Loans to a period not to exceed 150% of the length of the borrower’s educational program. Under certain conditions, the provision also causes first-time borrowers who have exceeded the 150% limit to lose the subsidy on their Direct Subsidized Loans. Only first-time borrowers on or after July 1, 2013, are subject to the new provisions. Generally, a first time borrower is one who did not have an outstanding balance, principal, or interest on a Direct Loan or on a FEEL Program Loan on July 1, 2013.
  • Application Procedure: Complete the FAFSA. Visit the Student Financial Services Loan Information page for procedures for applying for Direct Loans.
  • Interest and Repayment: The federal government pays the interest on Direct Subsidized Loans while the student is in school or in deferment. Borrowers are responsible for the interest during in-school and deferment periods on Direct Unsubsidized Loans. Interest may accumulate until the deferment ends and will be added to the principal. The borrower may defer the interest payment or may choose to pay the interest quarterly. The current interest rate for Direct Loans is determined each June for new loans being processed for the upcoming award year which runs from July 1 to the following June 30. The fixed interest rate will be for the life of the loan. The government will deduct an origination (processing) fee from each Direct Loan disbursement. Visit the U.S. Department of Education Federal Student Aid website for the current interest rate and origination (processing) fee for Direct Subsidized and Unsubsidized Loans. The amount a borrower pays and the length of time required to repay a loan will vary depending upon the repayment plan chosen by the borrower. Borrowers have the option of repaying loans using a standard, graduated, income-driven, or income-sensitive repayment plan. Visit the U.S. Department of Education Federal Student Aid website for information about repayment plans.

Direct Parent PLUS Loan for Undergraduate Students

  • Awards: Parents may borrow up to the full cost of education less other financial assistance, dependent on the absence of adverse credit within the last five years. Total financial assistance including PLUS funds may not exceed reasonable college costs. There is no limit on total parent loan indebtedness. Each student enrolled in a degree program is eligible for financial assistance for a maximum number of hours specific to the completion of the degree. A processing fee will be deducted from the loan proceeds by the federal government.
  • Eligibility: A parent of a dependent undergraduate student whose credit check is approved by the U.S. Department of Education.
  • Application Procedure: Apply online https://studentloans.gov. Authorization for a credit check will be necessary. A FAFSA must be filed on behalf of the student listing TU’s school code (003185) before TU can determine eligibility for this loan program. Only a parent or a stepparent whose income was supplied on the FAFSA may apply for this loan. Visit the Student Financial Services Parent PLUS Loan page for procedures for applying for PLUS Loans.
  • Interest and Repayment: The current interest rate for PLUS Loans is determined each June for new loans being processed for the upcoming award year which runs from July 1 to the following June 30. The fixed interest rate will be for the life of the loan. Interest will begin accruing at the time of disbursement. The government will deduct an origination (processing) fee from each PLUS Loan disbursement. Visit the U.S. Department of Education Federal Student Aid website for the current interest rate and origination (processing) fee for Direct PLUS Loans. Repayment on a PLUS loan begins once the loan is fully disbursed. The first payment is due 60 days after the final disbursement. A parent may choose to defer repayment while the student for whom the parent borrowed is enrolled at least half-time and for an additional six months after the student ceases to be enrolled at least half time. Visit the U.S. Department of Education Federal Student Aid website for information about repayment plans.

Employment

Federal Work-Study Program (FWS)

  • Awards: Amount is determined by need analysis.
  • Eligibility: Determined on the basis of need analysis done by the Office of Student Financial Services.
  • Application Procedure: Complete the FAFSA.
  • Other Information: Students are employed in academic or administrative offices on campus. Additional off-campus positions are available in community service agencies. Each year the off-campus agencies contract with the University to hire FWS students. The listing of agencies is available in the Office of Student Financial Services. Additionally, the Office of Student Financial Services maintains a list of available positions.

Part-time Work for Students Not Receiving Aid

The Office of Housing, the Office of Dining Services, and Collins Fitness Center often have part-time work available to students not on the Federal Work-Study Program. Apply at respective offices. Other departments such as the libraries, KWGS radio station and Allen Chapman Student Union may have work available to students. The Office of Student Financial Services maintains a list of available positions.