Undergraduate Students - Student Financial Services- Oakland University

Oakland University participates in a variety of financial assistance programs to help students pay for their educational expenses. Assistance can be awarded by Oakland University, federal and state governments, and by private sources.

T o receive full consideration for all programs, all students should complete the Free Application for Federal Student Aid (FAFSA) every year, as soon as possible after October 1 for the next school year. Awards depend on the availability of funds.

Students can expect to receive Financial Aid Award notifications beginning in December for the next school year. OU Financial Services sends an award notification to the OU email address with instructions for viewing awards on MySAIL. In case of a change to an award, OU Financial Services sends a revised award notification to the OU email address with instructions for viewing awards on MySAIL.

Download the 2017-2018 Scholarships and Financial Aid booklet.

Freshman
Awards

Oakland University Freshman Merit Scholarships

To be considered for scholarships, Oakland University must receive your application, transcript and SAT or ACT score by March 1 (for fall freshmen). If you meet this deadline, you will automatically be considered for OU scholarships.

Scholarship awards are based on your academic record, including GPA and SAT or ACT score. Students may submit updated transcripts and/or test scores for scholarship reconsideration until the March 1 scholarship deadline. International students are not eligible for scholarships, except where reflected.

scholarship chart

PRESIDENTIAL SCHOLAR AWARD: Full tuition for four years

Awarded to entering freshmen with a high school GPA of 3.90 or higher and a score of 1420 or higher on the Redesigned SAT (ACT composite score of 31 or higher).

DISTINGUISHED SCHOLAR AWARD: $20,000 for four years ($5,000 per year)

Awarded to entering freshmen with a high school GPA of 3.80-3.89 and a score of 1280 or higher on the Redesigned SAT (an ACT composite score of 27 or higher), OR a high school GPA of 3.90 or higher and a score of 1280 to 1410 on the Redesigned SAT (ACT composite score of 27-30).

TALENTED SCHOLAR AWARD: $12,000 for four years ($3,000 per year)

Awarded to entering freshmen with a high school GPA of 3.70-3.79 and a score of 1280 or higher on the Redesigned SAT (ACT composite score of 27 or higher), OR a high school GPA of 3.80 or higher and a score of 1200 to 1270 on the Redesigned SAT (ACT composite score equal to 25 or 26).

ACADEMIC ACHIEVEMENT AWARD: $8,000 for four years ($2,000 per year)

Awarded to entering freshmen with a high school GPA of 3.50 or higher and a score of 1160 to 1190 on the Redesigned SAT (ACT composite score of 24), OR a high school GPA of 3.50-3.79 and a score of 1200 to 1270 on the Redesigned SAT (ACT composite score equal to 25 or 26), OR a high school GPA of 3.50-3.69 and a score of 1280 to 1300 on the Redesigned SAT (ACT composite score of 27 or higher).

UNIVERSITY RECOGNITION AWARD: $6,000 for four years ($1,500 per year)

Awarded to entering freshmen with a high school GPA of 3.00 or higher and a score of 1020 to 1150 on the Redesigned SAT (ACT composite score of 20 to 23), OR a high school GPA of 3.00-3.49 and a score of 1160 or higher on the Redesigned SAT (ACT composite score of 24 or higher).

GEOGRAPHIC REGION AWARD: $6,000 for four years ($1,500 per year) (Not pictured on chart)

Awarded to entering freshmen with a high school GPA of 3.0 or higher residing in Michigan counties outside of Macomb, Oakland or Wayne who wish to live on campus. Recipients must live in university housing.

NON-RESIDENT AWARD: In-state tuition rates (Not pictured on chart)

Awarded to entering freshmen with a high school GPA of 2.5 or higher who are not Michigan residents and allows them to pay in-state tuition rates. Citizens of Canada and Mexico also qualify. Recipients must live in university housing for their first two years.

Oakland University Freshman Need-Based Grants

To be considered for need-based grants, entering freshmen who are Michigan residents must complete the FAFSA and fulfill all financial aid requirements by July 1 prior to matriculation. Entering freshmen Michigan residents who have financial need as determined by the completion of the FAFSA will automatically be considered for OU grants. *Grant amounts are dependent upon the financial need established by completing the FAFSA.

100% TUITION GRANT:

Awarded to students with financial need for remaining balance of eligible tuition charges after applying gift aid and subtracting the expected family contribution (EFC) calculated by FAFSA.

GOLDEN GRANT: Up to $20,000 for four years ($5,000 per year)*

Awarded to students with a high school GPA of 3.0 or higher. Recipients must have an expected family contribution (EFC) of less than $12,000.

HOUSING GRANT: Up to $20,000 for four years ($5,000 per year)*

Awarded to students with a high school GPA of 3.0 or higher and a score of 1020 or higher on the redesigned SAT (or ACT composite score of 20 or higher). Recipients must live in on-campus housing, have full semester on-campus housing charges not covered by another housing award and have an EFC of less than $12,000.

Transfer
Awards

To be considered for scholarships, entering transfer students must apply and submit all admission materials by August 1 (for fall transfers) or December 1 (for winter transfers).

If you meet these deadlines, you will automatically be considered for OU scholarships. Awards are based on your academic record, including GPA, at the time of application. International students are not eligible for scholarships, except where reflected.

PRESIDENTIAL TRANSFER AWARD: $10,000 for two years ($5,000 per year)

Awarded to new transfer students from a Michigan community college with a GPA of 3.80 or higher and 56 or more transferable credits. Note that 56 transferable credits must be earned by the scholarship deadline.

PHI THETA KAPPA AWARD: $5,000 for two years ($2,500 per year)

Awarded to new community college transfer students with a GPA of 3.80 or above and 24-55 transferable credits, OR with a GPA of 3.50-3.79 and 24 or more transferable credits. Also awarded to new transfer students from a four-year college or university with a GPA of 3.50 or higher and 24 or more transferable credits. Note that 24 transferable credits must be earned by the scholarship deadline.

TALENTED TRANSFER AWARD: $2,000 for two years ($1,000 per year)

Awarded to new transfer students with a college GPA of 3.0-3.49 and 24 or more transferable credits. Note that 24 transferable credits must be earned by the scholarship deadline.

NON-RESIDENT AWARD: In-state tuition rates for two years

Awarded to transfer students with a college GPA of 2.5 or higher and 24 or more transferable credits, who are not Michigan residents. The award allows students to pay in-state tuition rates. Citizens of Canada and Mexico also qualify. Note that 24 transferable credits must be earned by the scholarship deadline.

OU Grant &
Scholarship
Renewal Criteria

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* Summer attendance requires enrollment in full time OU credits (12+ credits), uses one semester of scholarship eligibility, and counts towards the renewal semesters. Academic performance will be reviewed at the end of the summer semester to determine if the student is eligible for scholarship renewal for the following fall semester. If the student does not complete full-time (12+ credits) and/or meet the GPA requirement for renewal, the award(s) will be cancelled for any remaining semesters at OU.

**Students participating in a Community College Partnership program must attend OU full time in their first college semester to be eligible to renew.

***Students must be enrolled in a minimum of 12 credits each fall and winter semester on the last day to drop/add classes with a 100% refund for the full semester.

Students who do not meet scholarship and/or grant renewal criteria and have extenuating circumstances, such as the death of an immediate family member or a serious illness or injury of the student, can request consideration for scholarship and/or grant reinstatement. Students who feel they have extenuating circumstances need to discuss their circumstances with a Financial Services Advisor in person or over the phone.

**** *Beginning fall 2017 the cumulative GPA for renewal is 3.0 and the student must have received the award during the 2016-2017 academic year.

Federal
Aid

Federal Grants

Undergraduate students are eligible for the Pell Grant. To view eligibility criteria, annual amounts, and aggregate limits, visit the Pell Grant page on the Federal Student Aid website.

The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to undergraduate students with exceptional need and based on the availability of funds. For information regarding eligibility criteria and annual amounts visit the FSEOG page on the Federal Student Aid website.

Federal Work-Study

Available to undergraduate and graduate students, work-study awards are wages that can be earned through a campus job and does not have to be repaid. Funds are limited and awarded on a first-come, first-served basis according to a student's financial need. Visit Handshake to search and apply for student employment positions.

Federal Loans

Student loans:
An undergraduate student can receive federal loans without a co-signer. The most commonly awarded loans for undergraduate students are the Federal Direct Subsidized and Federal Direct Unsubsidized loans, which are awarded based on a student's financial need. The Federal Perkins loan is a limited fund awarded on a first-come, first-served basis according to a student's financial need. For more information about annual and aggregate limits, interest rates, and repayment visit the types of loans page on the Federal Student Aid website.

Parent loans:
Parents of dependent undergraduate students are able to apply for a Federal Direct Parent PLUS loan. The Parent PLUS loan is approved or denied based on the parent's credit, and if approved, the parent is responsible for repayment. If a parent is denied for a loan based on credit, an additional amount of the Unsubsidized loan will be awarded in the student's name. An online application is available at www.studentloans.gov. For information regarding interest rates and repayment terms, visit the PLUS loans page on the Federal Student Aid website. View Parent PLUS Loan application instructions.

Private
Aid

Private Scholarships

Private scholarships are abundantly available for students from organizations, foundations, companies, and individuals. Students can increase the probability they will be selected for private scholarships by increasing the number of applications submitted. Search for private scholarships on large online databases called clearinghouses, such as:

CollegeBoard.org
Fastweb.com
Goodcall.com

Private Loans

Choose loan programs you can live with long term. Government loan programs usually offer lower interest rates and more flexible repayment plans than most private/alternative loans. Maximize your borrowing from all federal loans before considering supplemental funds from a private loan. The limit on a private loan is equal to the cost of education minus other awarded financial aid.

A number of banks and lending institutions offer private loan funding to assist students with the cost of education. A co-signer may be required, depending on the student's credit history and credit worthiness. Borrow wisely and compare lenders to make a smart, long-term choice. Be wary of private loan offers which discourage you from working with your financial aid office, offer introductory rates, do not tie the loan interest rate to a fixed percentage of LIBOR or PRIME rate, or claim that you can apply and receive money immediately. OU will certify a private loan from any private lender. Many private loan options are available and students can choose to apply for a private loan with any banking institution of their choice. If students need to utilize loans, it is best to exhaust all federal loan options before seeking a private loan. Read more about federal and private loan options. Although not a comprehensive list, StudentLendingAnalytics.com provides a brief overview of private loan options.

Consider these factors when shopping for a lender:

Eligibility

Undergraduate, Graduate, Professional Development, Certification
Satisfactory Academic Progress (SAP)
Enrollment Requirements – ie., less than half-time
International Students

Interest rate

With or without a co-borrower (co-signer)
Interest adjusted when and how

Fees

Origination fees and other charges
Prepayment
Late fees

Borrower benefits

Direct Debit
Co-borrower release
Graduation reward

Repayment terms

When does repayment begin?
Can principal and interest be deferred?
When is interest capitalized?
Maximum repayment period

Loan limits

Minimum loan amount
Annual and aggregate loan limits
Allow loans for past balances (if applicable)

Service

Responsive customer service
Student focused