Undergraduate Students - Student Financial Services

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 Student 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 Student Financial Services sends a revised award notification to the OU email address with instructions for viewing awards on MySAIL.

View the Scholarships and Financial Aid booklet.

Freshman
Awards

Oakland University Freshman Merit Scholarships - Class of 2020

To be considered for scholarships, Oakland University must receive your admission application, transcript and SAT or ACT score by the priority deadline of March 1, 2020. 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, at the time of admission. You may submit updated transcripts and/or test scores for scholarship reconsideration until the March 1 scholarship deadline. U.S. citizens and permanent residents qualify for OU scholarships; international students are not eligible for OU scholarships, except where reflected. The total amount of Oakland University institutional awards and benefits cannot exceed the cost of tuition (the Geographic Region Award is not included in this limitation of OU awards and benefits).

PLATINUM PRESIDENTIAL SCHOLAR AWARD

Amount: $48,000 for four years ($12,000 per year)
Requirements
- High school GPA: 3.90 or higher
- SAT score: 1450 or higher
- ACT composite score: 33 or higher

GOLD PRESIDENTIAL SCHOLAR AWARD

Amount: $36,000 for four years ($9,000 per year)
Requirements
- High school GPA: 3.90 or higher
- SAT score: 1390-1440
- ACT composite score: 31-32

DISTINGUISHED SCHOLAR AWARD

Amount: $22,000 for four years ($5,500 per year)
Requirements
- High school GPA: 3.90 or higher
- SAT score: 1300-1380
- ACT composite score: 28-30
  OR
- High school GPA: 3.80-3.89
- SAT score: 1300 or higher
- ACT composite score: 28 or higher

TALENTED SCHOLAR AWARD

Amount: $14,000 for four years ($3,500 per year)
Requirements
- High school GPA: 3.80 or higher
- SAT score: 1200-1290
- ACT composite score: 25-27
  OR
- High school GPA: 3.7-3.79
- SAT score: 1200 or higher
- ACT composite score: 25 or higher

ACADEMIC ACHIEVEMENT AWARD

Amount: $10,000 for four years ($2,500 per year)
Requirements
- High school GPA: 3.70 or higher
- SAT score: 1130-1190
- ACT composite score: 23-24
  OR
- High school GPA: 3.4-3.69
- SAT score: 1130 or higher
- ACT composite score: 23 or higher

UNIVERSITY RECOGNITION AWARD

Amount: $6,000 for four years ($1,500 per year)
Requirements
- High school GPA: 3.40 or higher
- SAT score: 1030-1120
- ACT composite score: 20-22
  OR
- High school GPA: 3.0-3.39
- SAT score: 1030 or higher
- ACT composite score: 20 or higher

GEOGRAPHIC REGION AWARD

Amount: $6,000 for four years ($1,500 per year)
Requirements
- High school GPA: 3.0 or higher
- Resident of Michigan counties outside of Macomb and Oakland who wish to live on campus
- Must live in university housing

NON-RESIDENT AWARD

Amount: In-state tuition rates
Requirements
- High school GPA: 2.5 or higher
- U.S. citizen (citizens and permanent residents of Canada and Mexico may also qualify)
- Non-Michigan resident
- Must live in university housing for their first two years

Freshman Need-Based Grants - Class of 2020

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. The total amount of Oakland University institutional awards and benefits cannot exceed the cost of tuition (the Geographic Region Award and OU Housing Grant are not included in this limitation of OU awards and benefits).

GOLDEN GRIZZLIES TUITION GUARANTEE
Focus on your degree and your future — without worrying about how to pay for it.

Amount: Full tuition for up to four years*
Requirements
- Expected family contribution (EFC) of less than $8,000

GOLDEN GRANT

Amount: Up to $20,000 for four years ($5,000 per year)*
Requirements
- High school GPA: 3.0 or higher
- Expected family contribution (EFC) of less than $8,000

HOUSING GRANT

Amount: Up to $20,000 for four years ($5,000 per year)*
Requirements
- High school GPA: 3.0 or higher
- SAT score: 1030 or higher OR ACT composite score: 20 or higher
- Expected family contribution (EFC) of less than $8,000
- Must live in university housing
- Must have full semester on-campus housing charges not covered by another housing award

*Grant amounts are dependent upon the financial need established by completing the FAFSA.

Transfer
Awards

To be considered for scholarships, entering winter 2020 transfer students must apply and submit all admission materials to the university by the priority deadline of December 1, 2019; entering fall 2020 transfer students must apply and submit all admission materials by the priority deadline of August 1, 2020.

If you meet these priority deadlines, you will automatically be considered for OU scholarships. Awards are based on your academic record, including cumulative GPA, at the time of application. U.S. citizens and permanent residents qualify for OU scholarships; international students are not eligible for OU scholarships, except where reflected. Students may only receive one academic merit scholarship (except the non-resident award, if applicable). The total amount of Oakland University institutional awards and benefits cannot exceed the cost of tuition.

Eligible incoming transfer students who have financial need (as determined by completion of the FAFSA) and fulfill all financial aid requirements by December 1, 2019 for winter or August 1, 2020 for fall, will automatically be considered for OU need-based grants.

PRESIDENTIAL TRANSFER AWARD

Amount: $10,000 for two years ($5,000 per year)
Requirements
- College GPA: 3.80 or higher
- 56 or more transferable credits*
- Must be coming from a Michigan community college

PHI THETA KAPPA AWARD

Amount: $5,000 for two years ($2,500 per year)
Requirements for community college students
- College GPA: 3.80 or higher
- 24-55 transferable credits*
  OR
- College GPA: 3.50-3.79
- 24 or more transferable credits
Requirements for four-year college or university students
- College GPA: 3.50 or higher
- 24 or more transferable credits*

TALENTED TRANSFER AWARD

Amount: $2,000 for two years ($1,000 per year)
Requirements
- College GPA: 3.0-3.49
- 24 or more transferable credits*

NON-RESIDENT AWARD

Amount: In-state tuition rates for two years
Requirements
- College GPA: 2.5 or higher
- Non-Michigan resident
- U.S. citizen (citizens and permanent residents of Canada and Mexico may also qualify)
- 24 or more transferable credits*

OU TRANSFER GRANT

Amount: $2,000 for two years ($1,000 per year)
Requirements
- Expected family contribution (EFC) of $0
- 24 or more transferable credits*

*Transferable credits must be earned by the scholarship deadline.

OU Grant &
Scholarship
Renewal Criteria

Oakland University scholarships and grants are able to be renewed, provided students meet the criteria. Scholarships and grants are evaluated for renewal over the summer; students who attend full time during the summer semester and utilize their scholarship and/or grant will be evaluated for renewal after summer grades have posted. View examples and frequently asked questions of scholarship and grant renewal scenarios for help in understanding students' eligibility to renew their scholarships and/or grants after their first year. Answer the questions below to view the renewal criteria for scholarships and/or grants awarded in the year the student was first enrolled at OU; be sure to view the additional information following the renewal chart.

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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, excluding repeated courses within the same academic year, on the last day to drop/add classes with a 100% refund for the full semester.

**** 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.

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 Adviser in person or over the phone.

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.

The following list represents lenders who provided loans to 5 or more Oakland University students according to a recent analysis of loans for the 2018-2019 year. This private lender list (arranged in alphabetical order) is reviewed periodically and is subject to change. Oakland University does not receive inducements or incentives from any private lender. Oakland University does not have relationships or agreements with any of the lenders listed here:

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