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B.S. in Actuarial Science

Otterbein University Course Catalogs

2010-2011 Undergraduate Catalog 
    
    May 30, 2020  
2010-2011 Undergraduate Catalog [Archived Catalog]

Tuition and Financial Assistance



Schedule of Fees for Academic Year 2010-2011

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A complete list of fees, which are adjusted annually, may be accessed via the University’s website www.otterbein.edu.


Payment of Fees

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All fees and charges are due by the end of the first day of classes for each term.

At the time a student formally registers for classes, either by signing and submitting the appropriate registration forms to the Registrar’s Office or by registering online through the University’s website, the student agrees to abide by the University’s official policies concerning the adding and dropping of classes and complete withdrawal from Otterbein. The student also agrees to assume the responsibility for understanding the University’s official policy concerning schedule changes and satisfactory academic progress which may result in additional charges or the loss of eligibility for certain types of financial aid. It is considered the student’s responsibility to understand how these changes can affect his/her financial situation with regard to financial aid eligibility.

All accounts not paid in full by the end of the first day of each term are subject to a late payment fee in addition to monthly interest at a rate of 1.5 percent per month. All sources of financial aid not received by the first day of each term are subject to late charges and interest. Therefore, all financial assistance should be applied for prior to July 1 to help ensure timely receipt.

All accounts must be paid in full (and, if appropriate, loan exit interviews completed) in order for students to enroll in succeeding terms or to receive copies of certificates, diplomas and transcripts. Otterbein reserves the right to recover all costs involved with the collection and/or litigation of delinquent accounts.

If an account must be sent to collection or litigation due to nonpayment of the outstanding balance, the University reserves the right to demand payment in full of subsequent terms of enrollment, prior to the beginning of each term to ensure enrollment. The University reserves the right to cancel the registration of any student if a balance due from a previous term remains unpaid at the start of a subsequent term.

Student receivable accounts are considered to be educational loans provided for the sole purpose of financing an education at Otterbein University, a non-profit institution of higher learning. As such, student receivable accounts are not dischargeable under the provisions of the laws governing either Chapter 7 or Chapter 13 bankruptcy actions.

The college reserves the right to demand payment in the forms of a certified check, money order, cash, or credit cards in the event that one or more checks have been returned unpaid for any reason.


Fee Payment Plans

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Meeting the expense of a college education is one of the larger investments made by most families. We at Otterbein understand the unique financial needs that often stand in the way of paying these expenses. For this reason, students may elect one of the two types of plans for payment of comprehensive fee charges.

  1. Pay for each term according to the schedule of fees and due dates as illustrated in the payment of fees.
  2. Enroll in the University’s payment plan which allows students and their families to budget their expected costs into monthly payments. Information about the various payment plan options is available on-line in the Business Office section of the University’s website.

Refund Schedule for Tuition, Room and Board

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A refund schedule has been established for those students who withdraw from the University. The date used by the Business Office in the withdrawal refund/adjustment calculation is the official date of withdrawal as determined by the Registrar’s Office. Application fees, laboratory fees, tuition deposit, applied music fees, and other similar charges are not refundable. The basic refund schedule for Autumn, Winter and Spring
quarters is:

Withdrawal received in writing or in person by 7 p.m. on
the Monday following the first week of the quarter

100% of fees
due or paid

Withdrawal received in writing or in person by 7 p.m. on
the Monday following the second week of the quarter
70% of fees
due or paid
Withdrawal received in writing or in person by 7 p.m. on
the Monday following the third week of the quarter
60% of fees
due or paid
Withdrawal received in writing or in person by 7 p.m. on
the Monday following the fourth week of the quarter
40% of fees
due or paid
Withdrawal received in writing or in person by 7 p.m. on
the Monday following the fifth week of the quarter
20% of fees
due or paid
Withdrawal received in writing or in person by 7 p.m. on
the Monday following the sixth week of the quarter
10% of fees
due or paid
Withdrawal after the sixth week of class No refund

All financial aid recipients who receive a refund as a result of withdrawal may be subject to a Title IV refund calculation. The allocation of funds must follow those outlined by federal regulations. Anyone who has received a federal Stafford or Perkins Loan must complete an Exit Interview.

The official refund schedule for Summer Session, interterm classes and workshops will be published in the appropriate schedule of classes.

Adjustments to full-time charges are made only during the add/drop period if a student adjusts his/her schedule. No adjustments to full-time charges are made after the add/drop period unless a student withdraws from the University entirely.

If a student withdraws or is expelled from Otterbein University, then the school or the student may be required to return some of the federal funds awarded to the student.

If a student will be withdrawing, the student must notify the Otterbein Registrar’s Office and complete a withdrawal form. This procedure will allow a refund of the maximum possible charges.

Otterbein’s Refund Policy exists for calculating the refund of institutional charges and assistance. Students who withdraw from the University will receive a pro-rated refund of educational and room/board fees due or paid, according to the Refund Schedule on page 278. The date used by the Business Office in the withdrawal refund/adjustment calculation is the official date of withdrawal as determined by the Registrar’s Office. The refund calculation for state assistance also follows this refund schedule, unless otherwise specified. The federal “Return of Title IV Funds” formula dictates the amount of Federal Title IV aid that must be returned to the federal government by the school and the student.

Return of Title IV Funds

A statutory schedule is used to determine the amount of Title IV funds a student has earned as of the date he or she ceases attendance. The amount of Title IV program assistance earned is based on the amount of time the student spent in academic attendance and has no relationship to the student’s incurred institutional charges. Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds.

If a recipient of Title IV grant or loan funds withdraws from the University after beginning attendance, the amount of grant or loan assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the students earned, unearned funds must be returned. If the amount disbursed to the student is less than the amount earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.

Title IV funds are awarded to a student under the assumption the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.

Title IV funds generally include Pell Grant, Supplemental Educational Opportunity Grant, Perkins Loan, Stafford Student Loan and Parent Loan for Undergraduate Students.

Example: The percentage of financial aid that is due to the student (“earned financial aid”) is equal to the period of enrollment that the student completed as of the student’s date of withdrawal from Otterbein University, if this date occurs on or before completion of 60% of the period of enrollment. If the student’s withdrawal date occurs after the completion of 60% of the period of enrollment, the aid due to the student (“earned financial aid”) is calculated at 100%.

For example: A student enrolls at Otterbein University for the Fall quarter. The student decides to withdraw completely from Otterbein University on September 26th. The total calendar days during Fall quarter equal 73. The student withdrew on day 16 of 73. (16 divided by 73 = 21.9) Therefore, the student is able to keep 21.9% of the federal financial aid to help pay the charges for the Fall. The remaining 78.1% of the federal financial aid must be returned to the appropriate source in the order listed below:

  1. Unsubsidized Federal Stafford Loan
  2. Subsidized Federal Stafford Loan
  3. Perkins Loan
  4. Parent Loan for Undergraduate Students (PLUS) 
  5. Federal Pell Grant
  6. Academic Competiveness Grant
  7. National Smart Grant
  8. Federal SEOG
  9. Other non-federal aid would be retained according to the published refund schedule and the fall bill would be adjusted accordingly.

Otterbein’s Financial Aid Programs

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Otterbein’s financial aid programs are based upon the following principles:

  1. Otterbein is committed to making your education financially attainable through scholarships, awards, grants, loans and work programs.
  2. Academic scholarships earned by the student are awarded for four years of study, Autumn through Spring quarters, provided the student meets the criteria of the award.
  3. Merit-based scholarships may reduce self-help for students who also receive need-based assistance.
  4. Need-based Financial Aid Awards will have loan and work-study components. Many of our full-time students receive some form of need-based financial assistance. We believe that our financial aid policy helps make an Otterbein education reasonably affordable to students from all economic levels.

Financial aid is renewed annually on the basis of continued financial need and satisfactory academic progress as defined by the University catalog. Since a family’s financial strength is subject to change, financial need and the amount of aid awarded may increase or decrease each year. Other factors may change a student’s award. Examples would include a change in housing status, enrolling at less than a full-time status, failure to maintain Satisfactory Academic Progress and changes to the family size.


Satisfactory Academic Progress (SAP)

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Satisfactory Academic Progress (SAP) must be maintained in order remain eligible for Federal aid consideration. The Financial Aid Office evaluates Satisfactory Academic Progress after the completion of each academic period (Fall, Winter, Spring, and/or Summer). All terms of enrollment, including summer, must be considered in the determination of SAP (even periods in which the student did not receive federal student aid funds must be counted).
Satisfactory Academic Progress (SAP) towards a degree is determined by three tests:
(1) Academic Standing, the appropriate GPA based on credit hours as outlined below;

Passed Hours/GPA Hours

Cumulative

(Whichever is Greater)

GPA (4.0 Scale)

 

 

1 to 20

1.000

21 to 30

1.400

31 to 50

1.700

51 to 65

1.850

66 to 270

2.000

(2) An undergraduate student’s successful completion of credit hours attempted and,
(3) The completion of one’s degree within a reasonable time period.

Credit Hours Attempted Versus Hours Earned
To maintain eligibility for federal student financial assistance, a student must successfully complete two-thirds (67%) of the credit hours attempted. Any course with a grade of “F” (failing), “W” (withdrawal) or “IP” (in progress) on the student’s academic transcript is considered an unsuccessful completion of hours attempted.

Degree Completion
In addition to competing two-thirds of the credit hours attempted, a student must also complete his or her academic program within a reasonable time-frame, not to exceed 150% of the published length of the program. This means the student must meet all graduation requirements by the time the 270th credit hour has been attempted. All periods of attendance are counted towards the maximum time frame.

Since Academic Standing and Satisfactory Academic Progress are interrelated, a student may meet an adequate academic standing level (higher than a 2.000 cumulative GPA, for example), but not meet Satisfactory Academic Progress standards. If the student has not successfully completed enough classes (those classes with a D, or above, on the academic transcript) to meet the 2/3rds (67%) earned hour rate, (s)he would not be making SAP for federal financial aid purposes.

Graduate students are considered to be making satisfactory academic progress for purposes of financial aid eligibility only if they are in good academic standing with the college.
A student may appeal his or her Satisfactory Academic Progress and possibly receive up to two terms of probation. The Satisfactory Academic Progress (SAP) Appeal Form may be used for this purpose and is available in the financial aid office or through the website in the forms section. Satisfactory Academic Progress is administered by the Office for Financial Aid (614 823-1502).

Non-Aid Recipients

The federal government requires that Otterbein University monitor the academic progress of non-recipients, too. Be aware that your academic progress during any term in which you do not have financial aid will be a factor in determining your eligibility for aid in subsequent terms.


Merit-Based Assistance

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Otterbein University Scholarships

Otterbein Scholarships are awarded to first-time Otterbein undergraduate students enrolled full time and are renewable for four years as long as students maintain appropriate academic progress. Scholarships are awarded on a merit basis; the Otterbein President’s, Trustee, Deans’, and Alumni Scholar Awards will be given at the time of acceptance after a review of the high school record including cumulative grade point average and class rank if provided, and ACT or SAT scores. The essay submitted with the admission application and the letter of recommendation will also be taken into account. Other institutional scholarships and/or talent grants will be awarded at various points throughout the academic year and according to their set requirements. 

$13,000 President’s Scholar Award

 Awarded to students who have demonstrated exemplary scholarship and leadership in high school. Consideration for the award is based on a student’s overall application for admission. The average qualifications of students likely to receive this recognition would be about 4.0 weighted GPA, 28 ACT or 1260 SAT (Math and Critical Reading) and rank in the top 5 percent of their graduating class. The award is available for all four years as long as student maintains a 3.0 GPA or higher and is enrolled full time. 

$12,000 Trustee Scholar Award

Awarded to students who have demonstrated exceptional scholarship and leadership in high school. Consideration for the award is based on a student’s overall application for admission. The average qualifications of students likely to receive this recognition would be about 3.75 weighted GPA, 25 ACT or 1150 SAT (Math and Critical Reading) and rank in the top 15 percent of their graduating class.  The award is available for all four years as long as a student maintains a 3.0 GPA or higher and is enrolled full time.

$11,000 Deans’ Scholar Award

Awarded to students who have demonstrated outstanding scholarship and leadership in high school. Consideration for the award is based on a student’s overall application for admission. The average qualifications of students likely to receive this recognition would be about 3.5 weighted GPA, 23 ACT or 1070 SAT (Math and Critical Reading) and rank in the top 25 percent of their graduating class. The award is available for all four years as long as a student maintains a 2.5 GPA or higher and is enrolled full time.

$10,000 Alumni Scholar Award

Awarded to students who have demonstrated outstanding scholarship and leadership in high school. Consideration for the award is based on a student’s overall application for admission. The average qualifications of students likely to receive this recognition would be about 3.15 weighted GPA, 22 ACT or 1030 SAT (Math and Critical Reading) and rank in the top 40 percent of their graduating class.  The award is available for all four years as long as student maintains a 2.5 GPA or higher and is enrolled full time. 

Ammons-Thomas Awards

The Ammons-Thomas Award is named for Bishops Edsel A. Ammons and James S. Thomas of the Ohio United Methodist West and East Conferences. Ranging in value from $500 to $5,000 per year, these awards are offered to qualified students of color after acceptance to the College and an evaluation of a written essay. A limited number of Distinguished Ammons-Thomas Awards of up to one-half tuition are also available to outstanding students. Recipients must maintain fulltime enrollment and satisfactory academic progress toward their degrees. Applications are available from the Office of Admission.

International Baccalaureate Scholarships

Scholarships ranging from $1,000-7,000 are awarded to recognize participation in the International Baccalaureate Programme. The amount is determined by level of achievement and on an individual basis; $7,000 will be awarded to those who achieve the IB diploma; $1,000 for each IB certificate earned up to a total of five.

National Merit Finalist Awards

National Merit Awards of $2,000 are offered to students who have been recognized through the National Merit Scholarship Selection Process.

Battelle Scholarships

The Battelle Scholarship is awarded to incoming first-time freshmen who show unusual leadership potential and intellectual promise. The scholarship is worth one-half the cost of tuition. The award is renewed annually providing the recipient maintains fulltime enrollment and a 3.0 grade point average. To be eligible to apply for the Battelle Scholar Award, a student must live in or have graduated from a high school in either Delaware, Fairfield, Franklin, Licking, Madison, Pickaway or Union counties of Ohio. Application materials may be obtained from the Office of Admission upon request and must be completed and returned to that office by March 1.

Community Service Awards: $1,500

Community Service Awards are awarded to incoming first-time students who have demonstrated commitment to community service and scholarship during high school, and agree to coordinate a community service program while at Otterbein.

Department Scholarship Awards

Otterbein’s academic departments award scholarships to upperclass students who qualify on the basis of criteria established by each department. For application information, students should contact individual department chairpersons.

Legacy Awards

Legacy Awards of $1,000 are given to full-time students whose parent(s) or grandparent(s) attended Otterbein for at least two consecutive quarters.

Talent Awards

Talent awards of $500 to $4,000 are given to incoming students who demonstrate outstanding ability and potential in visual art, music, communication and theatre. Talent awards are renewable for a maximum of four years of fulltime enrollment and subject to satisfactory performance as assessed by the department. Information about auditions and dates can be found on our website.

Music—Students who plan to seek a major in music or music education are eligible to be considered for music talent awards. An audition is required. Information about auditions and dates may be obtained by writing to: Chairperson, Department of Music, Otterbein University, Westerville, Ohio 43081, or call (614) 823-1508.

Music Participation—Students who are non-music majors are eligible to be considered for music participation awards. An audition is required. Information about audition dates may be obtained by writing to: Chairperson, Department of Music, Otterbein University, Westerville, OH 43081, or call (614) 823-1508.

Musical Theatre—Talent awards are available to students planning to pursue the interdisciplinary degree in musical theatre. Awards are based on ability, potential, and previous experience. An audition is required. For information about audition dates, write to the Department of Theatre and Dance, Otterbein University, Westerville, OH 43081, or call (614) 823-1657.

Communication—Awards are available to students planning to major in communication, broadcasting, business/organizational communication, journalism, organizational communication or public relations. Awards are based upon high school record, test scores, communication-related activities and completion of an essay. To be eligible for consideration, a student must be accepted to Otterbein. For information, please write: Chairperson, Department of Communication, Otterbein University, Westerville, Ohio 43081, or call (614) 823-1752.

Theatre—Talent awards are available to students planning to seek a major in the Department of Theatre and Dance. Awards are based on ability, potential, and previous experience. An audition or portfolio review is required. For information about interview dates, write to the Department of Theatre and Dance, Otterbein University, Westerville, Ohio 43081, or call (614) 823-1657.

Dance—Talent awards are available to students planning to seek a minor in dance in the Department of Theatre and Dance. Awards are based on ability, potential, and previous experience. An audition is required. For information about audition dates, write to the Department of Theatre and Dance, Otterbein University, Westerville, OH 43081, or call (614) 823-1657.

Art—Awards are made to students planning to major in visual arts. Selections are based on the evaluation of a portfolio submitted by the student and an interview. For information, please write to: Chairperson, Department of Art, Otterbein University, Westerville, Ohio 43081, or call (614) 823-1508.

United Methodist Scholarships

There are United Methodist Denominational and Conference Scholarships for United Methodist students available each year. A number of these scholarships are awarded annually to Otterbein students. Applications may be obtained from The Financial Aid Office, Otterbein University, Westerville, Ohio 43081, or call (614) 823-1502.

Bridge Scholarships

Given to fulltime students transferring from community colleges with an earned Associate of Arts (A.A.) degree. Students with an A.A. and a 3.5 or better grade point average on a 4.0 scale receive $4,000 per year. Students with an A.A. and a 3.0 to 3.49 grade point average on a 4.0 scale receive $3,000 per year. Scholarships are renewable annually for a total of two years.

Otterbein Transfer Scholar Awards

Traditional-age transfer students who have attempted at least 12 quarter hours or 18 semester hours of coursework and who have earned a transferrable GPA of 2.8 or higher will receive a $2,500 Otterbein Transfer Scholar Award. This award is renewable during the regular academic year and is based on full-time enrollment. (If you qualify for a President’s, Trustee, Deans, Alumni or  Bridge Scholar Award, you would receive one of those awards rather than this transfer award.)

R.O.T.C. Scholarships

Air Force ROTC and Army ROTC offers four-, three-, and two-year scholarships. The four-year scholarship is applied for during the senior year in high school. Three and two-year scholarships are offered to qualified men and women in college and are available in every major. The benefits provided by scholarships include full payment of tuition, $600 per year for textbooks, and a monthly tax-free allowance of between $250 and $400. Upon entering the Professional Officer Course (POC), all cadets (scholarship and non-scholarship) receive the $350 per month tax-free allowance. This information is subject to change. In addition to the tuition awarded by R.O.T.C., Otterbein will give a standard room and board stipend for cadets living on campus in University housing. Through cooperative agreements, students attend Air Force R.O.T.C. classes at nearby Ohio State University and Army R.O.T.C. classes at nearby Capital University. Scholarship applications and additional information may be obtained by contacting Ohio State at (614) 292-5441 or Capital at (614) 236-6649.


Need-Based Assistance

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To be considered for need-based financial aid, each student must file a Free Application for Federal Student Aid (FAFSA). Students accepted through the Office of Continuing Studies must also complete the Otterbein University Institutional Aid Form (IAF). There is a financial aid priority filing deadline date of April 1 . The FAFSA may be obtained from your high school guidance counselor, the Otterbein Financial Aid Office or completed online through a link at www.otterbein.edu or www.fafsa.ed.gov. Aid recipients must be regular students enrolled in an approved degree or certificate program.

Financial aid may consist of single or combined offers of non-repayable scholarships and grants, loans and part-time campus employment. By filing the FAFSA, you will be considered for all need-based financial aid offered by the University. The total grant and merit assistance from Otterbein will not exceed tuition. Continuing Studies students must also complete an Institutional Aid Form (IAF).

Federal Grants and Stafford Student Loans are awarded to eligible students during any period of enrollment, including summer. College funds (need based or scholarships) are not available for students attending in the summer, or less than full-time. Financial aid is awarded with the expectation that it will be renewed annually on the basis of funds available, academic progress toward a degree, eligibility, and continued financial need. The FAFSA must be updated and submitted each year in order to renew aid. The suggested timeline for applying for financial aid is between January 1 and April 1 of the year preceding enrollment.

Below is a description of the types of financial aid offered or administered by Otterbein University. For further information about financial aid write to: Office of Financial Aid, Otterbein University, Westerville, Ohio 43081, or call (614) 823-1502, or toll free at 1-888-OTTERBEIN, or E-mail at Financial Aid@Otterbein.edu.


Grants

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The grants listed below are applicable to the student’s first undergraduate degree only. Students must be degree-seeking.

Otterbein Grants

Otterbein Grants are College funds awarded to students on the basis of demonstrated financial need to full-time undergraduate students Completion of the FAFSA is required. The Otterbein University Institutional Aid Form (IAF) is also needed for Continuing Studies students and Graduate students.

Sibling Grants

When two or more dependent sibling students are enrolled full time concurrently at Otterbein University, each student will receive a grant of $1,000 for each year of concurrent enrollment.

Otterbein United Methodist Ministerial Grants

Dependent sons and daughters of United Methodist clergypersons who are probationary members, elders in full connection and Deacons in full connection, are assured a United Methodist Ministerial Grant of $7,000 annually.

State Grant Programs

Ohio residents may receive a state grant based upon financial need as determined by the FAFSA. Application is made by completing the state information request on the FAFSA. Students who are residents of Delaware, Michigan, Pennsylvania, Rhode Island and Vermont may receive state grants which may be used to help meet educational costs at Otterbein University. Students should contact their high school guidance counselors or state Department of Education for further information.

Federal Pell Grant

This is a federal program through which an undergraduate student may receive for the academic year up to a maximum yearly grant of $5,350. Application is made by completing the FAFSA. The Federal Pell Grant is available to all levels of enrollment if student is eligible.

Federal Supplemental Education Opportunity Grants

A limited number of students who demonstrate a high degree of financial need are awarded the Federal Supplemental Educational Opportunity Grants (FSEOG).


Loans

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Federal Perkins Loan

Federal Direct Stafford Loans are federal loans for undergraduate and graduate students. Student applicants must meet eligibility requirements to receive federal student aid and meet satisfactory academic progress requirements. The Federal Direct Stafford Loans are a form of aid that must be repaid by the student borrower. Federal Direct Stafford Loans are either subsidized or unsubsidized.

A subsidized loan is awarded based on financial need. The borrower will not be charged interest before repayment begins or during deferment periods. The federal government “subsidizes” (pays) the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. The borrower will be charged interest from the time the loan is disbursed until it is paid in full by the borrower. If the borrower chooses not to make interest payments and allows the interest to accrue (accumulate) while in-school or during other periods of nonpayment, the interest will be capitalized. This means the interest will be added to the principal amount borrowed and additional interest will be based on that higher amount.

Federal Direct Stafford Loans Overview

How to Apply

1.      Student must complete the Free Application for Federal Student Aid (FAFSA).

2.      Once the student receives a Financial Aid Award, the student must accept the Federal Direct Stafford Loan(s) via Self-Service Banner in accordance with the instructions provided on the Financial Aid Award.

3.      After accepting the Federal Direct Stafford Loan(s), the student must complete Entrance counseling and sign a Master Promissory NoteClick here for Entrance Counseling Guide.

Federal Direct Stafford Loan Annual Limits

Undergraduate Students

Student Classification

Dependent Students

Independent Students (and dependent students whose parents have been declined a Federal Direct Parent PLUS Loan due to adverse credit history)

Freshmen (0 to 44 undergraduate credit hours earned/transferred)

$5,500 (No more than $3,500 of this amount may be in subsidized loans.)

$9,500 (No more than $3,500 of this amount may be in subsidized loans.)

Sophomore (45 to 89 undergraduate credit hours earned/transferred)

$6,500 (No more than $4,500 of this amount may be in subsidized loans.)

$10,500 (No more than $4,500 of this amount may be in subsidized loans.)

Junior/Senior (90 or more undergraduate credit hours earned/transferred)

$7,500 (No more than $5,500 of this amount may be in subsidized loans.)

$12,500 (No more than $5,500 of this amount may be in subsidized loans.)

Certification Students

$12,500 (No more than $5,500 of this amount may be in subsidized loans.)


Federal PLUS Loans

The Federal Direct Parent Loan for Undergraduate Students is a federal loan that credit-worthy parents of dependent undergraduate students can borrow for their child’s educational expenses. Both parent applicants and students must meet eligibility requirements to receive federal student aid, and students must meet satisfactory academic progress requirements. The Federal Direct Parent PLUS Loan is a form of aid that must be repaid by the parent borrower.

NOTE: Federal PLUS Loans will be processed through the Federal Direct Loan Program starting Summer 2010.

Federal Direct Parent PLUS Loan Overview

How to Apply

1.      Student (parent applicant’s child) must complete the Free Application for Federal Student Aid (FAFSA).

2.      Once the student receives a Financial Aid Award, the parent applicant must complete the PLUS Loan Request Process.

3.      Parent applicant must complete a Federal Direct Parent PLUS Loan Master Promissory Note (MPN).

 

Additional Loan Programs

United Methodist Student Loan

Offerings received from the annual United Methodist Student Day provide loan funds for United Methodist students. The annual maximum loan is $2,500 with interest at six percent charged each year from the date the loan is granted until repaid in full. A student may borrow once per calendar year. No more than $15,000 may be borrowed during the student’s entire educational program. Loan checks are made payable to the student and are issued only after the student is in classroom attendance at the University.

Interest accrues from the date the loan check is issued and continues until the loan is paid in full. Monthly repayment of the loan plus interest begins six months after graduation or withdrawal and may be extended no more than 120 months from date first payment is due. A deferment may be arranged if the borrower returns to school in an accredited program.

To be eligible for a loan, an applicant must have been received into full membership in the Church for at least one year prior to application, be a citizen of the United States or have permanent resident status and have a C grade average or better. Loans are available to undergraduate and graduate students.

Applications may be obtained from the Financial Aid Office. Additional information may be found at www.gbhem.org.

Henry Strong Loan

The Henry Strong Educational Foundation provides a limited number of loans to students with financial need. Eligibility for the loan is determined by the Financial Aid Special Circumstance Committee and bears an interest rate of five percent.

The Henry Strong Loan may be granted to students under the age of 30. The amount of the loan is dependent upon need, the students personal resources, and available funds from other sources. The Foundation expects a student who has to borrow to use every means possible—scholarships, summertime employment, school jobs, etc.—to keep the amount a student must borrow to a minimum. A loan from this fund cannot be consolidated with any other loan program.

Pifer and Schell Loan

Pifer and Schell Loans are college-based, short-term loans made to students in emergency situations. Based on fund availability, the loan is approved after the student’s request is reviewed by the Financial Aid Special Circumstance Committee.

Private Loans

Private loan programs are designed to bridge the funding gap when savings, grants, federal loans, and other resources are not enough or simply not available. Students have the option to borrow private loans directly from a lender. There are many options available to you. It is important to note that all loans are not equal. Pay special attention to interest rates, fees, credit scoring and co-signing. An online lender comparison list is provided to assist you in reviewing your loan options.  Please contact the Office of Financial Aid if you choose not to utilize a lender from the list so that we are made aware of your loan application.

Before you look at private loans, make sure that you have exhausted all possibilities for federal and state financial aid programs. Exploring your options now may save you time and money in the future. If you have specific questions or concerns regarding private loans, we suggest you contact the lender directly.

New Federal Regulations as of February 14, 2010 require students to complete a Private Education Loan Self-Certification Form in addition to a loan application. Students are required to return this form to their lenders prior to disbursement of the loan. In order to complete this form you will need to know your Cost of Attendance and Estimated Financial Assistance. You can find this information in your Self-Service Banner account under the Financial Aid tab, on the Financial Aid Status screen.  


Employment

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Federal College Work-Study

This program is funded jointly by the University and the federal government and provides part-time employment to students who demonstrate financial need. Selection of the recipients and determination of the amount each student may earn during the academic year is made by the Financial Aid Office. Students may work up to 20 hours per week during the Autumn, Winter and Spring terms and up to 40 hours per week during vacation periods. Students are paid once a month by check for actual hours worked.

Job openings are posted on-line in the financial aid section of the Otterbein website. Students should apply for jobs soon after the beginning of classes. Employment is available in such departments and offices as the bookstore, library, maintenance department, physical education center, residence halls, faculty and administrative offices, and community service sites.

Non-Federal College Work-Study

This program is funded entirely by the College and provides part-time employment primarily to students who do not demonstrate financial need. A limited number of jobs is available during both the academic year and the summer on a first-come, first-served basis. Students employed under this program must be enrolled as full-time in the undergraduate program (12 or more credit hours per term) and may not have previously received bachelor’s degrees.


Additional Financial Aid Sources

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Ohio National Guard Scholarship

Ohio National Guard Scholarships are available to eligible students who enlist in the Ohio Air or Army National Guard for a period of six years. The scholarship is renewed annually providing the recipient maintains fulltime enrollment and satisfactory academic progress. Information may be obtained by contacting the Ohio National Guard, Adjutant General’s Department, 2825 West Granville Road, Columbus, OH 43234-2712.

Vocational Rehabilitation Benefits

Benefits are available to eligible students who have disabilities that are considered a handicap to employment. Specific information may be obtained by contacting the local State Bureau of Vocational Rehabilitation Office. Recipients must notify the Financial Aid Office annually regarding their eligibility.

Ohio War Orphans Scholarships

Ohio War Orphans Scholarships are available to eligible children of disabled or deceased war veterans and children of persons declared prisoners of war or missing in action in Southeast Asia. The scholarship is renewed annually providing the recipient maintains satisfactory academic progress. Specific information may be obtained by contacting the Ohio Board of Regents—(614) 466-7420 or (888) 833-1133, or by visiting www.regents.state.oh.us.

Veterans Benefits

Benefits are available to eligible veterans of the Armed Forces and eligible spouses, widows, widowers and children of veterans who died or are permanently and totally disabled as a result of service in the Armed Forces. Contact your veteran’s administration center for additional details.

Employee Benefits

Many corporations and small companies offer financial aid benefits to employees or their children. Often these sources are overlooked by students and their families. For more information contact the personnel office or supervisor of your employer.

Otterbein I Know I Can Grant

Students who attend high schools in the Columbus Public School System may be eligible to receive a grant. Contact the I Know I Can Program, Columbus Public Schools, Columbus, OH 43215— (614) 469-7044.

The Tuition Exchange Inc. Scholarships

Full tuition scholarships may be available to eligible students whose parents work for a college or university that is in good standing with The Tuition Exchange, Inc. For more information, contact the TE Liaison Officer at your parent’s school or visit the following web site: www.tuitionexchange.org.

Conditions of Financial Assistance

The Financial Aid Office has the right to adjust or void an offer of aid at any time it is found necessary. Such adjustments may result in the student owing a repayment. This action may be the result of a change in student status, determination that an award was made based on false or outdated information, the availability of federal, state, or institutional funding, the late completion of application materials, conflicting information, or an unintentional processing error on the part of Financial Aid Office systems or staff. Additional documents may be requested from the student or family.

Students are required to attend class and adhere to the appropriate federal, state and University regulations. If a student wishes to leave Otterbein, he or she must initiate the formal withdrawal process through the Registrar’s Office.

The Financial Aid Office uses a student’s Otterbein-assigned email address as a primary method of communication.

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