 |
 |
 |
 |
 |
Financial Aid How to Apply
The Free Application for Federal Student Aid, (known as F.A.F.S.A.), IS AVAILABLE JANUARY 1ST OF EACH YEAR. It must be filled out by anyone planning on attending Oakwood anytime during the next academic school year.
Priority filer’s deadline for the fall is February 28th of each year. This means that a student must complete the F.A.F.S.A. and turn in all requested documents by February 28th. Priority filer's deadline for the spring semester is November 15th of each year.
If you have missed the deadlines you will still be served, but you should note that the entire process could take from 6 -9 weeks.
1. Determine how much your bill is.
Be sure to know the cost of attendance. Each student’s cost differs depending on their meal plan, dormitory selection, classes and other choices. Select appropriate charges from each category. Add them up. This equals 100% of your charges.
2. Apply for a P.I.N. (Personal Identification Number). 
Both students and parents need to apply for a P.I.N., (Personal Identification Number).
This PIN is needed in order to electronically sign the F.A.F.S.A. Keep this information in a safe place because you will use it every January when you fill out the F.A.F.S.A. You may apply for, check the status of, request a duplicate, change, delete, reestablish, update your personal information or activate your PIN.
To simplify filling out the F.A.F.S.A., gather the required documents and other information.
Fill out a worksheet that you will use to determine what information to submit on line. This worksheet is not to be mailed in. It is an organizational tool.
Just go to box #1 to, “Download a FAFSA on the web worksheet”.
Use Oakwood University's School code to send the information to us at the end of the application process. The Federal School code at Oakwood University is 001033.
Fill out the F.A.F.S.A. and Sign it OR renew the F.A.F.S.A. if your information is the same as last year. (This can be done even if your parents have not filled out their taxes for the new tax year.)
Just go to box #2 and, “Fill out your FAFSA”. Once completed and signed with your P.I.N. and your parent's P.I.N. both the Office of Financial Aid and the student will receive a report within 3 weeks. The student's copy is called a Student Aid Report.
Apply for Loans if you do not have enough money to cover the cost of attending School.
The F.A.F.S.A. is only an application to receive Federal Aid. The Grant portion of Federal Aid is not enough to cover the cost of attendance; therefore, a student MUST apply for loans if they do not have enough out of pocket money to cover the cost of attending school. Graduate Students are not eligible for grants.
| UNDERGRADUATE LOANS: |
1. Federal Stafford Loan:
|
2. Additional Stafford Loan:
NOTE: Half of each loan is received in the Fall and the other half in the Spring. A student is ONLY entitled to the semester's disbursement in which he or she is enrolled in School for at least 6hrs. |
3. Parent PLUS Loan For the Student.
|
4. Private Loan
|
| GRADUATE LOANS: |
1. Federal Stafford Loan:
|
2. Additional Stafford Loan:
|
3. Graduate Private Loan:
|
Using the IRS Data Retrieval System for the FAFSA
1. Go to www.fafsa.ed.gov
2. The student needs to login using their FAFSA pin #
3. If you need to transfer your tax information go to the “Student Financial” tab. If your parent needs to transfer their tax information, they will go to the “Parent Financial Tab”.
4. Make sure the boxes listing the various types of filing status are NOT checked. (The box asking if you recently filed your taxes is for those who have filed within the last month. If you filed over two months prior to completing the FAFSA do not check this box.) Select the box that says “None of the Above”. This will allow you to go to the IRS Link. For your parent it will open up a box for them to put their P.I.N. number. Next click on the icon for “IRS Link”. You will get a message telling you that you are leaving the FAFSA website and being transferred to the IRS Website.
5. Once you are on the IRS Website you will be asked for the exact information recorded on the Tax Return which was submitted. You will need to know the filing status (Single, Married filing Jointly, Head of Household, etc.) and the EXACT address as it was listed on your tax return. Be sure to either spell out words or abbreviate as it is listed on your return (e.g. RD or Road). If the information is not exact, the system will not allow you to transfer.
6. If the information is entered correctly, you will be prompted with the choice to transfer the data to your FAFSA or not to transfer the data. Select the option to transfer the data and a page will be displayed asking if you are sure you want to transfer. Once this is done, you will be taken back to the FAFSA website. Be sure to sign the FAFSA and submit. You will be given a confirmation page showing the changes that have been made before you submit.
NOTE: If the parent income tax was recently submitted (within the past month) you cannot use the IRS Data Retrieval tool. If your/your parent’s tax return was an Amended Return, you cannot use the IRS Data Retrieval Tool.
If you have not received your Student Aid Report within 3 weeks contact the Department of Education at 1-800-433-3243.
If you have received your Student Aid Report keep it for your records. READ THE MESSAGES ON THE FIRST PAGE to determine if you are selected for "Verification." (Verification means that you are required to turn in copies of certain tax documents and other documents that you may obtain from our web site.) If you are selected for verification contact our office in order to determine which documents are needed. Do not send your documents to our office until you have received an acceptance letter from the Admissions Office. Our number is 1-800-824-5321 or (256)726-7210.
If you are not selected for Verification, then you can expect to be awarded within several weeks.
Check your account by clicking the “MyOakwood” . Proceed to login and check the status of accepted financial aid.
If you are a new student and do not have a user name or password, contact the Admissions office at 1-800-824-5312 or (256) 726-7356
Pay 100% or at least a minimum of 70% of your costs.
70% Automatic Clearance may be used by filling out a “Clear Me” Authorization form with the Office of Student Accounts.
In the event a student does not return to the University after BOTH financial clearing AND registering for classes they should contact the Office of Student Accounts and the Registrar's Office. This is called a “No Show.” (A “No Show” is different than withdrawing. Students cannot withdraw from the University unless they have attended classes first.)
 |
 |
 |
