The Free Application for Federal Student Aid, (known as F.A.F.S.A.), IS AVAILABLE JANUARY 1ST OF EACH YEAR. It should be filled out by anyone planning on attending Oakwood anytime during the next academic school year and wanting to be aware of all financing options – grants, scholarships, loans, and on-campus work.
Our priority filer’s deadline for the fall is March 1st (if 3/1 lands on a weekend then the Monday after) of each year. This means that a student must complete the F.A.F.S.A. and turn in all requested documents by March 1. 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 depending upon the time of application and the number of documents required.
Fill out the F.A.F.S.A.
You may obtain help completing the FAFSA by calling 800-433-3243 and/or using the following forms:
FAFSA on the Web Worksheet:
English 1415 Spanish 1415 English 1314 Spanish 1314
Completing the FAFSA (68 pages)
English 13-14 Spanish 1314
Applying online is generally faster and easier for three reasons: FAFSA on the Web has built-in help to guide you through the application process; skip logic in FAFSA on the Web guides you to answer key questions and may allow you to skip other questions and complete the application faster; the schools you list on your application will receive your processed information faster.
Go to www.fafsa.ed.gov to complete, sign, or renew your 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.) Apply to Oakwood using 001033 as the Federal School Code.
Once completed and signed using your (and your parent’s P.I.Ns), a copy will be sent to both Oakwood and the student within 3 weeks. The student's copy is called a Student Aid Report (SAR) and the copy that is sent to Oakwood University is the Institutional Student Aid Report (ISAR).
Applying is easier with the IRS Data Retrieval Tool!
Beginning in early February 2014, students and parents who have completed their 2013 IRS tax return may be able to use FAFSA on the Web to electronically view their tax information. With just a few simple steps, the tax information can also be securely transferred into FAFSA on the Web.
Ideally, you should complete a FAFSA after you’ve done your tax return, but don’t wait until April. Many schools award aid on a first-come, first-served basis. Also, you may not be eligible for state aid if you wait until April to submit your FAFSA. Many state aid deadlines are early in the calendar year (calendar year 2014 for the 2014-15 award year). You can find your state’s deadline by going to the Deadlines page at www.fafsa.gov.
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 by the US Department of Education 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 or review missing items at “MyOakwood” 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. The Department of Education selects about 30% of all applicants for the Verification process. Applicants are selected at random or because of major data changes or because they do not fit a certain IRS profile. The most common mistake is submitting taxes withheld rather than taxes paid when asked about taxes paid.
If you are not selected for Verification, then you can expect to be awarded within a short time after you apply but no sooner than March 1.
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.
State Financial Aid
To find out about state financial aid for college, try www.ed.gov/sgt to find your state agency's website.
Talking point: Often, students and parents comment that they don't qualify for federal aid or they qualify for too small an amount. State aid could help fill in some of the gaps.
One of the most frequent questions we hear from students at college fairs or financial aid information events is, "How do I get free money to help me pay for college?" While the FAFSA is an application for certain free money (grants and scholarships), not all students will qualify. That's why we've provided information to help them find and apply for scholarships at StudentAid.gov/scholarships . There are additional scholarship searches listed on our Helpful Resources page.
Department of Labor Scholarship Search Tool(Result Type: General) Description: Students can use the U.S. Department of Labor's free scholarship search tool to find scholarships along with information on how to apply. Type: Other Related:Scholarships for Military Families(Result Type: PDF)
Avoiding Financial Aid Scams
Financial aid scams are less prevalent now than they were 10 or 15 years ago, but you'll still want to keep your eyes open as you look for financial aid for college. There are scholarship tips at this link StudentAid.gov/scams .
Don't Get Scammed on Your Way to College(Result Type: PDF) Description: Fact sheet with tips on avoiding scams when looking for financial aid for college. Related:Student Loans: Avoiding Deceptive Offers(Result Type: PDF)
Apply for Loans if you do not have enough money to cover the cost of attending School. All borrowers must complete an Master Promissory Note (MPN) and Entrance Counseling (EC) at www.studentloans.gov prior to borrowing and must complete an Exit Interview (at the same site) when withdrawing, dropping to less than half time, transferring or graduating.
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.
1. Federal Direct Subsidized Loan:
2. Federal Direct Unsubsidized 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
Are your grants, scholarships and Federal Stafford Loans not enough to cover the total cost of your education? If so, a private loan after a Direct loan can help! Be sure to avoid deceptive offers: Student Loans: Avoiding Deceptive Offers(Result Type: PDF)
1. Federal Direct Unsubsidized Loan:
1. Determine how much to pay.
Be sure to know your actual charges which are part of the cost of attendance which has estimates of the approaching years charges. 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. You may use the actual charges from our Tuition and Fees page as appropriate.
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 and by following instructions on the Office of Student Accounts Financial Clearance page.