Student Orientation Information

When the financial aid award and/or cash payments exceed university charges, the student is eligible to receive a refund. The Office of Student Accounts processes refunds of the excess credit balances to students. Funds are available within three (3) days of disbursement from the federal government.  Students who borrow from the Federal Stafford Loan Program for the first time here at Oakwood University will receive refunds of the credit balances stemming from loan proceeds at least thirty (30) days after the first day of enrollment per federal guidelines. Entrance interviews must also be conducted with all students before the loans can be released.

General Policies
The room deposit will be kept in escrow until at least 30 days after leaving the dorm to allow time for inspection and assessment of any damages.   If a room deposit is requested and a student has a debit balance, the university reserves the right to apply the advance deposit to the student account.
If a Worthy Student Scholarship is revised, and a balance is created by the Worthy Student adjustment, the student is still responsible for the balance on the student account.

If any Federal funds must be to be returned to the government, then Oakwood University must return the federal funds.  As required by federal regulations, Oakwood University and the student will be required to return to the Federal Financial Aid Program, the amount of aid that was in excess of aid “earned” for the time period the student was enrolled.   If the return of the federal funds results in a debit balance, then the student is still responsible for the balance on the student’s account.

Refunds
As required by federal regulations, Oakwood university and the student will be required to return to the Federal financial aid program, the amount of aid that was in excess of aid “earned” for the time period the student was enrolled.

This policy will affect all Title IV aid recipients who fall in one of the following categories regardless of whether or not they are first time students:

• Official Withdrawal
• Drop Out
• Unapproved Leave
• Expelled
• Failure to complete the period of enrollment for which he or she is charged.

Students receiving financial aid should consult with the Financial Aid Office concerning the possible effect of awards received caused by withdrawal or change in course-load.  Any remaining balance on account must be paid at the time of withdrawal or dismissal.

Direct Deposit
Direct deposit is available to students who prefer eligible funds to be directly transferred to an individual account electronically. This process will be administered by the Office of Student Accounts, and can only be exercised after the completion of the direct deposit authorization application form.

Return of Title IV Funds Sample Calculations
*The percentage of the semester completed is the percentage of aid earned. This is calculated by the number of days attended divided by the number of days in the semester.

If a student withdrew on the twentieth day of a semester 100 days in length, the student would have only received 20 percent of the aid received (20/100 =2.0). Students who remain enrolled through at least 50 percent of the payment period (semester) are considered to have earned 100 percent of aid received and will not owe a repayment of Federal Aid received.

Funds will be returned to the appropriate Title IV programs according to the following listing beginning with student loans to reduce the debt of the student and/or parent borrower:

• Unsubsidized Federal Stafford Loans
• Subsidized Federal Stafford Loans
• Federal Plus Loans
• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Other Student Financial Assistance Programs
• Other federal, state, private, or institutional sources of aid

Students may withdraw from Oakwood University by submitting a “Withdrawal Form” to Financial Aid Office. Calculation of refunds or tuition adjustments shall be based on the date the Registrar receives the signed and completed withdrawal form.

*Examples of refund calculations are available for review in Student Accounts.

Satisfactory Academic Progress
All students applying for, or receiving Title IV Federal Assistance at Oakwood University must progress satisfactorily towards completion of a chosen academic or vocational program.

Take note of the following financial information.

• A minimum of 70 percent of tuition and fees is required of all students at the time of registration. Please check Estimated Tuition Package on the website for tuition costs and fees.
• The book voucher system has been revised.  A registered student may charge books up to $400.00 at the bookstore.  The amount charged will be put on the student’s account, and will not be available for refund. If the books total more than $400.00, the student is expected to cover the difference.
• Refunds are not available until the entire semester’s expenses are paid and there is an existing refundable credit balance.  Please note that institutional funds are not refundable in cash.  The Worthy Student Scholarship will be reduced or reversed if a student receives any additional scholarships, subsidies or grants that were previously not listed in their award.  Please note that institutional funds are not posted until after the last day to withdraw.
• All students are encouraged to send in their 70% minimum or full payment before August 6th to be pre-financially cleared. This will allow the student to proceed to their assigned residence hall upon arrival on the campus. Otherwise, the student will have to obtain financial clearance at the registration location before being allowed access to the residence hall.
• Personal checks are not accepted. Payment should be sent in the form of cashier’s checks, bank drafts, or money orders.  Please do not send cash in the mail. You may pay on line with Visa, MasterCard, or AMEX once you have received the student’s ID and password.
• When sending funds to the school, please make them payable to “Oakwood University” and include the student’s name and social security number or Student ID to insure proper credit.
• Residence hall residents must pay room deposit before moving into the residence hall.

Payment Plan
Plan I: Cash Advance
-Yearly
A 10% is given to students who pay 100% of the academic year’s tuition, fees, room, and board in cash* at registration. The discount (10% of tuition only) will be applied at the end of the semester.

-Per Semester
A 5% discount is given to students who pay 100% of the semester’s tuition, fees, room and board in cash* at registration (5% of tuition only) will be applied at the end of the semester.

Plan II: Monthly Payment Plan
Residential & off-campus students are required to pay a deposit of 70% of total costs. Students must pay in the form of cash, money order, certified check, cashiers check, traveler’s check, VISA, MASTERCARD, or AMEX.  A bill will be sent every other month to the student and/or financial sponsor.  Payments are due on the 30th of each month.

TMS/AMS
Once you have met the 70% requirement, you must join one of the monthly payment plan providers for the remaining 30%.  

For Canadian Students Only
All payments in Canadian Dollars will be matched Canadian dollar for US dollar when the official exchange rate does not fall below $.70. For example, if the exchange rate is .65, a payment of CAN $2,000 would be credited to the student’s account as US $1,900. With an exchange rate of .70 or higher, the credited amount would be $2,000. To be eligible for this matching scholarship, all payments must be in the form of cash, money orders, and certified checks in Canadian currency. Furthermore, the matching scholarships are not refundable. Students receiving these matching scholarships will not be eligible for the yearly or semester cash advance discounts.

*Cash does not include federal aid (loans, grants, work) or scholarships and subsidies.

VIEWING YOUR ACCOUNT & PAYING ONLINE (instructions)

1. Click Here
2. Enter User Name (ID #) and Password, then click on Login
3. Click Student
4. Click Student Accounts
5. **Click on My Account Balance
6. ***Click Course & Fee Statement
7. Click Generate My Course & Fee Statement
8. Click View My Course & Fee Statement (classes must be entered)

Scroll down to the Min. Amt. Due (This is the amount you need to financially clear)
If the minimum amount due is a minus (-) in front of the amount, print your form and fax it to Student Accounts at (256) 726-7133 or bring it to Student Accounts or the Student Info Booth.  WE WILL CLEAR YOU.

If you chose to pay on line, go to Make a payment.  It is not necessary to enter amounts in each category.  Pay at least the minimum amount due or greater in the box at the top (the current semester).  If you chose not to make a payment on line, mail, or bring a cashier’s check to the Student Account Office.
WE WILL CLEAR YOU.

If you have documentation that covers the minimum amount due, then fax or bring it to the Student Account Office.  WE WILL CLEAR YOU.

**’My Account Balance’ will show you the amount that you owe Oakwood University or the amount Oakwood University owes you on the grand total line.  If you click on a previous balance (amount in blue), you will see the details of all credits and charges.

***’The Course and Fee Statement’ is the estimated bill and is used for registration purposes.  Once registration is closed, go to My Account Balance.
REMEMBER:  You must be financially cleared to attend class.  You must inform the Registrar's Office and Student Accounts if you do not plan to return for the semester you entered classes.
***You must have a user ID and password to access MYOakwood.  First time students are sent that information.   Follow the instructions on-line regarding your ID and password.