Q:What is the difference in Subsidized & Unsubsidized Stafford Loans?
A: Subsidized Stafford loans will not be charged interest while you are enrolled
in school at least half time, during a grace period, or during authorized
periods of deferent. Interest will begin to accumulate (accrue) when you
enter repayment. Repayment usually begins within 6 months after you
graduate, leave school or do not enroll at least half time (6 semester credits).
This type of loan is need-based.
Unsubsidized Stafford loans accrue interest from the day the loan is
disbursed until it is paid in full, including in-school, grace, and deferment
periods. You may chose to pay the interest during these periods or it can be
capitalized – that is, the interest will be added to the principal amount of your
loan and additional interest will be based on the higher amount. This type of
loan is not need-based.
Q:My grade level is going to increase after fall. Will I be eligible for
more financial aid?
A: The maximum amount of a student’s Stafford loan is based on grade level.
Following are the amounts based on grade levels for undergraduate
dependent students:
If your grade level changes after the fall semester, you may contact the
Financial Aid office regarding increasing your Stafford loan.
Q:Why wasn’t my Stafford student loan check written for the full,
applied amount?
A: Remember, some lenders charge a 2% origination fee and some guarantors charge a 1% default fee to be deducted from the loan amount
before it is disbursed. Please check with your lender to see if fees apply to your loan.
Q:What are the interest rates for federal loans?
A:
*Stafford loans will never exceed 8.25%, and Parent Plus loans will never exceed 9%.
Q:Who must complete a Federal Loan Entrance Interview?
A: All new ORU students, both undergraduate and graduate, who are applying
for a Stafford Subsidized and/or Unsubsidized Student Loan are required by the U.S. Department of Education to complete the Federal Loan Entrance
Interview. This process can be completed by going to the FORMS area at
finaid.oru.edu.
Q:When do I sign the Perkins loan?
A: If a student has been awarded a Perkins Loan, they must sign a promissory
note, a Rights and Responsibility document. These are all available online in the FORMS area at finaid.oru.edu.
Q:How do I apply for an Alternative Loan?
A: The easiest way to apply for an Alternative loan is online. You usually
receive approval results within 5 minutes, and can even electronically sign
some applications. Click here for our Alternative Loan page.
Q:How do I apply for the Plus loan?
A: The fastest and easiest way to apply for the Plus loan is by going to
our Plus loan page where you can get instructions to complete your
application and even electronically sign the promissory note.
Q: Can I fax my Stafford Master Promissory Note or Plus loan
application?
A: No. These documents must have original signatures. If you prefer paper
mail to your lender's servicer these applications you will need to mail them to the Financial Aid Office.
We recommend you complete these documents online by applying and
electronically signing them. You can do this from our Stafford loan page.
Q:If I decline the loans now, can I get them back if I change my mind?
A: Stafford loans are available at any time throughout the semester. However, Perkins loans are limited in funds and may not be available at a later date.
Q:What if I get a scholarship after I have already applied for my loans?
A:Contact the Financial Aid Office by phone (918-495-6510) or by email: finaid@oru.edu if you would like to reduce or cancel a loan
Q:If you are a graduating senior that has less than 12 hours remaining to graduate, here is how your financial aid eligibility will be affected:
A:
Part-Time because Graduating |
Enrollment |
Aid Program |
Eligibility |
1-5 hours |
Institutional Aid |
Yes (Will be Pro-rated) |
Perkins Loan |
No |
SEOG |
No |
Pell Grant |
Yes (Will be Pro-rated) |
Stafford Loans |
No |
Parent Plus Loan |
No |
6-11 hours |
Institutional Aid |
Yes (Will be Pro-rated) |
Perkins Loan |
Yes |
SEOG |
Yes |
Pell Grant |
Yes (Will be Pro-rated) |
Stafford Loans |
Yes (May be Pro-rated) |
Parent Plus Loan |
Yes |
