Types Of Financial Aid All School Picnic

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Types of Financial Aid

College can be expensive. Don’t give up when you see the price tag. Financial aid is available to help you meet the cost of higher education. There are several types of aid available to you.

Grants

Grants are available from the federal government, the state of Oklahoma and from MACU. By submitting the FAFSA, you will be given eligibility consideration for all federal and state grants. Many grants are based on your financial need. Grants are considered gift aid and they do not need to be repaid.

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Available Grants

Grants are funds provided by federal and state sources. Grants do not have to be repaid.

Federal Pell Grant

Pell Grants are awarded by the federal government to students who are found eligible after completing the FAFSA. A Pell Grant is applied directly to your student account and does not have to be repaid. The amount is determined according to eligibility and the number of hours in which you enroll. Pell Grants are not available to students who have already completed a bachelor's degree.

Supplemental Educational Opportunity Grant (SEOG)

The SEOG is a federal grant administered by the University. The SEOG is applied directly to your student account and does not have to be repaid. Students who complete the FAFSA by April 1 and who are eligible for a Pell Grant have first priority for the SEOG. Eligibility is determined by the results of the FAFSA. The amount is subject to change based on availability of funds.

Oklahoma Tuition Aid Grant (OTAG)

OTAG is a grant awarded by the State of Oklahoma. Eligibility is determined by the results of the FAFSA and by the OTAG residency requirements. OTAG is applied directly to the student's account and does not have to be repaid. The student must complete and mail the FAFSA by March 15 or earlier to be considered for OTAG.

Oklahoma Tuition Equalization Grant (OTEG)

OTEG is a grant awarded by the State of Oklahoma. Eligibility is determined by the results of the FAFSA and by the OTEG residency requirements. OTEG is applied directly to the student's account and does not have to be repaid. The student must complete the FAFSA by March 15 for the fall semester and October 15 for the spring semester to be considered for the OTEG Program.

"OK Promise" Oklahoma Higher Learning Access Program (OHLAP)

OHLAP is a grant awarded by the State of Oklahoma and the student must be enrolled in the program throughout high school. Eligibility is determined by the results of the program enrollment and by the OHLAP agency requirements. OHLAP is applied directly to the student's account and does not have to be repaid.

Scholarships

NOTE: Scholarships are only available for Traditional (On-ground, Daytime) Students.

Scholarships are gifts you do not have to pay them back. Scholarships can be based on need or merit or both. You may receive scholarships from colleges, organizations, or foundations. Different scholarships are available for different types of students. Scholarships may be based on your grades, what you want to study in college, whether you are male or female, or your after-school activities. Check on the right side of this page for the listing of available scholarships.

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Listing of Available Scholarships

Scholarships are provided by private sources and by the University to qualifying students. Scholarships do not have to be repaid.

Freshman Scholarships

MACU Freshman Scholarship < Full tuition or $12,000

MACU Freshman Scholarships are awarded to two recipients per year. The essay deadline is April 30. For details contact The Office of Admissions at (405) 692-3281 or [email protected]. Examples of MACU Freshman-GPA:4.0/ACT 33 or GPA: 3.7/ACT 36 must maintain 3.2 cumulative GPA for annual renewal.

Achievement Freshman Scholarship < $12,000

Examples of Achievement Freshman Scholarship-GPA:4.0/33 or GPA:3.7/ACT 36
Must maintain 3.2

Evangel Freshman Scholarship < $10,000

Examples of Evangel Freshman Scholarship-GPA:4.0/ACT32 or GPA:3.5/ACT 36 must maintain 3.0 cumulative GPA for annual renewal.

Inspire Freshman Scholarship < $8,000

Examples of Inspire Freshman Scholarship-GPA:4.0/ACT 30 or GPA:3.2/ACT 36 must maintain 3.0 cumulative GPA for annual renewal.

Visionary Freshman Scholarship < $7,000

Examples of Visionary Freshman Scholarship-GPA:4.0/ACT 27 or GPA:3.0/ACT 36 must maintain 3.0 cumulative GPA for annual renewal.

Dream Freshman Scholarship < $5,000

Examples of Dream Freshman Scholarship-GPA:4.0/ACT 21 or GPA:3.0/ACT 31 must maintain 2.8 cumulative GPA for annual renewal.

Opportunity Freshman Scholarship < $3,000

Examples of Opportunity Freshman Scholarship-GPA:4.0/ACT 21 or GPA:3.0 /ACT 27 must maintain 2.8 cumulative GPA for annual renewal.

Transfer Scholarships

Transfer scholarships are eligible for those with 24 or more credit hours earned at an accredited post-secondary institution after their high school graduation date.

MACU Transfer < Full tuition

MACU Transfer Scholarships are awarded to two recipients per year. The essay deadline is June 1. For details contact The Office of Admissions at (405) 692-3281 or [email protected]. General eligibility criteria for MACU Transfer-cumulative college GPA of 3.9 or better Students must maintain 3.5 for annual renewal.

Achievement Transfer < $12,000

General eligibility criteria for MACU Scholar-cumulative college GPA of 3.9 or better and must maintain 3.5 cumulative GPA for annual renewal

Evangel Transfer < $8,000

General eligibility criteria for MACU Scholar-cumulative college GPA of 3.8 or better and must maintain 3.25 cumulative GPA for annual renewal.

Inspire Transfer < $6,000

General eligibility criteria for MACU Scholar-cumulative college GPA of 3.6 or better and must maintain 3.0 cumulative GPA for annual renewal.

Visionary Transfer < $4,000

General eligibility criteria for MACU Scholar-cumulative college GPA of 3.4 or better and must maintain 3.0 cumulative GPA for annual renewal.

Dream Transfer < $2,000

General eligibility criteria for MACU Scholar-cumulative college GPA of 3.2 or better and must maintain 3.0 cumulative GPA for annual renewal.

Opportunity Transfer < $1,000

General eligibility criteria for MACU Scholar-cumulative college GPA of 3.0 or better and must maintain 3.0 cumulative GPA for annual renewal.

Loans

Loans have to be repaid; even if you don't finish school!

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like a car loan or other loan. You cannot cancel this loan because you didn't like the education you received, quit in the middle, or didn't get a good job after school. Check on the right side of this page for the listing of available loans.

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Listing of Available Loans

Student loans are funds provided by the federal government and they must be repaid. Different types of student loans may be available, depending on the student's eligibility for each.

Federal Student Loans

Student loans, Stafford, and parent loans (PLUS) are funds provided by the federal government which must be repaid. Different types of student loans may be available, depending on your eligibility for each.

Subsidized Stafford Loan

A Subsidized Stafford Loan is a low interest loan based on financial need. Interest is paid by the federal government while you're attending school at least half-time and during the six-month grace period following graduation or a drop to less than half-time enrollment. Application for the loan is made through a separate lending institution. Prior to disbursement, some lenders may withhold origination/default fees from the original loan amount. For details on the maximum annual loan limits, contact the Student Financial Aid Office. All Subsidized Stafford loans must be repaid.

Unsubsidized Stafford Loan

Unsubsidized Federal Stafford loan is a low-interest loan that is not based on financial need. If the student is not eligible for a Subsidized Stafford Loan, as determined by the results of the FAFSA, an Unsubsidized Stafford Loan can be an alternative. Unsubsidized means that interest will accrue while the student is enrolled in school. The student can choose to pay the interest while in school or defer the interest and have it added to the principal balance. As with the subsidized loan, repayment on the principal does not begin until six months after the student has graduated, dropped below half-time status, or withdrawn from the University. Application for the loan is made through a separate lending institution. Prior to disbursement, some lenders may withhold origination/default fees from the original loan amount. For details on the maximum annual loan limits, contact the Student Financial Aid Office. All Unsubsidized Stafford loans must be repaid.

Parent Loan for Undergraduate Students (PLUS)

A PLUS is available to parents who want to help their dependent children with their cost of education. Eligibility is based on credit history as determined by federal guidelines and the lending institution. The interest rate is fixed (not to exceed 9%). The maximum loan limit is not to exceed the student federal budget less any additional assistance the student may be receiving. Prior to disbursement, the lender withholds 4% from the loan amount to cover loan origination and insurance fees. Repayment of the PLUS begins immediately after the loan is disbursed.

Perkins Loan

The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education.

Students must file a Free Application for Federal Student Aid (FAFSA) as part of the application process for a Perkins Loan. The FAFSA can be completed on the Web at http://www.fafsa.ed.gov. For more information on the student aid award process, see the Federal Pell Grant Program (# 84.063, also under topical heading Federal Student Aid).

Students also will need to complete a Perkins promissory note in order to receive a loan.

Perkins borrowers are eligible for loan cancellation for teacher service at low-income schools and under certain other circumstances specified in the law (HEA). Students may defer repayment of the loan while enrolled (at least half-time) at a postsecondary school. A borrower who has difficulty repaying a Perkins Loan should contact the school where he or she received the loan to find out if he or she is eligible for a deferment or forbearance based on economic hardship or other circumstances.

Work Study

Under the Federal Work-Study (FWS) Program, you work part-time to earn money for your education. It is available to students who demonstrate financial need.

Work-study jobs may relate to your course of study or involve community service. Often the jobs are on campus. You'll earn at least minimum wage. Check on the right side of this page for the listing of available loans

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Federal Work Study Program

The Federal Work Study Program provides students with an opportunity to work in order to help pay for their educational expenses. Eligibility is determined by the Student Aid Report. On- and off-campus employment includes clerical, library, reading tutors, maintenance, cleaning, and recreational services.

What is the difference between Federal Work Study and regular on-campus employment?
Work study is a federal program that provides funds to the school for the student's employment. A student may be employed on the campus even though he or she has not been awarded work study.

How is eligibility for Work Study determined?
First priority for federal work study is given to students who have the highest need according to the federal calculation. Because funds are limited, students who apply early will be considered first for work study funds.

Am I guaranteed a job if I have been awarded Work Study?
It is the responsibility of the student to secure a job. The Work Study award is not a guarantee of employment.

How do I find out about available on-campus jobs?
See the Student Financial Aid Office for availability and applications.