Financial Aid FAQ (Frequently Asked Questions)
Click a question below to see a response.
How do I apply?
- Application
is free, but processing time could take three months and additional
paperwork may be required.
- New students
or students who have not attended OC in over a year should complete
an admissions application for the Admission's Office and provide
official copies of the appropriate academic transcripts.
- A Free
Application for Federal Student Aid (FAFSA) or the renewal FAFSA
is also needed for federal and state aid. Forms are available
from high school counselors, Student Financial Services or from www.fafsa.ed.gov.
What is OC's FICE/INSTITUTION Code?
003596
Where is Financial Aid located?
201 West University Odessa, Texas 79764
Second floor of the Student Union Building, Room 203
When is Financial Aid open?
Fall & Spring
8 am — 5:30 pm Monday - Thursday
8 am — 1:00 pm Friday
Summer
7:30 am — 5:30 pm Monday - Thursday
Closed Friday
Should I apply for financial aid?
Everyone should apply for financial aid. There are no set income
limits, so do not assume that you are to poor or too wealthy to qualify
for some type of aid. See "Applying for Financial Aid" for
eligibility requirements and application procedures.
Am I eligible for Financial Aid?
To be eligible you must:
- be
a U. S. citizen or legal permanent resident able to present
proper documentation.
- have
a high school diploma or GED to qualify for federal assistance.
- maintain
satisfactory academic progress, usually half-time enrollment
is required.
- not
be in default on a loan or grant.
- register
for selective service, if male
- sign
an anti-drug statement.
- show
financial need. Income standards vary among aid programs and
a student may be eligible for some and ineligible for others.
Parent income will be considered unless the student meets one
of the following criteria:
- Born before January 1, 1986.
- is a veteran of the U.S. Armed Forces
- is
a graduate or professional student
- is
married by the application date
- was
a ward of the court or both parents are deceased and the
student has no legal guardian
- has
legal dependents who receive more than half their support
from the student
- has
documented exceptional circumstances
- is currently serving on active duty in the U.S. Armed Forces for purposes other than training
- Since the age of 13 both of your parents were deceased, you were in foster care, or you were a dependent or ward of the court.
- You are or were determined an emancipated minor by a court in your state of legal residence.
- You are or were in legal guardianship as determined by a court in your state of legal residence.
- On or after July 1, 2008, your high school or school district homeless liaison determined that you were an unaccompanied youth who was homeless.
- On or after July 1, 2008, a director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determined that you were an unaccompanied youth who was homeless.
- On or after July 1, 2008, the director of a runaway or homeless youth basic center or transitional living program determined that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless.
How does the application process work?
First, your FAFSA is sent to the US Department of Education's
processor who does a needs analysis for a Pell Grant. Then, the results
are sent to you and the college(s) of your choice. Additional documentation
is required for a complete file. The college uses the results to create
a financial aid package for you.
Is
one FAFSA enough for all of the schools I am considering?
Only one FAFSA is needed and you can have the results sent to ten
colleges to determine your eligibility for financial aid.
What is needed to complete the FAFSA?
You will need tax returns or estimates of tax information. Parents'
tax information must also be reported unless the student meets the criteria to be independent. Click here for the application
By completing FAFSA, am I applying for all types of aid?
By completing FAFSA, you are applying for standard federal and state
aid, including grants, loans, work-study and scholarships. Loans and
scholarships may require additional applications.
Do I have to reapply every year?
You need to reapply yearly between January 1st and June 1st.
When are the Disbursement Dates for the awards?
Grant and scholarship balance checks will be issued 14 days after the first class day or 14 days after the award date, whichever is later. Stafford loan checks will be released in two disbursements each semester; the first class day and at the 50% point of the semester, or about two weeks after awarded, whichever is later. Checks for first-year, first-time borrowers or students who have changed their major will be delayed for 30 days after classes start.
A student must be enrolled in classes before financial aid funds will be released.
Financial aid is intended to help with school related expenses such as tuition, fees, room and board and instructional material. Financial aid may not cover all of the costs incurred and the student is responsible for paying the difference as well as other personal, non-school related expenses.
ANY OTHER TIPS??
- Applications are processed year around but for the best awards possible,
apply between January 1 and March 1 for the next year. (Please see the timeline below.)
- Make sure that
everything on the application is correct. Errors can delay or reduce
award amounts. Read instructions carefully and ask questions.
- File income tax
return early so it will be ready for FAFSA.
- Keep copies of
everything submitted.
- Know the satisfactory
academic progress requirements.
- Make sure the
Registrar's Office and Student Financial Services have your correct
address and major on file.
- Respond quickly
to requests for more information.
- New students should
complete admissions application and request appropriate academic transcript
| January |
Complete and return the FAFSA or renewal application either with a hard copy (paper) or on the FAFSA website for the next award year. If you are unable to complete the application online copies of the FAFSA and all forms are available in our office.
|
| February |
Submit scholarship applications for next academic year, deadline
is March 1. Contact Student Financial Services for aid applications.
|
| March |
Provide any additional information that is requested.
Submit summer aid applications.
|
| April |
Early
registration for Summer I, Summer II and Fall.
|
|
| June |
Follow up on financial aid application.
|
| August |
Stafford
loan awards released on first class day for most eligible students.
|
| November |
| Early
registration for Spring semester. |
|
