Life @ Otis : Student Life

Prospective Student Process


 
Financial Aid is a very important resource for most students who wish to attend Otis. Financial assistance in the form of grants, scholarships, loans, and/or work-study will help to bridge the gap between what your own resources provide and the cost of tuition and fees. We are happy to help you with this process. Every student who is interested in receiving some form of federal, state or Otis financial assistance should apply for financial aid. Scholarships are awarded on the basis of merit and financial need. Students must apply for financial aid to determine their eligibility. The Admissions Office, in conjunction with the Financial Aid Office, sends financial aid application packets to prospective/incoming students.

 

Step 1: Get admitted to Otis. The Financial Aid Office awards students only after they have been admitted.
 
Step 2: Obtain a PIN if you do not have one, by visiting www.pin.ed.gov, from the Department of Education for yourself and a parent.  A parent is required for dependent students.
 
Step 3: Student and/or parent completes the Free Application for Federal Student Aid (FAFSA) by visiting www.fafsa.ed.gov. The federal school code is 001251. You will need this number at the end of your FAFSA. The FAFSA is free from the Department of Education. Be aware that there are websites that charge for the FAFSA. We provide the link to help students and parents.
 
Step 4:

The Department of Education will send the student a Student Aid Report (SAR).  Read the comments section carefully for any additional documentation you may need to turn in to the Financial Aid Office.

The  Financial Aid Office will also notify you if you are selected for a process called Verification, or any other documentation is needed. Depending upon the documentation needed, your awarding may be delayed if you do not turn in the necessary documentations.
 
Step 5: After the student's eligibility has been determined, he/she will receive a Financial Aid Award Letter, which outlines each award, and the amounts for which he/she is eligible. Students wanting to take out loans can visit the Otis Loan webpage for instructions. The Financial Aid Office will certify the loan amount(s) indicated on the student's Award Letter each year, unless he/she notifies the Financial Aid Office otherwise. Parents who are approved for the PLUS Loan by a lender can take out funds to cover the Cost of Attendance minus other aid.
 
Step 6: The student completes, signs and returns the Award Letter to the Otis Financial Aid Office. The Financial Aid Office cannot process a student's Financial Aid until the student has returned a signed Award Letter and completed loan procedures.
 
Step 7: Financial Aid funds will be credited to the student account after school begins. Funds in excess of tuition and fees will be refunded to the student (or the parent, in the case of a PLUS Loan) after the Add period (see Otis calendar for specific dates).  Students are highly encouraged to check their online account through the Self Service after the 3rd week of school for any missing documents and aid that have not paid.