Financial Aid

What are the approximate Income Figures for Financial Need Consideration?

The table below provides approximate income figures which may demonstrate financial need.

Please note that these are estimated figures for eligibility. These figures do not include other factors that can be counted into the equation such as investments or business net worth, cash, savings, and checking account balances.

Who is eligible for student aid?

The Department of Education uses the information provided on your FAFSA to determine the student’s eligibility for aid from the federal Student Financial Assistance (SFA) programs.  Some of the requirements to receive aid are that the student must:

• Be a citizen or eligible non-citizen of the U.S. with a valid Social Security Number,
• Have a high school diploma or GED certificate,
• Enroll in an eligible program as a regular student seeking a degree or certificate,
• Register (or have registered) for Selective Service,  if the student is male between the ages of 18-25.

When should you fill out the Free Application for Federal Student Aid (FAFSA) need analysis form?

Once your parents have completed their Federal Income Tax return, you should apply as soon as possible after January 1.  If you are a prospect,  refer to the Admission Process Time Line.  If you are a current student, you should have the FAFSA turned in by MARCH 1^st. 

How can you apply for Federal Student Aid?

Refer to “How to Apply.”

What happens if you do not submit your Federal Income Tax Returns? 

If you fail to comply with a request for federal tax returns, the college will discontinue processing your application.

Do you have to apply for student aid every year?

Yes.  Your financial situation must be reassessed every year.  Financial situations may have changed.  Failure to complete the FAFSA will encumber your enrollment at College of the Ozarks.

What determines the financial aid award?

The amount of financial aid award depends on whether the student is full-time or part-time and whether they attend school for a full academic year or less.  The awards are also based on the Department of Education’s equation for determining financial need.

What will the Federal Pell grant pay for at C of O?

The Pell Grant is disbursed each semester and is only paid toward tuition for current students. 

Who can receive a Federal Pell Grant? 

This grant is available to undergraduate students only.  It is disbursed each semester and is only paid toward tuition for current students.  Grants do not have to be repaid.  For the 2010-2011 school year, Federal Pell Grant awards ranged from $976 to $5,550 .

Who can receive a Federal Supplemental Educational Opportunity Grant? 

This grant is available to undergraduate students only.  It is disbursed each semester and is only paid toward tuition for current students.  For the 2010-2011 school year, SEOG awards are $1,000.  

Is there any special consideration if I have brothers and sisters continuing their education beyond high school?

Yes.  The expected parent contribution is adjusted for families with more than one dependent child attending post-secondary schools.

I misplaced my Student Aid Report.  How can I get another one?

To request a duplicate SAR, call the federal student aid information number:
1-800-4FED-AID.

What do I do if my parents or I do not have a copy of our taxes? 

You can call the IRS @ 877-777-4778 or requrest a tax transcript. You may also requrest online at www.IRS.gov.

Are tax returns required when students complete the FAFSA? What happens if you do not submit your Federal Income Tax Returns? 

If you fail to comply with a request for federal tax returns, the college will discontinue processing your application.

What loans are available for students?

See “Loans.”

Will my scholarship expire after each semester?

No, scholarships don’t expire until you are no longer a current student.  The balance will carry forward until all funds are spent.

Who is an eligible non-citizen?

• U.S. permanent resident and you have an Alien Registration Receipt Card (I551),
• Conditional permanent resident (I-221C),
• Other than eligible non-citizen with an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service showing any one of the following designations: Refugee, Asylum Granted, Indefinite Parole, Humanitarian Parole, or Cuban-Haitian Entrant.  If the student is in the U.S. on only an F1 or F2 student visa, or only a J1 or J2 exchange visitor visa, or a G series visa (pertaining to international organization), you must fill in oval c of the FAFSA.  If the student is neither a citizen nor eligible non-citizen, the student is not eligible for federal student aid.

 What determines full time,  ¾ time, half time and less than half time?

• Full time: 12 or more credit hours,
• ¾ time: 11-9 credit hours,
• half time: 8-6 credit hours,
• less than half time: 5-1 credit hours.

When am I considered independent?

Under the Federal definition, an independent student is one who:

• Is 24 years old,
• Is a veteran of the U.S. Armed forces,
• Is an orphan or ward of the court,
• Has legal dependents other than spouse,
• Is married,
• Is a graduate or a professional student.

What if I don’t have a social security number (ssn) or do not want to report it on the FAFSA?

You must write your ssn in question #8 of the FAFSA.  If you do not submit your ssn, the application will be returned unprocessed and you will not be considered for federal student aid.  The ssn is now used to check citizenship status.

What do I do when I am considered dependent and my parents won’t provide any information and won’t sign the FAFSA?  Can anyone else sign the form?

No one other than your parents may legally sign the FAFSA in this case. You cannot be considered for federal financial aid.  You should contact the Financial Aid Office to explore alternatives.

My parents are separated or divorced.  Which parent fills out the FAFSA?

The parent you lived with most during the last 12 months.  If you didn’t live with either parent, or if you lived with each parent for an equal number of days,  use the parent who provided most of the support to you in the most recent calendar year.  If your parent has remarried as of today, answer the questions about that parent and the person whom the parent remarried.  (The new stepparent’s information must be included, even if they were not married in the previous year.) 

The FAFSA asks about last year’s income.  My father (or mother) is now unemployed and their income is significantly less.  What do I do?

Go ahead and fill out the FAFSA using the previous year information.  However, when you receive the SAR back, you need to write a letter or make an appointment with the Financial Aid Director to explain the situation.  Professional judgment may be used to adjust data elements on the FAFSA if warranted.

How can you send your SAR to other colleges?

You can list schools in Step Six of the Free Application for Federal Student Aid.  The schools listed will receive the information electronically.

Verification

• How did I get selected for verification?  A review is required by the Department of Education on at least 30% of federal student applications to check accuracy of the data.
• Who reviews my file for verification? All forms used in verification are sent to the Financial Aid Office.  A financial aid administrator will compare information on the documents.  All information is kept confidential.
• What if a mistake is found during verification?  Our office will make corrections for you, if needed.  You will receive a new SAR, which allows you to see the changes and results, our office will also send you an award letter.