COSTS AND FINANCIAL AID

2005 - 2006 College of the Ozarks Catalog

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College of the Ozarks is dedicated to providing a superior education to qualified students who have financial need. Lack of funds should not keep students from attending college. The college will provide a way to meet the cost of education for every deserving student.

The cost to College of the Ozarks for providing an educational opportunity is approximately $14,900 per year for each student. Most colleges and universities attempt to pass along a portion of this cost as tuition; this is not the case at College of the Ozarks. The college guarantees to meet all of this cost for each full-time student by using earnings from its endowment, operating its own mandatory student work program, accepting student aid grants, gifts, and other sources. In effect, each full-time student’s Cost of Education is met 100% by participating in the work program and a combination of private, institutional and federal/state student aid.

Cost of Education Summary*

*Updated costs will be published in the College of the Ozarks Student Guide as available.

Student’s Costs

The student is responsible for room, board, fees, and personal expenses.

INCIDENTAL/HEALTH FEE

This fee is charged for ID cards which admit students to cultural and athletic activities, and provides a subscription to the campus newspaper, yearbook, some hospital services, student accident insurance and student senate activities.

OTHER COSTS

Internet access (in dorm), vehicle registration, textbooks, laboratory manuals and workbooks may be purchased by students at the college bookstore. Students may sell most books back to the bookstore at the close of the term. Each semester $300 to $400 should be allowed for the purchase of textbooks and supplies. A Graduation fee of $50 is charged to cover a portion of the costs associated with graduation ceremonies.

COMMUTING STUDENTS

Although primarily a residential college, College of the Ozarks admits a limited number of commuters as a service to the community and region. All commuting students pay a $140 Incidental/Health Fee each semester.

Part-time commuters (11 hours or less) pay $295 per credit hour towards the Cost of Education charge with the remaining costs met by various grants and the institutional scholarship.

All financial obligations owed the College must be cleared before the student can register for subsequent classes or receive a diploma or transcript.

Scholarships, Grants and Loans

College of the Ozarks is committed to providing an educational opportunity for the student who has the ability to do college work, but does not have adequate financial resources. In order to determine need, all students are required to file a Free Application for Federal Student Aid (FAFSA) every year. The application for returning students must be on file in the Financial Aid Office by March 1st each year. Students who do not file the FAFSA by the announced deadline will not be permitted to register for the following semester. Students who do not register for classes must re-apply for admission.

Title IV Awards

THE PELL GRANT PROGRAM

This program is a federal aid program designated to provide financial assistance to those who need it to attend post-secondary institutions. Recipients are determined by the Department of Education’s evaluation of the student’s application for federal student aid. The amount of the Pell Grant is based on both the student's and his/her family's financial resources and the cost of attendance at the student’s chosen school. The Pell Grant is credited to the student’s Cost of Education charges.

CAMPUS WORK STUDY PROGRAM

All full-time students (enrolled in 12 academic hours or more) at College of the Ozarks must participate in the college work study program. All full-time students work as a minimum contribution to their Cost of Education. An allotment of federal college work study funds (CWSP) is used each year for students who show the greatest need. Federal CWSP funds are used as a supplement to the College of the Ozarks' work study funds. College work study wages are determined by the federal minimum wage. Student work stations and other facets of the work program are detailed in the Student Handbook and the work program section of this catalog.

SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (SEOG):

SEOG are federal funds available to undergraduate students with exceptional financial need. The maximum SEOG award at the College of the Ozarks is $1,000. A student applies for the SEOG when the student files the FAFSA. The SEOG is credited to the student’s Cost of Education charges.

MISSOURI STATE GRANT

Grants are available to full-time students who are Missouri residents. Students apply for the Gallagher Grant and College Guarantee when they file the FAFSA. The College Guarantee and Gallagher G rant is credited to the Cost of Education.

Responsibilities of Financial Aid Recipients

ACADEMIC STANDARDS FOR FEDERAL AND STATE AID

Satisfactory academic progress: Students receiving federal or state financial aid must meet the grade point average requirements outlined under “grade probation” in the Academic Program section of the college catalog. Students placed on grade probation are also placed on financial aid probation. Continued probation will be considered for students if satisfactory progress toward raising the cumulative GPA is being made.

Appeals of suspension or dismissal must be addressed to the Dean of the College. If the appeal is approved, additional financial aid eligibility will also be granted. If the appeal is denied, the student will not be eligible to receive financial aid until the cumulative GPA requirement has been met or until an appeal has been approved.

Students who have been suspended and subsequently re-apply for admission must meet cumulative GPA requirements in order to receive federal or state financial aid.

SATISFACTORY CREDIT HOUR COMPLETION

All students receiving federal or state financial aid must complete a minimum number of credit hours each academic year. This requirement will be checked each May, and students will be notified of any deficiencies. Course incompletes must be removed by August 1 each year to count toward hours completed for the previous year. Courses may be repeated for hours credit for this requirement only if they were failed the first time. Repeating a course to improve a grade will not count as additional credit completed.

FULL-TIME/PART-TIME STATUS

The number of hours for which a student is enrolled at the end of the add/drop period of a semester (first five class days of the semester) determines his/her status as a full-time or part-time student. Changes in status must be approved in advance by the Dean of Admissions. Full-time students must complete a minimum of 21 hours per year, three-quarter time students must complete 15 hours per year, half­time students must complete 10 credit hours per year to be considered making satisfactory academic progress for federal and state financial aid.

Qualified, degree-seeking students may receive federal or state financial aid for a maximum of 180 credit hours or until they have met the requirements for their degree program, whichever comes first.

Transfer students admitted on financial aid probation must meet the same semester and cumulative GPA requirements as returning students who have been placed on probation. Continued probation will be considered for transfer students if satisfactory progress toward raising the cumulative GPA is being made.

Scholarships

COST OF EDUCATION SCHOLARSHIP

The College awards the Cost of Education Scholarship to every student after all grants and work requirements are applied. This serves to meet each student’s cost of education 100% for all full-time students.

ROOM AND BOARD SCHOLARSHIPS

Room and Board Scholarships are awarded to qualified students who enroll in the on-campus summer work program. Students work twelve 40-hour work weeks. The value of the scholarship is $5,207, and is credited to room and board charges for the following year. Summer room and board charges of $1,407 for students participating in the summer work program are covered by this scholarship. Students participating in the summer work program earn approximately $10 per hour. Applications for the summer term are made available in the Student Work Office during the Spring semester each year for students who are currently enrolled. Students accepted for the Fall term should contact the Admissions Office for application procedures. Students who do not choose to enroll in the summer program may elect to retain a campus room at a weekly rate and work at an off-campus job in the Ozark Mountain Country tourist industry. (The rental program is not available for incoming students.)

C OF O BOOK SCHOLARSHIPS

C of O Book Scholarships are awarded to full-time students with exceptional financial need. Students must apply for the scholarship each year. A bookstore credit of $150 per semester is allowed for qualifying recipients. Applications are available on the college website for returning students and should be submitted by March 15. Applications are available from the Admissions Office for new students (open application deadline).

HYER SCHOLARSHIPS

Established under the will of the late L.W. Hyer, these scholarships are presented to over 100 superior students each year. For each semester, each Hyer recipient will receive $200 for purchase of books and supplies or other general expenses. It will be paid by a $100 bookstore credit and a $100 cash credit. The cash credit will be paid by check directly to the student if all cash charges have been cleared. If charges still remain, the $100 cash credit will be applied to the student’s account for charges owed. Applications are available in the Financial Aid Office and must be resubmitted each semester. Applications should be submitted by March 15 for fall or November 15 for spring.

MCKIBBEN SCHOLARSHIP FOR LEADERS

Established by the generosity of Dr. Joe T. McKibben, these scholarships (up to 36 students) are the College’s most noteworthy. McKibben Scholarships are available to outstanding freshmen (based on ACT scores, high school grades, activities and financial need), for Cost of Education and Room and Board. These scholarships are awarded after admission to the College and are renewable based on academic success and leadership performance. The Dean of Admissions determines these awards.

ATHLETIC SCHOLARSHIPS

Forty-eight athletic scholarships are available each year. The Athletic Director determines these awards.

COLLEGE OF THE OZARKS PATRIOTIC SCHOLARSHIP

Refer to the Military Science section of the catalog.

FOREIGN STUDY SCHOLARSHIPS

Foreign Study Scholarships may be available for students interested in studying abroad at an accredited institution. Students must have sophomore or junior standing and plan to return to the College for at least one semester after their foreign study experience. These are only partial scholarships and students are expected to fund part of their experience themselves. Applications are accepted during the Fall semester and awards are announced in December. Selection is on a competitive basis by a faculty committee. Contact the Office of the Dean of the College for information. Deadline for application is November 14.

OZARKS FELLOWSHIP

Outstanding graduating seniors with a minimum GPA of 3.2 planning to attend graduate or professional school may apply to the Dean of the College for the honor of being designated an Ozarks Fellow. Recipients of this fellowship receive a stipend to aid them financially during their first year of graduate study (non-renewable). Applications should be sent to the Dean no later than April 1 and include a 500-word essay detailing the student's graduate plans and financial needs, two academic letters of recommendation and one letter of personal reference and evidence of acceptance to graduate or professional school. Scholarship recipients are announced at the May graduation ceremony.

OTHER SCHOLARSHIPS

Several funds have been made available by individuals and trust funds to support a special Awards Convocation in the spring of each year. Students for these scholarships are chosen by faculty and staff based on citizenship, grades, work performance, leadership and Christian growth.

Please refer to http://www.cofo.edu for a current listing of scholaships, applications and scholarship searches.

EDUCATIONAL LOANS

College of the Ozarks discourages student borrowing, and therefore does not participate in the Federal Stafford or Federal PLUS loan programs. However, if necessary, students may apply for a private, credit-based educational loan. Eligibility for this loan is based on the credit standing of the applicant, with a minimum credit history of two years usually required. Therefore, most student borrowers need a cosigner. A credit bureau report will be obtained by the lender for the student and cosigner. (It may be possible for a student to borrow on his/her own signature and credit history without a cosigner, but the provisions of the loan will vary.) Students must be enrolled at least half-time (6 hours), and the minimum loan is $500. Contact the Financial Aid Office for more information.

GEORGE A. ARMSTRONG AND DOROTHY E. ARMSTRONG TRUST LOAN FUND

Make an appointment with the Financial Aid Director for an application. The George A. and Dorothy E. Armstrong Memorial Medical Trust Loan Fund has been established for graduates who have completed a program in Pre-Medicine, Pre-Nursing, Medical Technology, or Pre-Engineering from College of the Ozarks. Interest Rate: The loan will bear interest at a rate of two percent over the prime rate, adjusted annually. Payments: Monthly payments will begin one year after graduation from medical school over a ten-year period. The loan will be due immediately if the graduate fails to become licensed as a physician or fails to fulfill the practice requirements listed in the requirements.

Requirements:

• Loan funds must be secured by a life insurance policy on the graduate’s life while the loan is in repayment. The cost of the policy will be added to the principal of the loan and will bear interest at the same rate.
• Must have one or more co-borrowers who are found to be credit­worthy. The financial condition of the guarantors will be reviewed annually.
• Complete a Pre-Medicine, Pre-Nursing, Medical Technology, or Pre-Engineering program from College of the Ozarks.
• Must be accepted by an accredited AMA medical school located in the Midwest.
• Must have resided in one of the following Missouri counties for at least five years prior to applying for a loan:
  

  McDonald	Newton	Jasper	Cedar	Dade	Lawrence
  Barry	Stone	Polk	Hickory	Dallas	Taney
  Webster	Christian	Laclede	Wright	Douglas	Ozark
  Howell	Texas	Pulaski	Dent	Shannon	Oregon
  Ripley	Carter	Reynolds

• Must agree to practice medicine (Pre-Medicine, Pre-Nursing, Medical Technology program) or work (Pre-Engineering) in one of the counties listed above, in a community of not more than 15,000 residents and not within 25 miles of Springfield, Carthage, Joplin, or Webb City, Missouri. If the practice requirement is not met, the loan will become due immediately and there will be imposed a penalty equal to 10 percent of the outstanding principle of the loan.
• Be a U.S. citizen.
• Must have financial need.
• Satisfactory GPA, school record, and general character.
• Not be a full-time employee of the College or a member of the family of a full-time employee of the College.

Refund Policy

Refunds will be authorized by an official withdrawal notice from the Registrar’s Office. The official drop date is the date recorded on official records in the Registrar's Office. Withdrawal from the College occurs when a student officially discontinues enrollment in all classes or activities of the College.

Students who officially withdraw before classes begin will receive a refund of 100% for Cost of Education (applies only to cash payments made by part time students), Incidental/Health Fee, Room, and Board charges. The security deposit, designed to reimburse the College for damages to a dormitory room or furnishings, is refundable, less any assessment for damages or other monies owed, at the end of the semester in which the student leaves the dormitory. However, should a dormitory student withdraw during the semester, the security deposit is not refundable.

Students who officially withdraw after classes begin will receive refunds for Cost of Education, Room, and Board charges as indicated below.

• Cost of Education (applies only to cash payments made by part time students) and Room charges: Refunds will be pro-rated based on the day of withdrawal, up to the WP/WF deadline of each semester. After the WP/WF deadline, no refund of Cost of Education or Room Charges will be made.
• Board charges and Internet Access Fee: Refunds will be made on a pro-rated calculation based on the day of withdrawal, throughout the semester.
• Incidental/Health Fee: No refund will be made for official withdrawal on or after the first day of scheduled classes.

Refund distribution will be made in the following order: Federal Pell Grant, Federal SEOG Grant, state aid, private and institutional aid, then the student. If a payment was made by scholarship from an outside organization, any refund due will be made to the awarding organization. If a payment was made by a private educational loan, any refund due will be made to the lending institution. If a payment was made to the College in cash by the student, any refund due will be made to the student. If the payment was made by a scholarship from College of the Ozarks, the scholarship will be cancelled. All financial obligations to the College must be cleared before the student can register for future classes, or receive a diploma or transcript. Examples of the application of this policy are available upon request from the Financial Aid Office.

Change of Status Refund Policy

Full-time students who drop to part-time status after the fifth (5th) day of the semester are liable for the full 280 hours of student labor (which may either be worked or paid in cash at the discretion of the Dean of Work). Any change in status must be approved by the Dean of Admissions in advance of such change.

Duplicate Scholarship Refund Policy

In the event that a student is awarded duplicate room and board scholarships (either full or partial) such as an athletic scholarship and a College of the Ozarks Patriotic Scholarship; or in the event that a student athlete is awarded a room and board scholarship (either full or partial) after having paid for room and board by participating in the summer work program; or for students who work on the summer work program for room and board, and withdraw from the College in a subsequent semester, the resulting credit in the student's account may be used as follows:

• to cover room and board charges, Cost of Education (if the student becomes a commuter), or Incidental/Health Fees in subsequent semesters;
• to buy books in the bookstore, or pay for services from the hospital or laundry.