The Financial Aid Office at OLLU provides resources and options that make a quality, private education affordable.
Financial Options Available
- OLLU Payment Plans
- Education loan options (federal, state and private)
- Graduate Assistantships
- Military Benefits
- Outside scholarships:
For additional information on scholarship opportunities, visit the financial aid website at www.ollusa.edu/FinancialAid.
Applying for Financial Aid
To be considered for financial aid, the student must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Filing online will expedite the process. On the FAFSA, the student must include Our Lady of the Lake University’s federal school code number, 003598. This will assure that OLLU receives the information electronically.
The FAFSA process begins on Jan. 1. To be considered for priority awarding, the student should complete the FAFSA by May 1. The most important thing to remember is to apply early. Students must reapply for financial aid each year.
Eligibility Requirements for Financial Aid
- must be enrolled or accepted for enrollment in an eligible program of study
- must be a U.S. citizen or an eligible non-citizen
- must meet satisfactory academic process
- must have a valid Social Security number
- must certify that he or she will use federal student aid only for educational purposes
- must certify that he or she is not in default on a federal student loan and owes no money on a federal student grant
- must comply with Selective Service registration
The Department of Education randomly selects students for a process called verification. Verification means that OLLU will be comparing information from the student’s FAFSA with signed copies of the student and/or the parent(s) IRS Tax Transcript. Additional documentation may be required to resolve discrepancies found in the verification process. If there are differences between the FAFSA and financial documents, corrections will be made electronically by the Financial Aid Office.
All students who have been selected for verification will not be awarded until the verification process is completed. OLLU encourages students and families to submit the requested documentation as soon as possible to avoid any delays.
All documents submitted to the Financial Aid Office become the property of OLLU.
The student’s eligibility for aid is based on the information that the student reported on the FAFSA. OLLU is aware that some families have situations which are not covered in the information that is provided on the FAFSA. There must be compelling reasons for the Financial Aid Office to take into account special circumstances the student might have. These circumstances could include the family’s unusual medical expenses, tuition expenses or unemployment. Adequate documentation to support any request must be provided.
Satisfactory Academic Progress Policies
Federal Financial Aid regulations require Our Lady of the Lake University to monitor a student’s progress toward earning a degree. Financial aid recipients must meet OLLU minimum progress standards to remain eligible for financial aid. Those who are not financial aid recipients, but would like to apply for financial aid, must meet these minimum progress standards to receive financial aid. There are four components that the Financial Aid Office checks at the end of the spring term to determine if a student will remain eligible or become eligible for financial aid. Failure to meet any one of these minimum requirements will result in the loss of financial aid eligibility. These four components of the OLLU Satisfactory Academic Progress policy are:
- Degree Seeking Program - The student must be enrolled in a degree seeking program to receive financial aid.
- Quantitative Measure - The student must complete at least 75 percent of attempted term hours with a grade of B or better.
- Qualitative Measure - The graduate student must maintain a cumulative grade point average (GPA) of 3.0.
- Time Frame Maximum - The student must not have attempted more that 150 percent of the credit hours required for graduation in his/her degree program.
Degree Seeking Program
The student must be enrolled as a regular student in an eligible program to receive financial aid. A regular student is defined as a student who is enrolled for the purpose of obtaining a degree offered by Our Lady of the Lake University. Students not enrolled in a degree program cannot receive financial aid.
In an effort to make sure students complete their degree plans on time, Our Lady of the Lake University has chosen a Quantitative measure of 75 percent. A student must earn 75 percent of the credit hours attempted during a school year in order to continue to receive financial aid. Only grades of A, B and P are considered as passing grades. All other grades will be counted as if the student received a letter grade of F. The formula used to figure the completion rate is to divide the hours completed by the hours attempted.
Example: A graduate student registers for 6 hours in the fall term and drops to 3 hours in the third week of the term. The student goes on to complete all 3 credit hours in the fall term with a grade of C or better. In the spring, the same student registers for 6 hours and half way through the term drops to 3 credit hours. The student goes on to complete all 3 credit hours in the spring term with a grade of B or better. Does the student meet the quantitative measure of Our Lady of the Lake University’s Satisfactory Academic Progress Policy?
Fall term credit hours attempted (6) + spring term credit hours attempted (6) = 12 attempted credit hours
Fall term completed credit hours (3) + spring term completed credit hours (3) = 6 completed credit hours
Total credit hours completed (6) divided by total credit hours attempted (12) = 50 percent completion
In this example the graduate student does not meet this minimum requirement and will lose financial aid eligibility.
A graduate/professional student must maintain the minimum cumulative GPA of 3.0 to earn and maintain financial aid.
Example: A graduate student starts in the fall and receives a cumulative 2.5 GPA. At the end of the spring semester the graduate student has a cumulative GPA of 2.75. Does the student lose financial aid eligibility?
Yes, the student loses financial aid eligibility. The student did not maintain the minimum GPA requirement at the time Our Lady of the Lake University’s Satisfactory Academic Progress Policy was reviewed.
Time Frame Maximum
Federal regulations require Our Lady of the Lake University to place a maximum time frame in which a student can receive financial aid to complete a program of study. Our Lady of the Lake University allows a student to attempt 150 percent of the required credit hours it takes to complete a degree program of choice. If more than 150 percent of the credit hours needed to complete a degree program are attempted, the student will lose financial aid eligibility.
Example: A graduate student wishes to receive a Master of Business Administration degree, which will take 36 credit hours to earn. How many hours can this student attempt and still receive financial aid?
Credit hours required to complete the chosen program of study (36) times 150 percent = 54
In this example, the student can attempt 54 credit hours before losing financial aid eligibility.
Our Lady of the Lake University will use transfer hours to calculate the cumulative grade point average and to calculate the maximum time frame to receive financial aid.
Impact of Withdrawals on SAP
Official Withdrawals - Students who officially withdraw from all classes during the fall, spring or summer semesters will be placed on financial aid suspension for their next term of enrollment.
Unofficial Withdrawals - Students who receive all failing grades including (F’s, W’s, WI’s and NC’s) are considered unofficially withdrawn from the University and will be placed on financial aid suspension. Federal regulations require that a return of funds calculation be completed on all students who receive federal aid unless the last day of attendance can be confirmed with the registrar’s office past the 60 percent date in that semester. This calculation may result in the student owing the University or the Department of Education a balance that must be paid prior to the next term of enrollment.
Administrative Withdrawal or Enforced Scholastic Withdrawal - A student who has been administratively withdrawn or academically withdrawn from the University is also suspended from receiving financial aid.
Notification Process - Students will receive notification of their status at the end of each semester after grades are posted. Notification will be sent via email and on the University campus portal.
If a student does not meet Our Lady of the Lake University’s minimum standards of progress and the student loses financial aid eligibility, the student may submit an appeal to have financial aid reinstated. These appeals are based on extenuating circumstances that occurred during the school year when the GPA or completion rate declined. These extenuating circumstances should include examples such as: prolonged illness, accidents that require hospitalization for the student or an immediate family member, and/or death of an immediate family member.
All appeals submitted to the Financial Aid Office MUST have documentation attached before presented to the financial aid appeals committee. Students should submit completed appeals forms to the Financial Aid Office no later than July 15 of each year. A completed appeals form must have appropriate documentation attached to the form to verify the purpose of the appeal. The decision made by the financial aid appeals committee is final.
- Student is notified by the Financial Aid Office that they have not met Satisfactory Academic Progress requirements.
- If extenuating circumstances exist, the student has the option to appeal by submitting a Financial Aid Appeals Form to the Financial Aid Office and attaching the appropriate documentation. Appeals can be submitted electronically or in person to the Financial Aid Office at the Walter Student Service Center Room 105.
- Student is informed of the appeals outcome and may be able to reapply for financial aid.
Financial Aid Procedures
- Financial Aid Office runs Satisfactory Academic Progress program at the end of the spring semester.
- Financial Aid Office notifies suspended students via email.
- Students are informed of the appeals process.
- Suspended student files an appeal with the Financial Aid Office.
- Committee Chairman Marsha Eldridge informs the student of the outcome of the appeal.
- Committee Chairman Marsha Eldridge, associate director of financial aid, reviews grades at the end of the fall semester for students who have been placed on probation. If the student fails to meet the conditions of the appeal, then financial aid is terminated. If the graduate student completes all courses with a “B” or better, then financial aid eligibility is continued.
Financial Aid Probation
If approval is granted, the student will be placed on financial aid probation and financial aid will be reinstated. If placed on financial aid probation, the student is required to meet with his/her academic adviser in order to establish an academic plan. The student’s progress standards will be checked after each term until either financial aid eligibility is lost through financial aid suspension or regained through satisfactory progression toward earning a degree. To regain satisfactory progression toward earning a degree, the graduate student must complete 100 percent of the classes attempted for the term in which he/she is under probation with a GPA of 3.0 or higher. If all attempted credit hours are not completed, and or GPA requirements are not met, the student will be placed on financial aid suspension and lose financial aid. This plan will be signed by the student and the academic adviser, and a copy will be sent to the Financial Aid Office.
At the conclusion of each semester, the appeal committee will meet to evaluate the academic progress of the student(s) on financial aid probation. Students who fail to meet any portion of their academic plan will be ineligible for all future financial aid.
Financial Aid Suspension
If an appeal is denied, the student will be placed on financial aid suspension and will not receive financial aid. To regain financial aid eligibility, the student will need to attempt and complete, at his/her own expense, the same number of hours attempted before aid was suspended at Our Lady of the Lake University. The graduate student must attempt these credit hours at Our Lady of the Lake University and complete all courses attempted with a “B” or better in order for financial aid to be reinstated at OLLU.
Effective fall 2012, per federal regulations (34 CFR Section 668.2) repeated coursework that falls under the following conditions cannot be included in a student’s enrollment status for Federal Aid eligibility. This regulation also includes federal, state and institutional funding.
- Repeating a previously passed course more than once. A course is considered passed if the student receives a grade of C or better.
- Repeating a previously passed course due to failing other coursework.
- Repeating a previously passed course for the sole purpose of gaining eligibility for financial aid.
Federal aid is calculated according to need and the student’s adjusted enrollment status.
Recalculation will be applied regardless of whether a student received aid for previous courses and is based solely on how many times a course has been taken and passed.
A graduate student is taking a previously passed 3 credit hour course for the third time. The graduate student is enrolled in a total of 6 credit hours for the term. Per federal regulations, the repeated course must be excluded from the student’s aid eligibility. Only three of the student’s 6 hours can be used to calculate aid eligibility. The student’s aid will be adjusted to half time instead of full-time enrollment.
A graduate student repeats a previously passed course. The student receives an F on the second attempt. The student attempts the course for the third time. The third course attempt will not be counted in total enrollment hours for financial aid.
A graduate student repeats a previously passed course. The student withdraws from the course on the second attempt. The student attempts the course for the third time. The third course attempt will not be counted in total enrollment hours for Financial Aid.
In certain situations, students may find it necessary to reduce their course load due to personal, financial or academic reasons. Students contemplating such a reduction in hours must notify the Financial Aid Office to determine what implications such action may have on their financial aid.
Some financial aid programs require specific minimum hours of enrollment to be eligible for and to continue receiving those funds. Students who fail to notify the Financial Aid Office prior to dropping a course(s) may incur an unexpected financial obligation to the University.
There may be financial aid implications if a student is withdrawn from a class due to non-attendance.
Complete Withdrawals and Returns of Title IV Funds Policy
This policy applies to students who complete 60 percent or less of the enrollment period (i.e., fall, spring or summer session) for which they received Federal Title IV aid. A student who drops a class but still completes one or more classes does not qualify for the Return of Title IV Funds policy. The term “Title IV aid” refers to the following federal financial aid programs: Unsubsidized Direct Stafford loans, Subsidized Direct Stafford loans, Federal Perkins loans, Direct PLUS (GRAD/Parent) loans, Federal Pell Grants, Federal SEOG (Supplemental Education Opportunity Grant and TEACH Grant). To conform to the policy, Our Lady of the Lake University must determine the student’s withdrawal date and process within 45 days. The withdrawal date is defined as:
- The date the student began the withdrawal process or officially notified Our Lady of the Lake University of their intent to withdraw; or
- The last date of attendance at an academically-related activity by a student who doesn’t notify Our Lady of the Lake University
The calculation required determines a student’s earned and unearned Title IV aid based on the percentage of the enrollment period completed by the student. The percentage of the period that the student remained enrolled is derived by dividing the number of days the student attended by the number of days in the period. Calendar days (including weekends) are used, but breaks of at least five days are excluded from both the numerator and denominator. Until a student has passed the 60 percent point of enrollment period, only a portion of the student’s aid has been earned. A student who remains enrolled beyond the 60 percent point is considered to have earned all awarded aid for the enrollment period. Earned aid is not related in any way to institutional charges. In addition, the University’s refund policy and Return of Title IV Funds procedures are independent of one another. A student who withdraws from a course may be required to return unearned aid and still owe the University for the course. For more information on the Our Lady of the Lake University withdrawal and institutional charges’ policies, please consult the website. The responsibility to repay unearned Title IV aid is shared by Our Lady of the Lake University and the student. For example, the calculation may require Our Lady of the Lake University to return a portion of federal funds to the Federal Title IV programs. In addition, the student may also be required to return funds based on the calculation. The return of federal aid is in the following order: Unsubsidized Direct Stafford loans, Subsidized Direct Stafford loans, Federal Perkins loans, Direct PLUS (GRAD/Parent) loans, Federal Pell Grants, Federal SEOG (supplemental Educational Opportunity Grant and Teach Grant).
How to Handle an Overpayment
Students who owe funds to a grant program are required to make payment of those funds within 45 days of being notified that they owe this overpayment. During the 45-day period students will remain eligible for the Title IV funds. If no positive action is taken by the student within 45 days of being notified, Our Lady of the Lake University will notify the U.S. Department of Education of the student’s overpayment situation. The student will no longer be eligible for Title IV funds until they enter into a satisfactory repayment agreement with the U.S. Department of Education. During the 45-day period, the student can make full payment to Our Lady of the Lake University for the overpayment. The University will forward the payment to the U.S. Department of Education and the student will remain eligible for Title IV funds. Please make check payable to Our Lady of the Lake University, Attn: Student Business Office. Please attach a remittance coupon to assure proper credit.
If a student is unable to pay the overpayment in full, the student can set up a repayment plan with the U.S. Department of Education. Before doing this, the student should contact the Our Lady of the Lake University Office of Financial Aid. The student should ensure that OLLU has referred the situation to the U.S. Department of Education before any repayment plan can be set up. To contact the U.S. Department of Education, refer to the address listed below.
U.S. Department of Education Student Financial Assistance Programs, P.O. Box 4222, Iowa City, Iowa 52245. Phone: 1-800-621-3115, e-mail: DCS_HELP@ed.gov. For examples of the Return of Title IV Funds calculations or questions regarding the overpayment policy, please contact the Office of Financial Aid.
Summary Return of Title IV Funds Policy
- If a student withdraws or otherwise terminates enrollment during the first 60 percent of the semester or session, and receives financial assistance from the Title IV programs (Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, TEACH Grant, Federal Perkins Loan, Federal Direct Stafford Loan, and Federal PLUS Loan), the student earns Title IV funds in direct proportion to the length of time the student was enrolled. The percentage of time during the period that the student remained enrolled is the percentage of disbursable aid for the semester/session that has been earned. The percentage of the period that the student remained enrolled is derived by dividing the number of days he/she attended by the number of days in the semester/session. Calendar days are used, but breaks of at least five concurrent days are excluded from the calculation.
- Title IV programs reimbursement monies will be withheld from any institutional refunds (tuition, room, board, fees, etc.) due to the student. If these monies are not sufficient to cover the reimbursement required, the student will be billed for the remaining amount. Failure by the student to comply with the Return of Title IV Funds Policy will make him/her ineligible to participate in any Title IV aid program from any post-secondary institution until s/he becomes compliant with the Return of Title IV Funds policy.
Note: Unofficial Withdrawals
Students who receive all failing grades including (F’s, W’s, WI’s) are considered unofficially withdrawn from the University and will be placed on financial aid suspension. Federal regulations require that a return of funds calculation be completed on all students who receive federal aid unless the last day of attendance can be confirmed with the Registrar’s Office past the 60 percent date in that semester. This calculation may result in the student owing the University or the Department of Education a balance that must be paid prior to the next term of enrollment.
Students have the right to understand the financial aid process and questions are always welcome. Please call 210-434-6711, ext. 2299 or visit the Financial Aid Office located in the Walter Student Service Center, Room 105.
Students are encouraged to visit the financial aid website at www.ollusa.edu/FinancialAid.