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Financial Aid Application and Award Process
It is the responsibility of the student and parents to complete all the necessary application forms and procedures each year they wish to receive any type of financial aid.
ALL students seeking federal and/or Illinois State financial assistance by way of loan, grant, and work programs must complete the federal needs analysis application, the Free Application for Federal Student Aid (FAFSA).The FAFSA application can be completed online at: http://www.fafsa.ed.gov.
Dependent students applying for financial aid must have their parent(s) supply information on the FAFSA.
A student’s initial eligibility for assistance rests largely on the basis of a satisfactory grade point average together with an analysis of the financial need. Future eligibility will also be affected by his or her academic standing and financial need. Refer to Chapter 6 on “Academic Regulations” for additional information on good standing, retention, eligibility, and satisfactory progress for financial aid.
A federal processor authorized by the federal government is utilized to determine the federal financial need from the FAFSA.
When it is determined the student qualifies for a federal grant or scholarship, the grant or scholarship is awarded and does not require repayment. Federal loans are awarded on the basis of repayment, in most cases after graduation or when the student ceases to be enrolled at least half-time. Federal work programs are available to assist students in earning money to pay for some educational costs and are awarded on the basis of financial need. The student must obtain employment and earn these funds.
The FAFSA should be filed in the year the student plans to enroll. This form must be completed annually. Since the FAFSA requires IRS information from the immediate past year, the form may be filed no earlier than January 1, but should be filed as early thereafter as possible.
Applications received by March 1 will receive priority consideration for federal campus based funds (Federal Work Study and Federal Perkins Loans) until the funds have been exhausted. If requested, verification materials, including tax returns with schedules, and other required forms must be submitted before any federal funds will be applied to a student’s account. Applications for financial aid will be accepted after the above date; however, funding may be limited for these applicants.
Awards will be made as long as funds are available. Awards of financial aid, including University-based loan, grant, scholarship, and work-study funds, will be made only to students who have been accepted for admission or readmission to the University by the Office of Admissions.
A student aid report will be sent to the student in about four weeks from the date it was received by the federal processor. This report should be reviewed by the family and submitted directly to the Olivet Office of Financial Aid with any necessary corrections. The school aid code for Olivet is 001741.