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General Info: Federal Financial Aid Repayment Policy
Financial Aid
OWC is required to follow a Federal Financial Aid Repayment Policy for any student who receives the following Federal Financial Aid.
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal Subsidized Stafford Loan
- Federal Unsubsidized Stafford Loan
The refund policy specifies that you are not entitled to 100% of your federal financial aid until you have completed more than 60% of a term. The following dates represent more than 60% of each term for the 2006-2007 academic year.
| Semester | Date |
|---|---|
| Fall 2008 | October 24, 2008 |
| Spring 2009 | March 12, 2009 |
| Summer 2009 | July 1, 2009 |
If you receive Federal Financial Aid funds and you withdraw from or stop attending all of your classes before completing more than 60% of a term, you will be required to repay part of the funds you received. This will result in a debt to OWC, and may result in an additional debt to the Federal Government.
OWC will be required to return a portion of the federal funds you received. When this occurs, you will owe this amount to OWC as unpaid fees. You will be billed for the unpaid fees and your grades and transcripts will be held until all OWC debts have been paid. You must repay your Federal Stafford Loan in accordance with the conditions on your promissory note. Any additional grant money (Pell or FSEOG) you must repay to the Federal Government is considered a federal overpayment. You must either repay that amount in full to OWC within 45 days of the date you are notified of the overpayment, or make satisfactory arrangements with the United States Department of Education (USDOE) to repay the amount that is owed. If you fail to repay or make satisfactory arrangements to repay a federal grant overpayment, you will lose further eligibility for ALL federal aid, for attendance at any college. This loss of eligibility will continue until the debt is paid in full, or satisfactory repayment arrangements are made with the USDOE.
If you are having difficulty with any of your courses, you are encouraged to seek advice from your instructor. You may also receive assistance from a counselor/advisor at any of the OWC sites. You are encouraged to make every effort to maintain attendance in your courses and to avoid withdrawing from all of your courses. Completion of at least one course during a term will entitle you to 100% of the federal financial aid you received during that term.
Contact the Financial Aid Office with any questions concerning financial aid.