This loan does NOT require financial need, however you must first establish eligibility for need-based financial aid by completing all necessary applications. Interest will accrue at a variable rate on this loan while you are in school. You must repay the loan, accrued interest and current interest beginning six months after you leave school or drop to less than half-time status. You must meet all Basic Eligibility Requirements and be enrolled in at least six credits per term. Dependent students with less than 24 credits at the time of application may borrow up to $2,625 per year in combined subsidized and unsubsidized loans, not to exceed the cost of education less other financial aid. Students with more than 24 credits at the time of application may borrow up to $3,500 per year in combined subsidized and unsubsidized loans, not to exceed the cost of education less other financial aid. Independent students may also borrow an additional $4,000, not to exceed the cost of education less other financial aid. Aggregate total $23,000. These loans are subject to an origination of guarantee fee of up to 3% of the approved loan amount. The fee will be deducted from loan proceeds before disbursement. OWC students may be required to fill out additional information for an unsubsidized loan. This may include a letter of justification with adequate documentation and a budget worksheet.

On-line electronic applications will not be accepted or processed by the Financial Aid Office.

Each potential student borrower is required to complete an Entrance Interview, and each student borrower is required to complete an Exit Interview before leaving OWC.
Contact the Financial Aid Office for more information.

Educational loans are the largest financial resource available to students pursuing post-secondary education. Student loan programs, which allow students to borrow low-interest money with no collateral and generally no co-signer, are considered financial aid. Most do not need to be repaid until the student graduates or drops to less-than-half-time status.

The Office of Financial Assistance Ombudsman is available to assist you in the event you're dissatisfied with the servicing of your federal student loan. Toll free 1.877.557.2575 or at www.ombudsman.ed.gov.

Borrowing money for college is a serious financial obligation. In addition to principal borrowed, interest is generally charged for use of funds. It is important to remember when you borrow money that it must eventually be repaid. When signing a loan promissory note, you make a legal and ethical agreement. Legally, you will be required to sign the note promising to repay the loan. Ethically, you are responsible to future borrowers, since collections from old loans are a major funding source for new loans. Consider this commitment carefully when taking out a loan, and consider how much you reasonably can repay.

If you have defaulted on a previous student loan, you may not be eligible to borrow from OWC.

Contact the Financial Aid Office with any questions concerning financial aid.