Page Title: Financial Aid FAQ's

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Frequently Asked Questions

 

How do I apply for financial aid and are there any deadlines?

You can apply for financial aid by completing the FAFSA on-line after January 1st for the upcoming school year.  Each student and at least one parent (if dependent), should go to www.pin.ed.gov and apply for a Pin #.  This number is used to sign your Free Application for Federal Student Aid (FAFSA).  You can complete your application electronically at www.fafsa.ed.gov   Paper applications are available by contacting the Central Processing Center at 1-800-433-3243.  You must complete a FAFSA each year. 

 

What is Western's school code for Financial Aid?

003146

 

When is Western's scholarship application deadline? 

The general WOSC scholarship application is due March 1st of each year for the following aid year.  You may access the application on-line at www.wosc.edu.  Please note that if you are interested in scholarships for sports, music, agriculture, etc... you must contact the head of each department for scholarship information. 

  

 

What is Western's Financial Aid Office fax number?

Requested documents may be faxed to our office at (580) 477-7716.  Please be sure to complete all forms and sign where indicated. 

 

I think I make too much money. Should I apply for aid anyway?

Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply. Many conditions are taken into consideration when your aid is being calculated.  There are also a few sources of aid such as unsubsidized Stafford and Plus loans that are available regardless of need.

 

When should I complete my FAFSA?  Is it better to wait until the income tax forms have been completed?  

Send n the form as soon as possible after January 1.  Although it is better to do your taxes early, it is ok to use estimates of your income, so long as they aren't very far off from the actual values. You will have an opportunity to correct any errors later. If you wait too long, you might miss the deadline for state aid. The Oklahoma Tuition Aid Grant (OTAG) deadline for best consideration is April 15 of each year.

 

Do I need to be admitted to WOSC before I can apply for financial aid?

No. You can apply for financial aid any time after January 1.  To actually receive funds, however, you must be enrolled and seeking a degree at WOSC.

 

How do I know if I need to use my parent's income tax instead of just my own?

Under Section 2 of the FAFSA called "Student Dependency Status" there is a series of questions that will determine if you are an independent or dependent student. After answering these questions, the FAFSA will let you know if you are required to use your parent's tax information.

 

How will my financial aid be disbursed to me?

 

Tuition, Fees and Books may be held to pending scholarships and financial aid.  Bring your Green Bucks/Studentid card to the financial aid office to receive a bookstore credit.  Students who are taking online classes must sign a paper book voucher.  All students must attend class before vouchers will be issued.  Online students should submit a forum post or assignment.

Once your charges have been paid (tuition, fees, dorms and books) any additional funds will be refunded to you to help pay for other costs of attendance. 
Refunds will be processed via direct deposit or onto your WOSC Green Bucks card.  Please go to the following link for instructionswosc.edu/debitcard.  Students who wish to receive a paper check must request one through this website.

Loan disbursements begin immediately after the beginning of the semester and are released once a week.  First time borrowers have a 30-day delayed disbursement. All other aid will start being disbursed about four weeks after the semester starts.  Please log on to your Campus Connect account and check your WOSC email account for updates and award status.  In the event you are overpaid or over awarded, a repayment will be due and a schedule will be arranged to try to mutually satisfy the obligation. 

 

How do I apply for a federal student loan?

To receive a student loan, you must first complete the FAFSA.  Be sure to mark that you are interested in student loans.  Once we've received your FAFSA, we will mail you a Student Loan Request Form which require you to choose your amount, your lender, and complete other necessary information. The form is also available on-line at www.wosc.edu.  You are also required to complete Loan Entrance Counseling when you first apply and Loan Exit Counseling when you graduate, leave Western or drop below 6 semester hour attendance.  Go to www.wosc.edu, and financial aid for the counseling instructions.

   

Financial Aid Acronyms (Glossary):

Many acronyms exist in the financial aid industry. In case you encounter one of these, we've provided the list below to help you understand the language.

COA  (Cost of Attendance) - The total cost of attending a post-secondary institution which includes items such as: tuition, room and board, books, transportation and personal expenses.

DRN  (Data Release Number) - This unique number appears on a students SAR and must be provided to any school wishing to receive FAFSA data that was not originally listed on the form.

ED  (U.S. Department of Education) - Government agency that oversees all federal aid programs.

EFT  (Electronic Funds Transfer) - A transfer of funds that is made electronically rather than in paper form like a check.

EFC  (Expected Family Contribution) - Amount of money that student and his or her family is expected to contribute toward educational costs. Determined by the data provided on the FAFSA.

FAFSA  (Free Application for Federal Student Aid) - The form that must be completed to determine a student's eligibility for federal aid.

FSEOG  (Federal Supplemental Educational Opportunity Grant) - Also known as SEOG. A federal grant awarded to the neediest undergraduate students. 

FWS  (Federal Work Study) - Federal aid program that provides on and off campus jobs to undergraduate and graduate students.

FFELP  (Federal Family Education Loan Program) - Guaranteed, federal loan program where Stafford and PLUS loans are made by commercial lenders rather than the government as in the Direct Loan Program.

FAA  (Financial Aid Administrator) - College employee working in the financial aid office.

GED  (General Education Development) Certificate - A certificate received by a student who passes an approved high school equivalency test.

GPA  (Grade Point Average) - An average of a student's grades that have been converted into numeral form. Usually 4.0 = A, 3.0 = B, 2.0 = C.

ISIR  (Institutional Student Information Record) - Electronic output data that is sent to schools listed on a student's FAFSA.

MPN  (Master Promissory Note) - The promissory note a student or parent signs when taking out a Stafford or PLUS loan. It is a promise to repay the loan.

PIN  (Personal Identification Number ) - A number used to authenticate a user of a computer or telephone system.

PLUS  (Parent Loan for Undergraduate Students) - Federal, guaranteed loan for parents of dependent undergraduate students.

SAR  (Student Aid Report) - A student's EFC is presented on the SAR. It is the federal output document that results from completing the FAFSA.

SAP  (Satisfactory Academic Progress) - Every student must maintain satisfactory academic progress toward their degree or certificate in order to remain eligible for federal aid. Every school will create a quantitative and qualitative measurement.  There are SAP policies for both the Financial Aid Office and Admissions.  

SSN  (Social Security Number) - This is a unique nine-digit number assigned to every U.S. citizen that identifies location of birth or registration.

W-2  All employers are required by the IRS to report wages earned by their employees through the W-2.

 

Financial Aid Web Site 

- Financial Aid FAQ's -
Was Last Revised: Sat, 07 Dec 2013


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