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Office of Student Financial Aid 

Providing Dollars for OC Students

What are the most Frequently Asked Questions (FAQ) about financial aid?

  1. What are the financial aid application deadlines
  2. What is the Cost of Attendance at Olympic College?
  3. How is Financial Aid Awarded
  4. Where do I pick up my financial aid check?
  5. How is the information I provide to the Financial Aid Office protected? 
  6. What happens if I cannot attend a class for which I receive financial aid?
  7. What is Satisfactory Academic Progress (SAP)?
  8. How does taking classes at other OC education sites affect financial aid
  9. Is financial aid available for summer students?
  10. What is verification?

1. Application Priority Processing Deadlines

What are the financial aid application deadlines and priority processing dates? 

Financial aid awards are made throughout the academic year. Students may apply for financial aid for an upcoming academic year commencing January 1 of each year. April 15 of each year (unless otherwise posted) is our priority processing deadline for early consideration of financial aid awards for the upcoming academic year. 

Due to the increasing number of applicants for the 2014-2015 academic year, it takes longer to complete a file for financial aid applicants. At present, it takes approximately a minimum 3 to 6 weeks to process a financial aid application from the date all documents are received.

Students who meet the April 15 priority processing deadline:

April 15, 2014 is the financial aid priority deadline for the 2014-15 academic year. All files completed by the priority processing deadline have been reviewed and awarded for summer and fall quarters.

Students who complete their financial aid files by May 15, 2014 and plan to attend Summer 2014:

For the summer 2014 quarter, the Financial Aid Office is working to ensure that students who completed their files by May 15 will have their financial aid awarded by the first day of summer 2014 quarter.

However, given the current processing timeframe and when tuition is due, applicants in this group must plan to pay for their tuition and fees on their own or seek alternate funding while their financial aid files continues to be processed.

Students who complete their financial aid files by July 31, 2014 and plan to attend Fall 2014:

For the fall 2014 quarter, the Financial Aid Office is working to ensure that students who completed their files on or prior to July 31 will have their financial aid awarded by the first day of the fall 2014 quarter. 

However, given the current processing timeframe and when tuition is due, applicants in this group must plan to pay for their tuition and fees on their own or seek alternate funding while their financial aid files continues to be processed.

2. Cost of Attendance

What is the Cost of Attendance at Olympic College? Cost of Attendance is an estimate of how much it will cost a student to attend Olympic College. COA is calculated for every financial aid award and total aid received cannot exceed COA. 

2014-2015 Standard Nine Month Cost of Attendance

Cost

Component

Olympic College Cost of Attendance

Not Living with Parents

Living with Parents

Tuition and Fees

3,720

3,720

 

Books and Supplies

1,032

1,032

Room and Board

9,630

3,222

Personal Expenses

1,818

1,638

Transportation

1,320

1,359

TOTALS:

$17,520

$10,971

Note: This table is a standard nine month budget for a Washington State resident for the 2014-2015 academic year (Fall 2014 Quarter through Spring 2015 Quarter); these totals are based on one enrolled in 6 or more credits.

*The abovementioned budget information will be updated for the 2014-2015 academic year as information becomes available.

3. Financial Aid Awards

How is Financial Aid Awarded?  When all required forms and complete documents are received in the Financial Aid Office, a completion date is assigned to the application package.  Application packages are then awarded based on assigned completion dates.  Financial Aid is awarded based on the number of credit-hours you are enrolled in.  For grants, the higher the number of credit hours you are enrolled in the higher the financial aid.  For loans, you must be enrolled in at least 6 credit-hours per quarter to be eligible to borrow.  Students may receive differing amount of aid based on their enrollment status.  If you add or drop a class, you can change your enrollment status in the financial aid office by completing and submitting an Enrollment Change Form. 

4. Financial Balance Refunds

Disbursed by Higher One
Since Summer Quarter 2013 (July 1, 2013), Olympic College disburses Financial Aid refunds via the Olympic Advantage card, issued through Higher One. Olympic College does not disburse Financial Aid via check.  Olympic College has partnered with  Higher One for all issuance of financial aid funds. Click here to learn more: Olympic Advantage Card - Higher One  

5. How is the information that I provide to the Financial Aid Office protected?

The Federal Educational Rights and Privacy (FERPA) Act protects all non-directory information from being shared with unauthorized third parties such as parents, siblings, spouses, etc.  Unless you have provided a signed release (Authorization to Release Information Form) naming an individual who can be positively identified, we cannot share your information.  

6. Repaying Financial Aid

What happens if I cannot attend a class for which I am receiving financial aid?  If you never attend or stop attending a class for which you receive financial aid you will most likely owe a repayment for aid that has been distributed to you.  If you think you may not be able to attend a class, contact the financial aid office for guidance before you drop your class.  The financial aid office may be able to recommend a way to avoid repayment obligations.  If you owe a repayment of financial aid, all further aid consideration is cancelled until the debt is repaid.  Read the details about  Repayment Regulations.

7. Satisfactory Academic Progress

What is Satisfactory Academic Progress (SAP)?  In order to continue receiving financial aid, you must meet minimum standards in both your GPA, completion rate of classes you enroll in, and make progress towards degree completion.  This policy is know as SAP.  See our standards of Satisfactory Academic Progress to understand the standards for completing credits and grade point averages. 

8. Shelton & Poulsbo Students

How does taking classes at the Shelton, Poulsbo, or Bangor Olympic College education sites affect my financial aid?  Financial aid consideration is available to any eligible Olympic College student, regardless of where classes are attended, and all students attending classes at either the main campus or branch education site must list the Olympic College Federal school code number, 003784 when applying for their financial aid.   

9. Summer Students

Is financial aid available for summer students?  Financial aid is available for Summer students.  Financial aid is not issued until the first day of the quarter.  Loans are disbursed after the first 30 calendar days of each quarter. 

10. Verification

Verification is a process where the Financial Aid Office confirms the accuracy of information provided on the FAFSA.   This process requires students and in some instances parents to verify information provided on the FAFSA.  At Olympic College, students who are selected for verification will need to turn in a verification form, their tax return transcript and parents' tax return transcripts (if dependent student) and other additional documents as requested.  Financial aid is not awarded until verification is complete. 

Note:  Spring grades are usually not released until after the beginning of the Summer quarter's classes. This means unsatisfactory Spring Quarter grades could result in cancellation of Summer Quarter financial aid, even after you have registered and begun attending classes for Summer Quarter.


 

 

Last reviewed:  November 3, 2014 KF