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Financial Aid FAQs

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.

College Goal Washington is a free, on-site program that helps students and families complete the Free Application for Federal Student Aid (FAFSA), the form that is required to apply for federal financial assistance for higher education.  The FAFSA is the single-most important application for financial aid.  In one day, you will learn how to get money for college. For details, visit College Goal Washington.  

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
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.

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.

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

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.

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.

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.

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.

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.

This calculator will give you an estimate of the type and amount of aid students in similar financial situations as you have received to attend Olympic College. This is an estimate only and NOT a promise of an award to you. The estimated award you will see below is based on the aid we awarded to students in the 2012-2013 year. Many factors go in to deciding what award a student receives and these can change from year to year, such as the funding available from state, federal and institutional sources, the federal expected family contribution formulas, the relative amount of need of all the students at OC , and the cost to attend OC.

In compliance with consumer information regulations, note that this Net Price Calculator is not binding with ED, the state, or Olympic College.  Information presented in the net price calculator is subject to change. You must file a FAFSA and meet all eligibility criteria as defined by state, federal, and institutional rules.

Go to Net Price Calculator for more information. 

Higher One is a company started in 2000 by three college students who believed in a better way to help students receive and manage money. Since the beginning, we have strived to offer more choices and better value to those in school and beyond. In addition to faster ways to receive refunds from OC, the college also offers innovative checking account choices and a wealth of great features designed to make your life easier.

Although you might not currently expect money from OC, you may receive money back in the future. You may drop a class, make an over-payment or simply receive assistance you did not expect. 

Visit the Higher One page for more details on how the card works. 

Yes. There are different but similar regulations governing what aid you have earned. The U.S. Department of Education requires the college to calculate a repayment of financial aid received for any student that withdraws from, or stops attending all classes before 60% of the quarter. The policy is know as the Return of Title IV policy.

Please see the the repaying financial aid page for more information. 

Military students and dependents applying for Financial Aid will need to report all military untaxed benefits (housing allowance, cost of living allowance, etc.) on their FAFSA and provide documentation of untaxed income or benefits to the Olympic College Financial Aid Office.

Annual untaxed benefit information is available on the military member's December Leave and Earnings Statement (LES).  If applying for the 2014-2015 award year, the December 2013 LES is used to compute your eligibility for financial aid.

Please use the links below to aid you in reporting untaxed benefits:

Military Untaxed Benefits Worksheet  Military members and their families received untaxed income per year.  This form is used to indicate the amount of untaxed military benefits received by a financial aid applicant.

The Defense Finance and Accounting Service will provide you with Leave and Earning Statement (LES) Information and Basic Allowance Rates to help in the computation of untaxed income and benefits.  The DFAS system is a useful tool that can be used to complete your Military Untaxed Benefits Worksheet.  The information you will need to get the 2014 calculation is your 2013 duty zip code at the time you were active, and yes or no to dependents.

Leave and Earnings Statement (LES).  If you provide our financial aid office with a copy of your LES, please indicate on your LES if you did, or did not live in base housing.  If you did not live in base housing, you will need to provide the zip code and indicate yes or no to dependents for the military member's address of record.

Military students and dependents applying for Financial Aid will need to report all military untaxed benefits (housing allowance, cost of living allowance, etc.) on their FAFSA and provide documentation of untaxed income or benefits to the Olympic College Financial Aid Office.

Annual untaxed benefit information is available on the military member's December Leave and Earnings Statement (LES).  If applying for the 2014-2015 award year, the December 2013 LES is used to compute your eligibility for financial aid.

Please use the links below to aid you in reporting untaxed benefits:

Military Untaxed Benefits Worksheet  Military members and their families received untaxed income per year.  This form is used to indicate the amount of untaxed military benefits received by a financial aid applicant.

The Defense Finance and Accounting Service will provide you with Leave and Earning Statement (LES) Information and Basic Allowance Rates to help in the computation of untaxed income and benefits.  The DFAS system is a useful tool that can be used to complete your Military Untaxed Benefits Worksheet.  The information you will need to get the 2014 calculation is your 2013 duty zip code at the time you were active, and yes or no to dependents.

Leave and Earnings Statement (LES).  If you provide our financial aid office with a copy of your LES, please indicate on your LES if you did, or did not live in base housing.  If you did not live in base housing, you will need to provide the zip code and indicate yes or no to dependents for the military member's address of record.

As a Direct Stafford Loan borrower, you have an obligation to repay what you borrow.  Taking out a student loan to help pay for your educational costs is met with many benefits you will not find within a traditional line of credit through a bank, or a private lender.  The Direct Stafford Loan program has many flexible repayment options available to you as a borrower.  These repayment plans can help you manage your own personal household budget while successfully making payments on your student loan. Learn more by going to the Student Loan Repayment Assistance page.