• Oct. 1: File the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.
• Feb. 15: FAFSA priority filing deadline for all students.
• March 1-Sept. 1: Notify the Office of Financial Aid about non-Otterbein scholarships received by the student.
• May 15:  Begin application process for Parent PLUS/Graduate preferred time frame for completing applications due to the timing of credit-check process.
• July 1: First-time direct loan borrowers need to web accept loans in Banner, complete Entrance Counseling and Master Promissory Note (MPN) for both loan types.  Repeat borrowers web accept loans in Banner.
• July 1: Begin payment plan through ePay, if you wish to participate in this program.
• July 1:  Priority application deadline for ensuring Parent PLUS/Graduate PLUS/Private loans are on account for fall semester.
• Aug. 1: Entrance Counseling and MPN completion deadline to ensure funds are on account for Fall semester.

*The Office of Student Accounts sends bills approximately six weeks prior to the start of the term. The payment of the bill is due 14 days prior to the start of the academic term.

*All aid is disbursed by Otterbein University beginning the first day of classes, as long as all requirements are complete.

**Follow this link to view Seven Easy Steps to the FAFSA an online tutorial about the FAFSA filing process.

• Read the requirements for admission and complete the application for admission to Otterbein University here.
• Complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA is the first step in the financial aid process. You can fill out and submit your application through FAFSA. Electronic filing is the fastest and easiest way to apply for financial aid. Be sure to list Otterbein University and our Title IV school code 003110.
• You will receive a report called a Student Aid Report, or SAR, through the mail or the internet. The SAR lists the information you reported on your FAFSA, and will tell you your Student Aid Index (SAI). Review your SAR when you receive it and make sure all your information is correct. Make any necessary corrections or provide additional information.
• Receipt of your SAR is your “signal” that the colleges and universities you listed on your FAFSA have received your results and are working to put together your financial aid package.
• If requested, please submit documentation to the Office of Student Financial Aid.

After we receive your FAFSA results and any other requested documentation and you have been accepted for admission, we will send you a financial aid award. First-time students receive a paper award letter packet via U.S. mail. Returning students view their financial aid eligibility online using Banner.

We encourage you to apply for aid, regardless of your family’s financial situation. Please do not assume you will not qualify for assistance. Last year more than 95 percent of our students qualified for assistance.

• Cost of Attendance (COA)
  Three basic budgets are developed for determining financial aid eligibility. Need-based financial aid eligibility varies depending on the housing option the student chooses. On-campus housing for financial aid purposes means living in traditional residence halls, suite style halls, Commons housing and Theme houses. Off-campus housing budgets are used for students living in off-campus houses or apartments as well as Greek housing at Otterbein. Commuter cost of attendance means living with parents or (with permission) a relative for financial purposes.
• Verification
  Students may be required to verify the accuracy of the information provided on the FAFSA for financial assistance. Appropriate documents will be requested by our office. Regulations require the verification process be completed before financial aid can be credited to the student’s account. If verification is requested, the student is responsible for submitting all required documents to our office within two weeks of the request. Failure to meet this deadline could impact their financial aid eligibility.
• Enrollment and Eligibility
  To be eligible for aid, you must meet the requirements of each program. For example, a student must be enrolled full-time to be eligible for institutional assistance. Federal Pell Grant program and Ohio College Opportunity Grant eligibility will be determined for any enrollment level. Any change in enrollment may cause changes in your award. To qualify for federal student aid (grants, loans, and work-study funds), you have to meet certain eligibility requirements. In general, you must:
  • demonstrate financial need through the Free Application for Federal Student Aid (FAFSA)process (for most programs);
  • be a U.S. citizen or an eligible noncitizen;
  • have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  • be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);
  • be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
  • be enrolled at least half-time to be eligible for Federal Direct Loan and Federal Parent Loan for Undergraduate Students (FPLUS) funds;
  • maintain satisfactory academic progress;
  • show you’re qualified to obtain a college or career school education by
    • having a high school diploma or a recognized equivalent or
    • completing a high school education in a homeschool setting approved under state law;
  • sign statements on the Free Application for Federal Student Aid (FAFSA) stating that
    • you are not in default on a federal student loan and do not owe money on a federal student grant and
    • you will use federal student aid only for educational purposes.
• Funds from Other Sources
  Otterbein University encourages students to explore the possibility of aid from foundations, companies, civic groups and professional organizations. Report additional funds received from any other source promptly to our office. Should any adjustment be necessary, the student’s loan and work eligibility will be reduced first.

All students receiving need-based financial aid must submit the FAFSA or Renewal FAFSA each year for determination of continued eligibility. Financial aid is renewed annually on the basis of continued financial need and Satisfactory Academic Progress (SAP) as defined in the Otterbein University catalog. Since a family’s financial strength is subject to change, financial need and the amount of aid awarded may increase or decrease each year. Other factors may change a student’s award. Examples would include a change in housing status, enrolling at less than a full-time status, failure to maintain SAP and changes to the family size.

Please be aware that financial aid funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of funds that the student was originally scheduled to receive. Students must attend at least 60% of the semester to fully earn their federal financial assistance. A statutory schedule is used to determine the amount of Title IV funds a student has earned as of the date they cease to attend.

Official Withdrawals
The day the student withdraws is based on the date the student began the withdrawal process by notifying the school of their withdrawal by dropping all classes through Self Service Banner, through email, a phone call, on in person through the Registrar’s Office. This date is then recorded in the Banner Student record. This is considered to be the official withdrawal date. The offices of financial aid, student accounts and student affairs are subsequently notified. Students are notified once earned financial aid has been determined due to withdrawal by paper notification through the USPS to the permanent address found in Banner. Visit the registrar’s page for more instructions on how to officially withdraw from the university.

Also, online is Otterbein’s tuition refund schedule, which is term specific: https://www.otterbein.edu/business-affairs/student-business-office/

Unofficial Withdrawal Policy
At the conclusion of each academic term a report is run to review any student with all F grades. This report is run as soon as the Office of the Registrar confirms all grades for the term have been entered. The report identifies any student who fails to earn a passing grade in any of their classes. Faculty are instructed to provide the last date of attendance for any student that did not complete the term. F grades assigned without a last date of attendance are considered ‘earned’ F grades. Any student with all F grades who has last dates of attendance indicated in all courses is considered an unofficial withdrawal and a Return to Title IV refund calculation is performed (for any student receiving federal Title IV assistance).

Return of Title IV Funds process for federal aid
The federal government mandates that students who withdraw from all classes may keep only aid earned up to the time of withdrawal. If you have federal Title IV aid and you fail to complete at least 60 percent of a term, Student Financial Aid must determine how much of your aid, if any, must be returned to the federal aid programs based on the percent of the term you completed. Once you complete 60 percent of the term, you are considered to have earned 100 percent of your aid. The term length is defined as the first day of classes through the last day of finals.
When a student is considered to have withdrawn, as described above, during an enrollment period in which they have begun attendance and received federal Title IV financial aid, Otterbein is required to determine the amount of earned and unearned Title IV aid. A student is only eligible to retain the percentage of Title IV aid disbursed that is equal to the percentage of the enrollment period that was completed by the student (calculated daily). The official withdrawal date is used in determining the student’s eligibility based on how many days of the term the student attended or the corresponding percentage of the term. The longer a student remains enrolled the greater the percentage and the greater amount of financial aid the student earns.

The school must determine the amount of earned and unearned aid in a timely manner so that unearned Title IV aid can be returned to the appropriate federal aid program(s) as soon as possible but no later than 45 days of the date of the determination of your withdrawal.

The federal regulations determine how the order of program funds are returned. Funds returned to the federal government are used to reimburse individual federal programs. Financial aid returned (by the University and/or the student/parent) is allocated, in the following order, up to the net amount disbursed from each source:

1. Federal Direct Unsubsidized Loan
2. Federal Direct Subsidized Loan
3. Federal Direct PLUS (Parent) Loan or Grad PLUS Loan
4. Federal Pell Grant
5. Iraq and Afghanistan Service Grants
6. Federal Supplemental Educational Opportunity Grant (FSEOG)
7. Other Federal Loan or Grant Assistance

Post-Withdrawal Disbursement (PWD):
If the student did not receive all of the funds that they earned, they may be due a post-withdrawal disbursement.

• Grant funds must be disbursed within 45 days.
• If your post-withdrawal disbursement includes loan funds, they will be offered to you within 30 days. Otterbein must obtain your permission within 14 days in order to disburse the loan funds to you. You may choose to decline some or all of the loan funds so that you don’t incur additional debt.

All post-withdrawal disbursements are applied to a student’s account first towards outstanding tuition, fees, and living expenses (housing and food charges as contracted with the school).

Financial aid withdrawal time frame
A Return to Title IV calculation must be completed within 30 days.

• Grant funds must be disbursed within 45 days.
• Loan funds will be offered within 30 days and subject to permission within 14 days.
• If the R2T4 calculation results in a credit balance on the student’s account, the credit balance will be disbursed as soon as possible but no later than 14 days after the calculation of R2T4 back to the student.
• If the R2T4 calculation results in an amount to be returned that exceeds the school’s portion, Otterbein will return the amount to the federal programs on behalf of the student and the student must repay the funds to Otterbein.

  VERIFICATION

  The following rules apply when a school is completing an R2T4 calculation for a student subject to verification:

  A school must offer any PWD of loan funds within 30 days of the date the school determined the student withdrew. A school must always return any unearned Title IV funds it is responsible for returning within 45 days of the date the school determined the student withdrew. When the school cannot meet the 30-day deadline because verification is not complete, it will need to do a new R2T4 calculation once verification is complete and offer any funds as soon as possible. The school must provide the student or parent the minimum 14-day (or longer if it chooses) response period for PWDs of Direct Loan funds.

  A school must disburse any Title IV grant funds a student is due as part of a PWD within 45 days of the date the school determined the student withdrew and disburse any loan funds a student (or parent) accepts within 180 days of the date the school determined the student withdrew.

  Unless a student subject to verification has provided all required verification documents in time for the school to meet the R2T4 deadlines, the school includes as Aid disbursed or Aid that could have been disbursed in the R2T4 calculation only those Title IV funds not subject to verification.

  If a student who failed to provide all required verification documents in time for the school to meet the R2T4 deadline, later provides those documents prior to the applicable verification deadline, the school must complete the verification process and perform a new R2T4 calculation including the Title IV aid that could have been disbursed to the student.

  The R2T4 calculations impose no additional liability for interim disbursements made to students selected for verification. However, the R2T4 requirements do place limits on interim disbursements that can be made to students selected for verification who have ceased attendance. A school may not make an interim disbursement to a student after the student has ceased attendance.