You Need to Know
This information sheet has been prepared by the Student Financial Services (SFS) in order to help you avoid common misconceptions. As a financial aid recipient, you need to carefully read this document. It is your responsibility to be familiar with the information contained in this document.
Financial aid is not automatically renewed from one year to the next. You must fill out a renewal application each year. The priority deadline for completing and mailing the FAFSA is March 1. There are a number of deadlines regarding completion of your financial aid file and disbursement of funds. It is your responsibility to make sure that your financial aid file is complete before any deadlines expire.
- Enrollment Status / Academic Year
Your Award Letter is based on full-time enrollment unless you indicated otherwise on your FAFSA. Should any course reduction result in your enrollment status dropping below twelve hours, you risk losing some or all of your financial aid, even if it has already been applied to your account. Total withdrawal from SWOSU will result in some of your federal financial aid being canceled. All refunds and/or unexpended funds will be returned to the appropriate financial aid programs according to guidelines established by the U.S. Dept. of Education. You are responsible for any overpayments resulting from dropping classes or total withdrawal from school. This includes any funds which cannot be reasonably attributed to meeting your education expenses at SWOSU. The SWOSU office of Student Finanical Services uses 24 credits & 30 weeks as its definition of an academic year for aid calculation purposes.
- Oklahoma Tuition Aid Grant (OTAG)
Any OTAG award listed on your Award Letter is only an estimate and is not an official commitment from SWOSU. Since funding is provided by the State of Oklahoma, SWOSU cannot guarantee receipt of this award.
- Other Financial Aid
The objective of the SFS Office is to award you the maximum amount of financial aid possible, while at the same time, staying within federal guidelines. Examples of financial aid are grants, loans, work-study, scholarships, voc rehab, VA benefits, and tribal assistance.
Specific regulations exist which govern the amount of federal financial aid a student may receive. The receipt of additional financial aid may or may not affect the federal financial aid already awarded to a student. It is your responsibility to report to the SFS Office any financial aid which you receive in addition to the financial aid listed on your Award Letter. You are responsible for repaying federal aid when receipt of external financial aid creates an over award.
- Federal Work-Study
A Work-Study award does not guarantee a job assignment, but rather indicates your earning potential. It is your responsibility to find a job and work the hours necessary in order to earn the full amount of your award. Your actual earnings will be based on the number of hours which you work.
- Satisfactory Academic Progress
Satisfactory grades and completion of an appropriate number of hours are required in order to receive federal financial aid. SWOSU grades are reviewed at the end of each semester and SWOSU completed credit hours are reviewed at the end of the Spring semester for compliance with the SWOSU Satisfactory Academic Progress Policy which you have been given. It is your responsibility to become familiar with the terms of this policy. Failure to make satisfactory progress according to this policy will result in cancellation of financial aid.
Scholarships listed on your Award Letter are in some cases taken from the student data form and have not been confirmed by the SFS Office. Estimated Scholarships have not been confirmed. For actual confirmation of scholarship amounts, you should contact the agency/group/department/individual through which the scholarship is being issued. If any of the scholarship information on your Award Letter is incorrect, you should contact the SFS Office immediately.
Total financial aid cannot exceed total cost of attendance at SWOSU. Therefore, in some cases, it may be necessary to reduce one or more of your financial aid awards.