Essay about Information about Financial Aid

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Financial Aid

Financial aid is money in the form of loans, grants and employment that is available to a student to help pay the cost of attending. Financial aid comes from the federal government, which is the largest provider of aid, as well as state government, the school and a variety of other public and private sources.

If you think your educational expenses are more than you and your family can afford, you should apply for financial aid using the Free Application for Federal Student Aid (FAFSA). You will need to apply for financial aid every year by completing a FAFSA. The FAFSA includes all the information necessary to determine your eligibility and must be completed if you want to be considered for any of the federal programs
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• Supplemental Educational Opportunity Grant (SEOG) - This grant is available only to undergraduates having the greatest financial need. Awarded on a first-come first-served basis by the Office of Financial Aid until all federally allocated funds are awarded.
• Oklahoma Tuition Aid Grant (OTAG) - OTAG is available to Oklahoma residents. Awards are made by the Oklahoma State Regents based on the information provided on the FAFSA. Recipients will receive an award notification from the Oklahoma Tuition Aid Grant Program. Early application, prior to April 15th is requested. For more information, please call the OTAG program directly at 405-234-4356.

LOANS - borrowed money that has to be paid back over a period of time, after the student ceases to be less than a halftime student. Loans offered at:
• Subsidized Stafford Loan - (Formerly Guaranteed Student Loan) Federal Stafford Loan funds are borrowed from a lending institution (e.g., a bank or credit union). Eligibility for this low interest loan is based on financial need. Students must be enrolled at least halftime to receive a loan. The borrower should check with the organization that holds the loan for the interest rate. Repayment begins six months after enrollment drops below half time. The federal government pays the interest on this subsidized loan while the student is in school or in deferment.
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