Types of Aid
There are four types of aid that are awarded at Rose State College. Those are: Federal Grants, Federal Loans, Federal Work Study, and Scholarships.
Grants are generally considered aid that you do not have to repay. Grants include Federal Pell Grant and FSEOG (Federal Supplemental Educational Opportunity Grant). These grants are available to students that have not earned a bachelor's degree (or equivalent). Eligibility for Federal Pell Grant is determined per the federal formula that calculates the expected family contribution (EFC). Eligibility for FSEOG depends on availability of funds at the school and regulations require that it go to the neediest students. Amounts of Federal Pell Grant for the 2016-2017 school year may range from approximately $5815 to $598 per year. The maximum FSEOG is approximately $1,000 per year.
Legal residents of the state of Oklahoma may be eligible for the Oklahoma Tuition Aid Grant (OTAG). Application for this grant is made by completing the FAFSA. Eligibility for OTAG is determined by the state’s Oklahoma Tuition Aid Grant Office. Maximum eligibility is approximately $1,000 per year.
There are three types of Federal Direct Loans.
- Subsidized Loan: the government pays the interest while the student is in college.
- Unsubsidized Loan: the student is responsible for paying all interest on the loan, during and after college.
- PLUS Loan:Parents may borrow for their children's college education under this program. The FAFSA form must be completed and parent must apply for PLUS loan on studentloans.gov.
Students who qualify may receive all three types of loans at the same time.
Federal Direct Subsidized Loans
If you have financial need remaining after all your other educational awards are taken into account, you may be able to borrow under this program. Maximum amounts are $3,500 per year to students that have completed fewer than 30 credit hours in their program of study; $4,500 per year to students that have 30 credit hours or more. For more information on student classification, please see Rose State College's catalog.
Federal Direct Unsubsidized Loan
If you do not show financial need per the federal formula or based on the financial aid office evaluation, or have additional need after maximum Federal Direct Subsidized Loan has been awarded, you may qualify to borrow under this program. The maximum unsubsidized loan is $2,000 per year for a dependent student and $6,000 per year for an independent student.
Students who qualify may receive both subsidized and unsubsidized loans at the same time.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
Parents may borrow for their children's college education under this program. The FAFSA form must be completed and the parent must apply for the PLUS loan on studentloans.gov.
Accepting a Federal Direct Loan
- Accept the loan on OASIS.
- Electronically sign a Master Promissory Note (MPN).
- Complete Loan Entrance Counseling.
Here are some tools that may also help with understanding Federal Loans:
NOTE: Rose State College does not participate in any of the private education loans that require school authorization that are offered by lenders. Students should apply for all federally funded loans before utilizing any private loan options.
Exit Counseling for Federal Loans
If you are graduating, dropping below half-time enrollment (below 6 credit hours), or are leaving Rose State College; you will need to complete Loan Exit Counseling. The student will need to print out a copy of the completion of the exit counseling and bring it to the Financial Aid Office. There will be another form at our office to fill out and turn in with the Loan Exit Counseling.
Federal Work Study
If a student is offered Federal Work Study as part of his/her financial aid package, Rose State College will help students find a part-time job on campus. The maximum Federal Work Study awards are approximately $5,000 per year, which allow the student to work a maximum of 20 hours per week.
Rose State College has many scholarship options for students. Unless specifically noted, they apply toward general tuition only — scholarships are not cash awards and do not cover special fees or books. Scholarships are awarded on academic achievement, community involvement or extracurricular activities and/or financial need. Gifts and endowments from private individuals, corporations, community organizations and other foundations fund scholarships. Private scholarships are derived from a variety of organizations that provide scholarship opportunities to students.