Federal Financial Aid

Federal Aid Programs

• Pell Grants: (up to $6,895) – The Pell grant is awarded to undergraduate students who display exceptional need on their Free Application for Federal Student Aid (FAFSA), and who have not yet earned a bachelor’s degree.
  
  
• Work-Study: ($1,000 - $2,000) – The Federal Work Study program provides part time employment to undergraduate students who demonstrate financial need on their FAFSA.  A list of available positions can be found on the Student Employment Opportunities page.
  
  
• Federal Supplemental Educational Opportunity Grant: ($1,000) – Ouachita has a limited amount of FSEOG funding available for those who have exceptional financial need. Families should file a FASFA as soon as possible to be considered.
  
  
• Direct Student Loans: (up to $7,500 for dependent students, and up to $12,500 for independent students) – The student should accept loans (if needed) on their OBU Student Portal, and complete the requirements for the loan (Entrance Counseling and Master Promissory Note) at studentaid.gov by August 1, 2023 to ensure access to funds by the first tuition payment due date.
  
  
• Direct Parent Loan (PLUS LOAN): (up to the student’s full Cost of Attendance, less all other aid) – The application for Parent PLUS Loans for the 2023-24 academic year opens May 1, 2023. To ensure access to loan funds by the student’s first tuition payment due date, a parent should complete a Parent PLUS Application and sign a Parent PLUS Master Promissory Note by August 1, 2023.
  
  
• TEACH Grant: (up to $4,000) – The Teacher Education Assistance for College and Higher Education (TEACH) Grant program provides grant funds to undergraduate and graduate students who agree to teach full time for at least four years in a high need field at a low-income elementary school, secondary school, or educational service agency.  If interested, submit the TEACH Grant Request Form to Student Financial Services.

Private Alternative loans are also available to both undergraduate and graduate students for further financial help in paying for college. More information can be found at https://choice.fastproducts.org/FastChoice/home/110200. The recommended deadline to apply for a private loan is August 1, 2023, to ensure funds are available by the first tuition payment due date. We encourage families to pursue federal loan programs first.

How to Apply

Apply for federal aid by completing the Free Application for Federal Student Aid online at studentaid.gov. Applications for the coming school year become available on October 1 each year. You must file a new FAFSA for each academic year of school. Applications received prior to May 1 each year receive funding priority. The 2023-24 FAFSA will require 2021 income information.

• Help for filling out the FAFSA
• Understand terms and definitions related to Financial Aid
• Am I eligible to receive financial aid?

The Higher Education Amendments require the university to define and enforce standards for satisfactory academic progress to encourage students to successfully complete degree requirements within 4 years (8 semesters).

STUDENT LOAN CODE OF CONDUCT