T o receive full consideration for all programs, it is recommended that all students complete the Free Application for Federal Student Aid (FAFSA) every year, as soon as possible after January 1 for the next school year. Awards depend on the availability of funds.
Financial Aid Award notifications begin in March. OU Financial Services sends an award notification to the OU email address with instructions for viewing awards on MySAIL. In case of a change to an award, OU Financial Services sends a revised award notification to the OU email address with instructions for viewing awards on MySAIL.
To be considered for scholarships, Oakland University must receive your application, transcript and ACT or SAT score by March 1 (for fall freshmen). If you meet this deadline, you will automatically be considered for OU scholarships.
Note: Required SAT or ACT scores for scholarship consideration for 2017 and beyond will be announced on July 1.
You should apply for admission during your senior year of high school, and submit your transcript and test score when your academic record reflects the strongest grades. Awards are based on your academic record, including GPA and ACT or SAT score, at the time of admission. International students are not eligible for scholarships, except where reflected.
PRESIDENTIAL SCHOLAR AWARD: Full tuition for four years
Awarded to entering freshmen with a high school GPA of 3.90 or higher and an ACT composite score of 31 or higher (SAT score of 1360 or higher).
DISTINGUISHED SCHOLAR AWARD: $20,000 for four years ($5,000 per year)
Awarded to entering freshmen with a high school GPA of 3.80-3.89 and an ACT composite score of 27 or higher (SAT score of 1210 or higher), OR high school GPA of 3.90 or higher and an ACT composite score of 27-30 (SAT score of 1210 to 1350).
TALENTED SCHOLAR AWARD: $12,000 for four years ($3,000 per year)
Awarded to entering freshmen with a high school GPA of 3.70-3.79 and an ACT composite score of 27 or higher (SAT score of 1210 or higher), OR with a high school GPA of 3.80 or higher and an ACT composite score equal to 25 or 26 (SAT score of 1130 to 1200).
ACADEMIC ACHIEVEMENT AWARD: $8,000 for four years ($2,000 per year)
Awarded to entering freshmen with a high school GPA of 3.50 or higher and an ACT composite score of 24 (SAT score of 1090 to 1120), OR with a high school GPA of 3.50-3.79 and an ACT composite score equal to 25 or 26 (SAT score of 1130 to 1200), OR with a high school GPA of 3.50-3.69 and an ACT composite score of 27 or higher (SAT score of 1210 or higher).
UNIVERSITY RECOGNITION AWARD: $6,000 for four years ($1,500 per year)
Awarded to entering freshmen with a high school GPA of 3.40-3.49 and an ACT composite score of 23 or higher (SAT score of 1050 or higher), OR with a high school GPA of 3.40 or higher and ACT composite score equal to 23 (SAT score 1050 to 1080).
GEOGRAPHIC REGION AWARD: $8,000 for four years ($2,000 per year) (Not pictured on chart)
Awarded to entering freshmen with a high school GPA of 3.0 or higher residing in Michigan counties outside of Macomb, Oakland or Wayne who wish to live on campus. Recipients must live in university housing.
NON-RESIDENT AWARD: In-state tuition rates (Not pictured on chart)
Awarded to entering freshmen with a high school GPA of 3.0 or higher who are not Michigan residents and allows them to pay in-state tuition rates. Citizens of Canada and Mexico also qualify. Recipients must live in university housing for their first two years.
The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to undergraduate students with exceptional need and based on the availability of funds. For information regarding eligibility criteria and annual amounts visit the FSEOG page on the Federal Student Aid website.
An undergraduate student can receive federal loans without a co-signer. The most commonly awarded loans for undergraduate students are the Federal Direct Subsidized and Federal Direct Unsubsidized loans, which are awarded based on a student's financial need. The Federal Perkins loan is a limited fund awarded on a first-come, first-served basis according to a student's financial need. For more information about annual and aggregate limits, interest rates, and repayment visit the types of loans page on the Federal Student Aid website.
Parents of dependent undergraduate students are able to apply for a Federal Direct Parent PLUS loan. The Parent PLUS loan is approved or denied based on the parent's credit, and if approved, the parent is responsible for repayment. If a parent is denied for a loan based on credit, an additional amount of the Unsubsidized loan will be awarded in the student's name. An online application is available at www.studentloans.gov. For information regarding interest rates and repayment terms, visit the PLUS loans page on the Federal Student Aid website. View Parent PLUS Loan application instructions.
Visit the State of Michigan website for information about Michigan grant programs.
Choose loan programs you can live with long term. Government loan programs usually offer lower interest rates and more flexible repayment plans than most private/alternative loans. Maximize your borrowing from all federal loans before considering supplemental funds from a private loan. The limit on a private loan is equal to the cost of education minus other awarded financial aid.
A number of banks and lending institutions offer private loan funding to assist students with the cost of education. A co-signer may be required, depending on the student's credit history and credit worthiness. Borrow wisely and compare lenders to make a smart, long-term choice. Be wary of private loan offers which discourage you from working with your financial aid office, offer introductory rates, do not tie the loan interest rate to a fixed percentage of LIBOR or PRIME rate, or claim that you can apply and receive money immediately. OU will certify a private loan from any private lender. Many private loan options are available and students can choose to apply for a private loan with any banking institution of their choice. If students need to utilize loans, it is best to exhaust all federal loan options before seeking a private loan. Read more about federal and private loan options. Although not a comprehensive list, StudentLendingAnalytics.com provides a brief overview of private loan options.
Consider these factors when shopping for a lender:
- Undergraduate, Graduate, Professional Development, Certification
- Satisfactory Academic Progress (SAP)
- Enrollment Requirements – ie., less than half-time
- International Students
- With or without a co-borrower (co-signer)
- Interest adjusted when and how
- Origination fees and other charges
- Late fees
- Direct Debit
- Co-borrower release
- Graduation reward
- When does repayment begin?
- Can principal and interest be deferred?
- When is interest capitalized?
- Maximum repayment period
- Minimum loan amount
- Annual and aggregate loan limits
- Allow loans for past balances (if applicable)
- Responsive customer service
- Student focused
Consolidation loans combine several loans, with various repayment schedules, into one loan, requiring you to make only one monthly payment. The interest rate on a consolidation loan also may be lower than what you're currently paying on one or more of your loans. Student borrowers with at least one Federal Direct Loan may wish to consider a Direct Consolidation Loan.