googleplus linkedin pinterest snapchat vimeo youtube
utulsa.edu

Financial Aid FAQs

Your most common financial aid questions answered.

Who is eligible to receive federal financial aid?
Do I have to be a full-time student to receive federal financial aid?
When will I receive my financial aid award?
Do I have to reapply each year?
Do outside scholarships affect my aid?
What is the number of Federal Pell Grant recipients?
What is the Freshman Retention Rate?
What is the priority deadline to apply for financial aid?
Where do I pick up a refund check?
How do I apply for summer aid?
Do TU scholarships apply to summer school?
How will the Office of Student Financial Services communicate with me?
How does the Work-Study program work on TU’s campus?
What does it mean to be chosen for verification?
What do I do if my enrollment or living situation changes during the year?
Can the university talk to my parents without a FERPA?
How do I become an Independent Student?
How is money disbursed at TU?
What is Satisfactory Academic Progress?
What happens if I withdraw?
What is a Perkins Loan?
What is a Grad PLUS Loan?
What is a Parent PLUS Loan?
What is a private loan?

Who is eligible to receive federal financial aid?

Eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). Students must be admitted and degree seeking in order to qualify for assistance. Enrollment must be at least half-time, with the exception of Pell recipients, in order to qualify for federal aid. Each year students need to reapply to be considered for financial aid.

The amount of aid offered to a student is determined by demonstrated financial need. Financial need can be defined most simply as the difference between the amount of money the student and parent(s) can contribute from income and assets based upon a Congressionally approved analysis and the cost of attending The University of Tulsa, less outside awards.
Back to Top

Do I have to be a full-time student to receive federal financial aid?

To be considered for institutional scholarships, you do need to be enrolled full-time (12 hours or more). Students, who are enrolled in at least 6 hours and meet eligibility requirements, may be eligible for federal funds such as loans and grants. Students eligible for the Pell Grant may be enrolled less than half-time.
Back to Top

When will I receive my financial aid award?

You will be notified via your TU email account that your award letter is available to be reviewed. Accept or reject your award electronically. Please note that if you want to reduce an amount you must print off your award letter, make the change and return the award letter to the Office of Student Financial Services.

Rejecting, totally or in part, any form of assistance (scholarship, grant, loan, work-study) does not automatically lead to other assistance being increased or substituted. Contact a counselor in the Office of Student Financial Services to clarify your specific request.
Back to Top

Do I have to reapply each year?

Yes! You must reapply for aid each year you wish to receive assistance. Renewal of aid beyond the first year depends upon your academic record and your continued need, as based on the most recent financial information.
Back to Top

Do outside scholarships affect my aid?

Yes, outside scholarships may affect your eligibility for aid. Please forward that information to the Office of Student Financial Services so that we can evaluate the impact on your aid package.
Back to Top

What is the number of Federal Pell Grant recipients?

527 (2015-2016)
Back to Top

What is the Freshman Retention Rate?

88% (F13-F14)
Back to Top

What is the priority deadline to apply for financial aid?

The PRIORITY deadline to apply for financial aid is February 15. The priority deadline is only the recommended date for best consideration. Aid applications received after that date will still receive consideration, however, it is in the best interest of the student to apply as early as possible.

Oklahoma residents participating in the Oklahoma Tuition Aid Grant (OTAG) program should apply as soon as possible after October 1, 2016, as funds will be awarded on a first come, first serve basis until depleted.
Back to Top

When will I receive my financial aid award?

You will be notified via your TU email account that your award letter is available to be reviewed.  Accept or reject your award electronically.  Please note that if you want to reduce an amount you must print off your award letter, make the change and return the award letter to the Office of Student Financial Services.

Rejecting, totally or in part, any form of assistance (scholarship, grant, loan, work-study) does not automatically lead to other assistance being increased or substituted.  Contact a counselor in the Office of Student Financial Services to clarify your specific request.
Back to Top

Where do I pick up a refund check?

If you are receiving a refund or need a cash advance to buy books, please contact the Bursar’s Office in McClure Hall. They can be contacted at 918-631-2208.
Back to Top

How do I apply for summer aid?

If you are planning on taking summer classes and would like to be considered for federal aid, complete the Summer Financial Aid Application (available during the spring semester). You must be enrolled at least half-time to be eligible.
Back to Top

Do TU scholarships apply to summer school?

TU Scholarship funding does not apply for Summer courses. TU Scholarships only apply for students who are enrolled full-time for the fall and spring semesters.
Back to Top

How will the Office of Student Financial Services communicate with me?

You will receive all correspondence from the Office of Student Financial Services via your TU email account.
Back to Top

How does the Work-Study program work on TU’s campus?

Read more about TU’s Work-Study program policy and procedures here.
Back to Top

What does it mean to be chosen for verification?

If you are eligible for federal funds, you must complete verification prior to the last day of enrollment for the 2017-2018 award year or September 22, 2018, whichever is earlier. In addition, a valid EFC (expected family contribution) must be received by TU before the last day of enrollment. Direct loan applications must be certified by the Office of Student Financial Services prior to the last day of enrollment to receive loan funds.

TU does not disburse federal aid funds for students who are selected for verification until the process is complete. If you have any questions concerning verification and the required documents, please contact the Office of Student Financial Services. Failing to complete verification by the deadlines will result in the loss of eligibility for federal aid funds. In the event that a student completely withdraws, verification documents must have been received prior to withdrawal in order to be considered for financial aid.
Back to Top

What do I do if my enrollment or living situation changes during the year?

Immediately report any change in your enrollment or living situation to the Office of Student Financial Services.
Back to Top

Can the university talk to my parents without a FERPA?

Financial aid records are protected in accordance with the Family Education Rights and Privacy Act (FERPA) of 1974, as amended.  If you would like the University to share your information with a family member please complete the FERPA form.
Back to Top

How do I become an Independent Student?

You may be considered an Independent student if you can answer yes to at least one of the following:

    • Were you born before January 1, 1994?
    • At the beginning of the 2017-2018 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certification, etc.)
    • As of today, are you married or separated (but not divorced)? This is as of the date the FAFSA is filed.(Answer “Yes” if you are separated but not divorced.)
    • Do you have children who receive more than half of their support from you between July 1, 2017 and June 30, 2018?
    • Do you have dependent(s) (other than children or spouse) who live with you who receive more than half of their support from you, now and through June 30, 2018?
    • Are you currently serving on active duty in the US Armed Forces or a National Guard or Reserves enlistee called into active duty for purposes other than training?
    • Are you a veteran of the U.S. Armed Forces?
    • When you were age 13 or older, were both your parents deceased, were you in foster care or were you a dependent/ward of the court?
    • As of today are you an emancipated minor as determined by a court in your state of legal residence?
    • As of today are you in legal guardianship as determined by a court in your state of legal residence?
    • At any time on or after July 1, 2016 did a school district homeless liaison determine that you were an unaccompanied youth who was homeless?
    • At any time on or after July 1, 2016 did the director of a HUD emergency shelter program or transitional living program determine that you were an unaccompanied youth who was homeless?
    • At any time on or after July 1, 2016 did the director of a runaway or homeless center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

Back to Top

How is money disbursed at TU?

Unless otherwise noted, the amount(s) listed on the Award Letter are yearly awards with one-half applicable to the Fall semester and one-half to the Spring semester.

Federal Perkins Loan (Perkins Loans) are funded by the federal government. The University of Tulsa (TU) adds a matching share plus repayments from alumni. The amount of the Perkins Loan awarded to you depends on your financial need and the availability of funds at TU. Since Perkins loan funds are limited, it is important you accept or decline your Perkins loan in a timely fashion. You can do so by electronically accepting your award on the TU Portal. TU’s Perkins loan e-signature process is administered through University Accounting Services (UAS is TU’s billing processor) for borrowers to e-sign their Perkins Master Promissory Note (MPN) and complete loan counseling. A new borrower will be required to e-sign a MPN and complete loan counseling. NOTE: You will complete the MPN only once, but you will be required to complete loan counseling each academic year. After you electronically accept your award on the TU Portal, you will receive an email from SignMyLoan@signmyloan.com . You will not be able to e-sign your MPN or complete loan counseling until you receive an email from SignMyLoan providing completion instructions. The TU Bursar’s Office will review weekly all signed MPNs from SignMyLoan. When the TU Bursar’s Office receives notification you have e-signed your MPN and completed loan counseling, then your Perkins loan funds will be posted to your student account in the TU Bursar’s Office no earlier than the first day of class. If you e-sign your MPN after the first day of class, the TU Bursar’s Office will review weekly all signed MPNs and post your Perkins loan funds once they receive notification you e-signed your MPN and completed loan counseling. If an MPN is not signed before the end of the semester, the Perkins loan will be cancelled. Mid-year borrowers will follow the same process as stated above. NOTE: TU reserves the right to rescind Perkins loan eligibility.

Direct Subsidized/Unsubsidized Loans are estimated on a student’s award letter when we receive a FAFSA. The loans are then processed through Direct Loans once the student electronically accepts their award indicating they wish to accept the loans. The funds are credited to the student’s account once the entrance counseling and Master Promissory Note are completed at studentloans.gov. Both items must be completed before funds are received at TU. The U.S. Department of Education electronically sends TU notification of both completed documents, then the loan funds are credited to the student’s account no earlier than the first day of class each semester. A disbursement funds letter indicating the type of loan(s) and amount(s) will be emailed to the student’s TU email when funds credit. A student has the right to cancel all or any portion of the loan within 14 days of the loan crediting their account. It is the student’s responsibility to notify the Office of Student Financial Services, in writing, if they wish to reduce or cancel their student loan(s).

Refunds due students as a result of financial aid funds exceeding TU charges will be processed by the TU Bursar’s Office. Students should have personal funds to meet necessary initial expenses such as books and supplies. Many families make funds available by establishing a checking account at a local bank.
Back to Top