Olivet Nazarene University

Financial Aid

Students who are interested in receiving financial assistance must first complete a FAFSA application. Once students complete this form, students may receive a number of grants, loans, scholarships, or work study options, depending on the financial need. Once students complete the FAFSA form and have all additional paperwork necessary to complete the form, applicants may begin submitting the application in early January. In order to receive priority, students must complete the applications by early March. Once the available funds are depleted, students may have to depend strictly on loans or outside forms of financial assistance.

Scholarships provide students with the chance to earn a degree without having to repay any of the money, and this is the form of financial assistance that many students prefer. Students may qualify for scholarships at Olivet Nazarene University or from outside sources. There are scholarships based on certain criteria, such ethnicity, religious beliefs, athletic talents, GPA, organizations, and more. Interested students may qualify for scholarships with certain departments or schools within the university as well. Consulting with a guidance counselor in school or the financial aid office at Olivet Nazarene University can steer students in the right direction for scholarship options. Completing the FAFSA application may also qualify students for certain scholarship, and in this case, students will be notified of all awards received.

Students may also qualify for grants after completing the FAFSA form, which is another way to help finance an education. Grants are a form of financial assistance does not require repayment. Students may qualify for grants based on their financial need. Grants may range from hundreds to thousands of dollars. There are federal grants and state grants for educational purposes. The university also offers certain state grants with specific criteria necessary to qualify. Outside sources may offer grants for students within the state who meet the required criteria.

Loans are the type of financial aid for which most students qualify. Loans require repayment. Students may qualify for a number of subsidized and unsubsidized loans. Awards range from hundreds to thousands of dollars in loans. Some require repayment of interest once the loan is taken out and others require repayments of interest once students begin repaying the loans. Parents may also qualify for parent loans to finance an education for their child. Federal loans generally have low interest rates, so most student prefer to take out loans qualified for through the FAFSA application. Outside loans through banks are another option. These loans may have higher or lower interest rates, depending on the creditworthiness of the borrower. Students may want to shop around for loan rates in order to receive the best rates possible.

Work study is another option to pay for an education. Students can earn wages to pay for university expenses. Work study programs are available through the Office of Career Services at Olivet Nazarene University. The information on the FAFSA application is another way to qualify for work study programs. Students have the convenience of attending school and working on campus. This is a great opportunity to finance an education.