Financial Aid

We understand that your education is one of the most important investments you and your family will make. The following information is meant to be helpful and used as a reference after you have received your financial aid award from Otterbein University.

This information will help answer questions about your financial aid including federal student loans, private student loans, and Federal Work-Study.

Financial Aid Information

Questions? Contact our office by phone at 614-823-1502 or email financialaid@otterbein.edu.

How do I access my financial aid information online?

Log into My O-Zone (ozone.otterbein.edu) using your Otterbein network username and password.
Click on the Banner icon.
Click on the Financial Aid tab.
Click on Financial Aid Status.
Choose Aid Year from the drop-down menu.
On the Financial Aid Status for Financial Aid Year page:
- If listed, click on “Unsatisfied Student Requirements” to view requirements for aid disbursement, hold status and/or satisfactory academic progress.
- Click on “Cost of Attendance” to view your estimated education expenses.
- Click on “Awarded” to view information about your specific award, electronic submission information and options to accept/decline offered loans.

Financial Aid Timeline

Timeline objective	Fall starts	Spring starts
Priority filing deadline for the FAFSA	Jan 31	Dec. 1
Notify the Office of Student Financial Services about non-Otterbein scholarships received by the student	March 1	Dec. 1
First-time borrowers, complete Federal Direct Loan process	June 1	Dec. 1
Parent and Graduate Students complete PLUS loan application or student and parent private loans (if intend to borrow)	June 1	Dec. 1

Note: Student Accounts generates electronic bills approximately six weeks prior to the start of the term. The payment of the bill is due according to the published academic calendar found here: www.otterbein.edu/academicaffairs/academic-calendar.

Back to Top >

Education Loans

The process for completing the various loan programs is outlined below. Federal Direct and Federal Direct Parent Loans (PLUS) require Entrance Counseling and Master Promissory Note completion before the loans may be disbursed. Direct loan applications are completed online at StudentAid.gov.

Federal Direct Loan Process

Free Application for Federal Student Aid (FAFSA) must be submitted.

You must confirm the loan amount you wish to borrow from your offered Federal Direct Loan(s). You will need to log in to your Banner account to accept/decline/partially accept your loan(s).
Complete entrance counseling (first-time Direct loan borrowers only). This can be completed online by going to: studentaid.gov. entrance counseling helps you to understand your rights and the responsibilities of your loan.
Complete and sign your Master Promissory Note (MPN) online (First-time Direct loan borrowers only). This can be completed online by going to: studentaid.gov. The MPN is a legally binding agreement to repay your loan to the U.S. Department of Education. To accomplish this you will need complete names, addresses and phone numbers of at least two references.

All three steps must be completed before we can make the first disbursement of your loan.

Federal Parent (PLUS) Loan Borrowers (credit-based approval required).

Free Application for Federal Student Aid (FAFSA) must be submitted.

To submit a Federal Direct Parent PLUS Loan application, parent borrowers can log in to studentaid.gov with their parent FSA ID and password, not the student’s credentials. We recommend that you submit your application several weeks before your bill due date.
Once the PLUS loan application is submitted, a credit decision is made and the school is notified by the U.S. Department of Education. If the credit decision status is declined, the parent borrower is notified by email and the student becomes eligible for additional unsubsidized loan funds depending on grade-level status. Other options for a denied credit status for the PLUS loan include pursuing an endorser (co-signer) or appealing the credit decision with the U.S. Department of Education.
Upon credit approval, the borrower needs to complete the MPN for parents. The U.S. Department of Education notifies the school electronically once this is completed.
If the credit decision changes from declined to approved, the borrower is required to complete PLUS Loan Credit Counseling.

Private Student Loans (credit-based approval required)

Go to the Loans page on the Otterbein Financial Aid website then select “Loans” then “Private Student Loans.” There is one free tool to assist in private loan selection. To apply, click on the links farther down the page for FASTChoice (“Welcome to FASTChoice”). Our preferred list does not include all private student loans, so you are welcome to research and contact additional lenders.
To use FASTChoice, provide the requested info to view the lender list and choose various lenders to compare their loan details, such as interest rates, fees, loan maximums, etc. If you find one that you like, apply online through FASTChoice. Some applications may require a co-signer.
Provide the requested info to view the private loan lender list and choose various lenders to compare their loan details, such as interest rates, fees, loan maximums, etc. If you find one that you like, apply online through FASTChoice. Some applications may require a co-signer.
Once the borrower’s credit and application is complete, the school will receive a certification request. Certification is required before loan funds can be sent by the lender to the student’s account. The private student loan process can take up to one month.

Additional Information

Your loan funds will be transmitted electronically to your Otterbein University billing account.
If your funds create a credit balance on your billing account, a refund will be generated by the Business Office. You can check your account balance at any time by logging into Banner through My O-Zone or checking your ePay account. For questions about your refund, please contact the Business Office at 614-823-1151.
You may cancel your loan disbursement by notifying the Office of Student Financial Aid in writing within 14 days of receiving notice of disbursement. Contact the Office of Student Financial Aid directly by calling 614-823-1502 or via email at financialaid@otterbein.edu.

What do I have to do if I am selected for verification?

The verification process is established by the Department of Education. You will receive a notification indicating the forms needed to complete the process. You can also refer to your Banner, through My O-Zone, for the requirements to complete your verification process. Go to otterbein.studentforms.com to log into Student Forms.

If you are selected for verification, you will need to log into StudentForms to submit your Federal Tax Return Transcripts (student and parent) and complete the electronic verification worksheet. You can obtain a Federal Tax Return Transcript online at www.irs.gov or by calling the IRS at 1.800.908.9946.

What if I have a significant change in my financial status?

Families who have had significant changes in their financial status after the student’s FAFSA has been submitted are advised to contact Otterbein University’s Office of Student Financial Aid. Depending upon the allowable circumstances, adjustments to the financial aid award may be possible through the special circumstances appeal process.

Examples of changes that could affect the family contribution include, but are not limited to:

Separation/divorce
Unemployment or reduced income due to a job change
Excessive medical and dental expenses not covered by insurance

The first step in the special circumstance process is to meet with a Financial Aid Counselor. The counselor will review your circumstance with you and determine if it meets the criteria for our appeal process. The submission of a special circumstance does not always result in increased financial aid eligibility.

Back to Top >

Work Study and Outside Scholarships

What is Federal Work-Study and how will I know if I qualify?

When you receive your financial aid award packet from Otterbein, it will indicate if you have qualified for Federal Work-Study. Federal Work-Study is a federally funded, need-based program, which provides on-campus or community service employment.

On-campus employment opportunities are listed through Handshake Job & Internship Network. Students eligible for Federal Work-Study will be emailed more information on how to log in and review the job postings prior to their first term of enrollment. Students may work up to 20 hours a week while classes are in session (not to be exceeded). Students will be paid biweekly for actual hours worked.

To learn more, email studentemployment@otterbein.edu or visit otterbein.edu/workstudy

What if I don’t qualify for work-study but still want an on-campus job?

Limited opportunities are available to students who do not qualify for the need-based Federal Work-Study program. Interested students must apply and be approved by the hiring supervisor to be eligible to work.