Awarding of Title IV Funds
All Title IV funds are award based off the information received from the FAFSA. You must complete the FAFSA to be eligible. The FAFSA can be found at www.fafsa.ed.gov. Once the FAFSA is received and processed in our office the students file will be pulled for awarding in groups based off the date all the information was received, or the READY Date for the file.
Based off the information provided, all students receiving TITLE IV aid will be given a Cost of Attendance (COA) Budget. A copy of the COA budget includes the following items:
- Tuition and Fees (Out-of-State is adjusted to out-of-state tuition)
- Books and Supplies
- Personal expenses
- Transportation cost
- Room and Board (Utilities if you live off campus)
The Estimated Family Contribution (EFC) is subtracted from the COA to determine financial need.
- COA – EFC = NEED
- The sum of all need based awards will not exceed the need of the students.
- The sum of all awards (need* and non-need*) will not exceed the COA.
- Pell grants will be automatically awarded based off the Estimated Family Contribution (EFC) that was received with the FAFSA.
- Supplemental Education Opportunity Grants (SEOG) will be automatically awarded based off an EFC of Zero (OOOO) and the READY date. SEOG is awarded on a first come first served basis and the availability of funds.
- Oklahoma Tuition Aid Grant (OTAG) is awarded automatically by the POISE systems based off the EFC and the date the first FAFSA was processed and provided by the Oklahoma State Regents of Higher Education. Currently the EFC requirement is <1700 and must have a processed date before December 1st.
- All Scholarship expected to be received by the students provided on the DATAFORM and all Tuition waivers will be provided by the University and then will be next be calculated into the students financial aid package.
- OK Promise is awarded as an estimate until the funds are received in our office. The estimate holds until class can no longer be dropped/added. The calculation is as follows:
Cost of Tuition per Credit Hour x No. of Credit Hours = OK Promise Award
- Direct Subsidized Loans will be awarded based off the student’s response on the DATAFORM. Southeastern will not award loans unless a student requests the loans. Before the loans will transmit to the students account, the student must complete the Master Promissory Note and Entrance Counseling.
- Federal Work Study will be awarded if the students answered the questions on the FAFSA stating they are interested in the work study. Students can also inform the office that they are interested in work study if they did not answer the question correctly. The amount awarded will be based on minimum wage for 10 hrs/week per the number of weeks in a semester.
- Direct Unsubsidized Loans and Direct PLUS Loans will be awarded based off the student’s response on the DATAFORM. Southeastern will not award loans unless a student requests the loans. Before the loans will transmit to the students account, the student and parent must complete the Master Promissory Note and Entrance Counseling. This award is non-need based so the amount to be awarded will be based off COA.
Pell Grants, SEOG, OTAG, Direct subsidized loans, Direct Unsubsidized loans have amount limits established by the regulatory agencies.
All loans will be disbursed in at least two equal disbursements. A fall/spring loan will be disbursed at the beginning of the fall and spring. A single semester loan will be split with half disbursing at the beginning and half at the midpoint of the semester. All first time borrowers will have a 30 day delay from the start of their first semester for first disbursement.
*Need-based awards include: Pell, SEOG, OTAG, Tuition Waivers, Scholarships, OK Promise (OHLAP), Direct Subsidized Loans, Federal Work Study. Non-need based awards include: Direct Unsubsidized Loan, Direct Plus Loan.