Navigating Financial Services at Oakland University: A Comprehensive Guide

Oakland University (OU) is committed to providing an accessible and affordable education to its students. With over half of the student body receiving financial aid totaling more than $170 million, OU offers various resources to help students manage the cost of tuition and other educational expenses. This article provides a comprehensive overview of the financial services available to students at Oakland University, covering scholarships, grants, loans, and other essential information.

Understanding the Cost of Attendance

The cost of attendance (COA) represents an estimate of the expenses a student will have while attending college. It is also the maximum financial assistance a student can receive. The COA includes estimated direct expenses charged by Oakland University, such as tuition and on-campus housing, as well as estimated indirect expenses incurred by the student, such as books, off-campus room and board, transportation, personal/miscellaneous expenses, and loan fees. Actual costs may vary depending on the number of enrolled credits, housing options, and class standing. Financial aid packages are put together based on the estimated cost of attendance. Federal, state, and institutional financial aid can be awarded up to the estimated cost of attendance in coordination with all other resources. The difference between the cost of attendance and the Student Aid Index (SAI) is the financial need.

Scholarships: Funding Your Education

Oakland University offers a variety of scholarship programs awarded primarily on the basis of academic accomplishment. Scholarships do not require repayment.

OU Annual Scholarships

Oakland University is proud to offer more than 350 annual endowed scholarships through academic and student service departments for admitted and current students. Beginning December 1 each year, admitted and current students should complete the application to apply for OU annual scholarships to use in the next academic year. The application closes March 1. Students can search available scholarships year-round and, based on student information provided to OU, students can view scholarships for which they qualify. The Scholarship Search allows you to view all Oakland University annual scholarships available to admitted and current students, at any time. Use the Category Search to filter scholarships by categories.

Eligibility and Application

To be considered for merit scholarships, Oakland University typically must receive your admission application, transcript, and SAT or ACT score (if applicable) by the priority deadline of March 1 for fall, December 1 for winter, and July 1 for summer. You will automatically be considered for OU scholarships, and awards are based on your academic record, including GPA and SAT or ACT score (if applicable), at the time of admission (test superscores are not considered at this time). You may also submit updated transcripts and/or test scores for scholarship reconsideration.

Important Considerations

International students are not eligible for OU scholarships, except where reflected.
The total amount of Oakland University institutional awards and tuition waiver benefits cannot exceed the cost of tuition.
Students may only receive one academic merit scholarship (except for the Non-Resident Award, if applicable).

OU Scholarship Tool

On the homepage of the Scholarship Tool, you will see a Tasks section and a Completed Tasks section. Tasks will show any applications available to complete and an action button, to start the application, for example. This is where you will start your application each year. Additionally, you can come back to this area to see a list of completed or pending applications. Potential Scholarship Opportunities shows the number of scholarships you can be considered for based on the information on your student record at OU, like your GPA, major, class standing, etc. Click the drop down arrow on the right side to see the details of the scholarships identified. The Available Opportunities section lists other scholarship matches the system identifies based on the information on your student record at OU but requires some additional information collected by the Annual Scholarship Application to confirm your eligibility. Department committees will review and determine the recipients of the scholarships by July 1.

References and Recommendations

Before submitting your scholarship application, please confirm with your references that they are willing to submit the letter of recommendation for you. If you've never requested a letter of recommendation before, it might seem like an overwhelming task trying to decide who to ask, how to ask, and what exactly you're asking for. Make sure the document you're trying to upload is saved to the device you're using to perform the upload. You will need to know where on your device the document is located; for example, your desktop, homescreen, My Documents folder, etc.

My Opportunities Link

Review the My Opportunities link. Potential Scholarship Opportunities are scholarships that you are already being considered for either through your My Applications process or additional information you have submitted. Unfortunately, scholarship applications are not able to be submitted after March 1. Additionally, you would see the scholarship listed as an award in your MySail account.

OUWB Scholarships

To receive financial aid funds, students must accept admission to Oakland University William Beaumont School of Medicine. Admitted students wishing to receive the fullest consideration for OUWB scholarships are required to complete a FAFSA. Parent tax information may be requested to verify full financial need. The OUWB scholarship selection process is on-going and, depending on availability of funds, may continue until classes begin in early August. The OUWB Scholarship Committee considers a variety of factors including financial need in the selection process.

Grants: Need-Based Financial Aid

Oakland University grants are available for students whose FAFSA demonstrates financial need. Grants do not require repayment.

Eligibility for OU Grants

To be considered for need-based grants, entering first-year students who are Michigan residents must complete the FAFSA and fulfill all financial aid requirements by the priority deadline of March 1 for fall, December 1 for winter, and July 1 for summer. Entering first-year Michigan residents who have financial need as determined by the completion of the FAFSA will automatically be considered for OU grants. A combination of Oakland University institutional awards and tuition waiver benefits cannot exceed the cost of tuition (the OU Housing Grant and OU departmental and endowed awards are not included in this limitation of OU awards and benefits).

State of Michigan Grant Programs

Several State of Michigan aid programs require the FAFSA and may require additional applications. These programs include:

Children of Veterans Tuition Grant: Provides undergraduate tuition assistance to students older than 16 and less than 26 years of age who are the natural or adopted child of a Michigan veteran. Requires an initial application completed in the MiSSG student portal (one time only).
Fostering Futures Scholarship: Provides scholarships to students who have experienced foster care in Michigan on or after age 13. Students must also demonstrate financial need to qualify. Requires an annual application completed in the MiSSG student portal.
Michigan Achievement Scholarship: Students from Michigan's high school graduating classes of 2023, 2024, 2025, and 2026 may be eligible for the Michigan Achievement Scholarship. The scholarship is valued at up to $5,500 per year when attending a public university. Students must complete the FAFSA to be considered for eligibility.
Michigan Competitive Scholarship: The Michigan Competitive Scholarship is available to undergraduate students pursuing their first degree and is based on both financial need and merit. To be considered, a student must take the SAT (Class of 2017 and beyond) prior to entering college and achieve a qualifying score of at least 1200. The Michigan Competitive Scholarship is no longer available to students entering college beginning in the 2023-2024 school year.
Michigan Future Educator Fellowship: The Michigan Future Educator Fellowship will offer up to $10,000 in scholarship for 2,500 future educators every year. To be considered, students must meet eligibility criteria for the fellowship.
Michigan Future Educator Stipend: The Michigan Future Educator Stipend will provide up to a $9,600 stipend to students in their student teacher semester to support Michigan's hardworking student teachers as they continue their journey to being in the classroom full time. To be considered, students must meet eligibility criteria. Requires an application completed in the MiSSG student portal.
MI GEAR UP: Only nominated MI GEAR UP participants who have successfully completed the MI GEAR UP program will be eligible to be considered for a scholarship.
Police Officer's and Fire Fighter's Survivor Tuition Grant: The Police Officer's and Fire Fighter's Survivor Tuition Act provides for the waiver of tuition at a Michigan community college or public university for children and surviving spouses of Michigan police officers and fire fighters killed in the line of duty.
Tuition Incentive Program: The Tuition Incentive Program encourages students to complete high school by providing college tuition assistance after graduation. Oakland University is a Phase II eligible institution.
Michigan Indian Tuition Waiver: Oakland University is proud to support greater equity for all Native students as they pursue their higher education goals. We encourage all eligible students to apply for the Michigan Indian Tuition Waiver.

Federal Grant Programs

Oakland University participates in federal financial aid programs. Grants, loans, and on-campus student employment (federal work-study) are available. Federal grant programs include:

Federal Supplemental Educational Opportunity Grant (FSEOG): The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to undergraduate, federal Pell Grant eligible students with a -1,500 SAI. Awarding is subject to the availability of funds.
Federal Teacher Education Assistance for College and Higher Education Grant (TEACH): Offered to students in a master's degree program which leads toward teaching, the federal Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides up to $4,000 per academic year. Candidates must agree to serve as full time teachers at certain schools serving low-income students, and teach subjects within certain high-need fields for at least four academic years within eight years of completing the course of student for which the grant was received. If a grant recipient does not fulfill the teaching obligation, the federal TEACH Grant funds convert to a Direct Unsubsidized loan that must be repaid with interest.

Loans: Funding Options for Students and Parents

Oakland University participates in federal financial aid programs, including federal student loan programs. Loans require repayment.

Federal Direct Student Loans

Federal Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education. The most commonly awarded loans for undergraduate students are the Federal Direct Subsidized and Federal Direct Unsubsidized loans. Graduate students are eligible for unsubsidized loans.

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Federal Direct Subsidized Loans: Need-based loans awarded to undergraduate students, without the need for a co-signer.
Federal Direct Unsubsidized Loans: Not based on financial need. Interest is charged from the date of the first disbursement.

First-time borrowers need to complete a Master Promissory Note (MPN) and Entrance Loan Counseling (ELC) before any loan funds can be disbursed to your student account. Upon graduation or ceasing attendance at the University, you will also be required to complete Exit Loan Counseling.

Federal Direct Parent PLUS Loan

The Federal Direct Parent PLUS Loan requires FAFSA completion but is not need-based. The Federal Parent PLUS Loan is approved or denied based on the parent's credit, and if approved, the parent is responsible for repayment. The parent will need to complete a Master Promissory Note (MPN) if they are borrowing a Federal Direct Parent PLUS Loan for the first time for this student.

Federal Direct Grad PLUS Loans

Graduate students, who first borrowed in their graduate program, prior to July 1, 2026, are able to apply for a Federal Direct Grad PLUS Loan to help pay for educational expenses up to the cost of attendance minus all other financial assistance. Graduate student should maximize borrowing through the Federal Direct Unsubsidized Loan program prior to applying for this loan as the interest rate is lower.

Nurse Faculty Loan Program

The Nurse Faculty Loan Program (NFLP) is a program available for a Ph.D. in Nursing. Up to 85% of the total loan amount will be forgiven if the graduate works full-time for four consecutive years in a nurse faculty position.

Loan Consolidation

Consolidation loans combine several loans, with various repayment schedules, into one loan, requiring you to make only one monthly payment.

Federal Direct Loan Repayment

Federal Direct student loans, as well as federal Direct PLUS loans, require loan repayment. The Department of Education offers income-driven repayment (IDR) plans for federal student loans. You will need to certify your income and family size each year you want to use an IDR plan.

Additional Financial Aid Resources

Federal Work-Study

Federal Work-Study provides part-time employment to degree-seeking students with financial need, as determined by the FAFSA. Students are employed under the federal work-study program in on-campus jobs. Students are made aware of their federal work-study eligibility on their financial aid offer and may earn up to the amount listed on the offer. Funds are limited and awarded on a first-come, first-serve basis.

Private Scholarships and Loans

Private aid is generally considered aid received from a source other than the university, state, and federal governments.

Private Scholarships

Students can increase the probability they will be selected for private scholarships by increasing the number of applications submitted. Search for private scholarships on large online databases called clearinghouses, such as:

CollegeBoard.org
Fastweb.com
Scholarships.com

Private Loans

Federal Direct loan programs usually offer lower interest rates and more flexible repayment plans than most private/alternative loan programs. Maximize your borrowing from all federal loans before considering supplemental funds from a private loan.

Oakland University Credit Union

Oakland University Credit Union (OUCU) is a not-for-profit financial institution that offers continuing education loans.

Oakland University PACE

Oakland University PACE partners with Michigan Works to support displaced workers in advancing their careers. Funds from a 529 college savings plan can be applied toward Oakland University PACE non-credit courses. Several Oakland University PACE programs are approved for educational benefits through the GI BillÂ®.

Lifetime Learning Tax Credit

The Lifetime Learning Tax Credit can help offset the cost of continuing education at any post-secondary level. Eligible taxpayers may claim up to $2,000 per family each year for qualified tuition and related expenses paid for themselves, a spouse, or dependents.

Employer Tuition Reimbursement

Employers know continuing education strengthens their workforce. Many offer tuition reimbursement or provide support for continuing education costs.

Applying for Financial Aid: The FAFSA

Applying for federal financial aid is easy with the Free Application for Federal Student Aid, commonly known as the FAFSA. You must complete the FAFSA annually, on or shortly after October 1, to apply for federal financial aid. Include Oakland's school code (002307) on your FAFSA to ensure we receive your application.

Creating a StudentAid.gov Account

Students, their spouse if married, or their parent(s) if applicable, must each create their own studentaid.gov account to access and sign the appropriate sections of the FAFSA.

FAFSA Workshops

Need help with your FAFSA? No problem! Join a virtual FAFSA workshop or speak to an advisor for assistance.

Key Considerations

To maximize the financial aid award package, students should complete the FAFSA as soon as possible after January 1 for the upcoming academic year.
Students must complete a FAFSA each year they are interested in receiving financial assistance.
Since financial need-based aid and most institutional aid is awarded on a first-come, first-serve basis as funding is available, it is beneficial to apply early but no later than July 1 to qualify for renewal.
If students qualify for the Michigan Competitive Scholarship, the FAFSA must be received by March 1.
Students are encouraged to complete the FAFSA early. Department of Education to process the application.
Students who complete a FAFSA must also provide their social security number to Oakland University to be awarded Oakland University grants, federal, and state aid, as well as for student employment purposes.

Understanding Your Student Account

eBill

Students must log in to eBill to view and pay their student account balance online. Oakland University generates a bill each month for which there has been transaction activity relating to tuition, on-campus room and board, and other related educational expenses billed through the student account, or if there is a remaining account balance. Billing is done electronically, and the bills can be viewed by accessing eBill at mysail.oakland.edu. Students can print a paper bill by accessing eBill. Grants, scholarships, and loans are reflected on eBill and deducted from any university allowable charges, provided all financial aid requirements are met.

Payment Due Dates and Late Penalties

Students who have not paid their student account balance in full by the payment due dates established by the University will be subject to a 1.5 percent late payment penalty and will be ineligible to register for future semesters.

Payment Options

Payments can be made electronically through eBill (students will need their Grizzly ID and 6-digit SAIL PIN). All payments should include the Grizzly ID to ensure correct and timely processing. Students can enroll in an OU Payment Plan each semester and spread tuition and on-campus housing into smaller payments. Payments made from a business or corporate account will be reflected as an outside resource and counted in the financial assistance package when determining eligibility for financial assistance.

Returned Payments

If a payment made to a student account is returned by the financial institution for any reason, the student must repay the original amount of the payment plus a returned payment charge as determined by the University.

Refunds

If financial assistance exceeds allowable charges (i.e., tuition, on-campus housing), the student (or parent, if he or she received a PLUS loan) will receive a refund to pay other education-related expenses, such as books, off-campus housing, and miscellaneous costs. If a refund is expected, students are encouraged to enroll in direct deposit, allowing OU to direct deposit the refund into a bank account. Oakland University does not operate on a book voucher system, and cash advances for the purchase of books are not available.

Dropping or Withdrawing from Classes

Students who do not drop or withdraw from their courses by the deadlines, as published in the OUWB Tuition Refund and Scholarship Return, are responsible for payment of all tuition and other charges, along with any installment plan charges, late payment charges, and all costs and attorneyâs fees incurred by the University to collect or attempt to collect unpaid tuition and/or other charges.

Return of Title IV Funds

When an eligible federal Title IV financial aid student withdraws (officially or unofficially) from all classes before 60% of the semester is complete during an enrollment period in which attendance has begun, federal regulations require Oakland University to determine the amount of financial aid earned. A student is only eligible to retain the percent of Title IV aid earned that is equal to the percentage of the enrollment period that was completed by the student. The unearned Title IV aid must then be returned to the appropriate federal aid program(s), which may result in the student owing financial aid funds to the University, the federal government, or both. Withdrawing from classes may impact the receipt of future financial aid. Students are strongly encouraged to contact the OU Financial Aid Office prior to withdrawing from classes to obtain information on the effects of withdrawing.

Student Financial Wellness

Our team supports student financial wellness through individual student advising as well as through facilitating group sessions on various topics throughout students time at OUWB. Examples of the types of topics discussed in group sessions include: personal budgeting, developing financial goals, strategic loan borrowing, repayment plans and forgiveness programs, and preparing for financial milestones and transitions as a physician-in-training.

Key Contacts

OUWB Financial Services

OUWB Financial Services is conveniently located in the Center for Medical Student Services at 216 OâDowd Hall. Scheduled in-person and virtual appointments as well as walk-in appointments are welcome.

Gregory Ashe, Associate Director of Financial Services

Gregory Ashe is the associate director of Financial Services. His responsibilities include financial aid reporting, forecasting, and data entry; financial services communications; and financial wellness program development and implementation.

Autumn Robinson, Financial Services Advisor

Autumn Robinson is the Financial Services Advisor. In her current role, Autumn provides personalized guidance to ensure students can access the financial resources they need, from managing student loans to identifying scholarship opportunities and creating comprehensive funding strategies.

Additional Information

IRS Form 1098-T

All students must provide their social security number (SSN) or taxpayer identification number (TIN) to the University upon request, as required by the Internal Revenue Service (IRS) regulations, for IRS Form 1098-T reporting purposes.

Non-Attendance

Third-Party Payers

Tuition and Other Charges

Oakland University exercises any and all legal rights it may have to collect an unpaid student account balance, including without limitation referring the unpaid student account balance to an outside collection agency, reporting the unpaid student account balance to a credit bureau, offsetting the amount due against any future state tax refunds due the student and/or filing an appropriate legal action against the student.

Loans and Educational Benefits

The University may provide, extend, or advance funds, credits, and/or other financial accommodations to students, to be applied towards their tuition and/or charges, with the understanding that students will repay those amounts. All such amounts, other than scholarships, fellowships, stipends, and/or tuition waivers, are loans and/or educational benefits which students must repay to the University together with late payment charges as established by the University.

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