Take our crash course in Conversational Financial Aid.
Glossary of Financial Aid Terms
Your Direct Cost is the amount you will be billed by the University for your tuition and living expenses. Tuition will cover 12-18 hours each semester. The standard meal plan will provide three meals Monday thru Friday and two on Saturday and Sunday. You will also have money on your student ID to use in the Eagle’s Nest snack bar and the Campus Perks coffee shop. Included in indirect costs are the costs of books and learning materials.
Indirect costs are the costs of books and learning materials. Indirect costs are travel expenses, personal “walking around money” or miscellaneous expenses. Each student has a different standard of living. This number is used to limit how much a student can borrow above direct costs. We have set the maximum allowance in travel and personal expenditures at $2,400.
EFC is a measure of you or your family’s financial strength and shows how much you might be expected to pay toward your education. It is calculated according to a formula established by law when you submit your FAFSA (Free Application for Federal Student Aid). It is NOT the amount you’ll be expected to pay…it is simply the number used to determine your aid eligibility. After you submit the FAFSA, this number becomes very important in calculating which aid programs you will qualify for.
Money that you borrow from the Federal Government to help pay for your education or to pay your living expenses while you’re in school. This money must be repaid. As with most loans, you will be charged interest on the money you borrow. However, “subsidized” loans do not accrue interest while you are in school. Interest will be charged on your loan balance once you’ve been out of school for six months. You’ll be expected to start making payments at that time as well.
Money that you borrow from the Federal Government to help pay for your education or to pay your living expenses while you’re in school. This money must be repaid. As with most loans, you will be charged interest on the money you borrow. “Unsubsidized” loans begin to accrue interest while you are in school, starting at the time you receive the loan. You have the option of making payments on interest or deferring it. Repayment of principal and interest will start six months after you leave college.
These funds are gifts to help you with your cost. These are not required to be repaid.
After receiving a successful credit review, biological parents may borrow on your behalf, up to the total cost of attendance, after financial aid. Repayment begins 60 days after the final disbursement is made. The Parent Loan is an option to bridge the gap between cost and your financial aid.
If you still owe after after your financial aid is applied this remaining balance can be paid by monthly installments. You and/or your parent can set up a plan to spread out the balance due over 10 months during the time you are enrolled. For convenience, the payment can be made by auto draft from your bank. This plan is administered by Higher One. For more information visit by Higher One. For more information visit https://tuitionpay.higherone.com or call 1-800-635-0120.
These funds are gifts to help you with your cost. These are not required to be repaid. University of the Ozarks offers several levels of merit scholarships, which are based on your grades and test scores among other things. We also offer scholarships for students studying in specific academic programs, and for students who meet other specific criteria.
A Vera Pfeffer Loan is a loan sponsored by a dear University of the Ozarks donor, Miss Vera Pfeffer. Payments will begin six months after you leave college. What makes this institutional loan so special? The interest rate. After you graduate from Ozarks, your rate is only 1/10th of one percent. Yes, that’s right, 0.1% interest rate.
Work-Study jobs can be found across campus and at specific locations off campus. The average hours worked per week is 8-10 at a rate of $8.50 per hour. The money is paid directly to you, and can be applied to your cost of attendance or it can be used for personal expenses.