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FINANCIAL AID
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Applying for Financial Aid
If you need financial aid to attend Olivet College, and you are a U.S. citizen or eligible non-citizen, you are required to complete the Free Application for Federal Student Aid, often referred to as the FAFSA. By completing this application, and listing Olivet College as a school to receive the information, a student can apply for Federal, State of Michigan, and need-based Olivet College financial aid. Apply online at http://www.fafsa.gov. by March 1.

The Federal School Code for Olivet College is 002308

The FAFSA is year specific, so you will want to complete the application for the year you plan to attend college.

When to Apply
Fall of senior year: high school students should complete a search for additional scholarships, apply for admission, send high school transcripts to Olivet College, and request an early estimate of financial aid from Olivet College. Early January: File the Free Application for Federal Student Aid (FAFSA) by March 1. Keep a copy of your application for your records.

Olivet College Scholarships - more information about financial aid opportunities unique to Olivet College .

Applying for Federal Student Loans
Student Loans
Once you have filed the FAFSA, you will receive a Financial Aid Award Letter.  This letter will notify you of any grant and scholarship money that you are eligible to receive. The award letter will also notify you of your Stafford Loan eligibility. Once you have reviewed and accepted your financial aid award, you may apply for this loan online. Returning borrowers will have their accepted Stafford Loan amount processed under their existing loan application (MPN) by Student Services.


New Student Borrowers
If you are borrowing a Federal Direct Stafford Loan at Olivet College for the first time you must complete entrance counseling and a Master Promissory Note online.  To complete these federal requirements, please visit the Federal Stafford Direct Lending Program Web Site.

Options for your Remaining Balance
You may have a remaining balance after all aid and loans are applied.  We strongly encourage students to exhaust all federal aid and loan opportunities before considering private loan options. 

Options
A) Federal Direct Parent PLUS Loans: The Federal Direct Parent Plus loan is not need-based and is available to parents of dependent students.  The interest rate is fixed at 7.9% for those loans disbursed on or after July 1, 2006. Repayment begins 60 days after the last disbursement. Contact your lender for deferment options. The borrower (parent) is subject to a credit check. To complete a Master Promissory Note (MPN) and application please visit the Federal Direct Parent Plus Loan Web site.

If the parent is denied a PLUS Loan, proof of denial must be provided to Student Services each academic year. Once Student Services has received the confirmation of the PLUS loan denial, additional Federal Stafford Unsubsidized Loan funds can be offered to the student. Freshmen and Sophomore-level students can receive up to an additional $4,000. Junior and Senior-level students can receive up to an additional $5,000. The student will need to accept these funds by signing a revised award letter in Student Services.

B) Olivet College Payment Plan: Olivet College offers plans which provide families a way to pay balances in installments. Registration for a payment plan may be done through the online portal at my.olivetcollege.edu. All payment plans require a $30 activation fee.
For more information, contact Bethany Becker at dmccain@olivetcollege.edu or call
(269) 749-7721.

C) Private Loan Lenders:
 
When savings, grants, and scholarships don't cover the cost of attendance, student loans can make up the difference. Borrowers are encouraged to pursue federal student loans before considering private loans because federal student loans have more favorable terms than private loans. These loans are guaranteed by the government, and the government sets their low interest rate. Nearly all students are eligible to receive federal student loan money (regardless of credit score or other financial issues), and federal student loans feature a grace period after school when no payments are due.

The following is a list of private loans that Olivet College students have used in the past four years. This list is informational only and does not constitute a preference by Olivet College.

Discover Student Loanshttp://www.discoverstudentloans.com/
View application and solicitation disclosure

Fifth Third Smart Option Loanhttp://web.53educationlending.com/smart-option.asp)
View application and solicitation disclosure

Lake Trust Credit Unionhttp://www.laketrust.org/College-Loans-50.html

PNC Solution Loanwww.pnconcampus.com
View application and solicitation disclosure

Sallie Mae Smart Optionwww.salliemae.com
View application and solicitation disclosure

Wells Fargo Collegiate Loanwww.wellsfargo.com
View application and solicitation disclosure

TLC Community Credit Union www.tlccu.studentchoice.org

Union Federal Savings Bank http://www.unionfederalstudentloans.com/about/
View application and solicitation disclosure

cuStudentLoans http://www.custudentloans.org/
View application and solicitation disclosure

United Federal Credit Union https://www.unitedfcu.com/

Borrowers are not obligated to choose any of these lenders and may include any lender of their choice, including one not on that list.

As You Leave Olivet College
Exit Counseling: Any students who have received student loans must participate in an Exit Loan counseling session after graduation or upon leaving school. Exit Loan Counseling provides students with important information about student loan repayment, forbearance, forgiveness, default prevention, loan consolidation and other student loan and credit matters. 

Teach Grant Program
Olivet College participates in the Teach Grant program.

Review our Process
You can review our financial aid code of conduct and information about our lender selection process here.

For more information or to request an estimate of what your costs to attend Olivet College might be, please contact the admissions office at:
admissions@olivetcollege.edu.

Or write to:
Olivet College Admissions
320 S. Main St.
Olivet, MI 49076


Olivet College Commencement scheduled for May 17 (Apr 23, 2014)

Olivet College names Looser vice president for finance and administration (Apr 23, 2014)

Olivet College to recognize state leaders (Apr 21, 2014)

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