State & Federal Aid
If you need financial aid to attend Olivet College, and are a U.S. citizen or eligible non-citizen, you are required to complete the Free Application for Federal Student Aid (FAFSA). By completing this application and listing Olivet College as your top choice, you can apply for federal, state and need-based Olivet College financial aid.
You can apply online at www.fafsa.com. Olivet College’s FAFSA Code is 002308. FAFSA is year specific, so you will want to complete the application for the year you plan to attend college.
The FAFSA takes approximately four to six weeks to process before we receive notification of your awards. We will then send you your Financial Aid Award Letter. This letter will notify you of any grant and scholarship money that you are eligible to receive from Olivet College. The award letter will also notify you of your Federal Direct Loan eligibility. Once you have reviewed and accepted your financial aid award, you may apply for this loan online.
Following is a list of potential grants and loans available through the state and federal government:
Michigan Tuition Grant
The amount varies up to a maximum $2,000 annually. Available to Michigan residents who graduated from a Michigan high school and dependent upon financial need and state funding. In order to be considered, you must list Olivet College as your first college choice on your FAFSA by March 1.
Federal Pell Grant
Amount varies. The Federal Pell Grant Program provides need-based grants to students, which do not require repayment. One-half of your Pell Grant will be credited to your account each semester. Maximum for the 2018-19 academic year is $5,920.
Federal Supplemental Educational Opportunity Grant
Amount varies up to a maximum $4,000.
Student Work Study
Amount varies up to $1,000 per year.
Federal Perkins Loans
Amount varies up to $5,500 per year.
Federal Stafford Loans
Freshman Year – $3,500 subsidized/$2,000 unsubsidized
Sophomore Year – $4,500 subsidized/$2,000 unsubsidized
Junior and Senior Year – $5,500 subsidized/$2,000 unsubsidized
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 6.31% for those loans disbursed on or after July 1, 2016. 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. The student will need to accept these funds by signing a revised award letter in Student Services.
If you are borrowing a Federal Direct 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.
Olivet College offers plans which provide families a way to pay additional balances in installments. You may register for a payment plan by Richard Lehman at RLehman@Olivetcollege.edu or 269.749.7175.