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- Be admitted to Oakland University for the purpose of enrolling in academic credit-bearing Oakland University courses;
- Be registered for Oakland University credit-bearing courses to which the Michigan Indian Tuition Waiver will apply; the Michigan Indian Tuition Waiver will not apply to competency credits, auditing, AP, IB, Dante, CLEP, continuing education (CE), consortium credits and/or any other non-credit bearing courses; and
- Provide proof, as required by Oakland University, establishing that the student, or parent if the student is a dependent (custodial parent if the parents are unmarried), has been a legal resident of the State of Michigan for not less than 12 consecutive months prior to the first day of enrollment in a semester to which the Michigan Indian Tuition Waiver will apply.
In order for a Michigan Indian Tuition Waiver to be applied to a particular semester, all documentation relating to the waiver must be received and processed by Oakland University's Student Financial Services by the earlier of:
- the last day that the student is enrolled in that semester
or - the last day of that semester
The total combined amount of a student's financial aid award(s) and Michigan Indian Tuition Waiver(s) may not exceed the total cost of attendance as established by Oakland University.
Learn more about Oakland University's land acknowledgement statement.
Federal AidFederal Grants
Federal Pell Grant
Undergraduate students who have not earned a bachelor's degree and demonstrate exceptional financial need will be offered the federal Pell Grant.
The Student Aid Index (SAI) and poverty guidelines will be used to determine eligibility. The amount of eligibility is prorated if the student is enrolled in less than 12 credits each semester. A prorated federal Pell Grant is available to students enrolled in less than six credits.
Dependents of deceased service members and safety officers may be eligible for a maximum federal Pell Grant regardless of their calculated SAI so long as they meet other qualifying criteria.
For more information on the federal Pell Grant, visit the grants page on the Federal Student Aid website.
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. The maximum award amount is $2,000 per academic year, but the amount may be reduced for less than full-time enrollment. For more information about SFEOG visit the grants page on the Federal Student Aid website.
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. The maximum cumulative award is $8,000 (two years). Due to federal sequestration, the maximum award amount could be reduced. Less than full time students have the same cumulative maximum, but have prorated annual awards. Candidates must agree to serve as full time teachers at certain schools serving low-income students, and teach subjects within certain high-need fields (foreign language, mathematics, reading specialist, science, special education) 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. For information regarding interest rates and repayment terms, visit the loans page on the Federal Student Aid website. The federal TEACH Grant does require completion of the FAFSA but is not need-based.
Employment
Federal Work-Study
Available to undergraduate and graduate students, federal work-study awards are wages earned through a campus job and does not have to be repaid. Funds are limited and awarded on a first-come, first-served basis according to a student's financial need. A student may earn up to the maximum amount per semester, indicated on their financial aid offer. Visit Handshake to search and apply for student employment positions.
Federal Loans
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 lender is the U.S. Department of 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. Students must be enrolled half-time to be eligible for the Federal Direct Loans.
Federal Direct Subsidized Loans are need-based loans awarded to undergraduate students, without the need for a co-signer. The government pays the interest on subsidized loans while a student is in school at least half-time, during the grace period, and during deferment periods.
Federal Direct Unsubsidized Loans are not based on financial need. Interest is charged from the date of the first disbursement. Interest can be paid while in school or it can accumulate and be capitalized at the time of repayment.
Direct Loan Eligibility Chart
| Dependent Undergraduate | Independent Undergraduate | |
| Freshmen | $5,500 (no more than $3,500 may be in Subsidized loans) | $9,500 (no more than $3,500 may be in Subsidized loans) |
| Sophomore | $6,500 (no more than $4,500 may be in Subsidized loans) | $10,500 (no more than $4,500 may be in Subsidized loans) |
| Juniors and Seniors | $7,500 (no more than $5,500 may be in Subsidized loans) | $12,500 (no more than $5,500 may be in Subsidized loans) |
| Aggregate Undergraduate Loan Limits | $31,000 (no more than $23,000 may be in Subsidized loans) | $57,500 (no more than $23,000 may be in Subsidized loans) |
| Graduate Student Annual Unsubsidized Loan Maximum | $20,500 | |
| Graduate Student Aggregate Loan Limits | $138,500 (this limit includes Federal Loans received for undergraduate study) |
All borrowers are strongly encouraged to review their federal loan indebtedness each school year. Information about the type(s) of loans you have borrowed, the outstanding principal and interest, the total amount of loans borrowed, and your loan servicer can be found on the studentaid.gov website.
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. The MPN, ELC, and Exit Counseling can be completed online at studentaid.gov.
Loans require repayment. For more information about interest rates and repayment, visit the loans page on the Federal Student Aid website.
Parent Federal Direct Parent PLUS
Parents of dependent undergraduate students are able to apply for a Federal Direct Parent PLUS Loan to help pay for their child's education expenses up to the cost of attendance minus all other financial assistance. The Federal Direct Parent PLUS Loan does require FAFSA completion, but is not need-based. The parent must be a U.S. citizen or eligible non-citizen and not be in default on any other federal loan. The Federal Parent PLUS Loan application becomes available on May 1 each year.
The Federal Parent PLUS Loan is approved or denied based on the parent's credit, and if approved, the parent is responsible for repayment. Interest is charged from the date of the first disbursement and repayment begins 60 days after the loan is fully disbursed. The parent does have the option to defer the loan payment while the student is enrolled at least half-time.
If a parent is denied for a loan based on credit, the parent has the option to include an endorser/co-signer on the application or appeal the credit decision with the U.S. Department of Education. If the parent decides not to add an endorser or appeal, an additional amount of the Unsubsidized Loan will be awarded in the student's name.
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. The MPN can be completed online at studentaid.gov/mpn.
For information regarding interest rates and repayment terms, visit the loans page on the Federal Student Aid website. View the Federal Parent PLUS Loan application instructions and apply.
Federal Direct Grad PLUS Loans
Graduate students 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. The Federal Grad PLUS Loan does require FAFSA completion, but is not need-based. Graduate student should maximize borrowing through the Federal Direct Unsubsidized Loan program prior to applying for this loan as the interest rate is lower. The Federal Grad PLUS Loan application becomes available on May 1 each year.
Interest is charged from the date of the first disbursement and repayment begins 60 days after the loan is fully disbursed, but Graduate PLUS borrowers are automatically placed into an in-school deferment status as long as they are enrolled at least half-time.
First time Federal Grad PLUS Loan borrowers are required to complete Graduate PLUS Entrance Counseling.
For information regarding interest rates and repayment terms, visit the loans page on the Federal Student Aid website. View the Federal Graduate PLUS Loan application instructions and apply.
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 (commit to a faculty/educator role within 12 months of degree completion). Interested students should speak with the School of Nursing.
Loan Consolidation
Consolidation loans combine several loans, with various repayment schedules, into one loan, requiring you to make only one monthly payment. You may want to consider Federal Direct Loan Consolidation after you graduate, but before you begin repayment on your loans.
Private Scholarships
Private scholarships are abundantly available for students from organizations, foundations, companies, and individuals. 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:
Private Loans
Choose loan programs you can live with long term. Government loan programs usually offer lower interest rates and more flexible repayment plans than most private/alternative loans. Maximize your borrowing from all federal loans before considering supplemental funds from a private loan. The limit on a private loan is equal to the cost of education minus other awarded financial aid.
A number of banks and lending institutions offer private loan funding to assist students with the cost of education. A co-signer may be required, depending on the student's credit history and credit worthiness. Borrow wisely and compare lenders to make a smart, long-term choice. Be wary of private loan offers which discourage you from working with your financial aid office, offer introductory rates, do not tie the loan interest rate to a fixed percentage of LIBOR or PRIME rate, or claim that you can apply and receive money immediately. OU will certify a private loan from any private lender. Many private loan options are available and students can choose to apply for a private loan with any banking institution of their choice. If students need to utilize loans, it is best to exhaust all federal loan options before seeking a private loan.
The following list represents lenders who provided loans to five or more Oakland University students according to a recent analysis of loans for the 2022-2023 year. This private lender list (arranged in alphabetical order) is reviewed periodically and is subject to change. Oakland University does not receive inducements or incentives from any private lender. Oakland University does not have relationships or agreements with any of the lenders listed here:
- Ascent College Loans
- Citizens
- College Avenue Student Loans
- Earnest Private Student Loans
- Edly Inc
- Funding U
- Lake Trust Credit Union
- LendKey
- PNC Bank
- Sallie Mae Student Loans
- SoFi Private Student Loans
- Prodigy Finance (International students)
Consider these factors when shopping for a lender:
- Undergraduate, Graduate, Professional Development, Certification
- Satisfactory Academic Progress (SAP)
- Enrollment Requirements - ie., less than half-time
- International Students
- With or without a co-borrower (co-signer)
- Interest adjusted when and how
- Origination fees and other charges
- Prepayment
- Late fees
- Direct Debit
- Co-borrower release
- Graduation reward
- When does repayment begin?
- Can principal and interest be deferred?
- When is interest capitalized?
- Maximum repayment period
