Scholarships

Scholarships are gift aid that do not require repayment. They are awarded based on merit and/or financial need. For more information about SOU Scholarships, visit: https://inside.sou.edu/enrollment/financial-aid/scholarships/index.html

By completing the FAFSA, you are applying for all types of Federal and State Aid available, including:

  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • Oregon Opportunity Grant
  • Federal Work-Study
  • Federal Direct Loans

Grants

Grants are gift aid that do not require repayment. Some grants are awarded on a first come, first served basis. File the FAFSA on or after October 1st.

Federal Pell Grant

  • Up to $5,920 for 2017-18
  • Has a lifetime limit of 6 full years
  • Awarded based on need
  • Prorated awards are available to part-time students

Federal Supplemental Educational Opportunity Grant (FSEOG)

  • Up to $1,000 at SOU
  • Awarded only to students that are eligible for a Pell Grant

Oregon Opportunity Grant

  • Must be an Oregon resident attending an Oregon College
  • Award determinations are from the Oregon Office of Student Access and Completion (OSAC)
  • Awards can vary by year, 2016-17 awards were $2,250
  • Must be an Undergraduate student
  • Pro-rated awards are available for part-time students

Federal Work-Study

Work Study provides student's with on campus and off campus job opportunities to help pay for educational expenses. Visit our Work-Study page for more information about the SOU Work-Study program. 

Loans

Students must be enrolled in at least six credits in order to qualify for loans. Before receiving a loan, a student must complete Entrance Counseling and a Master Promissory Note.

Federal Direct Subsidized and Unsubsidized Loans are applied for by filing a FAFSA. There is a limit to how much you can borrow.

Federal Direct Subsidized Loan

If you were awarded a Federal Direct Subsidized Loan and you choose to accept it, the Federal government pays your interest while you're in school at least half-time. This loan is award based on your financial "need" as defined by the federal government.

The Federal Direct Subsidized Loan has a six-month grace period from the time you graduate, leave school, or drop below half-time enrollment before you are required to begin repayment. Your loan servicer will contact you during this time with repayment infromation.

The Interest rate on this loan is 4.45%

There is also an origination fee of 1.066%

Interest and fees are fixed for the 2017-18 Academic Year.

Federal Direct Unsubsidized Loan

If you were awarded a Federal Direct Unsubsidized Loan and you choose to accept it, the interest begins accruing once it disburses. 

The Federal Direct Unsubsidized Loan has a six-month grace period from the time you graduate, leave school, or drop below half-time enrollment before you are required to begin repayment. Your loan servicer will contact you during this time with repayment infromation.

The Undergraduate Interest rate on this loan is 4.45%
The Graduate Interest rate on this loan is 6%

There is also an origination fee of 1.066%

Interest and fees are fixed for the 2017-18 Academic Year.

Federal Direct Loan Limits

Dependent Undergraduate Students (except students whose parents are unable to obtain PLUS Loans) can borrow up to $31,000 in their lifetime ($23,000 can be Subsidized Loans). There are also yearly loan limits that apply:

Year in School

Credits Needed

Annual Limit

Freshman

0-44

$5,500 ($3,500 can be Subsidized)

Sophomore

45-89

$6,500 ($4,500 can be Subsidized)

Junior/Senior

90+

$7,500 ($5,500 can be Subsidized)

**Please note: Subsidized Loan eligibility is based on your financial "need" as determined by the FAFSA.

Independent Undergraduate Students (and students whose parents are unable to obtain PLUS Loans) can borrow up to $57,500 in their lifetime ($23,000 can be Subsidized Loans). There are also yearly loan limits that apply:

Year in School Credits Needed Annual Limit
Freshman 0-44 $9,500 ($3,500 can be Subsidized)
Sophomore 45-89 $10,500 ($4,500 can be Subsidized)
Junior/Senior 90+ $12,500 ($5,500 can be Subsidized)
**Please note: Subsidized Loan eligibility is based on your financial "need" as determined by the FAFSA.

Graduate Students can borrow up to $138,500 in their lifetime.

Year in School Credits Needed Annual Limit
Graduate NA $20,500

Federal Direct Parent PLUS Loan

Federal Direct Parent PLUS Loans are awarded to dependent students to fill the gap on a student's award letter. Due to this the amount can vary. The amount is determined by:

Total Cost of Attendance - Total Student Aid = Parent PLUS Award Amount

Just because it is listed on the student award does not mean that you are eligible for it. In order to apply for the Parent PLUS Loan, you must go to www.studentloans.gov and fill out a Parent PLUS Loan Request and PLUS Master Promissory Note. 

The Interest Rate is: 7%

The origination fee is: 4.264%

Interest and fees are fixed for the 2017-18 Academic Year. 

Federal Direct Grad PLUS Loan

The Federal Direct Graduate PLUS Loan are awarded to Graduate students to fill the gap on their award letter. The amount is determined by:

Total Cost of Attendance - Total Student Aid = Graduate PLUS Award Amount

This loan cannot be accepted by just accepting it on InsideSOU. In order to apply for the Parent PLUS Loan, you must go to www.studentloans.gov and fill out a Parent PLUS Loan Request and PLUS Master Promissory Note.

The Interest Rate is: 7%

The origination fee is: 4.264%

Interest and fees are fixed for the 2017-18 Academic Year.

Private Student Loans

Alternative or private loans are privately funded by an outside financial institution or lender. Eligibility is not based on financial need. The amount borrowed cannot exceed the cost of attendance minus all other financial aid. Interest rates and repayment terms vary but are generally less favorable than those provided through the Fedearl Direct Loan Program.

Private loans are based on a student's credit worthiness (and cosigner, if applicable) and used to supplement federal and state financial aid.

Important things to consider when selecting the right lender and private loan for you:

  • Understand the ultimate cost of the loan over its lifetime. Compare annual percentage rates (APR) vs. interest rates and fees to determine the real cost of the loan. Find out how long you have to pay it off.
  • Be aware of what the monthly payments will be upon graduation or leaving school and how that will affect your lifestyle after college.
  • Find out what the "borrower benefits" really mean to you. How is each benefit achieved and how are they kept throughout repayment. What happens if you miss an "on time" payment?
  • Find out if the lender sells student loans. If your loan is sold, will any repayment incentives be honored by the purchasing lender?
  • Are there forbearance or deferment options? Understand what additional cost these may have for you.
  • How does the lender capitalize interest? (i.e. once when repayment begins or quarterly)
  • Notify your lender of any change in address, name or repayment problems. Lack of communication is one of the first steps toward delinquency.
  • Borrowers should always explore federal loan options first; private student loans and/or alternative educational loans may have higher interest rates and fees.
  • Be aware that a credit-worthy co-signer may be required. Understand co-signer release options upon repayment.
  • SOU does not have preferred lenders and students may borrow from the lender of their choice. A list of some popular lenders is provided by FASTChoice.org

Managing Student Loan Debt

The following links are intended to assist and direct you in the management of your Student Loan Debt. Please make sure your billing address is up-to-date for all entities providing you loans so you receive important notifications in a timely manner. The direct loans servicing agents are there to help the student borrower.

www.studentloans.gov

www.nslds.ed.gov

www.studentaid.ed.gov

Loan Repayment Calculator

Avoid Default

If you fail to make a payment on time, you are considered delinquent on your loans. If you do not make payments after a period of time (270 days for Direct Loans) you are considered to be in default.

We would like to help you avoid this situation.. If you're having trouble repaying your loans, you must contact your direct loan servicer. If you do not know which servicer you can find the information at www.nslds.ed.gov. The servicer will explain your options and what program best fits your personal situation

There are some things you should consider to help prevent going into default on your loans:

  • Borrow as little as possible
  • Understand your options and responsibilities with regard to your loans.
  • Keep a list of all your loans, including the lender, type of loan, amount of loan, and the interest rate.
  • Notify your lender promptly if you change your name, address, or return to school.
  • Contact your loan servicer if you are unable to make your loan payments; you cannot receive a loan deferment or forbearance once your loan is in default.
  • Consider a consolidation loan to combine all your educational loans into one loan. This might allow you to extend the term of the loan to reduce your monthly payment.

Being in default on your federal student loans has severe and long-lasting consequences, including the following:

  • The U.S. Department of Education can immediately demand repayment of the total amount due on the loan.
  • The U.S. Department of Education will attempt to collect the debt and may charge you for the costs of collecting.
  • The default will be reported to national credit bureaus. Your credit rating will be damaged, which will make it more difficult for you to make purchases such as a car or house.
  • You are ineligible for further Title IV student aid.
  • You are ineligible for deferments.
  • The Internal Revenue Service can withhold your federal income tax refund.
  • Your wages may be garnished.