Student Financial Services

General Information

To make high-quality private higher education accessible to all qualified students, The University of Tulsa offers financial assistance in the form of scholarships, grants, loans, and part-time employment.

Financial Need Determination

The Office of Student Financial Services uses the need analysis from the Free Application for Federal Student Aid (FAFSA) to determine financial need. Students must submit the FAFSA directly to the Department of Education. All information contained in these credentials is held in strict confidence. Financial records are protected in accordance with the Family Education Rights and Privacy Act of 1974, as amended.

Financial need represents the difference between the cost of attending the University and the amount that the student and the student’s family are expected to contribute toward the educational costs. The Office of Student Financial Services carefully considers the size of the family and its income, resources, and obligations in making an assessment of the family’s contribution.

The factors considered in determining the types and amounts of aid received by an applicant are: (1) the availability of funds; (2) the student’s analyzed financial need; and (3) the student’s classification and record of academic performance.

For Best Consideration

Applications are available in January for the following academic year. The FAFSA should be completed by March 1 for students to receive full consideration for all assistance available.

Financial Aid Packaging

Packages of aid may consist of a combination of scholarship, grant, loan, and employment. This aid packaging concept enables the University to make more funds available to a larger number of applicants. The FAFSA form is recommended for consideration of grants, loans, and part-time employment opportunities. Timely submission of the FAFSA and all requested information is required to receive the largest award possible. Recipients of federal aid must reapply each year to be considered for continuation in the following year. Scholarship recipients will receive renewals based on the criteria of the particular award.

The University of Tulsa reserves the right to reduce or rescind award packages if federal allocations to the University are insufficient to cover expenditures.

Academic Requirements

All students who receive financial assistance must demonstrate the ability to do satisfactory college work. High academic performance is usually required for scholarship consideration.

There are minimum academic course-load requirements for the various types of financial assistance available through the Office of Student Financial Services. Students must be full-time students to be considered for University-funded financial aid. Full-time enrollment is defined in the Academic Practices and Policies  section of this Bulletin. Enrollment in audit classes does not count toward eligibility for financial assistance.

Students receiving financial aid who reduce their course loads below the required minimums after enrollment must inform the Office of Student Financial Services, which may cancel awards at any time if students fail to maintain satisfactory academic progress or minimum course-load requirements.

Students receiving University grants or University funds are required to maintain at least a 2.0 cumulative grade point average. Scholarship grade point requirements vary according to the type of scholarship. Inquiry should be made in the Office of Student Financial Services as to the exact qualifications.

Transient students and those who attend summer term only are ineligible for financial aid. All aid recipients must be admitted as regular students pursuing a degree program.

Eligibility for continued financial assistance depends upon maintaining “satisfactory academic progress” and “good standing.” Students who do not meet satisfactory progress and good-standing criteria may not be eligible for federal financial assistance for the next academic period. If extenuating circumstances interfere or prevent students from meeting these requirements, they should contact the Office of Student Financial Services immediately.

Satisfactory Academic Progress (SAP)

Federal regulations require that all recipients of student financial assistance make satisfactory academic progress toward a degree or eligible certificate. Students applying for assistance through the Federal Pell Grant, Federal SEOG, Federal Work Study, TEACH Grant, Oklahoma Tuition Aid Grant (OTAG), Oklahoma Tuition Equalization Grant (OTEG), Oklahoma’s Promise (OHLAP), Federal Perkins Loan, Direct Subsidized Stafford Loan, Direct Unsubsidized Stafford Loan, and Direct Parent PLUS Loan must meet the following three requirements to maintain their financial aid eligibility at The University of Tulsa.

• QUALITATIVE: Students are required to maintain a minimum cumulative grade point average.
• QUANTITATIVE: Students are required to complete (pass) a minimum of 67% of hours attempted.
• MAXIMUM TIME FRAME: Students must complete their degree in a timely manner.

Satisfactory academic progress is reviewed at the end of each semester once grades have been posted to the academic transcript. Failure to meet each of these minimum academic standards will result in the loss of federal financial aid eligibility. Students are expected to know when they may be placed on Financial Aid Warning, Financial Aid Suspension or Financial Aid Probation based on the complete Satisfactory Academic Progress Policy that may be found on The University of Tulsa Financial Aid website https://admission.utulsa.edu/financial-aid/satisfactory-academic-progress.

Qualitative Grade Point Average. Undergraduate and law students are required to maintain a minimum cumulative grade point average of 2.00 on all hours attempted from all institutions to remain eligible for federal financial aid. Graduate students are required to maintain a minimum cumulative grade point average of 3.00 on all hours attempted from all institutions.

Quantitative (Pace) Satisfactory Completion of Semester Hours. Undergraduate, graduate, and law students are required to complete (pass) a minimum of 67% of all hours attempted to remain eligible for federal financial aid. Pace is calculated as the total number of credit hours successfully completed divided by the total number of credit hours attempted. Grades of A, B, C, D, F, P, I, MG, and W are all considered attempted hours. All transfer and repeat hours are included in this calculation, as well as all courses dropped within the first three weeks of the semester.

Maximum Time Frame for Degree Completion. Students must complete their degree within 150% of the published length in credit hours of their degree program to remain eligible for federal financial aid. Hour limits are cumulative; therefore, all accepted hours from all institutions attempted will be included, even if a student did not receive federal student aid. For financial aid purposes, grades of A, B, C, D, F, P, I, MG, and W are all considered attempted hours. All transfer and repeat hours are included in this calculation, as well as all courses dropped within the first three weeks of the semester. The Student Financial Aid office recommends that students contact their academic advisor to ensure they are taking the courses necessary to complete their degree.

Extension of Eligibility. If extenuating circumstances prevent satisfactory academic progress, a student may request an extension of eligibility by submitting a petition to the Student Financial Services Office. Petitions for federal financial aid reinstatement should be received no later than the first day of class in the semester the extension will take effect.

Repeated Coursework

Students may receive federal financial aid consideration to repeat a previously passed course once. Students may repeat failed courses until they have attained a passing grade. An “incomplete” grade (I) that remains on the academic record at the time satisfactory academic progress is reviewed will be treated as not completed, but the attempted hours will be counted. Upon completion of the incomplete (I) course, the grade and course will be given due credit in future consideration.

Special Circumstances

Summer Course Work. Summer credits earned either at TU or transferable from another institution into the student’s program may be used to meet the credit hours earned requirement. Grades do not transfer.

Transfer Students. Students transferring to TU will have credits evaluated and accepted into their program used to position them in the satisfactory academic progress components. Grades do not transfer.

University of Tulsa Grants/Scholarships. Students receiving financial aid from the resources of The University of Tulsa must maintain a 2.0 cumulative grade point average for grant aid. Students receiving athletic or performance scholarships must meet the eligibility requirements of the respective programs.

Other Information

Financial Aid Disbursements. Financial aid is disbursed through The University of Tulsa Bursar’s Office. One disbursement will be made at the beginning of each semester.

Employment Projections. Employment projections for TU graduates may be reviewed in the Office of Career Services. Local employment information and beginning salary levels for University of Tulsa graduates are also available in the Office of Career Services.

Campus Security Reports. Campus security policies and campus crime statistics are available in the Campus Security Office.

Default Rates and Indebtedness Reports. Student loan default rates and average indebtedness statistics are available in the Office of Student Financial Services.

Completion and Graduation Rates. Completion and graduation rates for TU students are available in the Office of Admission. Completion rates for student athletes are also available.

Study Abroad. Federal financial aid and TU scholarships are portable on approved study abroad programs. A number of merit-based and need-based study abroad scholarships are available through program providers as well as U.S. government-sponsored sources. Pell Grant recipients are eligible to apply for the Benjamin A. Gilman International Scholarship for study abroad. Students are encouraged to apply for any scholarship that supports their desire to study abroad. For more information, contact the Center for Global Education (CGE) at 918-631-3229 or visit www.utulsa.edu/globaleducation.

Drug and Alcohol Abuse Prevention. Information concerning prevention of drug and alcohol abuse is available through the Office of the Dean of Students.

Refund Policy. The refund and repayment policy for students receiving Title IV federal funds is listed in this Bulletin and is available online at https://guest.utulsa.edu/Controllers/Tuition%20Refund%20Policy.pdf and from the Office of Student Financial Services. Sample refund/repayment examples are available for review in the Office of Student Financial Services.

FAFSA Verification

Students whose FAFSA’s are selected for verification by the federal government must complete a verification worksheet and submit the required federal tax transcripts. Additional documentation may also be required.

Effective for the 2013-2014 award year, the federal government implemented changes to the verification regulations. The standard list of required verification data items has been replaced with customized verification selection criteria that will be published annually by the Department of Education. The Office of Student Financial Services will request the required verification document(s) from the applicant upon receipt of the FAFSA.

TU does not disburse awards for students who are selected for verification until the process is complete. Failing to complete verification by the deadlines will result in loss of any eligibility for federal aid funds. If a student completely withdraws prior to submitting the documents for verification, federal aid will not be considered.

Students who are eligible for federal funds must complete verification prior to the last day of enrollment for 2014-2015 award year or approximately September 22, 2015, whichever is earlier. In addition, a valid EFC must be received by TU before the last day of enrollment. Direct loan applications must be certified by the Office of Student Financial Services prior to the last day of enrollment to receive loan funds. Please contact the Office of Student Financial Services with questions concerning verification and the required documents.

Application Procedure

Students must be admitted to the University before final consideration for financial aid is possible. However, applications for admission and financial aid may be submitted and processed simultaneously. Students applying for financial assistance through the Office of Student Financial Services are required to complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Assistance in applying online is available from the Office of Student Financial Services.

The FAFSA is used as the University’s application for consideration of most sources of financial assistance. It serves as the student’s financial aid application for the Federal Pell Grant program, TEACH Grant, OTAG program, OTEG (Oklahoma Tuition Equalization Grant), Federal Supplemental Educational Opportunity Grant (SEOG), Federal Perkins Loan, and Federal Work-Study program, as well as documentation of eligibility for any federal loan program. Detailed instructions are included with the FAFSA. An acknowledgement report will be sent when a student’s FAFSA has been processed.

Students must reapply annually for financial assistance. After initial application using the FAFSA, students are sent a Renewal Free Application for Federal Student Aid the following year if they meet certain conditions. The Renewal FAFSA is emailed in January to the address listed on the student’s previous FAFSA. It allows students to answer fewer questions if information reported in the previous year is still correct. Either the FAFSA or the Renewal FAFSA may be used to apply for financial assistance.

Grants

Federal Pell Grant

• Awards: $605 to $5,645 per year as of date of publication. Subject to change annually.
• Eligibility: Determined on the basis of need analysis by the Federal Pell Grant Program division of the U.S. Office of Education. Available only to undergraduates who have not completed a first bachelor’s degree. Beginning with the 2012-2013 FAFSA, all students who are Pell Grant recipients (including students who have previously received the Federal Pell Grant) have a limit of 12 full time equivalent semesters. An undergraduate student may receive a Federal Pell Grant award up to 600% during their educational career. After 12 full-time equivalent semesters, eligibility ends. Students may check their used eligibility at http://www.nslds.ed.gov.
• Application Procedure: Complete the FAFSA. List The University of Tulsa (code number 003185) as a college to receive information.

Federal Supplemental Educational Opportunity Grant (FSEOG)

• Awards: $100 to $4,000 per year.
• Eligibility: Determined on the basis of need analysis by the Office of Student Financial Services. Available only to undergraduates who have not completed a bachelor’s degree. Funding limited; most awards range from $100 to $1,000 per year and are awarded to Pell Grant recipients only.
• Application Procedure: Complete the FAFSA.

TEACH Grant (TEACH)

• Awards: Up to $4,000 per year for full time enrollment. Effective 2013-2014, Congress passed the Budget Control Act (BCA) of 2011, which put into place an automatic federal budget cut known as the sequester. All disbursements of TEACH awards made on or after March 2, 2013, must be reduced by 7.1% from the award amount the student would otherwise be eligible to receive. For example, if a student would otherwise be eligible to receive $4,000, the award would be reduced by $284, resulting in an award of $3,716.
• Eligibility: Undergraduate or graduate students enrolled in a post-baccalaureate teacher credential program, or current or prospective teachers. An applicant who is enrolled as an undergraduate student may qualify if he or she has a 3.25 grade point average. If the student is in their first year of college, the grade point average standard applies to the student’s cumulative high school record. Alternatively, an applicant qualifies if he or she scores above the 75th percentile on at least one of the batteries in an undergraduate, post-baccalaureate or graduate school admissions test. The student must be completing the coursework or requirements necessary to begin a career in teaching. To receive a TEACH Grant, a teacher candidate must agree to:
  • Serve as a full-time teacher for a total of not less than four academic years within eight years of completing his or her course of study;
  • Comply with the requirements for being a highly qualified teacher as defined in section 9101 of the Elementary and Secondary Education Act;
  • Teach at a public or private non-profit elementary or secondary school that is eligible for assistance under Title I of the Elementary and Secondary Education Act, as provided in section 465 (a) (2) (A) of the HEA;
  • Teach in any of the following fields: mathematics, science, a foreign language, bilingual education, special education, as a reading specialist, or in another field designated as high need by the Federal Government, State Government or local educational agency and approved by the Secretary;
  • Provide evidence of required employment after each year of service in the form of a certification by the chief administrative officer of the school; and
  • If the candidate fails or refuses to carry out his or her service obligation, repay as a loan the total amount of TEACH Grants received plus interest.
• Application Procedure: Complete the FAFSA.

Oklahoma Tuition Aid Grant (OTAG)

• Awards: Amount of award determined by the Oklahoma State Regents for Higher Education. Range is from $50 to $1,300 per year.
• Eligibility: Determined on the basis of need analysis by the Oklahoma State Regents. Student must be a legal resident of Oklahoma according to the State Regent’s policy. The FAFSA must be received in the Student Financial Services office by March 1 for best consideration.
• Application Procedure: Complete the FAFSA and give the U.S. Department of Education permission to send the information from the FAFSA to the state agency.

University of Tulsa Grant

• Awards: Amount of award determined on the basis of need analysis by the Office of Student Financial Services and by availability of general funds budgeted each year with approval of The University of Tulsa Board of Trustees.
• Eligibility: Determined on the basis of need analysis. Must be full-time student and maintain at least a 2.0 cumulative grade point average.
• Application Procedure: Complete the FAFSA and the TU Application for Financial Aid. 

University of Tulsa Alumni Grant

• Awards: $2,000 per year if available general funds are budgeted each year with approval of The University of Tulsa Board of Trustees.
• Eligibility: Entering freshmen and transfer students who have one or both parents with a degree from TU. Must be full-time student and maintain at least a 2.0 cumulative grade point average. Award may be honorary if a student’s scholarship award exceeds maximum scholarship amount.
• Application Procedure: No additional application form is necessary.

Loans

Federal Perkins Loan

• Awards: Up to $5,500 per year for an undergraduate; amount is determined by need analysis. Undergraduate indebtedness may not exceed $27,500 during all undergraduate years.
• Eligibility: Determined on the basis of need analysis by the Office of Student Financial Services as funding permits. Limited funding is available.
• Application Procedure: Complete the FAFSA and Perkins Entrance Counseling, which are submitted electronically. Visit https://admission.utulsa.edu/financial-aid/loan-information/perkins-loans for procedures for applying for Perkins Loans.
• Interest and Repayment: The interest rate is 5 percent simple interest, beginning nine months after the student ceases to be at least a half-time student. There is no interest while the student is enrolled at least half time. Repayment begins nine months after the student ceases to be enrolled at least half-time and the minimum monthly payment is $50.  The loan must be repaid within 10 years from the date payments begin.

Direct Stafford Loan: Subsidized and Unsubsidized

• Awards: Loan amounts may not exceed reasonable college costs, less other scholarship, loan, and gift assistance. Expected family contribution is also used in determining eligibility for the subsidized Stafford Loan. Annual maximum for a dependent undergraduate (subsidized and/or unsubsidized) Stafford Loan is $5,500 (maximum $3,500 subsidized) for freshmen, $6,500 (maximum $4,500 subsidized) for sophomores and $7,500 (maximum $5,500 subsidized) for juniors and seniors. Independent undergraduates may borrow up to $9,500 ($3,500 maximum subsidized) as a freshmen, $10,500 as a sophomore (maximum $4,500 subsidized) and $12,500 (maximum $5,500 subsidized) as a junior and senior. The total Direct Stafford Loan debt a student may have outstanding as a dependent undergraduate is $23,000 subsidized and $31,000 combined subsidized and unsubsidized; as an independent undergraduate, $23,000 subsidized and $57,500 combined subsidized and unsubsidized. A processing fee will be deducted from the loan proceeds.
• Eligibility: Subsidized Stafford is determined on the basis of need analysis by the Office of Student Financial Services.
• Application Procedure: Complete the FAFSA. Visit https://admission/utulsa.edu/financial-aid/loan-information/direct-subsidized-loans for procedures for applying for Stafford Loans.
• Interest and Repayment: The federal government pays the interest on a subsidized Stafford loan while the student is in school or in deferment. Borrowers are responsible for the interest during in-school and deferment periods on an unsubsidized Stafford loan. Interest may accumulate until the deferment ends, but the interest will be added to the principal. The current interest rate for undergraduate Stafford loans is 6.8%. The entire loan must be repaid within 10 years after repayment begins. If the borrower’s first Stafford loan was disbursed on or after July 1, 1993, the borrower has the option of repaying the loan using a standard, graduated or income-sensitive repayment plan. As a result of the automatic federal budget cuts, known as the “sequester,” additional funding reductions will take affect for all Direct Loans. The sequester increases the origination fees paid by borrowers for Direct Loans where the first disbursement is made on or after December 1, 2013. This includes loans that will be made for the remainder of 2013-14 and summer 2014. For Direct Subsidized or Unsubsidized loans, the loan fee will increase from 1.051 percent of the principal amount of a loan to 1.072 percent.

Direct Federal Parent Loan for Undergraduate Students (PLUS)

• Awards: Parents may borrow up to the full cost of education less other financial assistance, dependent on credit worthiness. Total financial assistance including PLUS funds may not exceed reasonable college costs. There is no limit on total parent loan indebtedness. Each student enrolled in a degree program is eligible for financial assistance for a maximum number of hours specific to the completion of the degree. A processing fee will be deducted from the loan proceeds by the lender.
• Eligibility: Parents of dependent undergraduate students who pass credit check.
• Application Procedure: Apply online with the Department of Education. Authorization for a credit check will be necessary. A FAFSA must be filed on behalf of the student listing TU’s school code (003185) before TU can determine eligibility for this loan program. Only a parent or a stepparent whose income was supplied on the FAFSA may apply for this loan. Visit https://admission.utulsa.edu/financial-aid/loan-information/direct-parent-plus-loan for procedures for applying for PLUS Loans.
• Interest and Repayment: PLUS loans have a fixed interest rate of 6.41%. PLUS loans will have a fee of 4.204% deducted from each disbursement on or before November 30, 2013, or 4.288% on or after December 1, 2013. Interest will begin accruing at the time of disbursement. Repayment on a PLUS loan begins once the loan is fully disbursed. The first payment is due 60 days after the final disbursement. A parent may choose to defer repayment while the student for whom the parent borrowed is enrolled at least half-time. Repayment will begin six months after the student ceases at least half-time enrollment. Visit http://studentloans.gov for repayment plans.

Employment

Federal Work-Study Program (FWS)

• Awards: Amount is determined by need analysis.
• Eligibility: Determined on the basis of need analysis done by the Office of Student Financial Services.
• Application Procedure: Complete the FAFSA.
• Other Information: Students are employed in academic or administrative offices on campus. Additional off-campus positions are available in community service agencies. Each year the off-campus agencies contract with the University to hire FWS students. The listing of agencies is available in the Office of Student Financial Services. Additionally, the Office of Student Financial Services maintains the available positions on the web at https://admission.utulsa.edu/financial-aid/sudent-employment.

Part-time Work for Students Not Receiving Aid

The Office of Housing, the Office of Dining Services, and Collins Fitness Center often have part-time work available to students not on the Federal Work-Study Program. Apply at respective offices. Other departments such as the libraries, KWGS radio station and Allen Chapman Student Union may have work available to students. Check the listings for Institutional Positions at https://admission.utulsa.edu/financial-aid/sudent-employment.

Scholarships

University Scholarship

• Awards: Dollar amount varies, based on merit.
• Eligibility: Determined on the basis of high school record, previous college grade point averages, and standardized test scores. Students must maintain a minimum 3.00 cumulative grade point average (depending on the specific scholarship) and full-time status. Limited to eight semesters. Except for Presidential Scholars, all scholarship awards combined for a student may not exceed full tuition. The University reserves the right to include outside scholarship sources in determining full tuition awards.
• Application Procedure: Entering freshmen and transfers are selected based upon review of their academic credentials by the Office of Admission.

Presidential Scholarship

• Awards: Up to full tuition and basic room and board for four years. “Basic room and board” is defined as the cost of double occupancy in on-campus residence halls with a 19-meal per week plan.
• Eligibility: This scholarship is reserved for The University of Tulsa’s highest academic students applying as entering freshmen. Students must maintain a 3.25 cumulative grade point average and full-time status. Limited to eight semesters. All scholarship awards combined for a student may not exceed full tuition, basic room and board. Oklahoma Academic Scholars award will be used in determining full tuition. The University reserves the right to include outside scholarship sources in determining full tuition awards.
• Application Procedure: Appropriate scholarship materials must be completed by entering freshmen, and the Oklahoma Academic Scholarship application must also be completed. A limited number are chosen annually.

Honors Program Scholarship

• Awards: $1,000 per year.
• Eligibility: Determined on the basis of exceptional high school record, grade point averages, standardized test scores. Participation in Honors Program coursework is mandatory. Students must maintain a 3.00 cumulative grade point average and full-time status. Limited to eight semesters. All scholarship awards combined for a student may not exceed the maximum scholarship amount. The University reserves the right to include outside scholarship sources in determining full tuition awards.
• Application Procedure: Entering freshmen complete an Honors Program application form.

Performance (music, theatre, musical theatre) Scholarship

• Awards: Range up to full tuition.
• Eligibility: Determined on the basis of demonstrated talent in the selected area.
• Application Procedure: Consult the faculty chair of the discipline being considered for an audition or evaluation of performance.

Athletic Scholarship

• Awards: Range up to full tuition, fees, room, board, and books.
• Eligibility: Determined on the basis of demonstrated performance in the selected sport.
• Application Procedure: Contact The University of Tulsa Director of Athletics.

Information regarding federal financial aid programs is accurate at the time of publication, but subject to congressional change without notice. All federal aid programs require U.S. citizenship or permanent resident status. Scholarship policies are reviewed annually and are subject to change from year to year.

Air Force ROTC Scholarship

See Air Force ROTC  paragraph in the Academic Practices and Policies  section of this Bulletin.

Transfer Student Scholarship

Transfer students are eligible to receive consideration for University scholarships. Members of Phi Theta Kappa may be considered for the Phi Theta Kappa Scholarship. Inquire with the Office of Admission for additional information.