How We Use Your EFC
At OCC’s Financial Aid office, we subtract your EFC from the cost of attending OCC
for a year. How much does it cost to attend OCC? That depends on factors like whether you qualify for in-district tuition and whether
you live rent-free with family members or pay for your own apartment.
By subtracting your EFC – the amount the government says you can afford to pay – from
the cost of attending OCC, we determine your financial need. This is the gap between
what you can afford and what school costs.
We then do our very best to close the gap with a financial aid package that can include
grants, scholarships, student loans, and work-study. You should receive an award offer from us about four weeks after you get your SAR.
Read it carefully. Grants and scholarships are straightforward – they’re money you
don’t have to pay back. Work-study is clear, too – you get paid for working, either
on or off campus. But student loans are trickier because you have to pay them back
Repaying loans after you graduate or otherwise leave school can be a big drain on
your finances. Because of this, you should only borrow the amount of money you absolutely
need. If your award offer from us includes a student loan, you can accept it, reject
it, or request a smaller amount. If you don’t accept the full amount of the loan,
you can increase the amount later.
If You’re Selected for Verification
Your federal Student Aid Report that lists your Expected Family Contribution also
may have a note saying you’ve been selected for verification. OCC uses this process
to confirm the accuracy of data on your FAFSA.
Being selected for verification isn’t an accusation you’ve done something wrong. Many
people are chosen at random. About 12 percent of OCC students undergo verification
If you’re selected, we’ll explain in an email what documentation you need to provide.
Be sure to submit your documents by the deadline in the email to ensure you get your
What If My Aid Isn’t Enough?
If you still need more money for school, you have a few options:
- If you or your family have suffered a serious financial setback since you filed your
FAFSA, we may be able to increase your aid. Collect any documentation you have and
then contact us to discuss your situation.
- You can apply for an additional Direct Unsubsidized Student Loan from the federal government by contacting the Financial Aid office. These do not
require financial need.
- Your parents can apply for a Direct Parent PLUS Loan from the federal government. If they have an adverse credit history, they must meet
additional requirements to qualify for a loan. You also must complete the OCC PLUS
Loan request form available from the Financial Aid office.
- You can apply for a personal loan at a bank, credit union, or other financial institution.
These loans typically have higher interest rates and less favorable repayment terms
than federal student loans.
So how do you actually receive your financial aid? Find out in How We Deliver Your Financial Aid.