Financial Planning is central to the education experience. We work with students to help them balance their education, home, and work lives through better financial planning and management. For purposes of determining financial aid eligibility, students are placed within budget groupings depending on the student’s enrollment and whether the student is considered a sponsored or non-sponsored student. For additional information on costs go to Cost of Attendance.
Financial aid is determined by the students financial need. A student’s financial aid budget is a combination of funding options and can include: donation, sponsorship, scholarship, Pell grant, and work study. The financial aid budget is used to determine the total amount of financial aid the student is eligible to receive. All budget amounts are determined by OT Academy. Budget elements are not based on student’s actual expenses and are non-negotiable.
Below are example situations used for purposes of awarding financial aid to students that are in need of additional financial support:
A student who has an immediate financial need such as income level, debt to income ratio, or other monthly expenses, and qualifies for financial aid. In this scenario, a student may be awarded financial aid in the form of a scholarship, sponsorship, donation, grant, or work study to reduce the student’s monthly out-of-pocket expense to a level suitable for his/her individual/family situation. The out-of-pocket expense could be $0 dollars or a low monthly payment amount (e.g. $44.95 per month).
A student who has no immediate financial need and does not qualify for financial aid. In this scenario, a student is not awarded financial aid, but the college considers other educational discounts to offset the student’s monthly out-of-pocket expense. The student is generally responsible for the total cost of the degree program. The out-of-pocket expense could be lowered, but generally may not exceed $249.95 per month for 24-months for the full two-year degree program.