Financial Aid FAQS
• Where do I begin?
• What happens next?
• When do I apply?
• How do I know if I am eligible to receive financial aid?
• How is financial need determined?
• What type of financial aid can I get attending ORT Technical Institute?
• What happens if I withdraw?
The fastest and easiest way to apply for federal financial aid is to fill out an online Free Application for Federal Student Aid (FAFSA) at http://www.fafsa.ed.gov. You can avoid processing delays by using FAFSA on the Web because it helps to ensure that your information is complete. You and your parents, if you are a dependent student, can even "sign" the application electronically by getting a PIN (Personal Identification Number) at pin.edu.gov. If you do not have access to the Web, you can complete the FAFSA at the ORT Technical Institute in our computer lab or complete a paper FAFSA instead.
To file the FAFSA, you will need:
• A copy of your most recent federal tax return, your parents' if you are a dependent student.
• The ORT Technical Institute code number is 041184.
If you have any questions regarding the FAFSA, please call 847.324.5588, ext. 13.
What Happens Next?
Within a 72 hour to two-week processing period (depending on whether you file using the Web or a paper application), you will receive a Student Aid Report (SAR) in the mail. The SAR will give you information about your eligibility for a Federal Pell Grant. The school will receive an ISIR electronically which contains the same information which we will use to assess the amount of aid for which you are eligible.
When Do I Apply?
The sooner you file your aid application, the earlier you will be able to determine what additional monies you might need to cover your educational costs and put payment plans in place so that you can enroll without any delays.
How Do I Know If I am Eligible to Receive Financial Aid?
In addition to documenting financial need for most programs, you must meet the following criteria:
You must be a US citizen or eligible non-citizen. Students who have permanent resident status must provide alien registration information.
You must be regularly admitted to, or enrolled at, the Institute.
How is Financial Need Determined?
Your Financial Need is defined as the difference between your Cost of Attendance as determined by the Institute and your Expected Family Contribution (EFC).
Your Cost of Attendance includes tuition, fees, books, supplies, transportation and living expense estimates determined by the Financial Aid Office.
Your Expected Family Contribution (EFC) is based on the financial information from your FAFSA. The US Department of Education calculates your EFC by comparing your income and assets against the standard cost of living allowances for the number of people in your household.
Cost of Attendance – Expected Family Contribution (EFC) = Financial Need
Your financial aid award will show the cost of tuition, minus any grants and loans you will receive. The difference between these grants and tuition costs is what you will owe.
What Type of Financial Aid Can I Get Attending ORT Technical Institute?
Federal Grants: Grants, such as Pell and FSEOG, are designed to help eligible students pay their expenses for school. The eligibility for a grant and the maximum amount a student might receive are determined by the family's financial circumstances. The student must submit the FAFSA form to apply for these grants. Visit www.fafsa.edu.gov for more information.
Loans: Loans are money to pay for college costs that must be repaid with interest. One example of a federal loan is the Federal Stafford Student Loan. Interest rates are subsidized by the federal government to keep them below general market rates. The US Department of Education requires that all federal loan borrowers complete entrance and exit counseling to ensure that borrowers understand their rights and responsibilities.
ORT Scholarships: To assist students further, special non-governmental Chicago institutional scholarships, that don't have to be repaid, are available to eligible students.
WIA: Workforce Investment Act program is funded by the State of Illinois and provides grants to eligible applicants who must retrain in order to reenter the job market. For more information contact our Admissions Office.
VA: Veterans Administration through the GI Bill provides grants to eligible applicants. For more information contact the Admissions office.
What Happens If I Withdraw?
ORT Technical Institute is required by law to prorate the amount of federal financial aid that must be returned to Federal Aid Programs for students who officially withdraw (through the Registrar's Office) prior to attending 60% of a program or semester. The percentage of aid retained, less an administrative fee of $100.00, will be applied towards the institutional charges. This situation may leave the student with a balance due the Institute because institutional charges are separately calculated which are referenced in the "Refund" section of the Catalog. The order in which refunds are applied to the federal programs is: Federal Stafford Loan, Federal Plus Loan, Federal Pell Grant, Federal Supplemental Education Opportunity Grant, other Title IV Aid Programs, institutional aid, and the student.
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