Financial Aid

Students enrolling in the LEAP program may be eligible for financial aid. In order to apply for financial aid, students must complete a Free Application for Federal Student Aid, or FAFSA. The FAFSA is used to apply for all federal aid, as well any available aid from Alabama or Oakwood University. The form is available on January 1 of each year and should be completed by February 28 for the fall semester and by November 15 for the spring semester. Students may apply for financial aid after these dates, but the entire process generally takes up to six-nine weeks and may not processed in time for registration.

There are three ways to apply for financial aid at Oakwood:

• Online – go to www.fafsa.edu.gov and complete the application.
• Assisted Electronic Filing – For Huntsville-area residents, call 256-372-4600, or go to the North Alabama Center for Academic Excellence, 4900 B Century St., and take your 1040 tax form with you (we recommend this option for fast processing).
• In Person – Pick up an application at the Oakwood Financial Aid Office.

Once a student has completed his/her FAFSA, he/she will be eligible for the following types of financial aid. In addition, many banks and credit unions do offer personal loans for education, should an individual not be eligible for one of these.

Federal Grant/Loan Programs

Pell Grant

• Maximum of $5,350/year available
• Based on your financial need and cost of college
• Does not have to be repaid

Federal Supplemental Educational Opportunity Grant (FSEOG)

• Awarded to students with exceptional financial need
• Award amounts from $100 to $4,000 per year
• Does not have to be repaid

Federal Stafford Loan

• Available as subsidized (interest does not accrue while you are enrolled) or unsubsidized (interest accrues even while you are enrolled) loans
• Subsidized loans repayment not due until six months after you graduate or are no longer enrolled in school

Tuition Reimbursement

Additionally, some students may qualify for tuition reimbursement through their employer or the military.

Military Reimbursement

The LEAP program and Oakwood University accept military reimbursement through the Montgomery GI Bill administered by the Veterans Administration. For more information, please contact the LEAP office at (256) 726-7098.

Employer Reimbursement

Some employers offer full or partial tuition reimbursement. If your company offers tuition reimbursement, please contact the LEAP office at (256) 726-7098 prior to enrolling so that we can help you make arrangements for payment.

Upon entering the LEAP program

Please make sure the following items are complete

• FAFSA completed and on file - http://www.fafsa.ed.gov/
• Entrance Counseling - https://studentloans.gov/myDirectLoan/index.action
• Master Promissory Note - https://studentloans.gov/myDirectLoan/index.action
• Registration for Classes is Complete.