AUTHORIZATION for APPLICATION AND RETENTION of TITLE IV FUNDS

AUTHORIZATION for APPLICATION AND RETENTION of TITLE IV FUNDS
Current federal regulations allow Omnitech Institute to automatically credit Title IV student financial aid funds (Pell, FSEOG, Direct Stafford Loans, and Direct PLUS Loans) to your student account to pay tuition and fees. The law allows students to authorize Omnitech Institute to apply funds towards other educational charges and/or retain excess funds to be applied toward future charges and expenses in upcoming terms in the same academic year.

Please review the authorization options below, indicate your selection for the first two options of either accepting or declining by placing an “X” in one box for each of the two statements, complete the third authorization and the bottom portion of the form and return it to the Financial Aid Office. Once these authorizations are in effect, they will remain in effect until revised or rescinded by you. You may revise or revoke any or all of the authorizations at anytime by written notification to the Financial Aid Office.

Authorization I – Application of Title IV Funds to All Charges

I authorize Omnitech Institute to apply federal Title IV student financial aid funds to my account for all education costs to cover tuition & fees.
I understand I have the option to apply for Financial Aid Funds (Title IV Pell, Direct Stafford Loans, and Direct PLUS Loan) to help pay for tuition and fees.
I DECLINE Title IV Funding – I understand that I will need to pay my tuition, fees, and supply charges out of pocket or by some other means prior to beginning my program. I further understand all charges must be paid in full by the last day of attendance.

Authorization II – Retention of Title IV Funds on Student Account

I understand that the signing of this Authorization gives permission to Omnitech Institute to retain excess funds on my student account and then, as appropriate, credit them to any future charges incurred (tuition, fees, equipment books and supplies) during the same academic year (or, in the case of Pell Grant only recipients, Award Year). Please note that no interest will be credited on the amount retained as funds are applied to the entire academic year.
DECLINE – I understand that I may need to make a cash payment prior to the beginning of any term for which I did not authorize Omnitech Institute to retain excess funds on my student account.

Authorization III – Assistance with Debt Management

If a credit balance remains on my account at the end of a loan period (loans) or award year (grants) I understand that I may authorize Omnitech Institute to help me manage my loan debt by returning the credit balance against one of my loans. I authorize Omnitech Institute to send my credit balance amount to my Direct Loans.