The Financial Aid Department is designed to assist students in meeting the costs of their education. Our financial aid advisors will assess your financial need and determine the amount and type of aid you are eligible to receive. Advisors will notify students of any information or documentation needed. You should be aware that the financial aid process requires your full cooperation in order to ensure that you are prepared for all expenses for school. When you are notified to visit the office, you should respond as soon as possible.
Omnitech Institute participates in Title IV Federal Financial Aid which offers guaranteed federal student loans as well grants for students who qualify. The advisers work very closely with each student to ensure that necessary paperwork is received and processed in a timely manner. We urge you to become acquainted with your financial aid advisers in order to work together in meeting your educational and financial goals
Federal Pell Grant
Federal Direct Subsidized Loans
Federal Direct Unsubsidized Loans
Direct Parent PLUS Loan
The Founder’s Scholarship
Applying for Federal Student Aid:
In order to receive federal student aid at Omnitech Institute, each student must complete the Free Application for Federal Student Aid (FAFSA) each year. The FAFSA is used to award a student financial aid in the form of grants and federal loans. To begin the financial aid application process, you will need the following:
Your Federal Student Aid (FSA) ID and Password
A copy of your 2016 & 2017 Federal tax return (1040, 1040A, or 1040EZ)
Omnitech Institute Federal School Code: 038123
If you are age 18-23, you may be required to complete the FAFSA with your parent. They will need to the following:
Parent’s FSA ID and Password
A copy parent’s 2016 & 2017 federal tax return (1040, 1040A, or 1040EZ)
To begin the financial aid application, login to www.fafsa.gov
What is a Direct Parent PLUS Loan?
The Federal Parent PLUS Loan is an unsubsidized loan for the parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. The parent is the borrower and the student has no liability for repayment on this type of loan.
What costs are associated with the Federal PLUS Loan?
Interest: The interest rate for the 2018-2019 loans is 7.6%. The 2017-2018 rate was 7%.
Origination Fee: An origination fee of 4.264% is charged by the US Department of Education on each loan disbursement. Therefore, a gross loan disbursement of $5000 will net at $4787.
When OR where do I apply?
Applications are available at www.studentloans.gov.
What are the eligibility requirements for a Federal Parent PLUS Loan?
Your student must have a current award year FAFSA on file and any additional required documentation must be satisfied.
You must be the student’s biological or adoptive parent or the student’s stepparent (if the stepparent’s income information is listed on the FAFSA). Either biological or adoptive parent may apply, regardless of whether their information is listed on the FAFSA. Documentation may be requested to prove the relationship between the student and borrower.
Your student must be a dependent student. For financial aid purposes, a student is generally considered “dependent” if he or she is under 24, unmarried, and has no legal dependents at the time the FAFSA is submitted. (Exceptions are made for veterans, wards of court, and other special circumstances.) If a student is considered dependent, the income and assets of the parent(s) must be reported on the FAFSA.
Parents and their dependent student must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant.
Your student must be maintaining Satisfactory Academic Progress (SAP).
Parent PLUS Loan borrowers cannot have an adverse credit history (a credit check will be performed during the application process). Please review the credit criteria at https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf.
A PLUS loan approval does not ensure future PLUS loan approvals, as that will be based on the information in your credit file at the time of application.
If your PLUS loan is declined, based on your credit history, you will be provided some options within the application. These options include: Seeking approval of the loan with a credit-worthy endorser/cosigner, seeking approval of the loan through a dispute process with the U.S. Department of Education Direct Loan division, or not seeking approval of the loan, making your student potentially eligible for an additional Unsubsidized Direct Loan.
Veteran’s Education Benefits
If you’re a Service member, Veteran, or family member interested in utilizing education benefits you can also manage your current benefits online using the links below.
To apply for benefits or update your existing benefits
To view your benefits