Parents and Others Supporting Students

College costs are about more than tuition. Whether living on-campus or staying at home students may also have expenses for housing, food, books and supplies, transportation, technology, and personal expenses. At Oakland University, we try to help students keep their cost down by eliminating fees and only directly billing students for tuition and on-campus housing and meal plans, if they plan to be a residential student.

There will also be indirect expenses, things like books, transportation, and living expenses related to their education. Take some time with your student to understand their estimated cost of attendance and which expenses are covered by financial aid by reviewing your student’s financial aid offer with them, in MySail. You can also consider private scholarships, college savings plans, student employment, family contributions, and savings not listed on the financial aid offer, when you’re reviewing the information in MySail. Remember, the estimated cost of attendance is a student’s estimated average cost of attending college; actual expenses may vary.

It’s also helpful to talk about the expenses that may come up during the semester. A student who has a plan for their money is much less likely to be surprised by an unexpected bill.

Tip: Have an honest conversation about who is responsible for which expenses before the semester begins.

Understand Financial Aid Together

Financial aid can feel complicated at first, but you don’t have to become a financial aid expert overnight. OU offers a variety of Financial Aid Events to help students and their families prepare for financial aid and college costs.

Help your student understand the different types of aid they may receive, including grants, scholarships, work-study, and loans. Make sure they know which aid has to be earned, which may need to be repaid, and what requirements they need to meet to keep their aid.

Encourage your student to read their financial aid offer and ask questions when something doesn’t make sense. Learning to understand their financial aid is an important part of becoming financially independent.

Tip: Encourage your student to review their aid offer as soon as they receive it, don’t wait for the payment due date to get started.

Remember: Your student is ultimately responsible for understanding and completing their financial aid requirements, even when you’re helping them along the way.

Know the Difference between Grants, Scholarships, Work-study and Loans

Not all financial aid works the same way.

Grants and scholarships generally don’t have to be repaid as long as the student meets the requirements.

Work-study gives eligible students an opportunity to earn money through employment. It isn’t money automatically applied to the student’s bill, but the student receives a paycheck for hours earned.

Student loans must be repaid, usually after the student leaves school or drops below certain enrollment requirements.

Parent PLUS loans are available to dependent undergraduate students. You may be able to apply for a Parent PLUS loan at studentaid.gov beginning May 1 for the upcoming academic year. 

Private Education Loans are available for students who wish to supplement their financial aid offer. Maximize borrowing from all federal loans before considering supplemental funds from a private loan. 

If you and/or your student is considering borrowing, talk about how much they actually need and what repayment could look like after graduation. Borrowing can be a useful tool, but it’s important to understand the long-term commitment.

Free Application for Federal Student Aid (FAFSA)

For many families, the FAFSA is an important part of paying for college. The process can change from year to year, so don’t assume this year’s FAFSA will work exactly like last year’s.

Make completing the FAFSA an annual family task. Gather the information you’ll need early, pay attention to deadlines, and check your student’s financial aid portal and email regularly for follow-up requests. The FAFSA becomes available October 1 for the next school year. Visit studentaid.gov to apply. 

OU Annual Scholarships

Oakland University is proud to offer more than 350 annual endowed scholarships through academic and student service departments for admitted and current students. Beginning December 1 each year, admitted and current students should complete the application to apply for OU annual scholarships to use in the next academic year. The application closes March 1. View the OU Annual Scholarship Application video to learn more.   

Most importantly, don’t wait until the last minute if you have questions. OU’s Office of Financial Aid and Scholarships is here to help.

Encourage your student to regularly check their OU email and financial aid information on MySail and student account on eBill, when it becomes available. Important information about tuition, financial aid requirements, refunds and deadlines may be sent directly to them.

Remember: a student’s college account may contain information the school cannot discuss with a parent without the student present. Your student should know how to give you Proxy and Authorized User access to their accounts if they want you involved in certain financial aid or billing activities.

Keep an Eye on Important Deadlines

College has a lot of deadlines, and missing one can sometimes have financial consequences.

Encourage your student to keep track of:

• FAFSA application opens October 1
• Financial aid requirements on MySail
• Payment due dates
• OU Annual Scholarship application opens December 1
• Housing contract opens
• Class registration begins
• Withdrawal and drop deadlines
• Federal Loan requirements
• Graduation application deadlines

You can remind them—but ultimately, learning to manage deadlines is an important part of becoming an independent adult.

One of the most valuable things your student can learn is asking for help isn’t a sign they’re failing.

Encourage them to contact the appropriate office when they have a question. That might be financial aid, their academic adviser, the Academic Success Center, the OU Counseling Center, University Housing, Career and Life Design Center, or another campus resource.

Be Prepared for Academic Ups and Downs

College academics can be very different from high school and college plans don’t always go exactly as expected. Your student might change majors, transfer programs, reduce their course load, take a semester away, or discover that graduation will take longer than originally planned. These changes can affect financial aid, scholarships, housing, and graduation plans.

If something changes, encourage your student to talk with the appropriate campus offices before making a decision whenever possible. A quick conversation with Financial Aid and Scholarships or academic advising can help your student understand the potential impact on financial aid before they make a change. Remind your student to review OU scholarships and grants renewal criteria and the Satisfactory Academic Progress policy. Our advising staff is ready to help your student examine their options and impacts of academic changes they make.