Financial Information

The most valuable element a student spends in college is time. One can earn more money, but cannot regain time nor spend it again.

A student can have only one freshman year in college. Therefore, the choice of the school environment, educational programs, attitudes, and associations becomes a more important element than the amount of money invested in a college education.

Olivet faculty and administrators are fully committed to providing the best possible education - with a Christian purpose. This is truly an affordable excellence worthy of a student’s time and money.

The education costs at Olivet are reasonable among Midwestern colleges or universities, and are made possible by generous support from the Nazarene districts that comprise Olivet’s educational region.

Olivet’s Business Office, Office of Financial Aid, and the Office of Admissions are prepared to aid students and parents in planning to meet the cost of their educational experience. Several plans or packages of financial aid are available to fit individual needs through a combination of payment plans, scholarships, grants, loans, and employment.

Financing the University

Olivet Nazarene University is an independent liberal arts university related to the Church of the Nazarene. Over 700 congregations in Illinois, Indiana, Michigan, and Wisconsin have individual educational budgets which are paid annually to the University. Last year, funds received from these churches came to more than $2 million.

Gifts from many alumni, friends, businesses, and foundations, along with the church support, enable the University to offer its high-quality education at a tuition charge below other independent liberal arts colleges in the area. A large number of corporate and foundation gifts are received each year, both in direct gifts and through matching gift programs with company employees.

Tuition, room, board, and fees from students make up a large portion of the operating budget of the University, unlike state universities and community colleges, which receive the major portion of operating funds from tax revenues.

Current Cash Gifts and Securities

Many friends of the University make cash gifts to the University throughout the year. Some gifts are for specific purposes, while others are for general needs. Gifts of securities and properties that have significantly increased in value are not only an asset to the University, but may also be beneficial for the donor in consideration of capital gains and income tax obligations.

All gifts to Olivet Nazarene University are eligible for consideration as income tax deductions.

Scholarship Gifts

Gifts for student scholarships may be made in two ways: (1) They may be used directly for student aid during the school year or (2) a capital fund can be maintained through the ONU Foundation, invested so that only the earnings of the gifts are awarded in scholarships each year. Gifts of $10,000 or more may be designated as a scholarship fund named in honor or memory of the donor or a selected individual.

Recipients of these scholarships are determined by the University’s Scholarship and Financial Aid Committee.

The ONU Foundation

The ONU Foundation is an endowment fund established from donations made by many individuals over several decades. The assets of more than $25 million are earning interest and dividends which are awarded in scholarships to qualifying Olivet students. Many of these scholarships are named for individuals and families. Applications are received from continuing Olivet students annually, and awards are made based on financial need, academic achievement, and other criteria stated in the scholarship funds.

Bequests, Gift Annuities, and Life Income Agreements

The ONU Foundation has a number of programs designed to assist people who wish to invest a portion of their life savings in education at Olivet. The Director of Development, Director of the Foundation, or Vice President of Finance of the University can give suggestions and counsel, together with a donor’s attorney.

General Expenses

The following is an itemized estimate of the cost of a regular course for one semester in the 2021-2022 school year:

* contact Office of Student Development for meal plan specifics 

Special Fees

Methods of Payment

1. A student is required to pay an enrollment deposit of $200 when applying for admission. The enrollment deposit is applied to the student’s account and will be refunded if the application for admission is not approved or if a refund is requested before May 1.
2. Students assume the responsibility for all resulting tuition charges when classes are selected. Students are responsible for any late payment charges or collection costs that may be incurred if the student account is not paid as agreed. Students may cancel registration without penalty for an upcoming semester by submitting a notice of cancellation in writing to the Registrar’s Office prior to the first day of classes. All charges are due and payable at the time of registration at the beginning of each semester or term. Checks should be made payable to Olivet Nazarene University. It is helpful if the student ID number is on the check. An itemized statement will be made available online. Students may authorize parents or others to access their online account information.
3. Where financial aid has been awarded, the percentage of down payment and payment of balance is calculated after deducting such awards. College work-study is not deducted, since it must be earned by hourly work. Acceptable methods of payment are as follows:
   1. Payment in full.
   2. Four installments of 25 percent (August 1^st through November 1^st for Fall and December 1^st through March 1^st for Spring). A late payment charge will be made to any remaining balance following the final payment date of each semester.
4. Any financial arrangements between the University and its students will be binding only if such agreement is in printed or written form. Any arrangements concerning finances should be made with Student Financial Services only.
5. A 1 percent late payment charge will be added to any balance on a student account after the final payment date of the semester. Late payment charges will be reversed on financial aid once that aid is received on the student’s account. No one may participate in graduation, no degree will be conferred, nor credits transferred, until all accounts are paid in full. When clearing a student account for graduation or to receive a transcript, payment must be made by cashier’s check, certified check, credit card, or personal money order if immediate clearance is needed. If payment is made by personal check, a waiting period of 15 days is necessary for the check to clear the bank. Any student who has become delinquent through failure to make payment or proper arrangements may be disenrolled until such matters are satisfactorily taken care of with Student Financial Services.
6. Books and supplies must be paid for at the bookstore. The University accepts Visa, MasterCard, Discover Card, and American Express.
7. For further information concerning payment of student accounts, contact Student Financial Services in Miller Business Center, (815) 939-5245.

Room and Board

All students living in the residence halls are required to participate in one of the multiple meal plans. In case of withdrawal from the University, the board will be refunded on a prorated basis.

1. Rooms are rented for full semesters only. Students vacating a room will be refunded on a pro-rated basis.
2. For the convenience of students, telephone line service, which includes local calling (within an eight-mile radius), is available upon request in every student room. Students will be responsible to pay for all long-distance service and costs for calls outside the local calling area.
3. The University is not responsible for personal property in case of theft, damage, or loss by fire. In many cases, a family homeowner’s insurance policy will provide some coverage for a student’s property away from home.
4. Students are required to pay for any damage, other than ordinary usage, to room, furniture, or fixtures, including telephone equipment, during their occupancy of the room.
5. Damage in a residence hall for which responsibility cannot be determined will be charged on a pro-rated basis to all residents during the semester. Persons known to be responsible for vandalism will be personally responsible for the full amount. Such amounts will not then be charged directly as a fine to the student’s account. Damage in a student’s room is chargeable to the residents of that room, or to the person(s) known to have caused the damage.

Student Insurance Coverage

Individual needs for insurance coverage are so varied that Olivet Nazarene University does not carry any personal health, accident, or property insurance for domestic students. A school provided health insurance is required for all international students.

It is the responsibility of all domestic students to provide his or her own personal insurance for medical, accident, property, and vehicles. In many instances, benefits of family medical and homeowners insurance policies extend to cover students while enrolled in college.

Students should check their own insurance agents or companies to be certain of coverage. Students must have a health and accident insurance program in effect while enrolled as a student at Olivet.

Vehicles used for student transportation must be fully covered by liability and property damage insurance at all times.

Withdrawals and Course Drops

If a student officially withdraws from the University, drops below 12 credit hours, or drops an overload, the following financial adjustments will apply.

1. Refunds on Tuition, general fees, and certain other special fees as follows: ·
   • Week one - 100%
   • Week two - 90%
   • Week three - 75%
   • Week four - 50%
   • Week five - 25%
   • No refund of tuition or fees after week five of the semester.
2. Room & Board: Pro-rata adjustment/refund on the unused portion as of the end of the week in which the student moves from campus for the first 14 weeks of the semester.

Refunds From a Student’s Account

When a student has a credit on his/her student account as a result of financial aid or overpayment, a refund of that credit may be requested. The student may request that refund in person by coming to the Cashier’s window and requesting cash ($200 daily limit) or check (direct deposit or paper). Credits greater than $5.00 for former students (no longer enrolled) will be refunded. A service charge of up to $5.00 will be made to close out a student account.

Student Financial Aid

Olivet Nazarene University believes that every qualified student should have an opportunity for a college education in a congenial Christian atmosphere. The University’s financial aid program is designed to help students achieve these goals.

The purpose of financial aid has been interpreted variously through the years. Financial aid has been used to (1) aid needy students, (2) attract those with demonstrated academic achievement or athletic skills, and (3) strengthen the mission of the institution.

The comprehensive financial aid program includes scholarships, grants, loans, and employment opportunities.

Need-based student aid is designed to provide monetary assistance to students who, without financial aid, would be unable to pursue a college degree. Educational institutions do not have unlimited funds to provide access and choice, and to ensure retention and academic success for all students facing economic barriers to post-secondary education. Because of the limitation of funds, and given the social value of awarding aid based on need, the demonstrated financial need has become the primary criterion in the awarding of financial aid.

Need-based financial aid is dependent on an equitable and consistent system of measuring need. Although the U.S. Department of Education has approved various need analysis systems for awarding federal financial aid, all of them are based on common assumptions.

The need analysis process is designed to provide objective measurements of a family’s ability to pay for higher education costs and related student expenses.

Key Assumptions Underlying Need-Based Student Aid

1. Parents have the primary obligation to finance the education of their dependent children.
2. The dependent student has a responsibility to help finance a college education since the student is the direct beneficiary of the education. Student contributions are derived from expected summer savings, earnings during the academic year, and other assets. ONU recommends that students save $2,000 during the summer months for the following academic year. This will reduce the amount needed by the family. If a student cannot reach this goal, they should plan to increase the amount needed by the family to cover the additional balance, through the use of PLUS Loans, Private Educational Loans, or payment plans.
3. The independent student is responsible for financing his or her own education.
4. The responsibility for educational funding shifts to society only after the family’s (both parent’s and student’s) resources have been determined to be insufficient to meet the costs of education. A measurement of a family’s financial strength must take into account that family’s income and assets, as well as its expenses and liabilities. Other factors, such as extraordinary expenses or the size of the family, may affect a family’s ability to pay, and therefore must be considered.
5. To be consistent and equitable, the need analysis system must be an objective measurement of the family’s present financial strength. It does not evaluate what the family used to be or what it may be in the future. It does not make value judgments about the spending patterns of families. It can only assess, as consistently as possible, the objective data of “what is.”

The Office of Financial Aid is located in Miller Business Center. Financial aid counselors are readily prepared to advise students and parents concerning application for financial aid. Correspondence regarding financial aid should be addressed to the Director of Financial Aid, Olivet Nazarene University, One University Avenue, Bourbonnais, IL 60914-2345.

Financial Aid Application and Award Process

It is the responsibility of the student and parents to complete all the necessary application forms and procedures each year they wish to receive any type of financial aid.

ALL students seeking federal and/or Illinois State financial assistance by way of loan, grant, and work programs must complete the federal needs analysis application, the Free Application for Federal Student Aid (FAFSA). The FAFSA application can be completed online at: https://studentaid.ed.gov/sa/fafsa.

Dependent students applying for financial aid must have their parent(s) supply information on the FAFSA.

A student’s initial eligibility for assistance rests largely on the basis of a satisfactory grade point average together with an analysis of the financial need. Future eligibility will also be affected by his or her academic standing and financial need. Refer to “Academic Regulations ” for additional information on good standing, retention, eligibility, and satisfactory progress for financial aid.

A federal processor authorized by the federal government is utilized to determine the federal financial need from the FAFSA.

When it is determined the student qualifies for a federal grant or scholarship, the grant or scholarship is awarded and does not require repayment. Federal loans are awarded on the basis of repayment, in most cases after graduation or when the student ceases to be enrolled at least half-time. Federal work programs are available to assist students in earning money to pay for some educational costs and are awarded on the basis of financial need. The student must obtain employment and earn these funds.

The FAFSA should be filed in the year the student plans to enroll. This form must be completed annually. Since the FAFSA requires IRS information from the prior year (for example, the 2018 taxes for the 2020-21 academic year), the form may be filed beginning October 1^st for the following fall academic year, but should be filed as early thereafter as possible.

Applications received by December 1^st will receive priority consideration for federal campus based funds (Federal Work Study) until the funds have been exhausted. If requested, verification materials, including tax returns with schedules, and other required forms must be submitted before any federal funds will be applied to a student’s account. Applications for financial aid will be accepted after the above date; however, funding may be limited for these applicants. Awards will be made as long as funds are available.

Awards of financial aid, including University-based loan, grant, scholarship, and work-study funds, will be made only to students who have been accepted for admission or readmission to the University by the Office of Admissions.

A student aid report will be sent to the student in about four weeks from the date it was received by the federal processor. This report should be reviewed by the family and submitted directly to the Olivet Office of Financial Aid with any necessary corrections. The school aid code for Olivet is 001741.

Scholarships

Scholarships for students in Olivet’s traditional undergraduate programs are awards offered on the basis of academic ability, special talents, or the personal interest of donors. These awards carry no obligation for repayment. All Olivet scholarships require continuous full-time enrollment each semester in which they are received. A student dropping below full-time enrollment loses eligibility for ONU funding for that term. In addition, a student must make satisfactory academic progress and avoid being placed on financial aid suspension, as described in the Academic Regulations  section of this catalog, to receive any ONU funding. Any appeal of the loss of ONU funding may be made to the Director of Financial Aid, ONU Box 6007.

A number of scholarship awards are made available each year by Olivet Nazarene University. The total of all grants and scholarships combined with ONU grants/scholarships can never exceed the Direct Cost (tuition, fees, room and board). If the total of grants/scholarships exceeds the Direct Cost, ONU funding will be reduced to bring the total back to the Direct Cost.

A scholarship or grant involving ONU institutional or ONU Foundation funds offered by Olivet to an individual student is not transferable to any other school or educational program or to any other student enrolled at Olivet. This includes awards such as departmental scholarships, athletic scholarships, or any other scholarship or grant program that involves institutional or ONU Foundation funds.

Academic Scholarships:

The Olivet Scholarship/Presidential Scholarship: Based on high school academic performance and determined upon application to the University. The amount of the award varies based on high school academic performance and ACT/SAT scores, and is maintained per year by a minimum cumulative 3.0 GPA. Transfer student awards are based on the previous college academic performance.

The Olivet Grant/Leadership Scholarship: Based on high school academic performance and determined upon application to the University. The amount of the award varies based on high school academic performance and ACT/SAT scores, and is maintained per year by a minimum cumulative 2.0 GPA. Transfer student awards are based on the previous college academic performance.

The ONU Phi Theta Kappa Scholarship: Based on being a transfer student who is a member of Phi Theta Kappa and determined upon application to the University. The amount of the award varies based on the previous college academic performance, and is maintained per year by a minimum cumulative 2.0 GPA.

Scholarship Regulations

1. Only one academic scholarship may be awarded during any school year. The student’s cumulative grade point average is reviewed at the end of each academic year to determine eligibility to retain the scholarship. Students who are not making satisfactory academic progress are evaluated at that point, not at the end of the academic year. The grade point average must be satisfied at the beginning of each academic year. Summer credits and grades will be applicable in calculating scholarship eligibility.
2. Freshmen need no formal scholarship application, as the award is made on the basis of high school transcripts or test scores. The highest composite score from any test taken before enrollment will be used. It is not permissible to combine the highest scores from several test sittings.
3. Transfer students are awarded scholarships on the basis of previous college academic performance. Transfer students should send college transcripts to the Office of Admissions. Academic scholarships and GPA for transfer students are reviewed at the beginning of each academic year.
4. If a scholarship is upgraded on the basis of ACT/SAT scores, the lesser scholarship is dropped.
5. These awards are applied to Direct Cost (tuition, room/board, fees) for full-time undergraduate students only (maximum four years). Grants and other scholarships are applied to the school bill first. The annual amounts are subject to adjustment, with prior notification.
6. The total of all grants and scholarships may not exceed the student’s Direct Cost (tuition, fees, room, board). If the total exceeds the Direct Cost, Institutional funds will be reduced to bring the total back to the Direct Cost. Olivet funds may never generate a credit balance on a student’s account and may not be used for off-campus living expenses or textbooks. Any reduction in student Direct Costs may trigger a reduction of Institutional funds by the corresponding percent.

Nazarene Church Scholarships: Because Nazarene churches of the Central Educational Region support Olivet with more than $2 million annually, Olivet feels a special concern to assist the students of those churches to achieve their goals for Christian higher education.

The ONU Nazarene Advantage Scholarship: Beginning with the Fall 2019 semester, a student attending a Nazarene church is eligible for an additional $2,000 per year ($1,000 per semester) for each term the student is enrolled full-time.

The ONU Nazarene Promise Scholarship: The University will make every attempt to award a student attending a Nazarene church a total amount of grants/scholarships equal to 50% of the published tuition for the entering year.

Nazarene Senior Pastors and Full-time Associate Pastors: The ONU Pastor’s Children Scholarship is awarded in special recognition that a pastor’s family deserves. The student must be a dependent, living at home, and have never been married, and the parent must be a full-time pastor or full-time associate pastor of a Church of the Nazarene.

District Scholarships: The Nazarene Youth International organizations of 11 districts of the Central Education Region of the Church of the Nazarene offer several scholarships each to students from their district attending Olivet Nazarene University. Conditions under which these scholarships are granted may be obtained by corresponding with the District NYI presidents. Additionally, some districts have other scholarships which are offered under varying criteria. Information regarding these other scholarships offered should be obtained by corresponding with the district office. Many District Scholarships are matched by ONU, up to a total of $250 per semester, per student.

The Olivet Nazarene University Prize for Bible Knowledge (Bible Quizzing): Olivet Nazarene University awards an annual prize of up to $500 in tuition credit to the Nazarene high school student on each of the districts of the Central Educational Zone who best demonstrates his or her knowledge of an assigned portion of the Bible as a Bible quizzer, provided the district will add an equal or greater amount to the prize. The student is nominated by the district NYI council. This scholarship is not transferable to another student from the district. Olivet also gives a scholarship of $1,000 to the top quizzer at the Olivet Regional Quiz each year.

Church-Sponsored Scholarships: Many congregations of the Church of the Nazarene encourage young persons from their congregation to enroll at Olivet Nazarene University by offering general aid to all who enroll. Since the amount and terms of these awards vary, the conditions should be investigated with the pastor of the local church, followed by the notification of the ONU Office of Financial Aid.

Several scholarship opportunities are available through funds administered by the International Board of Education of the Church of the Nazarene:

The International Students Scholarship Fund is made available by Widmeyer and Yeatts. It is awarded on the basis of need to students from mission fields. Application is made through the Olivet Office of Financial Aid.

The General Superintendent Scholarship Fund makes $500 scholarship awards to students upon recommendation of the President, based on financial need. The student must be enrolled full-time. Priority is given to students preparing for full-time ministry. Application is made to the President of the University.

The Edna McCormack Memorial Scholarship Fund is awarded on the basis of need to students attending any of the Nazarene institutions of higher education. Application is made through the ONU Office of Financial Aid.

The Council of Education Scholarship Fund is available to students attending any of the Nazarene institutions of higher education, but the majority of awards must be made to those attending Nazarene Theological Seminary in Kansas City, Missouri. Application is made through the ONU Office of Financial Aid.

Students will receive the notice from the ONU Office of Financial Aid when these scholarships are open for application.

Grants-in-Aid

Federal Pell Grants: Awarded by the U.S. Department of Education to all students who qualify on the basis of need. The Free Application for Federal Student Aid (FAFSA) used to determine eligibility for this grant may be filed online at: https://studentaid.ed.gov/sa/fafsa. Pell grant awards normally range from $606 to $5,920 per year.

Federal Supplemental Educational Opportunity Grant (SEOG): Awarded to students with exceptional financial need with an EFC of Zero. The SEOG is awarded through the University from funds allocated to the school by the federal government. Awards are typically $1000 per year ($500 per semester).

Illinois Student Assistance Commission Monetary Award Program (MAP): The state of Illinois provides financial assistance to all residents of the state who show a need for college assistance. This grant may cover tuition and fees only. The current maximum yearly award is $4,869. The FAFSA form used to apply for federal aid applies to the Illinois state assistance as well. The award amounts are contingent upon legislative action and funding each year, and each year the State determines the deadline. Olivet recommends getting the FAFSA in by December 1^st to increase the chance of receiving these funds.

Other State Grants: Residents outside the state of Illinois should inquire into the availability of state grants for college education which may be applied toward their education at Olivet.

Loan Funds

Stafford Loans: There are two Federal Direct Stafford Loan programs, subsidized and unsubsidized. All students who wish to borrow through either of the Stafford Loan programs must complete the FAFSA each year. Ability to participate in the subsidized Stafford Loan program is based upon calculated need. A maximum of $23,000 during the time required to achieve an undergraduate degree may be borrowed by qualified dependent students.

Loans at the freshman level (0-29 credit hours completed) are limited to $5,500 per year, with no more than $3,500 of that amount subsidized. Loans at the sophomore level (30-59 credit hours completed) are limited to $6,500, with no more than $4,500 of that amount subsidized. Loans in the junior and senior years (60 or more credit hours completed) may be up to $7,500 per year, with no more than $5,500 of that amount subsidized. Neither the subsidized, unsubsidized, or a combination of the two may exceed these yearly limits for dependent students. Independent students may borrow at increased limits under the unsubsidized Stafford Loan program.

Federal PLUS Loans: This federal loan is available to credit-worthy parents for their child’s educational expenses. If a parent is denied a PLUS loan, the student may be eligible for additional Unsubsidized Stafford Loan funds. More detailed information may be obtained from the Olivet Office of Financial Aid.

Private Educational Loans: Outside loans are available based on a student’s creditworthiness, and may require a co-signer. More detailed information may be obtained from the ONU Office of Financial Aid.

Student Employment

ONU recommends that students save $2,000 during the summer months for the following academic year. This will reduce the amount needed by the family. If a student cannot reach this goal, he/she should plan accordingly, through the use of PLUS Loans, Private Educational Loans, or payment plans.

The University’s Counseling and Career Center office serves students and potential employers with referrals and job requests for both campus and community employment. Our students have earned a high reputation for reliable service in the Kankakee County business community.

Part-time employment is available primarily for those who need to earn expense money for personal needs. Types of jobs include secretaries, office workers, janitors, food service workers, data entry clerks, paper-graders, receptionists, chapel-checkers, store clerks, cashiers, and other miscellaneous types of work. In most cases, campus jobs require at least two successive hours free from classes on a daily basis.

Although a large number of students work during the regular school year, the University does not recommend that freshmen endeavor to work more than 10 hours a week during the first semester.

Approximately 700 students have employment in campus jobs during the school year. Priority for campus employment is given to those who qualify for Federal Work Study aid.

Federal Work Study: Campus work through the Federal Work-Study Program is available to students who qualify by way of the FAFSA. Awards are $2,000 per year. However, an eligible student could earn up to a maximum of $4,000 (gross) per academic year. This would require an average of 10-15 hours of work per week.

Veterans Benefits

Veterans Benefits (including the GI Bill®) ”GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill.

To assist students who qualify for benefits from the Veteran’s Administration, Olivet has a counselor in the Office of Financial Aid who specializes in these programs. In addition, ONU is part of the federal Yellow Ribbon Program, which helps to fund the tuition for veterans in certain circumstances. The VA counselor can help determine eligibility.

Beginning August 1, 2019, and despite any policy to the contrary, Olivet Nazarene University will not take any of the four following actions toward any student using U.S. Department of Veterans Affairs (VA) Post 9/11 G.I. Bill® (Ch. 33) or Vocational Rehabilitation and Employment (Ch. 31) benefits, while their payment from the United States Department of Veterans Affairs is pending to the educational institution:

• Prevent their enrollment;
• Assess a late penalty fee to;
• Require they secure alternative or additional funding;
• Deny their access to any resources (access to classes, libraries, or other institutional facilities) available to other students who have satisfied their tuition and fee bills to the institution.

However, to qualify for this provision, such students may be required to:

• Produce the VA’s Certificate of Eligibility by the first day of class;
• Provide written request to be certified;
• Provide additional information needed to properly certify the enrollment as described in other institutional policies.