Financial Aid & Funding Options
Expert advice. Friendly service. Personalized support.
Student Financial Services is dedicated to helping you finance your graduate education. We have designed this guide as a summary of the financial aid process at Northeastern and the variety of financing options available to you. Our staff is available to offer you expert advice, friendly service, and personalized support throughout your Northeastern experience.
The Financial Aid Application Process
Northeastern University requires that you complete two forms to be considered for federal financial assistance:
The FAFSA (Free Application for Federal Student Aid): The FAFSA is used to determine eligibility for federal aid programs. The fastest and easiest way to file the
FAFSA is online at http://www.fafsa.ed.gov. We recommend that you file well in advance of the beginning of a term to assure that your aid is processed in a timely manner.
The Northeastern University College of Professional Studies Application for Financial Aid:
This form asks for additional information that is not requested on the FAFSA, such as your expected program of study and anticipated enrollment. You can complete this application on line at: http://www.financialaid.neu.edu; simply click on the 'How to Apply' section of the website and then locate the 2006-2007 form.
In addition to completing the forms, you must meet the general eligibility criteria for federal assistance. These include: you must be accepted into a degree program, be attending at least half-time, be a U.S. Citizen, or eligible non-citizen, be making satisfactory academic progress (SAP) and not be in default on a prior federal loan or owe a refund on a federal grant.
Sources of Aid for International Students
The Office of Student Financial Services awards federal assistance to students who are U.S. Citizens or Eligible Non-Citizens. International students are ineligible for federal assistance but may qualify for alternative loan financing. Please review the information provided on page five to learn more about these funding options.
Completing the FAFSA and the NU SPCS Application for Financial Aid
Don't wait to be accepted for admission. Although we do not make financial aid awards for students until they have been accepted to into a degree program, the two processes can be completed simultaneously. You should fill out all financial aid paperwork even though you may not have received an admissions decision. Please be advised that if you apply for financial aid in the final term of an academic year, it is your responsibility to follow up with Student Financial Services to assure that your award is processed on time. Filing late for financial aid may jeopardize your chance of receiving federal funding.
Northeastern FAFSA Code. For Northeastern to receive information from the FAFSA, you will need to provide our school code number when filling out the form. Northeastern's FAFSA code is 002199.
File on-line. The FAFSA can be filed on-line. Doing so expedites the process and eliminates many of the potential errors that sometimes occur by filing the paper document. The FAFSA web site is www.fafsa.ed.gov. If you are filing the on-line FAFSA, you can sign the form electronically by using your federal PIN. If you do not have this PIN, you can request it through the web site: http://www.pin.ed.gov. It takes approximately 72 hours for the federal government to generate a response to you with this PIN. You also have an option to print out the 'signature page' for the on-line FAFSA and mail it to the federal processor.
Read the instructions. At first glance, the FAFSA form can appear quite confusing and complicated. In actuality, the form is relatively easy to fill out. The questions are straight forward, and the instructions make specific references to each question. As a rule, the most straightforward answer is your best response.
Sign the form. If you are filing the paper FAFSA, make sure you (and your spouse) sign the form before putting it in the mail. Failing to do so delays the process, as your FAFSA is not considered complete without signatures..
Be specific on the College of Professional Studies Application for Aid. When completing this form, be as specific as you can with the expected enrollment questions. We will base your eligibility on your intended enrollment. As such, we need to know the number of credits (not courses) for which you plan to enroll. **Please note that it is your responsibility to contact Student Financial Services if your expected enrollment changes during the course of the academic year. Failure to do so may jeopardize your ability to receive the maximum amount of aid available to you.
Financial Aid Awards
Once we have received your FAFSA & NU College of Professional Studies Application, and you have been accepted into your program of study, we will determine your eligibility for federal assistance. Depending upon your calculated financial need, your program of study, and the timeliness of your application, you may be considered for the following financial aid program:
Federal Stafford Loan. The Federal Stafford Loan is a low-interest, federal educational loan program offered through banks and other lending institutions. As a graduate student, the total amount that may be borrowed in an academic year can total up to $18,500, depending upon your total cost of attendance. Depending upon financial need, the first $8,500 (base amount) may be subsidized. The federal government pays the interest while you are attending school at least half-time as well as any grace and deferment periods. If financial need is not demonstrated, all or a portion of the $8,500 may be unsubsidized, whereby you must either pay the interest or have it capitalized onto the principal balance. In addition to the base $8,500, the additional $10,000 would be in the form of the Unsubsidized Stafford Loan. While eligibility for the Stafford Loan is determined by the Office of Student Financial Services, the actual funds are provided by lending institutions.
For loans disbursed prior to July 1, 2006, the interest rate is set each July 1, based upon the 91-day Treasury Bill rate plus 3.1%; it will never exceed 8.25%. For loans disbursed after July 1, 2006, the interest rate will be a fixed 6.8%. Loan funds are disbursed directly to Northeastern in equal amounts over the academic year. Stafford loans carry a six-month grace period beginning after graduation or if you drop below half-time, or withdraw. Repayment on the loan is generally over ten years, but may be extended depending upon your total loan indebtedness.
Other Resources and Payment Options
Upon the review of your application for aid, we will send an award letter to you indicating your eligibility for financial aid. This letter will include all federal and state funds which we control. Additional resources may be available directly from your college or from alternative loan sources. Please read on for additional information. (Remember: to maintain eligibility for these programs, you must remain enrolled in at least 6 credits or more per term.)
Supplemental Loans for Degree Candidates
There are a number of attractive educational loan programs available to assist you in covering your expenses over and above any financial aid that may be awarded to you directly from this office. These programs require that you have been fully matriculated into a degree program and are studying at least half-time.
MEFA Loan for Graduate Students. This loan program is offered by the Massachusetts Education Financing Authority. Students can choose either an interest rate that is fixed for the life of the loan (6.69% for the 2005/2006 academic year) or a variable rate (5.49% until April 1, 2006). Both principal and interest payments can be deferred during periods of enrollment. Repayment on the loan generally extends to 15 years. International students may apply as long as they have a co-applicant who is a U.S. Citizen or Permanent Resident (Canadian residents may apply with a Canadian co-applicant). Additional information may be obtained at: http://www.mefa.org or by calling 1.800.449.6332.
The Signature Loan for Graduate Students. This loan is offered by Sallie Mae. Payments of principal and interest can be deferred during your program of study. The interest rate on the loan is based upon the prime rate. Depending upon your credit rating, the interest could be as low as prime less 0.25%. Additional information can be obtained at: http://www.opennet.salliemae.com or by phone at 1.800.695.3317. Loan repayment occurs generally over a 15 to 25 year period. International students may apply for this loan as long as they have a co-borrower who is a U.S. Citizen or Permanent Resident.
Graduate Access Loan. This loan is offered by Access Group for graduate students who are attending Northeastern at least half-time. The loan contains no disbursement fees and, depending on your credit, may also omit repayment fees. You have up to 20 years to repay your loan, beginning nine months after graduation or after you cease to be enrolled at least half-time. Additional information can be obtained at http://www.accessgroup.org or by calling 1.800.282.1550.
Supplemental Loans for Non-Degree Candidates
For students who have NOT been accepted into a degree program (special students) or who are attending less than half-time, there are a few alternative loan programs that you may wish to consider:
Comprehensive Access Loan. This loan is administered by Access Group, Inc. Students who are enrolled less than half-time or in a continuing education/certificate program are eligible for this loan. Interest rates range from LIBOR plus 2.55% to LIBOR plus 6.45%, depending on creditworthiness. There are no fees associated with this loan and the minimum loan amount is $1,000. Loan repayment can be deferred for students enrolled at least half-time for up to 10 years. There is a 9 month grace period until repayment after enrollment ends. Repayment can be extended up to 20 years with multiple repayment options available. For more information on the Comprehensive Access Loan, visit www.accessgroup.org or call 1.800.282.1550.
Continuing Education Loan. This loan is administered by The Education Resources Institute, Inc. (TERI). Students enrolled full time, half time, or less than half time who are pursuing professional or technical training, a certificate, or any other type of coursework are eligible for this loan. The interest rate is variable, and range from prime plus 1% to prime plus 10%. Fees range from 2% to 9%. There is an annual loan minimum of $1,000 and a $30,000 aggregate limit for this loan. Repayment begins 6 months after enrollment has ended and can be extended up to 15 years. You may find additional information about this program at: www.teri.org or by calling at 1.800.255.TERI.
CitiAssist Loan. This loan is Administered by Citigroup, Inc. All College of Professional Studies students with good credit and a minimum annual income of $18,000 OR a credit-worthy cosigner are eligible for this loan. Depending on credit history, interest ranges from prime rate plus .5% to prime plus 4%. There are no fees associated with this loan and there is no minimum loan amount. The standard repayment period is 12 years for this loan. You may find additional information on the CitiAssist Loan at: www.studentloan.com or by calling 1.800.394.7580.
Payment Plans and other payment options
AMS Monthly Payment Plan: Northeastern University, in conjunction with Academic Management Services (AMS), offers an interest-free monthly payment plan to help make paying for a student's education a little easier. The plan allows students to budget the annual cost over 9, 10, 11 monthly payments or the semester plan that allows you to spread your semesters costs of 3 and 4 installments. You do not pay interest, only an enrollment fee of $60 for the annual plan and $35 for the semester plan. To enroll, contact Academic Management Services (AMS) at 1-800-635-0120 or go to www.tuitionpayenroll.com/northeastern
Employer Tuition Reimbursement: Students who are employed full-time are encouraged to contact their employers about tuition reimbursement programs. As part of their benefits package, many employers offer tuition reimbursement for their employees. Such programs will oftentimes cover the tuition costs for a limited number of courses per term or academic year. Please note: For employer-based tuition reimbursement programs that provide funding only at the conclusion of a term, students are required to pay Northeastern before term grades will be released. Students in this case must pay their tuition at the beginning of the semester and then reimburse themselves once the tuition payment is made by the employer.
Some Useful Resources
The Higher Education Information Center: Located in the basement of the Boston Public Library in Copley Square, the HEIC has numerous resources available to help you find outside aid, including a computerized database of scholarships.
The Internet: The Internet contains many websites that are full of useful, free of charge scholarship information. Check out the list below.
Fast WEB Scholarship Sources - http://www.fastweb.com
Financial Aid Information Page - http://www.finaid.org
Collegenet - http://www.collegenet.com
The College Board (Fund Finder) - http://www.collegeboard.com
U.S. Department of Education - http://www.ed.gov
Peterson's Education Center - http://www.petersons.com
International Education Financial Aid - http://www.iefa.org
The above list is provided to you as a reference tool. It should not be construed as an endorsement by Northeastern University of any of the organizations listed.
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