Financial Assistance - Next Steps

Adult Undergraduate & Graduate Students

 

Next Steps and Additional Resources
2016-2017 Financial Aid


FAFSA:

All students must complete a Free Application for Federal Student Aid (FAFSA) to be eligible for federal, state and institutional aid beyond any gift aid, for example, a Presidential Scholarship or Achievement Grant, from Neumann University.  Completion of the FAFSA determines a family’s Expected Family Contribution (EFC)* and, in turn, a student’s eligibility for need-based aid. There are several steps required to complete an application for financial aid.


 * The EFC is not the amount of money a student’s family will have to pay for college nor is it the amount of federal student aid a student will receive.  It is a number used by the school to calculate the amount of federal student aid a student is eligible to receive.

 

  • Visit https://fsaid.ed.gov/ and apply for an FSA ID.  A student must have an FSA ID to complete the FAFSA form.

 

  • After January 1st of each calendar year, a new FAFSA application must be completed. The FAFSA can be completed at https://fafsa.ed.gov. If a 2015 federal tax return has been completed, the FAFSA will allow a student to link to the IRS website. Neumann’s federal school code is 003988. 

 

Adult Undergraduate Pennsylvania resident students may be eligible for the Pennsylvania State Grant (PHEAA) and must complete the FAFSA before May 1, 2016. The student must visit www.pheaa.org to ensure all requirements are met.

 

AWARD LETTER:

  • Each eligible student will receive a Financial Aid Award letter from Neumann University via email that lists his or her fall, spring, and summer award(s), if applicable. 

  • The award letter should only be returned to the Office of Financial Assistance if the student wishes to reject or adjust an award amount.  The requested change and student signature should be on the returned letter, or alternatively, an email with requested changes can be sent to finaid@neumann.edu from the student’s Neumann email address.   

  • If the student is graduating and aid is posted for a semester after graduation, the student must notify the Office of Financial Assistance.

VERIFICATION:

  • If the student’s FAFSA is selected for verification, you will receive a letter indicating how to submit your verification documentation. A student’s financial aid award cannot be finalized until those documents have been received and reviewed. Keep in mind that a review may result in an adjustment to any or all awards.

 

HOW DO I PAY FOR MY BALANCE?

Loan Options:

 

  • Federal Direct Loans * - Most award letters will include some type of Federal Direct Loan.  Based upon need, a student may be eligible for a subsidized and/or unsubsidized Direct Loan (DL).  First time Borrowers:  In order for a student to accept a DL, there are two requirements that must be completed at https://studentloans.gov:

 

Entrance Counseling – an online interactive quiz that must be completed in order for funds to disburse to the institution. This counseling provides useful information, tips and tools to help students understand their loan rights and repayment responsibilities. This process only needs to be completed once by the student for each school they attend. Receipt of completion is sent to the school electronically.

Subsidized/ Unsubsidized Master Promissory Note (MPN) – the legally

binding agreement / promise to repay the loan(s) to the Department of Education. In some cases, the MPN is effective for a term of ten years.  Receipt of completion is sent to the school electronically.


      • Federal Graduate PLUS Loan *An application may only be filled out by a student enrolled in either a master's or doctorate degree at: https://studentloans.gov. The process is complete only when the student:

         

        Completes the Grad PLUS application (must be completed yearly)
                     AND

        Signs the PLUS Master Promissory Note (MPN) with their FSA ID.  (New PLUS borrowers/Endorsed applicants only – not necessary for returning students with previously approved PLUS loan)

         

        If the Grad PLUS Loan is denied, the student may contact Federal Student Aid at 1-800-557-7394 to appeal or obtain information about applying with an endorser.

       

      • Private Alternative Loan –Apply for a loan at www.elmselect.com. Please note several of these lenders are offering both fixed and variable interest rate loans without any fees. Several lenders give a discount on the interest rate for existing customers, be sure to call and ask the lender if this option applies. It is in the student’s best interest to research all options to ensure he or she is getting the most competitive product to meet his or her educational expenses. In some cases, a student may have to ask a relative or friend to cosign for a loan either because the student has not established enough credit or does not have sufficient credit to receive the loan on his or her own. * *

 

* Federal/state award Amounts, federal loan interest rates and origination fees are set at the discretion of the corresponding government department.

* * Interest rates are subject to change at the discretion of the lender.

 

Other Options:

 

Rev. 03/10/2016

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