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Financial Aid Fast Facts

Graduate Students

 

NEXT STEPS FOR  2015-2016 FINANCIAL AID


All students must complete a Free Application for Federal Student Aid (FAFSA) to be eligible for the Direct Loan program. Completion of the FAFSA determines a student’s Expected Family Contribution (EFC). There are several steps required to complete applications for financial aid.

 

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

 

2. 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 2014 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.

 

3. All eligible students will receive a Financial Aid Award letter from Neumann University that lists their fall / spring / summer award(s). The award letter should only be returned to the Office of Financial Assistance if the student wishes to reject or adjust an award amount. If you are graduating and your aid is posted for a semester after graduation, please notify the Office of Financial Assistance. 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 your Neumann email address. 

 

As of July 1, 2012, the federal government only allows graduate students to borrow Unsubsidized Federal Direct Loans (DL) funds. An Unsubsidized DL accrues interest while a student is enrolled at least half-time during all grace and deferment periods.  As of July 1, 2013, Congress passed the Loan Certainty Act which determines the interest rate for all Federal Direct Loans each academic year.  The interest rate is based on the 10-year Treasury borrowing rate as of May 15th annually and will not exceed 9.5% for Direct Unsubsidized graduate loans.  The interest rate for 15-16 is fixed at 5.84%.  The Federal Government also charges an origination fee for each Unsubsidized loan.   The current origination fee is 1.073% and will decrease as of October 1, 2015 to 1.068%*.

Incoming students:  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.  This online document only needs to be completed once by the student for each school they attend.  In some cases, the MPN is effective for a term of ten years.  Receipt of completion is sent to the school electronically.

4. There are additional financing options available to assist with payment of any balance due after other financial aid is applied to a student’s account. 

 

Federal Direct GradPLUS Loan – a Federal, fixed interest rate loan offered through the Department of Education based upon credit history.   As of July 1, 2013, Congress passed the Loan Certainty Act which determines the interest rate for all Federal Direct Loans each academic year.  The interest rate is based on the 10-year Treasury borrowing rate as of May 15th annually and will not exceed 10.5% for GradPLUS loans.  The interest rate for 15-16 is fixed at 6.84%.  The Federal Government also charges an origination fee for each GradPLUS loan.  The current origination fee is 4.292% and will decrease as of October 1, 2015 to 4.272%*.  An application may be filled out by a graduate student only at: https://studentloans.gov.  The process is complete only when the student:

    Completes the GradPLUS 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 GradPLUS Loan is denied, the student may contact the federal government at 1-800-557-7394 to appeal or obtain information about applying with an endorser.

Private Alternative Loan – students can compare lenders’ rates and apply for a loan at www.elmselect.com.  Please note several of these lenders offer both fixed and variable interest rate loans without any fees.  The better the student’s credit is, the better the interest rate will be.  Several lenders also give a discount on the interest rate for existing customers, be sure to call and ask your lender if this option applies to you.  It is in your best interest to research all your options to ensure you are getting the most competitive product to meet your educational expenses**

Payment Plans – a 10-month plan through Higher Education Services (HES) or a 4-month semester plan through the university that carries a non-refundable set-up fee.  The HES plan may be established by calling 1-800-422-0010 or visiting www.highereducationservices.org.  The 4-month semester plan may be arranged by contacting the Neumann University at 610-558-5505.

*Federal/state award Amounts, federal interest rates and origination fees are all contingent upon the final budget for both the federal and state governments.
**Interest rates are subject to change at the discretion of the lender.

 

Please contact the Office of Financial Assistance at finaid@neumann.edu
or 610-558-5521 with any questions and accept our wishes
for a successful academic year. 

Neumann University One Neumann Drive Aston, PA 19014-1298 Phone: 610-459-0905 or 800.9.NEUMANN

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