Financial Aid for Undergraduate Students
Welcome from the Director of Financial Assistance
Whether you are a prospective, admitted, or current student, I realize that the process of applying for financial aid may be confusing or stressful. The Financial Assistance Office has professional, friendly, and experienced staff to assist you, and each Neumann student has an assigned financial assistance counselor. We encourage you to review the information on our website to get a better understanding of how financial aid works at Neumann University.
Our office determines your financial aid award based on your family’s demonstrated financial need, which is calculated taking many factors into consideration, such as your family’s income, assets, and household size. A student’s need-based eligibility is calculated each academic year and is determined using the following formula: Cost of attendance - calculated Expected Family Contribution (EFC) = financial need. We strive to offer financial aid packages that draw from multiple resources, including federal, state, and private scholarships and grants (including Work Study), and loans.
Neumann University also offers programs designed to provide funds for unique learning experiences and help students throughout their time here, such as the Emergency Aid Fund. Emergency aid can be in the form of a grant or loan and can be used to cover unexpected expenses. Emergency aid opportunities are administered by the Dean of Students and Financial Assistance Office.
Financing an education is a significant factor in achieving your educational goals. Neumann University is committed to your investment, and our office is ready and able to assist you.
The Financial Assistance Team
Tuition Costs 21.22
The current tuition and fees are found on the Business Office website. Please note some majors have additional lab/clinical costs. The Business Office webpage is also a useful resource for both meal and payment plan options.
Factors that Impact Your Financial Aid
Most students do not understand the impact on financial aid when changes are made to their courses, their charges and/or their academic standing. For this reason, we strongly suggest students stay connected to your financial assistance counselor. Contact your counselor or the Financial Assistance Office before making any changes. Once aid has been lost, it is not always possible to get it back.
Enrollment is one of the big factors with aid. Students who drop from full time to part time enrollment may lose aid depending on when the change took place. Not only could their aid be affected, but their charges could, as well. Dropping courses could affect your graduation date, loan eligibility and state grants. After talking to your academic advisor about your courses, if a change will be made to your enrollment status, please contact your financial assistance counselor to understand how it may impact your aid.
Housing is another factor that impacts your financial aid. Students who are residents in the fall term and then switch to commuter in spring will lose some of their aid- if they had been awarded Residential Grants and/or Neumann Grants. The student budget will be decreased, which could affect loans on the account, and it could change the level of need, which could affect need-based aid, such as work study and subsidized loans.
Repeating courses can influence your financial aid. Federal and state policies are not the same on this subject. Once a course is passed successfully with a grade of D or better, federal aid will cover only one additional retake of the course. However, students who fail or withdraw from a course may continue to receive aid for the same course if they are otherwise eligible for aid. Pennsylvania State Grant will not allow a student to repeat a course if they have received a passing grade of D or better. Students who fail a course may repeat it once and still be eligible for grant funds if they have eligibility.
There are many other factors that can affect your financial aid, so please- before making any changes- contact the Financial Assistance Office.
Types of Financial Aid
Financial aid is funding that helps students, and their families pay for college. It comes in the form of grants, scholarships, loans, and work-study.
Grants and scholarships are considered “gift aid.” This type of aid does not need to be repaid and is not earned by working. Most grants are considered need-based awards, while scholarships typically are merit-based.
Federal Grants (Pell Grant, FSEOG -Federal Supplemental Education Opportunity Grant) are federally funded gift aid awarded to students who have exceptional need. The need is determined annually and is based on information provided through the FAFSA.
Neumann Grants are need-based awards funded through university funds and endowments established by generous alumni and friends of the university.
Pennsylvania State Grants are need based funds awarded to eligible Pennsylvania residents which helps them afford the costs of higher education at the undergraduate level.
Scholarships and merit-based awards are gift aid awarded to undergraduate students solely on a merit basis. All first year, transfer and international students who complete an application for admission are considered for merit-based scholarships. No separate application is required.
Each year, the profile of the scholarship recipients varies based on the academic success of the applicant pool. These scholarships are awarded to students who have succeeded in their academic pursuits throughout their education journey.
For more information on the scholarships awarded by Neumann University, please visit our scholarship page.
Federal Work-Study or Institutionally Funded Work Opportunity is a need-based form of aid which provides students an opportunity to earn money while enrolled in the University full time. There are also institutional employment opportunities available, so all full-time students have many opportunities to earn additional funds.
Loans are funds that are borrowed and must be repaid over time, usually with interest. Loans can be made available through the federal government or lending institutions such as banks and credit unions. Some loans are based on financial need, while other loan options are available to all students regardless of their need levels. Loan repayment periods and terms vary, and it is important to understand this information when deciding to take out a loan.
- Federal Loans (Direct and Parent Loans for Undergraduate Students [PLUS])
Federal Direct loans are funds that a student is required to repay after graduating from college (or once no longer enrolled at least half time). Parent Loans for Undergraduate Students (PLUS) are funds that a credit-worthy parent may borrow. Learn more about federal loans by visiting the Federal Student Aid website. Neumann University is an “opt out” school. If a student does not want to utilize the federal loans, they must complete and submit the Federal Loan Opt-Out form.
- Private/Alternative Loans
A Private/Alternative Loan is a loan that a student can borrow to help finance the family's expected contribution. These loans are based on one's credit history. A student who has not established credit can apply with a co-borrower and can borrow up to the cost of attendance minus any aid received. A wide variety of private loan providers are available. We strongly recommend that you carefully review all the terms of each individual loan, as they can vary greatly. Individual loan providers have their own applications and timelines. Plan to apply at least 30 days prior to the date the bill is due. ELMSelect.com is a great resource for private/alternative loans.
There are many private scholarships you may apply for that may or may not be need-based. These awards are based on a range of factors, such as academics, career goals, etc.
You can access free scholarship information online at www.collegeboard.com or at www.gocollege.com and search for a scholarship that matches your interests and qualifications. The Office of Financial Assistance maintains a current list of external scholarships. Each private scholarship has its own criteria and application process. We strongly recommend that you avoid scholarships that require payment to apply. Be sure to carefully research the organization and be wary of scholarship scams.
Neumann University strives to provide all students with a high-quality, affordable education. If your financial aid does not cover your balance, you do have options. Here are some to consider:
Parent Plus Loan- A federal loan for eligible parents whose students are enrolled at least half time in a qualifying program of study. Parents can borrow up to the cost of attendance minus financial aid. Interest rate is fixed over the life of the loan. They offer flexible repayment plans.
Private/Alternative Loans - These are private loans offered by banks, credit unions or other lenders. They offer student loans, parent loans or sponsor loans. These loans offer various incentives, interest rates, repayment terms, and eligibility requirements.
Payment Plan- The Neumann University Business Office offers several payment plans options to assist students/families. The payment plans must be arranged with the Business Office prior to the publicized billing due date and require an agreement signed by the student. Only those students who are in good financial standing with the University can participate in these payment programs.
It is important to address balances as soon as possible. Some balances are a result of aid not posting because certain requirements have not been met, such as a FAFSA verification or documentation for a state grant. Billing is done by the Business Office at least 30 days before the due date. If you have a special circumstance, please bring it to the attention of the Business Office or the Financial Assistance Office Staff allowing us an opportunity to find a resolution before classes begin.