Frequently Asked Questions
Financial Aid Process
- What forms do I need to apply for financial aid at Nova Southeastern University?
- Do I need to apply each year?
- What if I can't find my income tax return?
- What if I filed or will file a foreign tax return or another tax return from other than the 50 U.S. states?
- What if I didn't file an income tax return?
- What if I am separated but filed a joint tax return?
- What if I am married now but didn't file with my spouse last year?
- If my parents are divorced or separated, whose financial data should be used to complete the FAFSA?
- My parents don't claim me on their tax return and don't give me money. Am I considered independent?
- When is the deadline to apply for financial aid?
Eligibility
Awards
- When will I hear about my financial aid award?
- When will I receive my student aid refund?
- How do I get student employment?
- How do I apply for student loans?
- Do I have to pay interest on my loans while I attend school?
- What is a Grad PLUS Loan and how is it different from a Stafford Loan and an alternative loan?
- How do I apply for a Grad PLUS loan?
- What is an alternative loan?
- How do I apply for an alternative loan?
- Where can I find scholarship information?
Miscellaneous
- Do I have to include financial aid I received as taxable income on my income tax return?
- What is Satisfactory Academic Progress?
- What happens if I withdraw from school?
The following are the answers to the aforementioned questions:
Financial Aid Process
What forms do I need to apply for financial aid at Nova Southeastern University?
All students seeking federal student aid must complete the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA as soon as possible beginning January 1 of the academic year (i.e., January 1, 2008 for the 2008 – 2009 academic year or January 1, 2007 for the 2007 – 2008 academic year). Check the financial aid calendar for the priority deadlines on certain types of aid. The fastest and best way to apply is online.
Students seeking their first bachelor's degree and/or are Bright Futures Scholarship recipients must complete the NSU State Aid Application and return the application to the Office of Student Financial Assistance. The form can be accessed on the NSU financial aid website at www.nova.edu/cwis/finaid. This is required to receive state aid, such as FRAG, FRAG only, Bright Futures Scholarships, and FSAG. Exception: Students who received the FRAG, FSAG or Florida Bright Futures at NSU in the prior academic year (i.e., received aid in 2006-2007 for the 2007-2008 academic year) do not have to complete the NSU State Aid Application again.
Do I need to reapply each year?
Yes, you must complete the FAFSA each year if you are requesting federal student aid. You may begin applying January 1 of the academic year in which you are attending school?
What if I can't find my income tax return?
If you cannot locate your tax return, you may request the IRS to provide you with a tax transcript, which must be signed by you. An IRS Form must include details for each line of the income tax return. Check for your closest IRS regional office or call 800-829-1040. Remember: All income tax forms must be signed.
What if I filed or will file a foreign tax return or another tax return from other than the 50 U.S. states?
If you filed or will file a foreign tax return, a tax return with Puerto Rico, another U.S. territory (e.g. Guam, America Samoan, the U.S. Virgin Islands, Swain’s Island, or the Northern Marianas Islands), or one of the freeling associated states (i.e. The Republic of Palau, the Republic of the Marshall Islands, or the Federated States of Micronesia), use the information from that return to fill out the FAFSA.
If you filed a foreign return, convert all figures to U.S. dollars, using the exchange rate that is in effect as of the date you apply for the FAFSA. You may view the daily exchange rate on the FAFSA Web site.
What if I didn't file an income tax return?
If you (your spouse, if married, or parents, if dependent) worked in but did not file a U.S. income tax return, you must include earnings in the appropriate question on the FAFSA for "earnings from work" and check "did not file."
If you (and spouse/parent) did not work, you should include any untaxed income, including support from friends or relatives and other untaxed income as specified in Worksheets A and B (see page 8 on the FAFSA for details). If you indicate $0 income on the FAFSA, you may be required to complete a Non-Filer's Form detailing how you lived during the year prior to the academic year (i.e., for the 2007-2008 academic year, the 2006 calendar year income information is required).
What if I am separated/divorced but filed a joint tax return?
You should only include your income on the FAFSA. Do not include your spouse's income on the FAFSA. In addition, do not include your spouse or separated parent in the number in household.
What if I am married now but didn't file with my spouse last year?
If my parents are divorced or separated, whose financial data should be used to complete the FAFSA?As long as you are married at the time you filed the FAFSA, you must include your spouse's income. Add both incomes (i.e., adjusted gross income, taxes paid, number in house) and include them on the FAFSA. If you married after you submitted the FAFSA, do not include your spouse's income.
Use the natural parent with whom you lived the most in the past 12 months. If you lived with neither parent or lived with a parent an equal number of days, use the parent that provided the most financial support to you over the past 12 months. If your parent remarried, you must also include the parent's and stepparent's financial information on the FAFSA.
My parents don't claim me on their tax return and don't give me money. Am I considered independent?
Whether or not your parent(s) claim you on their income tax return or you work and live away from home has no bearing on your dependency status. To be considered independent, you must answer "yes" to at least one of the questions on the FAFSA in Step Three, relating to student status.
If you are dependent and your parents live abroad, you must still use their income, but it must be reflected in U.S. dollars and will be included in the question on "earnings from work." There is a foreign currency conversion on the FAFSA on the Web site.
When is the deadline to apply for financial aid?
Each academic year, the deadline that the Central Processor must receive the FAFSA is available on the FAFSA Web site. The FAFSA must be received by the Central Processor no later than June 30, 2008 for the 2007-2008 academic year.
Eligibility
When applying for financial aid, an Expected Family Contribution (EFC) is determined based on a formula established by the U.S. Congress. The EFC is the amount you and your family are expected to contribute toward your education.
The college determines the Cost of Attendance (COA), which includes tuition and fees, room and board, books, supplies, transportation, and other personal expenses. The equation to determine need is:
COA - EFC = Financial Need.
What if I have special circumstances?
There are certain situations that may affect your COA or EFC. Such situations or circumstances may include loss of income, death in the family, divorce of you or your parents (if dependent) after you completed the FAFSA, or childcare paid to an HRS-approved child facility.
If you have such a special circumstance, you must complete a Request for Professional Judgment, which is available on the NSU financial aid web site at www.nova.edu/cwis/finaid under forms. The request will be reviewed by a committee to determine if the situation warrants an increase in COA or a change to your EFC. The decision takes approximately three weeks. You must provide documentation to substantiate your request.
Awards
When will I hear about my financial aid award?
The earlier you apply the greater chance you have of receiving your financial aid early, as long as all information is correct. Your financial aid file will not be complete unless all requested information has been received, reviewed for accuracy, and awarded. Once your file has been complete you should receive an award letter within two to four weeks based on the time of year. You may also view your financial aid status on WebSTAR, by entering your NSU PIN. This is the fastest way to determine any documents you may be required to provide and your financial aid award. If you do not receive an award letter, or cannot determine your status, contact the Office of Student Financial Assistance.
When will I receive my student aid refund?
If the total amount of your financial aid award for the term exceeds your tuition, campus housing, meal costs, and any other fees due the university, you may receive a refund of any remaining balance from the university Bursar's Office. You must be enrolled in the minimum credit hours pertaining to the type of aid awarded as of the designated drop/add date for all aid other than Stafford and alternative loans.
Students registered in a term that has two parts (i.e., two eight-week term - one beginning in August, and the second part of the term beginning in October), must register for both parts of the term at the beginning of the first part of term. Students will be paid based on their first registration at the drop/add date. No adjustments will be made except under unusual circumstances determined by the Office of Student Financial Assistance.
How do I get student employment?
You may check with the Coordinator of Student Employment and the employment listings. Student employment positions are posted on the NSU financial aid web site and in the main Office of Student Financial Assistance.
How do I apply for student loans?
If you are interested in applying for a federal student loan, you must answer "yes" on the FAFSA to the question, "In addition to grants, are you interested in student loans?" You may also complete the NSU Request for Lender/Loan Funds available on the NSU financial aid web site.
Do I have to pay interest on my loans while I attend school?
No. You may choose to defer your interest on your unsubsidized loan and alternative loan, but the interest will be capitalized (added to your principal).
Repayment begins six months for Federal Stafford Loans and, generally, nine months for the Federal Perkins loan after you leave school or drop below half-time status.
What is a Grad PLUS Loan and how is it different from a Stafford Loan and an alternative loan?
Grad PLUS loans are federally sponsored loans for students attending graduate school. With a Graduate PLUS loan, you may borrow up to the full cost of your education, less other financial aid received including Federal Stafford loans. Graduate students should exhaust their federal Stafford loan eligibility before applying for a Graduate PLUS loan.
For a comparison of the three loan programs, go to Grad Compare.
Eligibility
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- You may be eligible for a Graduate PLUS loan if you are enrolled in school at least half time.
- A credit check is required.
- You must be a U.S. citizen or national, a U.S. permanent resident, or an eligible non-citizen.
- You must submit a FAFSA.
It is a long-term, low-interest private education loan that is obtained through lending institutions and non-profit organizations.
How do I apply for a Grad PLUS loan?
You may apply for the Sallie Mae or Access Group Grad PLUS loan on the NSU financial aid web site at www.nova.edu/cwis/finaid/grad/fedplus.html, or you may request the Grad PLUS through another lender.
How do I apply for an alternative loan?
You can apply by selecting an alternative loan lender on the NSU Request for Lender/Loan Funds form or by obtaining a loan application from the lender.
Where can I find scholarship information?
Scholarships information, including external scholarship web sites, are provided on the NSU financial aid web site and in the NSU brochure, Scholarship Resource Guide, by contacting the Office of Student Financial Assistance Scholarship Coordinator at 800-806-3680.
Miscellaneous
Do I have to include financial aid I received as taxable income on my income tax return?
Yes. Students receiving financial aid must report scholarships, benefits, fellowships, and grants (i.e., Federal Pell Grant) from NSU that, combined, exceed the cost of your tuition, fees, books, and required equipment and supplies. Federal and university loans are not included. For more information, check with a tax specialist.
What is Satisfactory Academic Progress (SAP)?
What happens if I withdraw from school?A student must make this in order to continue receiving federal aid. If a student fails to maintain an academic standing consistent with the school’s SAP policy, they are unlikely to meet the school’s graduation requirements. This includes the school’s policy concerning the minimum number of courses that must be completed each semester, the maximum time frame, and the minimum GPA required to receive financial aid. NSU SAP Definition
If you withdraw from classes, drop below half-time status, or drop out of school, your financial aid may be reduced or cancelled, and you may have to repay a portion of the aid you were awarded. The amount of repayment is based on a formula established by the U.S. Department of Education entitled Return of Title IV Funds. If you have any questions, please contact the Office of Student Financial Assistance before you withdraw to determine if you will be required to return any portion of your financial aid.
