General Information
What is financial aid?
Determining Financial Need
Eligibility criteria
Financial aid
calculators
Professional judgment
Student Rights and Responsibilities
Important dates
Transfer students
Transient Enrollment/Consortium Agreement
Satisfactory Academic Progress
Refund/Repayment policy
Tax Benefits
Glossary
Frequently
Asked Questions
Online Resources
What is Financial Aid?
Financial aid provides assistance to students who require funding to meet the cost of attending college. There are four categories of financial assistance: grants, loans, scholarships and student employment. Grants and scholarships are considered "gift" aid, as they do not need to be repaid. Loans and student employment are considered "self-help aid," as they either need to be repaid or require a service commitment on the part of the student.
Determining Financial Need
The difference between the Cost of Education (COE) and the Expected Family Contribution (EFC) is the student's financial need. It is the gap between the cost of attending the school and the student's resources.
Eligibility Criteria
Generally, to qualify for federal, state and institutional financial assistance, students must meet the following requirements:
- Be a U.S. citizen or eligible non-citizen (see glossary for definition of eligible non-citizen)
- Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at NSU
- Have a valid Social Security number
- Have a high school diploma/GED/certificate of completion of a home-study program recognized by the student's home state
- Make satisfactory academic progress toward a degree
- Establish financial need
- Register for Selective Service, if required
- Sign a statement on the FAFSA certifying that he or she will use federal student aid only for educational purposes
- Not be in default on a federal student loan or owe a repayment on a federal student grant
- Not be convicted of an illegal drug offense
- Be enrolled or accepted for enrollment as a regular student (i.e., all admissions requirements/documents have been satisfied) working toward a degree or certificate in an eligible program
Student Rights and Responsibilities
As a student, you have the right to:
- Be informed of what financial aid programs are available and how to apply for them;
- Be informed of the procedures and deadlines for submitting application(s) for financial aid;
- Be informed of the cost of attendance and how financial need is determined;
- Be informed of the type and amount of assistance you will receive, and how and when you will be paid;
- Have all application information treated with the highest level of confidentiality;
- Be advised of the eligibility criteria for awarding aid;
- Know the conditions of any loan you accept;
- Know the job description and starting pay rate for any student job you accept;
- Understand how the Standard of Academic Progress is determined;
- Be informed of requirements in the case of withdrawal, refunds, and repayment of financial aid;
- View the contents of your financial aid file, in accordance with the Family Educational Rights and Privacy Act (FERPA) and request an appeal if you believe a mistake has been made;
- Request a review of your financial aid package if family and/or financial circumstances have changed;
- Be informed of campus security and crime statistics. This is available through the University Security Office.
As a student, you have the responsibility to:
- Establish plans to meet your educational and living expenses;
- Submit all forms required to complete the application process in a timely and accurate manner;
- Read, understand, and retain copies of all information and/or forms that are sent to you and all other documents you sign;
- Comply with the provisions of any aid received, as well as any promissory note(s) and all other agreements you sign;
- Notify NSU of all resources (especially outside resources) you receive that are not listed on your award letter;
- Keep NSU informed of any change of address, name or marital status while you are a student, and until all loans have been repaid in full;
- Use aid only for educational expenses related to attending the University;
- Maintain satisfactory progress;
- Register and attend classes for the number of hours required for your aid disbursement;
- Perform satisfactorily in any work assignments accepted through student employment programs.
NSU Refund and Repayment Policies
NSU Refund Policy
The refund of fees for students withdrawing from classes will be calculated as detailed in the university catalog of each specific program of study.
NSU Repayment Policy - Return of Title IV Aid
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 or return is based on a formula established by the U.S. Department of Education entitled Return of Title IV Funds, which became effective July 1, 2000. The regulations specify the order of funds to be returned to the financial aid programs from which they were awarded, as follows: Unsubsidized Loan, Subsidized Loan, Perkins Loan, PLUS Loan, Pell Grant, FSEOG, other.
You may request an official leave of absence from your classes, which must be approved by the program. However, you must meet certain conditions. Generally, all leave of absences cannot exceed 180 days in any 12-month period. More than one leave of absence may be granted due to unforeseen, well-documented circumstances. If you do not return from the approved leave of absence during the designated period, you will be considered withdrawn from classes as of the date you began the leave of absence.
