2022-2023 Terms and Conditions of Your Financial Aid Award Offer
5 of the add/drop period for the first part of term for each semester/term. At that time, award amounts will be adjusted based on actual enrollment. Students who drop or withdraw from any classes for which Florida Bright Futures funds were received, must return these funds. Until these funds are returned, students are ineligible to receive any additional Florida state financial aid funds. According to state legislation, students have until the end of the academic year to return unearned funds. However, students should be aware that they will not be able to register for future classes with an outstanding balance. INSTITUTIONAL SCHOLARSHIPS Thanks to generous donations from alumni, corporations, donors, and friends, NSU offers a significant number of institutional scholarships each year. NSU institutional scholarship opportunities typically become available in March, and have application deadlines in May/June for the upcoming fall term. Recipients of first-year undergraduate merit scholarships are notified of their award(s) by the Office of Undergraduate Admissions. Institutional scholarships are applied to tuition only, unless noted otherwise. This means that if other tuition awards in excess of tuition charges are received—either from institutional or external sources—the university will reduce the institutional award(s) accordingly. To receive an institutional scholarship, such as an NSU Presidential Scholars or NSU Dean’s Scholarship, students must meet all scholarship requirements, including any required grade point average (GPA) and course-load requirements. Institutional scholarship recipients must also be enrolled full time in degree- applicable coursework by the end of the add/drop period for the first part of the term of each semester/term. Failure to adhere to scholarship requirements may result in cancellation of a scholarship award. Once an institutional scholarship has been canceled, it cannot be reinstated. To identify additional scholarship resources, visit the university’s scholarship web page at nova.edu/financialaid/scholarships . STUDENT EMPLOYMENT: FWS AND NSE If you have been awarded Federal Work-Study (FWS) funds or are a first-time-in-college undergraduate student awarded Nova Southeastern University Student Employment (NSE) funds, the amount of your award reflects the amount you may be eligible to earn. Your award is not counted toward tuition and does not guarantee you a job. You must apply for a position, get hired, and work to receive the funds. The money you earn will be paid directly to you through payroll. For more information on employment opportunities and instructions on applying for available positions, visit the student employment web page at nova.edu/financialaid/employment . FEDERAL LOANS Loans are a major source of funding for many students; however, it is important to keep in mind that every dollar you borrow must be repaid with interest. You must repay your loan, even if you do not complete the education paid for with the loan or are unable to obtain employment in your field of study. As a general rule, federal student loans offer students and parents more favorable conditions than private loans. Before accepting the loan award offered to you, be sure to calculate how much you will need to pay for your educational expenses. To learn about budgeting tips and minimizing your student loan debt by making interest payments while in school, visit the NSU Debt Squad web page at nova.edu/financialaid/debt-management . Federal Direct Subsidized and Unsubsidized Loans For a Federal Direct Subsidized Loan, the federal government will pay the interest while you are enrolled at least half time in degree-applicable courses, for the first six months after you leave school (referred to as a “grace period”), and while the loan is in deferment (a postponement of loan payments). For a Federal Direct Unsubsidized Loan, you are responsible for paying the interest during all periods. Federal Direct PLUS Loans PLUS Loans are federal loans that creditworthy graduate students and parents of dependent undergraduate students may use to supplement their financial aid package. To apply for a PLUS Loan, graduate students or parents of undergraduate students may complete the PLUS Request Process at studentaid.gov . If you have been awarded a Federal Direct Loan, such as a Subsidized, Unsubsidized, or PLUS loan, you must meet the following additional requirement(s) for your loan funds to be credited to your student account: • Be enrolled at least half time in degree-applicable coursework. Half-time enrollment is defined as 6 credits per semester/term for all undergraduate students. For graduate and first-professional students, half-time status varies by program. First-Time Federal Loan Borrowers Only • Complete Entrance Counseling and a Direct Loan Master Promissory Note (MPN) at studentaid.gov. First-time borrowers under the Federal Direct Loan Program are required to complete entrance counseling and, under the circumstances listed below, a Master Promissory Note. • You have never signed a Federal Direct Loan MPN. • You signed an MPN more than one year ago, but no loan was disbursed. • You signed an MPN more than 10 years ago. If you are applying for a Direct PLUS for the first time as a graduate or first-professional student or a parent borrower, you will be required to complete and sign a PLUS MPN that is separate from the one used for Direct Subsidized and Unsubsidized Loans. Parents must sign an MPN for each child for whom they are borrowing.