Terms and Conditions of Your Financial Aid Award

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. As a general rule, federal student loans usually offer students and parents more favorable conditions than private loans. Before accepting the loan award offered to you, be sure to calculate howmuch 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 webpages at www.nova.edu/ nancialaid/debt-management/index.html. Federal Direct Loans (Subsidized and Unsubsidized) If you have been awarded a Federal Direct Loan, either subsidized or unsubsidized, you must complete the following additional requirements to ensure your funds will be credited to your student account: ■■ Be enrolled at least half-time. Half-time enrollment is de ned as 6 credits per semester/term for all under- graduate students. For graduate and rst-professional students, your program of study de nes half-time status. First-Time Federal Loan Borrowers Only ■■ Complete Entrance Counseling and a Direct Loan Master Promissory Note (MPN) at www.studentloans.gov . As a rst-time borrower under the Federal Direct Loan (DL) Program, you are required to complete entrance counseling and, under the circumstances listed below, a Master Promissory Note. ■■ You have never signed a Direct Subsidized or Unsubsidized 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. Federal Perkins Loan If you have been awarded a Federal Perkins Loan, you must accept, reduce, or decline your Perkins Loan within 20 days after the start of the semester/term for which a Perkins Loan has been offered to you. If you have been awarded Federal Perkins Loan funds 20 days or more after the start of the semester, you must accept, reduce, or decline your Perkins Loan within 10 days of the date of your nancial aid award notice. Failure to do so will lead to the loss of your Perkins Loan award for the semester. As a Perkins Loan recipient, you will be noti ed by Educational Computer Systems (ECSI) that you are required to sign a Perkins Master Promissory Note (MPN) and to complete entrance counseling if you have not previously completed this process at NSU. Failure to complete entrance counseling or sign an MPN will result in the cancellation of your Federal Perkins Loan. Federal PLUS Loans PLUS Loans are federal loans that creditworthy graduate students and parents of dependent undergraduate students may use to supplement their nancial aid package. To apply for a PLUS Loan, you or your parent may complete the PLUS Request Process at www.studentloans.gov . If you are applying for a Direct PLUS for the rst time as a graduate or rst-professional student or as a parent borrower, you or your parent(s) will be required to complete and sign a PLUS MPN that is separate from the one used for Direct Subsidized and Unsubsidized Loans. The information in these Terms and Conditions is also posted on the nancial aid website at www.nova.edu/ nancialaid /apply-for-aid/your- nancial-aid/award.html and is subject to change. Generally, these Terms and Conditions are reviewed for updates each academic year, however, due to changes in federal, state, and institutional regulations and policies, changes may occur more frequently. Minor updates to the Terms and Conditions will be promptly posted to the nancial aid website. Should major changes occur, students will also be noti ed via NSU email.