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Husky 101: Northeastern Orientation Financial Aid & Payment Planning Student Financial Services Student Accounts 1.

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Presentation on theme: "Husky 101: Northeastern Orientation Financial Aid & Payment Planning Student Financial Services Student Accounts 1."— Presentation transcript:

1 Husky 101: Northeastern Orientation Financial Aid & Payment Planning Student Financial Services Student Accounts 1

2 Husky 101: Northeastern Orientation Overview Introduction to Student Financial Services and Student Accounts Making Northeastern Affordable Billing Information Helpful Resources Questions 2

3 Husky 101: Northeastern Orientation Student Financial Services and Student Accounts We’re working together as partners to help make Northeastern affordable Administering and disbursing grants, loans and scholarships (SFS) Billing and account inquiries (SA) 3

4 Husky 101: Northeastern Orientation Making Northeastern Affordable Applying for Aid To apply for financial aid: –FAFSA: Free Application for Federal Student Aid FAFSA on the Web: Funds are limited Priority filing date for upper class: –March 1 4

5 Husky 101: Northeastern Orientation Making Northeastern Affordable Awarding Process Appeals –Change in Financial Circumstances Can Consider: Loss of Job, Decrease in Income, Medical Cannot Consider: Consumer Debt: Car Loan, Credit Card –Provide Documentation Student Employment –Student cannot be hired until all paperwork completed –Before leaving campus today, please check with student that they submitted necessary forms (I9 and W4). Verification Process - Funds will not deposit - Cannot begin work-study assignment 5

6 Husky 101: Northeastern Orientation Making Northeastern Affordable Financing Options Overview Suggestions –Other Aid Sources Private Scholarships: Community Groups, Employers –Collegeboard.com Northeastern Endowed Scholarships: In subsequent years External Scholarship Procedure –Keep Expenses Low: Cars, Clothes, Miscellaneous Expenses, Credit Cards 6

7 Husky 101: Northeastern Orientation 7 Supporting Your Choices: How Costs and Aid Work at Northeastern Annual costs vary from year to year based on the academic choices your student makes Tuition is charged when student is taking classes/earning academic credit Typical full-time enrollment is four classes per semester Students typically take the equivalent of eight semesters Tuition is not charged for co-op experience Northeastern scholarships and grants are credited in proportion to tuition charges

8 Husky 101: Northeastern Orientation Annual Costs (2 Semesters) $36,380 Tuition $12,310 Average Room & Board $412 Typical Billed Fees Details: 8

9 Husky 101: Northeastern Orientation Making Northeastern Affordable Billing Payment Deadline –Due Date is listed on online bill –Payment or appropriate payment arrangements need to be in place before a student will be allowed to attend for the fall term. Complete necessary documentation to receive financial aid prior to term Full Payment Approved Loan(s) Enrollment in the annual payment plan (TuitionPay) Health Insurance Waiver Deadline – by September 8,

10 Husky 101: Northeastern Orientation Making Northeastern Affordable Billing Anticipated Financial Aid –Financial aid listed on the bill is considered anticipated aid. –Please complete all paperwork required for aid to deposit to account, or it will no longer show on future bills. Parent Portal External Scholarship Procedure Changes During the Year 10

11 Husky 101: Northeastern Orientation Making Northeastern Affordable Payment Plan Monthly Payment Plan –Tuition Pay www. tuitionpay.salliemae.com/northeastern or call at (800) Advantages –Affordable Monthly Payments (11, 10 or 9 months) –No Interest ($60 enrollment fee) –Reduces or eliminates need to borrow –Payment Plan is administered by Sallie Mae Not affiliated with the University Provides monthly payment to Northeastern –Use to pay entire balance or in combination with other sources 11

12 Husky 101: Northeastern Orientation Making Northeastern Affordable Borrowing Parameters –General Rule: Use savings and current resources first –For Education Expenses Only –Up to the Cost of Education Budget minus financial aid –Subject to Approval by Lenders –Limit borrowing to what you need: ● Can work in combination with Payment Plan to save you money 12

13 Husky 101: Northeastern Orientation 13 Making Northeastern Affordable Borrowing Options – Parent Loans Long-term financing –Federal Parent Loans Federal Direct Parent PLUS Loan –Fixed rate of 7.9% –In-school deferment available –10 year standard repayment –90% of NU parents approved –State Parent Loan MEFA Undergraduate Loan –Fixed rate based on repayment option –In-school deferment available –15 year standard repayment –Student is co-borrower –Your state may have similar loan option=

14 Husky 101: Northeastern Orientation Making Northeastern Affordable Borrowing Options - Student Federal Direct Stafford Loan Repayment begins 6 months after the student graduates (or separates) from the University Fixed interest rate of 4.5% (subsidized) or 6.8% (unsubsidized) 0.5% origination fee Entrance Interview required: –myNEU student portal → Self Service → Student Services Master Promissory Note (MPN) procedure –Available online at - >Complete New MPN for Student Loans –Federal PIN required (FAFSA pin) »To request duplicate pin visit 14

15 Husky 101: Northeastern Orientation Making Northeastern Affordable Borrowing Options - Student Federal Perkins / Nursing / Health Professions loans –Repayment begins 9 months after the student graduates (or separates) from the University. –Awarded based on financial need with fixed interest rate of 5%. –Paperwork will be mailed late July/August. For Nursing and HPL, students will also need to complete documentation on MyNEU Student Alternative Loans –Subject to the approval of the lender. –Most freshman students will need cosigner. –Providers –Banks, Credit Unions –Educational Lenders –State Higher Education Entities 15

16 Husky 101: Northeastern Orientation 16 Before You Borrow a Loan Research alternative Private Parent & Student alternative Loan Options –Compare interest rates and features –Loan fees –Paying the interest –Borrowing limits –Monthly payments for each loan program –Deferment Options –Customer Service In many cases, Federal Stafford and PLUS Loans have the best options. Borrow from these sources first.

17 Husky 101: Northeastern Orientation Sample First Year Bill $36,380Tuition $762Fees $12,310Room and Board (Estimated) $49,452Total Estimated Bill (For details: -$10,000Northeastern Excellence Scholarship -$9,000Northeastern University Grant -$5,472Net Federal Direct Stafford Loans -$2,000Federal Perkins Loan $22,980Balance Due 17

18 Husky 101: Northeastern Orientation 18 Payment Options Example: $22,980 balance due Monthly payment plan = $2,298/month for 10 months Total Cost = $23,040 Borrowing (Direct PLUS Loan ) = $277.60/month for 10 years Total Cost = $33,312 Borrowing (MEFA Loan) = $216/month for 15 years Total Cost = $38,791

19 Husky 101: Northeastern Orientation 19 Payment Options Example: $22,980 balance due Combination Payment Plan and Loan Reduces Long-Term Cost Combination Payment Plan and Direct PLUS Loan - $500/month available $261/month for 10 months ($2,610 monthly payment plan) $246/month for 10 years ($20,369 Direct PLUS Loan) Total Cost = $32,197 Combination Payment Plan and MEFA Loan - $500/month available $331/month for 10 months ($3,310 monthly payment plan) $184/month for 15 years ($19,666 MEFA Loan) Total Cost= $36,567

20 Husky 101: Northeastern Orientation 20 True Costs Over Time Payment PlanDirect Parent PLUS Loan Alternative Loan w/no payments while in school Credit Card Original amount $22,980 # years to pay 110 Interest rate 0.0%7.9% (fixed rate) 9% (variable rate) 18% Monthly payment $2,298$278 *$410 *$456$415 Total Payments $23,040$33,312 *$49,257 *$54,763$49,688 * Indicates deferred payment option.

21 Husky 101: Northeastern Orientation 21 Alternatives To Borrowing Private/Outside Scholarships Part-time jobs Used Books Co-op earnings Become an R.A. Reduce personal expenses

22 Husky 101: Northeastern Orientation 22 Things to remember Be sure to submit any missing documents to Student Financial Services to ensure your funds arrive for the start of classes Keep all copies of loan applications and notifications on your loans Keep track of how much you have borrowed Payment for the Semester is due prior to the start of the Semester –Full Payment –Approved Loan(s) –Enrollment in the annual payment plan (TuitionPay)

23 Husky 101: Northeastern Orientation Student Financial Services Website 23

24 Husky 101: Northeastern Orientation Information & Communication myNEU (receive information on the following) –Financial aid –Billing (July) –Academic information –Important announcements –Waive health insurance –Change your meal plan 24

25 Husky 101: Northeastern Orientation Additional Information Financial Planning Appointments –Financial aid counseling & payment planning Websites: –www.financialaid.neu.edu –www.registrar.neu.edu/billing.html –General Billing/Aid: –Financial Aid: 25

26 Husky 101: Northeastern Orientation Questions & Answers 26


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