CPS Financial Aid Frequently Asked Questions
Why should I apply for financial aid?
All students are encouraged to apply for financial assistance at the beginning of their academic year regardless of their current plans to cover the costs of their program. Having a finalized financial aid package can make accessing the aid much easier should your plans change later in the year. Please note that once you are awarded aid, you have the option to decline or cancel all/part of your award.
How do I apply for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov for the appropriate academic year you wish to enroll. Make sure to list Northeastern University using school code 002199.
What are the eligibility criteria for financial aid?
- be citizens or eligible non-citizens of the United States,
- students with their high school diploma or G.E.D.,
- be registered with Selective Service if required,
- not be convicted of a drug related crime in the last year,
- not be in default from previous student loans,
- be enrolled in at least 6 quarter hours per term for federal loans,
- be matriculated in a degree-granting program,
When will I receive my financial aid award?
The financial aid process for the 13-14 academic year began in mid-June. Students interested in financial aid should complete the 2013-14 Free Application for Federal Student Aid (FAFSA). If you have not filed your FAFSA yet, you should do that as soon as possible at www.fafsa.gov.
For new students, the awarding process is staggered based on the term you were admitted. Your awards will be created at the point you can register for courses for your admitted quarter. For example, student admitted into the fall quarter could begin registration on July 22nd. Awarding for those students began on the same day.
For returning students, award notifications will be sent 1-2 weeks after we have received all required financial aid documentation.
How do I know you have received all the required financial aid documentation?
If you have completed the FAFSA, you can confirm we have received the necessary information by checking your financial aid status online through MyNEU. To check your status, log into MyNEU ->Self Service tab ->My Financial Aid Status. The documents tab will indicate if the FAFSA has been received as well as any other documents that may be required. My Financial Aid Status is also where you will go to view your award once it has been created.
If you do not have access to MyNEU, please feel free to call our office at 617-373-2897 to check your application status.
What type of financial aid will I receive in my award?
Undergraduate students are considered for:
- Federal/State Grants – Pell Grant, SEOG, MA Grant
Freshman: up to $5,500 Dependent; up to $9,500 Independent
- Sophomore: up to $6,500 Dependent: up to $10,500 Independent
- Junior/Senior: up to $7,500 Dependent: up to $12,500 Independent
- All based upon financial eligibility determined by FAFSA
As a graduate student your aid will consist mostly of student loans. Most students will be eligible to borrow up to $20,500 in the Federal Unsubsidized Stafford Loan program. The amount of loans that you will be offered will depend on your yearly Cost of Attendance (COA). The COA is based on tuition, fees and cost of living.
- The College of Professional Studies is privileged to be able to provide scholarship opportunities for new, incoming undergraduate students. These merit and need- based, alumni and faculty supported scholarships are awarded several times a year. Selections for scholarships are made based on a variety of factors, which may include: financial need, academic merit, and personal circumstances. Scholarship criteria and applications can be found on the CPS Scholarship webpage.
- Upper level undergraduates (Junior/Senior) will be able to start applying for 2014-15 scholarships in April 2014. An application will be available online via the MyNEU portal. Scholarships are limited and will be awarded based on established criteria.
How much aid will I receive?
You can only receive, or in some cases borrow, financial aid up to the Cost of Attendance (COA). The COA is based on tuition, fees and cost of living. There are many factors taken into consideration, including financial need, when determining our awards. The only way to know if you will be eligible for grants, loans, and scholarships is to apply for aid.
How will I receive my financial aid award?
Starting with the 13-14 academic year, all financial aid awards will be delivered electronically. An email notification will be sent when the award has been created. New students will be sent an email to the email address provided on the Admissions application. All subsequent communications from Student Financial Services (SFS) will be sent to the @husky.neu.edu email address.
I have received my email notification, and the number of credits indicated in the email does not match my plan for enrollment. Why is there a difference? How can I notify SFS?
To create the awards, SFS uses an estimated amount of credits for each academic quarter. If you plan on taking a different number of credits, please reply to the award email notification and indicate the number of that you will be taking. You can also email your financial aid counselor. To identify your counselor please refer to the counselor look up tool.
Changes to your enrollment plans can affect the initial financial aid that was offered. It is the students responsibility to notify us if the actual amount of credits taken will be different than what was used to calculate the award. Notifying our office will allow us to review your aid eligibility and provide you with accurate financial aid amounts.
Please remember that the minimum number of credits that must be taken in order to receive financial aid is 6 credits per quarter. The only exception to this requirement are students registered for COP 3945, 6945; EDU 8791,8792;
Are there any academic requirements to keep the financial aid I have been offered?
Beyond the overall eligibility requirements for financial aid, there are several other enrollment requirements to be eligible to keep any financial assistance that has been offered. These requirements include:
- maintain satisfactory academic progress
- maintain enrollment in at least 6 quarter hours per quarter
- earn at least one A through F letter grade each quarter
- keep loans out of default status
Failure to maintain any of the requirements listed above could result in a cancellation of federal assistance or a recalculation of eligibility.
Where can I find more information on the terms of the Stafford loan? What is the interest rate, repayment terms etc?
For more information about the Stafford loan, please review the information on our website here. Also, feel free to review information on the federal website http://studentaid.ed.gov/types/loans/subsidized-unsubsidized . Please note that interest rates for the Stafford loan program are set on July 1st each year.
What if the federal financial assistance is not enough to cover the costs of my program and my living expenses? What are my other options?
Students who need additional assistance beyond the financial aid award may want to consider supplemental loans to help financial their educational expenses. You can find more information about available loans here.
Any financial assistance, whether federal or through private sources, will have to be used first to pay charges on your student account. If you request loan funds in excess of your charges, there will be a credit balance on your account. You can request a refund via MyNEU/Self Service/ Refund Request.
I am interested in taking the Graduate PLUS loan, how do I apply for those funds?
The application for the Graduate PLUS Loan is available here.
Will I be able to have my refund before the start of classes/at the start of the term?
No. We will not process refund requests for the current academic quarter until the first day of classes. Furthermore, requests cannot be approved until students have completed “I Am Here” (if required). Also, there is a 7-10 business day processing time associated with student refund requests at the start of any term.
All students are encouraged to make other arrangements for books/living expenses due to the increased processing time for refunds. During non-peak times, the typical processing time for a refund is 3-5 days.
How do I accept my financial aid award?
You do not need to do anything to accept the financial aid that has been offered to you. You will need to complete additional documentation to allow the loan funds to deposit into your student account. The Stafford Master Promissory Note and Entrance Counseling can be completed online here. The Title IV Credit Authorization can be completed on MyNEU/My Financial Status/ Apply Online tab. These documents will only need to be completed once; in subsequent years loan funds will deposit automatically.
If you wish to cancel or reduce the loan funds that have been offered, please contact your financial aid counselor or email email@example.com.
What happens to my financial aid if I decide to not attend?
Please contact your financial aid counselor if you do not plan on attending so he/she can revise and recalculate your financial aid award. If you decide to not attend before the start of a term, we will be able to reallocate your financial aid. If you withdraw from coursework after the term has started, we will have to calculate the amount of aid you can receive. This may result in an increased balance on your account that will be your responsibility to resolve.
What is I Am Here and why do I have to complete it?
“I Am Here” is Northeastern’s way of allowing students to acknowledge they are participating in coursework for the quarter. Students complete “I Am Here” on their MyNEU account. “I Am Here” will have to be completed at the beginning of the quarter and again if students are registered for classes that begin in the second half session. Failure to complete “ I Am Here” will result in classes being purged. The Registrar’s office will send email communications to students who fail to complete the “I Am Here” process to their @husky.neu.edu email.
When will I receive my bill? When is the payment due?
Bills are available online through you MyNEU account. Students will be emailed when the bill can be viewed. The notification will be sent to the @husky.neu.edu email address. The bill due date is provided on the online billing statement.
How do I access any remaining credit on my account?
You can request a refund via MyNEU/Self Service Refund Request. Refund requests should not be submitted until the start of the quarter and after “I Am Here” has been completed (if required). Submitting requests before the start of the term, or before “I Am Here” is completed, will result in an automatic denial of the request.
Student accounts are billed based on the start time of the courses. For students enrolled in second half session courses, the charges for those classes will not be placed on the account until the middle of the quarter. Please keep this in mind as your current credit can be reduced to reflect the amount you will be charged later or you may have a subsequent balance due on your account after requesting a student refund.
What if I decide to withdraw from my courses or take a medical leave?
Always contact your Financial Aid Counselor first in order to determine the effects of a withdrawal on your aid eligibility.
How to I obtain my @husky.neu.edu email address?
After creating your myNEU account, you will get access to the husky.neu.edu email address where you will receive all important Northeastern University communications. If you will not regularly use your husky.neu.edu email address, forward this account to an email provider that you utilize more frequently. For instructions on how to forward husky.neu.edu emails, please click here.
To set up your myNEU portal, please click here.
Who can assist me if I have questions about the financial aid process?
For general questions, you can contact our office Monday-Friday from 8:30am-5:00pm at 617-373-2897. For more specific questions related to your application, contact your assigned counselor. Counselor assignments are available by clicking here.