Financially Planning Your Northeastern Education Presented by Student Financial Services
Overview <ul><li>Financial Aid - Process and Services </li></ul><ul><li>Northeastern Financial Planning Assistance </li></...
Applying for Financial Aid <ul><li>If you have not applied or have not completed the process </li></ul><ul><ul><li>FAFSA: ...
Awarding Process <ul><li>Financial Aid and Scholarship Awards </li></ul><ul><ul><li>Available Online </li></ul></ul><ul><u...
Awarding Process – Northeastern Policy <ul><li>Five Year Guarantee </li></ul><ul><ul><li>Northeastern University grant and...
Awarding Process – Changes in Circumstances <ul><li>Loss of Job </li></ul><ul><ul><li>Need-based financial aid will be ree...
Awarding Process – Changes in Circumstances <ul><li>Loss of Job - example </li></ul><ul><ul><li>Family of 4, 1 student in ...
Awarding Process – Changes in Circumstances <ul><li>Loss of Job - example </li></ul><ul><ul><li>Father loses job, income r...
Awarding Process <ul><li>Verification/Additional Paperwork/Forms Request </li></ul><ul><ul><ul><li>Can Cause Award Adjustm...
Financing Options Overview <ul><li>Suggestions </li></ul><ul><ul><li>Other Aid Sources </li></ul></ul><ul><ul><ul><li>Priv...
Annual Costs  (2 Semesters) <ul><li>$34,950 Tuition* </li></ul><ul><li>$11,910  Average Room & Board* </li></ul><ul><li>$4...
What Tuition Covers <ul><li>Prescribed curriculum </li></ul><ul><ul><li>Full-time Tuition = 12 - 16 credits per semester <...
Attendance Pattern Example
Payment Options <ul><li>Monthly Payment Plan </li></ul><ul><ul><li>Flexible Monthly Payment.  </li></ul></ul><ul><ul><li>C...
Payment Options <ul><li>Borrowing </li></ul><ul><ul><li>General rule: Use savings and current resources first </li></ul></...
Payment Options <ul><li>Supplemental Loans </li></ul><ul><ul><li>2 Types </li></ul></ul><ul><ul><ul><li>Federal Direct Par...
Effective Payment Planning <ul><li>Web Payment Calculators </li></ul><ul><ul><li>www.financialaid.neu.edu </li></ul></ul><...
Combining Options <ul><li>Example: $10,000 balance due </li></ul><ul><li>Monthly payment plan = $1,000/month for 10 months...
Information & Communication <ul><li>myNEU - receive information on the following: </li></ul><ul><ul><li>Financial aid </li...
Additional Information <ul><li>SFS Table(8:30 – 2:00) in Curry Student Center </li></ul><ul><ul><li>Financial resource inf...
Questions & Answers
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Financially Planning Your Northeastern Education

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  • If you didn’t apply, it is not too late. We recommend that everyone apply. Once awards are made, funds are depleted Mass state residents: deadline for state aid is May 1 FAFSA.com and EASYFAFSA.com are not the same thing thing Encourage on-line application Profile registration information (if they ask) $9 Registration $16 For each college or scholarship program
  • Students can view their aid awards online at Application Status Check (same area where they received admissions decision). An email is sent to student when award is ready. Awards sent in December/January are tentative awards. That is because we awarded without FAFSA information. Any adjustments to the award will be made before May 1 st as long as we have all documentation needed. Awards made now are more finalized as they are based on FAFSA and Profile information
  • This is the screen shot of the Accepted Student Portal Some students don’t realize their scholarship or award offer is available here also. If you aren’t applying for aid, information about how to is here if you change your mind.
  • We award all the funds we have up front so families do not have to negotiate. We do not match awards from other schools but we do want to help you review financing options and net cost at NU vs. other schools you are considering. 5 year commitment is for NU grants &amp; scholarships only. For Pharm D/PT programs –the MERIT commitment will last until completion of program (10 semesters). The NU grant will not.
  • This is new. Very important to monitor the audience’s reaction. Example on next slides.
  • Any requests made by this office either for Verification or additional documentation can have an affect on your award. If you were the recipient of a tentative award, this is doubly true as the award cannot be finalized without the requested documents. Please try your best to return the forms before May 1 st so you will have the most accurate aid award available to you. For those families that will not be able to complete taxes until later in the year, do not worry. We will be happy to collect the information once you have it, just know that adjusments may be needed for your financial aid award. IF you believe you have an appeal circumstance, it is important to contact your aid advisor to discuss the situation. Counselor lists can be found online at our website, or you can stop by our table today. New: We want to hear from students about their other aid offers, but not say we are going to negotiate.
  • Community groups may include clubs like the Elks, Lions, etc., or churches. A good source of information for these programs is your guidance office or local library. Also, on our website, we list any outside scholarship information that we receive. Keep expenses low: NEEDS vs WANTS
  • STUDENT ACCOUNTS These rates are ESTIMATED. The final rate is determined by the Board of Trustees in the Spring. Please refer to our website for more up to date information. Room is based on standard double and board is based on 15 meal plan. Fees include student activity, student center, campus recreation, res hall. All students will be billed for health insurance (this being waiveable with appropriate documentation so it is not shown above. This year’s health insurance is $1975 for the year.
  • STUDENT ACCOUNTS Each major has a prescribed curriculum that will earn the degree in 8 semesters. To be sure to get the full value of your tuition dollars, students should always be ‘fully’ enrolled We charge for eight semesters of academics and most degrees are completed within this time frame
  • STUDENT ACCOUNTS NU students attend 8 semesters of classes, just like students at any other college. Everyone starts as a freshmen with two semesters in school. All sophomores come back for the fall of their second year. Part of the sophomore fall curriculums will be to address the selection of coop as an option and if needed, preparation for coop In the spring of the sophomore students may choose to stay in school from January through Summer I and then begin coop in July for Summer II and fall.
  • STUDENT ACCOUNTS It is always wise to pay as much as possible out of ‘current’ income. Our pay plan allows you to budget in anything you can from current income to help defray the cost of borrowing…..
  • Stress that borrowing shouldn’t be entered into lightly. Explain: Cost less aid = borrowing limit. NU certifies the amount that can be borrowed, we do not approve the loan. Limit borrowing: -Combine with other forms of payment. - If you borrow to live like a professional while in college, you may have to live like a student when you become a professional.
  • Loan processing Families can begin to request their loans after May 1 st ., the suggested time to begin the loan process in late June/July as the interest rates are reassessed July 1 Our office does not process loans until late July. This process involves adding requested loan amounts onto the financial aid award and communicating with lender. The typical timeline from start to finish for a loan is 2-3 weeks Families that are interested in the PLUS Loan, but are concerned about being approved should contact their financial aid counselor for options.
  • Monthly payment calculator: - Used to determine distribution of payments between monthly payments and loans when used in combination - Shows comparison between 2 loans (PLUS &amp; Signature) See next slide for combined option using Tuition Pay &amp; PLUS loan
  • Discuss the realities of borrowing. Additional debt Possibly affect ability to make future purchases
  • Ask how many have logged onto myNEU? myNEU is the student’s means of electronic communication with the University. On myNEU students can: - Receive valuable information - Communicate with the University - Transact business - Pay deposits &amp; Orientation Fee - Minimum meal plan for freshmen is 10 meals/week
  • Friday- Our table is located in the Indoor Quad by Student Employment Saturday and Sunday We are located by the windows in the food court. IMPORTANT: Our expert staff will assist families with financial planning and counseling so you can make the best choices of resources available to help you finance Northeastern’s world-class education.   We understand that sometimes Northeastern isn’t the right financial choice for every student. While deciding which college to attend is a personal decision, our staff works hard to provide every student with accurate and timely information about financing, so you can make the best decision possible.
  • Financially Planning Your Northeastern Education

    1. 1. Financially Planning Your Northeastern Education Presented by Student Financial Services
    2. 2. Overview <ul><li>Financial Aid - Process and Services </li></ul><ul><li>Northeastern Financial Planning Assistance </li></ul><ul><li>Payment Plan Options </li></ul><ul><li>Helpful Resources </li></ul><ul><li>Questions </li></ul>
    3. 3. Applying for Financial Aid <ul><li>If you have not applied or have not completed the process </li></ul><ul><ul><li>FAFSA: Free Application for Federal Student Aid </li></ul></ul><ul><ul><ul><li>FAFSA on the Web: www.fafsa.ed.gov </li></ul></ul></ul><ul><ul><ul><li>Pin number: www.pin.ed.gov </li></ul></ul></ul><ul><ul><li>PROFILE: The College Board/CSS </li></ul></ul><ul><ul><ul><li>CSS PROFILE: https://profileonline.collegeboard.com </li></ul></ul></ul><ul><ul><ul><li>Click on Profile 2009-2010 </li></ul></ul></ul><ul><ul><ul><li>Non-Custodial Parent Information </li></ul></ul></ul>
    4. 4. Awarding Process <ul><li>Financial Aid and Scholarship Awards </li></ul><ul><ul><li>Available Online </li></ul></ul><ul><ul><ul><li>Notification sent to Student’s Email Address </li></ul></ul></ul><ul><ul><ul><li>View awards on the Application Status Check www.neu.edu/admissions </li></ul></ul></ul><ul><ul><li>Awarding began March, will continue throughout May </li></ul></ul>
    5. 5.
    6. 6.
    7. 7. Awarding Process – Northeastern Policy <ul><li>Five Year Guarantee </li></ul><ul><ul><li>Northeastern University grant and scholarship funds are guaranteed not to be reduced, regardless of changes in your financial circumstances, for up to eight in-class semesters. </li></ul></ul><ul><ul><li>Allows you to plan for the total cost of education, without concern that grant and scholarship assistance will be reduced.* </li></ul></ul><ul><li>*Students must file the Free Application for Federal Student Aid each year, and maintain the minimum cumulative grade point average required for any scholarship or grant funds awarded </li></ul>
    8. 8. Awarding Process – Changes in Circumstances <ul><li>Loss of Job </li></ul><ul><ul><li>Need-based financial aid will be reevaluated to meet at least the same percent of increased financial need as a result of a parent’s job loss. </li></ul></ul><ul><ul><li>All available resources will be offered to students who demonstrate need for the first time as a result of a parent’s job loss . </li></ul></ul><ul><li>Medical Expenses </li></ul><ul><ul><li>Unusual/high medical expenses can be excluded from income used in calculation </li></ul></ul>
    9. 9. Awarding Process – Changes in Circumstances <ul><li>Loss of Job - example </li></ul><ul><ul><li>Family of 4, 1 student in college </li></ul></ul><ul><ul><li>Adjusted Gross Income of $100,000 </li></ul></ul><ul><ul><li>Father earns $51,000/Mother earns $49,000 </li></ul></ul><ul><ul><li>Average assets </li></ul></ul><ul><ul><li>Institutional Family Contribution $24,000 </li></ul></ul><ul><ul><li>Need $26,000 </li></ul></ul><ul><ul><li>Total gift aid $15,900 </li></ul></ul><ul><ul><li>61% of need met with gift aid </li></ul></ul>
    10. 10. Awarding Process – Changes in Circumstances <ul><li>Loss of Job - example </li></ul><ul><ul><li>Father loses job, income reduced to $15,000 </li></ul></ul><ul><ul><li>Adjusted Gross Income reduced to $64,ooo </li></ul></ul><ul><ul><li>New Institutional Family Contribution $14,000 </li></ul></ul><ul><ul><li>Need $36,000 </li></ul></ul><ul><ul><li>Gift aid increases to at least $22,000 </li></ul></ul><ul><ul><li>61% of increased need met with gift aid </li></ul></ul>
    11. 11. Awarding Process <ul><li>Verification/Additional Paperwork/Forms Request </li></ul><ul><ul><ul><li>Can Cause Award Adjustments </li></ul></ul></ul><ul><ul><ul><li>If Possible, Provide Documentation Before May 1 st </li></ul></ul></ul><ul><li>Other appeals should be sent in writing to the Student Financial Services Office. </li></ul><ul><li>May 1 st deposit secures financial aid award </li></ul>
    12. 12. Financing Options Overview <ul><li>Suggestions </li></ul><ul><ul><li>Other Aid Sources </li></ul></ul><ul><ul><ul><li>Private Scholarships: Community Groups, Employers </li></ul></ul></ul><ul><ul><ul><li>Northeastern Endowed Scholarships: In subsequent years </li></ul></ul></ul><ul><ul><ul><li>Private/Outside Scholarships: </li></ul></ul></ul><ul><ul><ul><ul><li>financialaid.neu.edu </li></ul></ul></ul></ul><ul><ul><ul><ul><li>collegeboard.com </li></ul></ul></ul></ul><ul><ul><li>Keep Expenses Low: Cars, Clothes, Miscellaneous Expenses, Credit Cards </li></ul></ul>
    13. 13. Annual Costs (2 Semesters) <ul><li>$34,950 Tuition* </li></ul><ul><li>$11,910 Average Room & Board* </li></ul><ul><li>$416 Typical Billed Fees* </li></ul><ul><li>Details: www.neu.edu/registrar/billing.html </li></ul><ul><li>* Estimated </li></ul>
    14. 14. What Tuition Covers <ul><li>Prescribed curriculum </li></ul><ul><ul><li>Full-time Tuition = 12 - 16 credits per semester </li></ul></ul><ul><ul><li>Normally 4 classes per semester </li></ul></ul><ul><ul><li>Expectation of 8 semesters to degree </li></ul></ul><ul><li>Attendance and Costs </li></ul><ul><ul><li>Annual costs vary from year to year </li></ul></ul><ul><ul><li>Tuition is charged during “in school” terms </li></ul></ul><ul><ul><li>Most financial aid will deposit during “in school” terms (when tuition is charged) </li></ul></ul>
    15. 15. Attendance Pattern Example
    16. 16. Payment Options <ul><li>Monthly Payment Plan </li></ul><ul><ul><li>Flexible Monthly Payment. </li></ul></ul><ul><ul><li>Can be Used Alone or Combined with Other Financing Options </li></ul></ul><ul><ul><li>Payment Plan Is No Interest, with an enrollment fee (approx. $60) </li></ul></ul><ul><ul><li>Detailed information will be provided in June . Information can also be found at www.neu.edu/registrar/billing.html </li></ul></ul>
    17. 17. Payment Options <ul><li>Borrowing </li></ul><ul><ul><li>General rule: Use savings and current resources first </li></ul></ul><ul><ul><ul><li>Use borrowing as a last resort </li></ul></ul></ul><ul><ul><li>For Education Expenses Only </li></ul></ul><ul><ul><li>Up to the Education Budget minus Aid (available in Award Letter) </li></ul></ul><ul><ul><li>Subject to Approval by Lenders </li></ul></ul><ul><ul><li>Limit borrowing to what you need </li></ul></ul>
    18. 18. Payment Options <ul><li>Supplemental Loans </li></ul><ul><ul><li>2 Types </li></ul></ul><ul><ul><ul><li>Federal Direct Parent PLUS Loan </li></ul></ul></ul><ul><ul><ul><ul><li>Fixed rate of 7.9% </li></ul></ul></ul></ul><ul><ul><ul><ul><li>In-school deferment available </li></ul></ul></ul></ul><ul><ul><ul><ul><li>90% of NU parents approved </li></ul></ul></ul></ul><ul><ul><ul><li>Student Alternative Loans </li></ul></ul></ul><ul><ul><ul><ul><li>Cosigner required </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Variable interest rates </li></ul></ul></ul></ul><ul><ul><ul><ul><li>In-school deferment </li></ul></ul></ul></ul><ul><li>Loan Processing </li></ul><ul><ul><li>Begins over Summer </li></ul></ul><ul><ul><li>Loan funds added to award in July </li></ul></ul><ul><ul><li>Loan funds disburse up to a week prior to the start of term </li></ul></ul>
    19. 19. Effective Payment Planning <ul><li>Web Payment Calculators </li></ul><ul><ul><li>www.financialaid.neu.edu </li></ul></ul><ul><ul><ul><li>Click on Financial Planning Tools & Calculators </li></ul></ul></ul><ul><ul><li>Annual cost calculator </li></ul></ul><ul><ul><ul><li>Determines net balance due by subtracting financial aid from direct cost </li></ul></ul></ul><ul><ul><li>Monthly payment calculator </li></ul></ul><ul><ul><ul><li>Determines distribution of monthly payments and loan payments </li></ul></ul></ul>
    20. 20. Combining Options <ul><li>Example: $10,000 balance due </li></ul><ul><li>Monthly payment plan = $1,000/month for 10 months </li></ul><ul><li>Borrowing (Direct PLUS Loan ) = $120/month for 10 years ($14,996 total) </li></ul><ul><li>Combination Plan </li></ul><ul><ul><li>$429/month for 10 months ($4,290 monthly payment plan) </li></ul></ul><ul><ul><li>$71/month for 10 years ($5,856 Direct PLUS Loan) </li></ul></ul>
    21. 21. Information & Communication <ul><li>myNEU - receive information on the following: </li></ul><ul><ul><li>Financial aid </li></ul></ul><ul><ul><li>Billing (end of July or early August) </li></ul></ul><ul><ul><li>Orientation information </li></ul></ul><ul><ul><li>Pay deposit(s) </li></ul></ul><ul><ul><li>Waive health insurance </li></ul></ul><ul><ul><li>Change your meal plan </li></ul></ul>
    22. 22. Additional Information <ul><li>SFS Table(8:30 – 2:00) in Curry Student Center </li></ul><ul><ul><li>Financial resource information </li></ul></ul><ul><ul><li>Aid application information </li></ul></ul><ul><ul><li>Answer most questions you may have </li></ul></ul><ul><li>Website: www.financialaid.neu.edu, www.neu.edu/registrar/billing.html </li></ul><ul><li>E-Mail </li></ul><ul><ul><li>Billing: studentaccounts@neu.edu </li></ul></ul><ul><ul><li>Financial Aid: sfs@neu.edu </li></ul></ul>
    23. 23. Questions & Answers

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