Financially Planning Your Northeastern Education

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Financially Planning Your Northeastern
Education Presented by Student Financial
Services
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Overview

• Financial Aid - Process and Services
• Northeastern Financial Planning Assistance
• Payment Plan Options
• Helpful Resources
• Questions

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Applying for Financial Aid

• If you have not applied or have not completed the
  process
• FAFSA Free Application for Federal Student Aid
• FAFSA on the Web www.fafsa.ed.gov
• Pin number www.pin.ed.gov
• PROFILE The College Board/CSS
• CSS PROFILE https//profileonline.collegeboard.co
  m
• Click on Profile 2009-2010
• Non-Custodial Parent Information

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Awarding Process

• Financial Aid and Scholarship Awards
• Available Online
• Notification sent to Students Email Address
• View awards on the Application Status Check
  www.neu.edu/admissions
• Awarding began March, will continue throughout
  May

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Awarding Process Northeastern Policy

• Five Year Guarantee
• 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.
• Allows you to plan for the total cost of
  education, without concern that grant and
  scholarship assistance will be reduced.
• 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

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Awarding Process Changes in Circumstances

• Loss of Job
• Need-based financial aid will be reevaluated to
  meet at least the same percent of increased
  financial need as a result of a parents job
  loss.
• All available resources will be offered to
  students who demonstrate need for the first time
  as a result of a parents job loss.
• Medical Expenses
• Unusual/high medical expenses can be excluded
  from income used in calculation

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Awarding Process Changes in Circumstances

• Loss of Job - example
• Family of 4, 1 student in college
• Adjusted Gross Income of 100,000
• Father earns 51,000/Mother earns 49,000
• Average assets
• Institutional Family Contribution 24,000
• Need 26,000
• Total gift aid 15,900
• 61 of need met with gift aid

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Awarding Process Changes in Circumstances

• Loss of Job - example
• Father loses job, income reduced to 15,000
• Adjusted Gross Income reduced to 64,ooo
• New Institutional Family Contribution 14,000
• Need 36,000
• Gift aid increases to at least 22,000
• 61 of increased need met with gift aid

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Awarding Process

• Verification/Additional Paperwork/Forms Request
• Can Cause Award Adjustments
• If Possible, Provide Documentation Before May 1st
  
• Other appeals should be sent in writing to the
  Student Financial Services Office.
• May 1st deposit secures financial aid award

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Financing Options Overview

• Suggestions
• Other Aid Sources
• Private Scholarships Community Groups, Employers
• Northeastern Endowed Scholarships In subsequent
  years
• Private/Outside Scholarships
• financialaid.neu.edu
• collegeboard.com
• Keep Expenses Low Cars, Clothes, Miscellaneous
  Expenses, Credit Cards

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Annual Costs (2 Semesters)

• 34,950 Tuition
• 11,910 Average Room Board
• 416 Typical Billed Fees
• Details www.neu.edu/registrar/billing.html
• Estimated

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What Tuition Covers

• Prescribed curriculum
• Full-time Tuition 12 - 16 credits per semester
• Normally 4 classes per semester
• Expectation of 8 semesters to degree
• Attendance and Costs
• Annual costs vary from year to year
• Tuition is charged during in school terms
• Most financial aid will deposit during in
  school terms (when tuition is charged)

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Attendance Pattern Example
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Payment Options

• Monthly Payment Plan
• Flexible Monthly Payment.
• Can be Used Alone or Combined with Other
  Financing Options
• Payment Plan Is No Interest, with an enrollment
  fee (approx. 60)
• Detailed information will be provided in June .
  Information can also be found at
  www.neu.edu/registrar/billing.html

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Payment Options

• Borrowing
• General rule Use savings and current resources
  first
• Use borrowing as a last resort
• For Education Expenses Only
• Up to the Education Budget minus Aid (available
  in Award Letter)
• Subject to Approval by Lenders
• Limit borrowing to what you need

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Payment Options

• Supplemental Loans
• 2 Types
• Federal Direct Parent PLUS Loan
• Fixed rate of 7.9
• In-school deferment available
• 90 of NU parents approved
• Student Alternative Loans
• Cosigner required
• Variable interest rates
• In-school deferment
• Loan Processing
• Begins over Summer
• Loan funds added to award in July
• Loan funds disburse up to a week prior to the
  start of term

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Effective Payment Planning

• Web Payment Calculators
• www.financialaid.neu.edu
• Click on Financial Planning Tools Calculators
• Annual cost calculator
• Determines net balance due by subtracting
  financial aid from direct cost
• Monthly payment calculator
• Determines distribution of monthly payments and
  loan payments

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Combining Options

• Example 10,000 balance due
• Monthly payment plan 1,000/month for 10
  months
• Borrowing (Direct PLUS Loan ) 120/month for 10
  years (14,996 total)
• Combination Plan
• 429/month for 10 months (4,290 monthly payment
  plan)
• 71/month for 10 years (5,856 Direct PLUS Loan)

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Information Communication

• myNEU - receive information on the following
• Financial aid
• Billing (end of July or early August)
• Orientation information
• Pay deposit(s)
• Waive health insurance
• Change your meal plan

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Additional Information

• SFS Table(830 200) in Curry Student Center
• Financial resource information
• Aid application information
• Answer most questions you may have
• Website www.financialaid.neu.edu,
  www.neu.edu/registrar/billing.html
• E-Mail
• Billing studentaccounts_at_neu.edu
• Financial Aid sfs_at_neu.edu

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Questions Answers