Who should apply for financial assistance?
Entering, continuing or returning Northeastern Illinois University (NEIU) students who are in degree-seeking programs and have either the status of U.S. citizen or eligible non-citizen (applied for permanent resident).
What are Direct Costs or Educational Related expenses at NEIU?
NEIU's educational related expenses include tuition, fees and books/supplies. Indirect Costs include estimations for living expenses (room and board), transportation and personal items. Components of the Cost of Attendance (COA) are updated annually and are commonly referred to as the budget. See the Tuition and Fees - Costs of Attendance page for more information.
What’s an electronic Master Promissory Note (MPN)?
Basically, the electronic Master Promissory Note is a formal agreement or 'promise' to repay a Federal Student Loan - Perkins or Direct Loan. The form will take about 30 minutes to complete and you will need:
• Your FSA ID (username and password) from completing your FREE Application for Federal Student Aid (FAFSA)
• Personal contact information
• Name and contact information of your employer
• The name of your school (Northeastern Illinois University)
• Name and contact information for two references who have known you for the past three years
What does it mean if I am selected for Verification?
Once the Free Application for Federal Student Aid (FAFSA) is submitted, you may be selected for verification either by the federal processor and assigned data elements that the Financial Aid Office will need to review. The term ‘verify’ means to compare actual tax documents and household information with the information entered on the FAFSA application and, if necessary, make the required corrections. The initial FAFSA is the first transaction. Once corrections are made, subsequent transactions are generated and returned electronically to both NEIU and the student.
When I am viewing NEIUport, where can I find the total balance due or credit balance (for refunds and book voucher eligibility) displayed?
In the Current Student tab, click on the ‘My Account’ or ‘My Statement’ channel to review an itemized billing statement and financial assistance 'authorized' or 'credited' against your account. If you have a credit balance (it will appear as a negative number) after tuition and fees are paid, you are eligible to receive a book voucher during fall and spring semesters. There are no book vouchers available during the summer term.
Does Northeastern have recommended or preferred alternative/private lenders?
No. If you have exhausted your Direct Loan eligibility or you are not eligible, you may apply online with any lender of your choice. Northeastern does recommend that you apply with at least three lenders. Be advised that alternative/private educational loans require a credit worthiness check and oftentimes a co-signer. Borrowers are encouraged to meet with a Financial Aid Advisor to discuss appropriate questions to ask when looking for alternative/private loans.
What is an Expected Family Contribution (EFC)?
Your Expected Family Contribution is not an invoice amount or direct cost; it is simply an eligibility index and is subtracted from the Cost of Attendance to determine financial need. This eligibility index, called EFC, is determined based on the data you entered in your Free Application for Federal Student Aid (FAFSA). Your EFC is used to determine whether you are eligible for grants, scholarships or other need-based assistance.
What are the need-based financial aid programs?
The need-based programs include the Federal Pell Grant, State of Illinois Monetary Award Program Grant, the Federal Supplemental Educational Opportunity Grant (SEOG), the Federal Perkins Loan, the Federal Work-Study Program and the Federal Direct Subsidized Loan. Need-based undergraduate and graduate tuition scholarships are also included in this group of programs.
Are part-time student employment opportunities available on campus?
Yes. Federal Work-Study and Student Aide represent two such employment opportunities for students on campus. Federal Work-Study is a need-based award and would limit the amount that a student can earn. Student Aide is not dependent on financial need and is only limited by the employer's budget. Visit the Student Employment Office in room D 012 or call (773) 442-4697.
What summer financial aid assistance is available?
Summer financial assistance is limited to students who have submitted the Free Application for Federal Student Aid (FAFSA) by Northeastern’s priority file date (February 15) and have remaining Federal Pell Grant, Federal SEOG, Federal Work Study or Direct Loan eligibility from the current award year.
Do loans have to be repaid while the student is in school?
In general, no, loans do not have to be repaid while you are in school. Exceptions to this would be payments that a student chose to make toward Federal Unsubsidized Direct Loan interest or parent loans that may require payment on the interest and/or principal while you are enrolled.
Should I wait to be admitted to Northeastern before applying for financial assistance?
No, you are encouraged to submit the Free Application for Federal Student Aid (FAFSA) and online Northeastern Illinois University Scholarship Application as early as possible so that once you are admitted; your application is not further delayed.