FINANCIAL AID FAQS

You must apply for federal student aid for every school year that you attend. If this is your first time applying for the FAFSA, you and your parent will need to create an FSA ID prior to starting the FAFSA. You will need to list all schools you are interested in attending so they can have access to your information and provide you with a financial aid offer based on that information. Neumann University’s school code is 003988.

Need-based financial aid is determined by utilizing the calculated Student Aid Index, or SAI. Once the SAI is calculated, we determine financial need by subtracting the SAI from the Cost of Attendance (COA). Examples of need-based aid are Pell Grants, Subsidized Loans, SEOG Funds and work-study.

Institutional aid will remain the same, if the student is making academic progress, is enrolled full time in the program of admission and has not reached the limit of 5 academic years for merit scholarships. Federal aid is based on the information provided on the FAFSA. Need-based aid is specific to an academic year. If a student’s family income, assets and household information remain the same, then the need-based aid will remain similar each year.

Unlike other types of financial aid, work-study earnings are not applied directly to your tuition and fees. Students who are awarded work-study receive the funds in a paycheck as they earn them, based on hours worked, just like a normal job.

Neumann offers academic and other scholarship awards to F-1 international students based on the applicant's academic record and other factors. To learn more, contact the Admissions Office by emailing neumann@neumann.edu or calling 610-558-5616.

A federal Direct Loan is a student loan made directly by the United States Department of Education. These loans are low interest to help eligible students cover the cost of a higher education. You can learn more on the Federal Student Aid website.

Direct Subsidized Loans are available for undergraduate students, enrolled at least half-time, with financial need. The federal government pays the interest for these loans while the student is in college or while the loan is in deferment. Direct Unsubsidized Loans are available to undergraduate and graduate students. These loans are not need-based, and interest begins accruing for these loans at the time of disbursement.

Neumann University is an “opt-out” school. Your federal loans will be posted on the account if you are eligible. A student who wishes to accept the offered federal student loans must complete both an Entrance Counseling and Master Promissory Note. Entrance Counseling is a mandatory information session that takes place before you receive your first federal student loan that explains your responsibilities and rights as a student borrower. A Master Promissory Note is the binding legal document that you must sign when you get a federal student loan. It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower. It’s important to read and save this document because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.

Approximately one of every three FAFSAs will be randomly selected for a process called verification. Verification is simply confirming the information reported on the FAFSA is accurate. You will be notified by the Financial Aid Office through your award offer if you have been selected and how to set up your verification account. Don’t panic- but respond quickly. Your federal aid depends on the completion of your verification.

There are many private (external) scholarships you may apply for that may or may not be need-based, which are determined on various factors, such as academics, career goals, etc. To look for a scholarship that matches your interests and qualifications, you can access free scholarship information online at www.collegeboard.com, www.college.net, www.fastweb.com, or www.gocollege.com. The Office of Financial Aid maintains a list of current outside scholarships.

Receipt of an outside award will first reduce any unmet need (both federally and institutionally), then reduce self-help awards (work study and student loans used to meet a student's need). Finally, the total of all sources of funding cannot exceed a student's total Cost of Attendance for the year. If receipt of an outside resource causes this "over award," federal and/or institutional funds must be reduced.

Your financial aid application is reviewed and processed, and your aid is disbursed in the same manner regardless of whether you choose on- or off-campus housing (unless you commute from the home of a parent or relative). We will use a housing and food allowance when determining your financial need; however, you would not be billed for housing. Because of this, you may be eligible to borrow from a private lender to cover the costs of off-campus living.

Any housing grant or Neumann Grant which was awarded based on the cost of housing and meals will be removed from your financial aid offer since you will no longer have those costs. If a student decides to live on campus again in another fall term, the student will be awarded a housing grant based on the current academic year, not the grant that was originally awarded.

Undergraduate students must be enrolled in a minimum of 12 credits (full-time status) to receive institutional financial aid. Federal and most private student loans require students to be enrolled at least half time (6credits) to maintain eligibility. Federal and state grants also have enrollment requirements. Please contact the Financial Assistance Office before making any changes to your enrollment status.

Financial aid, just like tuition, is based on your enrollment status. If you are enrolled as a full-time student, you will be eligible for more financial aid than if you are a part-time student. If you drop or withdraw from classes, the Financial Assistance Office is required to recalculate your financial aid offer. If your withdrawal means you are no longer a full-time student, you may only receive a percentage of your initial financial aid offer. If you withdraw from your last active class and did not complete 60 percent of the semester, you may have to repay financial aid according to the Return of Title IV Funds Policy. Please contact the Financial Assistance Office before dropping or withdrawing from courses.

A student who withdraws from a course after drop/add will have no change to financial aid as long as they are still enrolled in other courses, and their billing has not changed. If there has been a change in billing, then financial aid will be adjusted accordingly. If a student completely withdraws from all courses, then financial aid will be reviewed and adjusted. A student may have to pay back aid if the disbursed aid had not been earned. Please consult with the Financial Assistance Office before withdrawing from courses.

When there are unusual situations or circumstances that impact your federal student aid eligibility, federal regulations give a financial aid administrator discretion or professional judgment on a case-by-case basis and with adequate documentation to make adjustments to the data elements on the Free Application for Federal Student Aid (FAFSA®) form that impact your Expected Family Contribution (EFC) to gain a more accurate assessment of your family's ability to contribute to your cost of education. This process is called a Professional Judgement. The Department of Education does not have the authority to override a school's professional judgement decision.

The Pennsylvania State Grant Program is a financial assistance program that provides funding to eligible Pennsylvanians and helps them afford the costs of higher education at the undergraduate level. To be considered for a Pennsylvania State Grant, you must fill out the FAFSA (Free Application for Federal Student Aid) and complete the Pennsylvania State Grant Form before May 1 of the academic year you will be enrolled. To learn more about the Pennsylvania State Grant visit their website at www.pheaa.org.

If after all your aid has been applied, you still have a balance on your account there are several options to consider. The Parent Plus Loan, Private Student/Parent Loan, or the NU Payment Plan. Your balance needs to be addressed prior to starting classes or moving on campus. Please contact your financial assistance counselor with questions.

Your financial aid counselor is assigned based on your last name. You can view our office contact information, and even schedule an appointment by visiting our Financial Assistance webpage.

If you would like to be eligible for Direct Unsubsidized Loans, you should complete a FAFSA for each year of enrollment. Neumann University’s school code is 003988.

Completing the FAFSA is a first step in securing a federal unsubsidized loan. You may also want to consider private loans.

An eligible student enrolled at least half time in a graduate or doctoral program is eligible for $20,500 per academic year.

GradPlus Loan can help. You can borrow up to the full cost of attendance-minus financial aid received.

If you have previously borrowed through the Direct Loan Program and you signed the Master Promissory Note less than 10 years ago, you will only be required to complete the Entrance Counseling for the first year in which you borrow at the graduate level. You will be required to complete a Student Loan Acknowledgement annually.

Neumann University does not offer scholarships specifically for graduate students. However, there are several outside sources you may wish to explore, such as www.scholarships.com, www.salliemae.com, and www.unigo.com.

Students who are reimbursed by an employer may be eligible to receive an extension for payment if they have been enrolled at the University in the preceding semester. In addition to signing an Employer Reimbursement Agreement, a letter from the employer indicating that the student will receive this benefit must be submitted each semester. Please contact the Business Office for more details.

Your financial aid counselor is assigned based on your last name. You can view our office contact information, and even schedule an appointment by visiting our Financial Assistance webpage.

There are many types of aid available for the adult student- federal, state and scholarship opportunities can assist with your educational costs.

Yes, whether you are attending school for the first time, or returning to complete a degree, this is the first step in obtaining federal financial aid. This aid may be awarded in the form of loans or grants, depending on your eligibility.

You must apply for federal student aid for every school year that you attend. If this is your first time applying for the FAFSA, you will need to create an FSA ID prior to starting the FAFSA. Neumann University’s school code is 003988.

There is no age limit. Almost everyone is eligible for some type of federal aid, including student loans.

Adult degree completion students are eligible for most of the same aid as traditional undergraduate students, except for institutional aid. Undergraduate students' costs are higher than an adult degree completion student, which is why they normally receive some form of institutional aid. However, adult degree completion students are eligible to receive federal loans, grants and scholarships, if eligible.

A federal Direct Loan is a student loan made directly by the United States Department of Education. These loans are low interest to help eligible students cover the cost of a higher education. You can learn more on the Federal Student Aid website.

Direct Subsidized Loans are available for undergraduate students, enrolled at least half-time, with financial need. The federal government pays the interest for these loans while the student is in college or while the loan is in deferment. Direct Unsubsidized Loans are available to undergraduate and graduate students. These loans are not need-based, and interest begins accruing for these loans at the time of disbursement.

Neumann University is an “opt-out” school. Your federal loans will be posted on the account if you are eligible. A student who wishes to accept the offered federal student loans must complete both an Entrance Counseling and Master Promissory Note. Entrance Counseling is a mandatory information session that takes place before you receive your first federal student loan that explains your responsibilities and rights as a student borrower. A Master Promissory Note is the binding legal document that you must sign when you get a federal student loan. It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower. It is important to read and save this document because you will need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances. A new requirement to accept federal loans is the Student Loan Acknowledgment. This is done annually and helps students understand how much they owe; how much they can borrow and what their responsibility is to repay the loan. If a student does not wish to accept the federal loans, they must complete the Federal Loan Opt Out Form and return it to the Financial Assistance Office.

One of every three FAFSAs will be randomly selected for a process called verification. Verification is simply confirming the information reported on the FAFSA is accurate. You will be notified by the Financial Assistance Office through your award offer if you have been selected and how to set up your verification account. Don’t panic- but respond quickly. Your federal aid depends on the completion of your verification.

The Pennsylvania State Grant Program is a financial assistance program that provides funding to eligible Pennsylvanians and helps them afford the costs of higher education at the undergraduate level. To be considered for a Pennsylvania State Grant, you must fill out the FAFSA (Free Application for Federal Student Aid) and complete the Pennsylvania State Grant Form before May 1 of the academic year you will be enrolled. To learn more about the Pennsylvania State Grant visit their website at www.pheaa.org.

There are many private (external) scholarships you may apply for that may or may not be need-based, which are determined on several factors, such as academics, career goals, etc. To look for a scholarship that matches your interests and qualifications, you can access free scholarship information online at collegeboard.com, www.college.net, www.fastweb.com, or www.gocollege.com. The Office of Financial Assistance maintains a current list of outside scholarships.

Most student loans require at least half-time enrollment, which is equal to 6 credits. If you are paying out of pocket, or have employer reimbursement, you can be enrolled in less credits. Talk to your financial assistance counselor for more information on enrollment status and aid.

If your employer offers tuition reimbursement, please contact the Business Office. Students who are reimbursed by an employer may be eligible to receive an extension for payment if they have been enrolled at the University in the preceding semester. In addition to signing an Employer Reimbursement Agreement, a letter from the employer indicating that the student will receive this benefit must be submitted each semester.

Your financial aid counselor is assigned based on your last name. You can view our office contact information, and even schedule an appointment by visiting the Financial Aid Office