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Applying for Federal Financial Aid:
Step 1: The Free Application for Federal
Student Aid (FAFSA)
Open your browser and go to www.fafsa.ed.gov.
It is free, fast, secure and easy! If you have a PIN,
you can electronically sign your FAFSA (if you don’t
have a PIN, you may apply for one at www.pin.ed.gov)
or print a signature page. Once you have completed your
application, you need to submit it along with your signature.
Note your confirmation number. The estimated Expected
Family Contribution (EFC) will determine what types and
amount of aid you will be receiving.
The Northwestern Health Sciences University school
code is 012328
Step 2: Entrance Counseling for Stafford
only (Mapping Your Future)
Open your browser and go to www.mappingyourfuture.org.
It is also free, fast, secure and easy. Loan counseling
is particularly important because new students often have
little or no experience with repayment and managing debt.
For graduate students, particularly a health profession
like chiropractic, debt could be burdensome without comprehensive
entrance and exit counseling. It is also a federal requirement.
Half-Time Enrollment (definition
of half-time enrollment): If
you are less than half-time, you are not eligible for federal
loans but may be eligible for other limited resources
and you are required to complete Federal Exit Counseling.
Impact of Withdrawal: The Northwestern Health
Sciences University Registrar's Withdrawal Form must
be completed and issues related to "clearance" include a
calculation for Return of Title IV Funds (federal aid
assistance), Institutional Refund, a balance owed to the
institution, repayment and exit counseling.
Unofficial Withdrawal: If the student
does not officially withdraw from classes, and stops attending
all classes, a pro-rated portion of the federal aid received,
based on the documented last day of attendance, must be
returned to the federal aid programs (Return of Title
IV Funds
calculation). If the school is unable to document
the last day of attendance, then the university will use
the mid-point of the trimester as the last day of attendance.
Counseling is sent to Northwestern automatically but
note your confirmation numbers.
Step 3: Federal Stafford Loan Master Promissory
Note (MPN - A promise to pay; legal document)
In order for student loan funds to be disbursed to you,
you must sign a Master Promissory Note. This can be done
online by clicking on the links below. Northwestern and
lender make the final decision on the amount you are eligible
to receive and the amount lent to you. In no event will
the amount be greater than the allowable maximum under
the regulations governing the program. The Notice of Loan
Guarantee and Disclosure Statements specify the final
amount. The Notice is mailed to your permanent home address
when your loan guarantee is processed. Northwestern Health
Sciences University mails out the institutional award
notice.
The borrower can choose any Federal Family
Education Loan Program (FFELP) lender.
The preferred lender list provides
comparative information on borrower benefits offered
by listed lenders along with quality service to
students, parents, schools, and guarantors and servicers.
Should you decide to switch lenders, the financial
aid office will be happy to assist you or for any other
needs you may have.
Preferred lender list (click
here to apply online for Stafford Loan)
Once you have completed the Stafford MPN online and Northwestern
has packaged your financial aid, the Stafford loan(s)
will be certified and the file sent electronically to
the guarantor. Funds are disbursed to Northwestern using
federal guidelines.
If you have further questions or concerns, please call (800)
888-4777, press #6 and then #1.
Once you have been accepted by the Office of Admissions
and paid a tuition deposit, a financial aid packet is sent
to you in a timely manner (see notes below).
Step 4: Institutional Information Sheet
Download the Institutional Information Sheet. Please mail or fax to the Financial Aid office at (952) 887-1386.
For accuracy and efficiency the Information
Sheet must be completed and signed.
Northwestern strongly encourages you to keep your borrowing
to a minimum, as an example the average debt of a chiropractic
student is around $150,000 (10 years, 8.25 percent, $2,000/month).
Step 5: Federal Graduate PLUS Loan (MPN -
A promissory note and legal document)
For those who qualify, this is a new federal
loan available for graduate students only. BEFORE
APPLYING, please contact the Financial Aid Office
for further information and a review of your eligibility.
The borrower can choose any Federal Family Education
Loan Program (FFELP) lender.
The preferred lender list provides comparative information on borrower benefits
offered by listed lenders along with quality service to students, parents,
schools, and guarantors and servicers. Should you decide to switch lenders,
the financial aid office will be happy to assist you or for any other needs you
may have.
Preferred lender list (click
here to apply online for GPLUS Loan)
The Graduate PLUS loan requires a credit check and
cost of attendance minus other aid. The interest rate
is 8.5 percent, accumulates interest while in
school, and can be consolidated.
Step 6: Parent Loan for
Dependent Undergraduate Students (PLUS)
At U.S. domestic schools a parent
may obtain additional loans for the same dependent student
based on the original Master Promissory Note (MPN) for
up to 10 years after the date the parent signed it. PLUS
certification specifying amount to be borrowed and checks
for adverse credit
history and use of endorser.
The borrower can choose any Federal
Family Education Loan Program (FFELP) lender.
The preferred lender list provides comparative information on borrower benefits
offered by listed lenders along with quality service to students, parents,
schools, and guarantors and servicers. Should you decide to switch lenders,
the financial aid office will be happy to assist you or for any other needs you
may have.
Preferred lender list (click
here to apply online for PLUS Loan)
The Parent PLUS loan requires a credit check and
cost of attendance minus other aid. The interest rate
is 8.5 percent, accumulates interest while
in school, and can be consolidated.
Step 7: New Student Orientation
(Financial Aid Workshop)
"A Welcome to Northwestern" orientation is
featured during the first week of classes. This is for
all the programs offered at Northwestern and includes
a group financial aid workshop. A person(s) knowledgeable
about Federal Student Financial Aid (SFA) programs is
present.
Attendance is required at all new student orientations
before excess funds (i.e. living expenses) may be picked
up.
Step 8: Federal Perkins Loan Master Promissory
Note (MPN – A promise to pay; legal document) and Perkins
Entrance Counseling
The Federal Perkins Loan Program are low-interest (currently
5 percent), long-term loans made through school financial
aid offices to help needy undergraduate and graduate students
pay for post-secondary education. The Perkins MPN, like the
Stafford MPN, is signed only once while you are enrolled
at Northwestern.
Once your financial aid file has been reviewed and the financial
aid office has determined that you are eligible for Perkins,
you will be completing a Perkins Mater Promissory Note. If
eligible, ECSI will notify you to complete the on-line Perkins
Master Promissory Note and Entrance Counseling.
Please call Andy Hoppin toll free at (800) 888-4777, ext
387 for any questions or concerns.
If eligible and using federal guidelines, the Financial
Services Office determines the amount you can receive.
Step 9: Excess Funds (Living Expenses,
Books, Supplies, Other)
Pick up checks (excess funds after tuition and fees have
been paid) in room 113, Human Resources Office.
Plan ahead, as checks are issued using federal and institutional
policies and procedures.
Click here for the Monthly
Money Tracker.
Typical Aid Package
Please Note:
Northwestern Health Sciences University Code of
Conduct: Financial Aid
- A ban on revenue sharing arrangements from any lender
- Gift ban from any lender (only of nominal value)
- Prohibited contracting arrangements
- Prohibit assigning a lender to first-time borrowers
- Prohibit refusal to certify or delay of certification
based upon choice of lender interaction with borrowers
- Prohibit of offers of funds for private loans
- Ban on staffing assistance
- Prohibition on receipt of compensation for advisory board
compensation
It takes time for your aid to be processed but our goal
is to be prompt, timely and provide whatever assistance
we can.
Financial aid packets are generally sent out about three
months before the start of any term. For example, initial
packets may be sent out the end of May, for the Fall Class.
This timing helps to ensure you have the most complete and
accurate information available.
Read all materials and complete all necessary forms
accurately. Errors could delay processing.
You may call or stop by any time for assistance.
OTHER FINANCIAL AID INFORMATION
CURRENT ESTIMATED TUITION AND FEES
REPAYING YOUR STUDENT LOANS
You’ve attended college or received other education
beyond high school, and you received federal student loans
from the U.S. Department of Education along the way. You’re
now about to deal with paying them back. You’ll need
to know how to manage your student loan debt to avoid repayment
problems. We will tell you steps to take so you won’t
get behind in payments or go into default*,
as there are serious consequences**.
Federal student loans are real loans, just like car
loans or mortgage loans. You can’t get out
of repaying a student loan if your financial circumstances
become difficult any more than you could get out of your
car or mortgage, unless you qualify for bankruptcy. But,
it’s very difficult to have federal student loans
discharged in bankruptcy; this happens only rarely. Also,
you can’t cancel your student loans if you didn’t
get the education you expected, didn’t get the job
you expected, or didn’t complete your education,
unless you leave school for a reason that qualifies you
for a discharge of your loan.
As of July 1, 2009, the Income Based Repayment (IBR) program offers reduced student loan payments based on annual income and family size. Graduates may learn more about the IBR program and eligibility requirements by visiting the following websites:
Remember, your student loans belong to you; you have
to pay them back.
Northwestern Health Sciences University historically
has a low default rate of less than 1 percent.
ADDITIONAL FINANCIAL AID COUNSELING
Enrollment at NWHSU
While enrolled at NWHSU the student at
any time may come by Student Records and Financial Services
to review their financial aid portfolio. The emphasis
is to recap entrance requirements and to think about your
debt (current and future) and repayment questions before
you graduate.
Exit Counseling
One of the borrower’s obligations is to participate
in an exit group counseling session. The emphasis for exit
counseling shifts to more specific information about repayment
and debt-management strategies such as extended repayment
and consolidation.
Click here for more information.
Please note that financial aid awarding
and related processing are subject to change.
*What is default?
When you fail to repay your student loan according to the
terms and conditions of your promissory note, your loan
will be declared in default.
**Consequences
of Default
Reported to credit bureau (borrower and cosigner)
Loan becomes immediately due in full
Ineligible to receive federal, state, private and/or institutional
funds
Federal and state income tax refunds withheld (borrower
and cosigner)
Wages may be garnished
Assignment to collection agency or federal government
Borrower responsible for attorneys’ fees and collection
costs
Suspension of professional license or certificate
If you have questions, visit our FAQ
page, and or call us at (800) 888-4777, #6.
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