Financial Aid FAQs
FAQs
FAFSA FAQ
Question: How do I apply for Financial Aid?
Answer: You can apply by completing the free application at Federal Student Aid website. Before completing the application you will want to apply for a federal student aid ID, which you will use as an electronic signature.
Question: What type of information does the FAFSA require?
Answer: The FAFSA will require general, as well as tax and asset, information. If you are a dependent student you must provide your parents' information as well.
Question: What types of aid are awarded from the FAFSA?
Answer: When we receive a student aid report from FAFSA, that report will tell us what the student is eligible for based on the information the student provided. We award the Pell Grant, SEOG, OTAG, Direct Stafford Loans (Subsidized and Unsubsidized), and Direct Parent Plus Loans based on each student's eligibility.
Question: Do I have to apply for financial aid every year?
Answer: Yes, every student must apply for federal aid every year. The FAFSA is available to fill out every year on October 1, and is good for the following fall, spring, and summer semesters.
General FAQ
Question: Do I have to meet certain requirements to be eligible for financial aid?
Answer: Federal regulations require that all recipients of student financial assistance make satisfactory academic progress toward a degree. Students applying for assistance through the Federal Pell Grant, Federal SEOG, Federal Work Study, TEACH Grant, Oklahoma Tuition Aid Grant (OTAG), Direct Subsidized Stafford Loan, Direct Unsubsidized Stafford Loan, Direct Parent PLUS Loan and Direct Graduate PLUS loan programs must meet THREE requirements to maintain their financial aid eligibility at NSU:
First, students are required to maintain a minimum cumulative grade point average.Second, students are required to complete (pass) a certain percentage of hours they attempt.
Third, students must complete their degree within a timely manner.
Failure to meet ALL of these minimum academic standards will result in the loss of financial aid eligibility. Students are expected to know, based on this Satisfactory Academic Progress Policy, when they may be placed on financial aid warning, probation, or suspension. Satisfactory academic progress is reviewed at the end of each academic semester once grades have been posted.
Satisfactory Academic Progress Policy
Question: As a graduate student how many hours do I need to be enrolled in to be eligible for financial aid?
Answer: A graduate student must be enrolled in at least five graduate level (5000) hours during any semester of attendance to be eligible for financial aid.
Question: What can my financial aid be used for?
Answer: Financial aid is primarily meant to be used to pay educational costs such as tuition and fees, books, housing, etc. It can also be used to help with transportation costs and basic necessities while attending school. Financial aid is not meant to be a main source of income, it is meant to be a supplement to aid in your costs while attending school.
Question: How does my financial aid pay for my charges?
Answer: After your financial aid has been determined and processed, it will come into the University and apply to your account. If your bill is not paid in full by your financial aid, you will receive a bill for the balance. If your financial aid is enough to cover all costs and you have remaining aid left over, you will receive a refund via your TouchNet account.
Loan FAQ
Questions: How do I apply for a student loan?
Answer: The first step is to complete a FAFSA. Our office will then determine your eligibility and award you a student loan accordingly. Once awarded, you must then complete your entrance counseling and master promissory note before the loan is disbursed to the school.
Question: How much money can I borrow?
Answer: A student's loan eligibility is determined by several factors. These factors consist of grade classification (freshman, sophomore, etc.) as well as whether the student is dependent or independent. Another factor is based on the amount of additional aid a student is receiving. We are allowed to award a student a certain amount of aid per year based on their Cost of Attendance (COA). All outside aid is factored into this COA, therefore it may affect the loan amount a student is eligible to borrow.
Question: What is loan consolidation?
Answer: Loan consolidation is when individual student loans are combined into one loan. This is helpful if a student has had loans at several different banks throughout their education. After graduation, rather than make payments to several banks, a student can opt to consolidate their loans and make payments to only one entity. For further detailed information, we recommend you contact the US Department of Education, Loan Consolidation Services at 1-800-557-7392.
Question: What are the repayment terms of student loans?
Answer: Direct Subsidized Stafford loans are currently set at a 4.99 percent fixed interest rate. Direct Unsubsidized Stafford loans for undergraduate students are currently set at a 4.99 percent fixed interest rate. Direct Unsubsidized Stafford loans for graduate/professional students is currently set at a 6.54 percent fixed interest rate. Direct Stafford loans do not go into repayment status until six months after graduation. Direct Stafford loans will also go into repayment if a student drops below half-time or has to sit out of school for any period longer than six months.