Overview
This lecture provides an overview of financial aid processes at Northwestern State University, including FAFSA completion, types of aid, student responsibilities, and maintaining eligibility.
FAFSA and Applying for Aid
- Complete the FAFSA (Free Application for Federal Student Aid) each academic year to apply for federal and some state aid.
- FAFSA uses prior year tax income; do not use current year taxes.
- List NSU's school code (002021) on your FAFSA for electronic information transfer.
- Submit FAFSA online at www.studentaid.gov as early as October 1st annually.
Types of Financial Aid and Requirements
- Federal aid includes Pell Grants, federal student loans, and federal work study.
- State aid may include GO Grant, SEOG, and other scholarships.
- Title IV Authorization and Terms and Conditions forms must be completed once in myNSU.
- You may be selected for verification and must submit tax or wage documents if requested.
Financial Aid Awarding and Acceptance
- Aid packages are awarded after all requirements and verification are complete.
- Pell Grants and state awards are auto-accepted; accept or decline student loans via myNSU.
- Subsidized loans (government pays interest while enrolled); unsubsidized loans (interest accrues daily).
- Must be enrolled in at least 6 credit hours for student loans.
- Complete a Master Promissory Note and entrance counseling at studentaid.gov if you accept loans.
Additional Funding Options
- Alumni Foundation Scholarships and Tuition Hardship Exemption (up to $300/semester for eligible LA residents not receiving TOPS).
- Parent PLUS Loans (parent applies for credit-based loan at studentaid.gov).
- Third-party scholarship search (Fastweb) and alternative loans (credit-based) are available.
Account Processes and Billing
- Complete "Intent to Attend" in myNSU within first 7 days of classes each semester for aid disbursement.
- Account pre-bill sent one month before each semester; view bills in myNSU.
- Installment plans split unpaid balances; $85 plan fee; $45 late fee per missed installment.
- Refunds for excess aid can be direct deposited.
Maintaining Aid Eligibility (Satisfactory Academic Progress)
- Maintain a cumulative 2.0 GPA for federal aid.
- Complete at least 67% of attempted credit hours.
- Cannot attempt more than 150% of required degree hours (usually 180 hours for a 120-hour program).
- Appeal required if you fall below GPA or completion rate requirements.
- For scholarships: must be full-time (12+ hours), maintain specific GPA, and not used for summer.
FERPA and Privacy
- FERPA (Family Educational Rights and Privacy Act) protects the confidentiality of student records.
- FERPA rights transfer to students at age 18 or upon entering college.
- FERPA release form is required for third-party account access and must be submitted in person or online.
Key Terms & Definitions
- FAFSA — Free Application for Federal Student Aid; determines eligibility for aid.
- Verification — Process to confirm accuracy of FAFSA details using additional documents.
- Subsidized Loan — Federal loan with interest paid by government while enrolled.
- Unsubsidized Loan — Federal loan with interest accruing daily, student responsible for interest.
- Pell Grant — Need-based federal grant not repaid.
- Intent to Attend — Required process each semester to confirm course attendance before aid is released.
- FERPA — Federal law that protects the privacy of student education records.
Action Items / Next Steps
- Apply for FAFSA early each year at www.studentaid.gov.
- Complete Title IV Authorization, Terms and Conditions, and Intent to Attend via myNSU.
- Monitor NSU and personal emails for aid updates and requirements.
- Keep copies of all financial aid documents and passwords secure.
- Maintain satisfactory academic progress to keep receiving aid.
- Contact the Financial Aid Office with any questions or concerns.