FINANCIAL AID BASIC INFORMATION
- Neumont's FAFSA Code: 009948
- Financial Aid Phone Number: 877-622-2833
- Email the Financial Aid Office at: financialaid@neumont.edu
INFORMATION FOR CURRENT STUDENTS
Financial aid is an ongoing process, you can expect to 're-package' your financial aid every three quarters (that's one academic year, we know it's kind of confusing). We encourage you to be proactive about financial aid, check in with your Paying for College Expert regularly to ensure that everything is completed on time — you'll get important notifications via your Neumont student email account. We also encourage you to participate in a brief, no cost, online workshop on financial literacy, this program will help ensure you're on the right financial track today, and after graduation. Click Here to get started with the Life Skills Financial Literacy program.
Other Important Links
- Paying for College Survey
- Neumont Scholarship Details for Incoming Students
- Understanding My Options
- Understanding My College Investment
- Submit a Question for the Financial Aid Office
- How Do I Start?
FREQUENTLY ASKED QUESTIONS
- What Federal Student Financial Aid programs does Neumont University offer?
Before we get into the details, let's make it clear, even though we're different from your traditional university, we still offer all of the same fnancial aid program that you can expect from any University, Financial Aid is available for those who qualify, and includes federal Pell Grants, Stafford Loan and PLUS loan programs, as well as Neumont-sponsored scholarships.
-
The Stafford Loan is a loan program for the student. There are two types of Stafford Loans, subsidized and unsubsidized. A subsidized Stafford loan is a loan program wherein the interest on the loan is paid by the Federal government until six months after the student graduates or withdraws from the program. After the six month period, the student begins loan repayment. An unsubsidized Stafford Loan follows the same time frame as the subsidized Stafford loan, but the interest is not paid by the government (subsidized). The interest simply accrues on the loan while the student is in school. The PLUS loan is a loan that a parent of a dependent student may secure. With both Stafford and PLUS loans, repayment is required. For more details on your financial aid options, click here.
Now, for the specifics: The Pell Grant is a need-based grant that the student does not have to repay.
- How do I get Federal Aid to attend Neumont University?
The first step is to complete the Free Application for Federal Student Aid (FAFSA). You must include Neumont University's school code of 009948 on the application. The second step is to complete the Neumont University Financial Aid Application (NUFAA). Unless additional information is required, these two applications will provide the Financial Aid Office with the information necessary to determine your federal aid eligibility. You will receive an award letter with details about your eligibility within a few weeks of your application. You must complete a FAFSA for each award year in which you wish to use Federal student financial aid.
- What is a Student Aid Report (SAR)?
The Student Aid Report is a summary of the information provided on the FAFSA. It also provides the Expected Family Contribution (EFC) number used to determine aid eligibility. You should carefully review your SAR to make sure there are no errors. Submit any corrections to the Financial Aid Office at:
Neumont University
Office of Financial Aid
10701 S River Front Pkwy, Ste 300
South Jordan, Utah, 84095
- What is an ISIR?
The Institutional Student Information Record is the paper record of the SAR that contains the information the student mailed to the Central Processing System.
- What is the EFC?
EFC stands for Expected Family Contribution. This number is the result of applying a formula to the financial information provided on the FAFSA. The Expected Family Contribution is the amount that the dependent student and family, or independent student, is expected to contribute towards the Cost of Attendance. This number is used to determine your eligibility for need-based programs (Pell Grant and Subsidized Stafford loan).
- What is an Award Letter, or Paying for College Estimate?
An award letter details your personal Federal financial aid eligibility to attend Neumont University as determined by the processing of the information you included in the FAFSA and the Financial Aid Application form. The award letter will let you know specifically which Federal student aid programs you are eligible for in terms of specific maximum amounts. The award letter will also include additional information on securing the funds, disbursement information, and canceling loans.
- When will I receive my award letter?
Award letter processing takes about three weeks from after you complete your Paying for College Application and the FAFSA. However, you must be accepted to the University in order to have your award letter processed. It generally takes four to six weeks to complete the process, longer if verification is required. The University will fax, e-mail or mail your award letter to the address indicated on the Financial Aid Application Form.
- I live on my own. Why am I still considered dependent?
Dependency for financial aid purposes is defined a little differently than most people would assume. The U.S. Department of Education will evaluate the information you provide on the FAFSA and determine your dependency status. A student is only considered independent for a Financial Aid year if one of the following criteria applies:
- The student was born before January 1, 1987
- The student is enrolled in a graduate/professional degree program
- The student is married on or before the date he or she applies
- The student is an orphan or is or was until 18 a ward/dependent of the court
- The student is a veteran of the U.S. armed forces
- The student has dependents other than a spouse.
It is important to understand that a student is considered dependent regardless of how he or she is claimed on the parent(s) tax forms and regardless of how much (or how little) financial support the parent is providing.
- When will I get the funds?
Disbursements of fund are electronically transferred. Each program has its own specific disbursement requirements. Continued funding is based on academic satisfactory progress. Financial aid funds are fully earned after week seven of the quarter. Funds on account beyond tuition, fees, and books are reimbursed at the student's request after week seven.
- What is Entrance Counseling?
Entrance Counseling is a required counseling session for Stafford loan borrowers. Issues such as repayment, the consequences of default, and the Master Promissory Note are covered.
- What is Exit Counseling?
Exit Counseling is a required counseling session for Stafford loan borrowers. Issues such as monthly repayment amounts, repayment options, and debt management are covered. Our Financial Aid Office will schedule this meeting with you at graduation or withdrawal.
- I have already paid for tuition out of my own resources. Will my Federal eligibility be lowered because of this?
No. Your Federal aid eligibility is determined by the information included on the FAFSA and the Financial Aid Application Form. The Expected Family Contribution (EFC) listed on the Student Aid Report (SAR) is the amount that the student and family, or independent student, are expected to contribute to the student's educational costs for the relevant academic year (through savings, private scholarships, private loans, or other methods). This number is considered when determining your basic aid eligibility for federal; need-based programs and Neumont need-based scholarships. Payment of tuition out of your own resources does not change your Federal eligibility.
- What is the Cost of Attendance?
The Cost of Attendance is an estimate of the total costs associated with attending Neumont University for an academic year. The Cost of Attendance varies by each student's living situation, the degree program they're enrolled in, and where they are in the program. This number includes estimates for Tuition/Fees, Books/Supplies, Transportation, loan fees and Miscellaneous Personal expenses. The Cost of Attendance number that applies to you is the absolute limit of financial aid, regardless of source, that you may utilize during the academic year.
- I have reviewed my award letter, but my eligibility will not cover all of my costs. What are my options?
Though it varies on a case by case basis, your parents may choose to take on a PLUS loan to cover any gap in coverage. Students with parents who are unable, or unwilling to take on PLUS loans (or independent students who are not eligible for PLUS loans) typically secure alternative private loans and scholarships to cover any gap in funding. Work with your Paying for College Expert to identify private funding programs available for your unique circumstances.
- I have been selected for verification. What does that mean?
Approximately 30 percent of all applicants are selected for the process of verification. If you have been selected, you must provide additional documentation to the school. This documentation will include Federal tax forms for both the student and parent(s), if the student is dependent. The school is required to compare this information with the information you provided on the FAFSA. Any discrepancies must be addressed and corrected. You will receive a Verification Worksheet that will detail the information you must provide within the time frame specified. You will not be eligible to receive any Federal aid until this process is completed. For assistance in completing verification, please call (801)302-2828 or (801)302-2870.
