WHAT FEDERAL STUDENT FINANCIAL AID PROGRAMS DOES NEUMONT OFFER?
Even though we're different from your traditional college, we still offer all of the same financial aid programs that you can expect from any institution of higher education. Financial Aid is available for those who qualify, and includes Federal Pell Grants, Federal Direct Loans and PLUS loan programs, as well as Neumont-sponsored grants and scholarships.
Below are various grant options:
- Pell Grant is a need-based grant that the student does not have to repay along with the Supplemental Education Opportunity Grant.
- The Federal Direct Loan is a loan program for the student. There are two types of Direct Loans: subsidized and unsubsidized.
- A subsidized Direct 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 Direct Loan follows the same time frame as the subsidized Direct 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
For more details on your financial aid options, click here.
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 such as the Pell Grant and Subsidized Stafford Loan.
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 by contacting the Office of Financial Aid at:
WHAT IS AN ISIR?
The Institutional Student Information Record (ISIR) is the paper record of the SAR that contains the information the student mailed to the Central Processing System.
What is aN AWARD LETTER ESTIMATE?
Your Neumont Award Letter Estimate details your personal federal financial aid eligibility and potential private loans based on the information you included in the FAFSA and the Neumont Financial Aid Questionnaire. The estimate will let you know specifically which student aid programs and maximum amounts you are eligible for. The estimate will also include additional information on costs, securing funds, disbursement information, and canceling loans.
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 is over 24 years of age.
- 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 or was an orphan or ward/dependent of the court until age 18.
- 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.
HOw will i receive my financial aid funding?
Disbursements of funds 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. Any funds remaining on the student’s 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 Federal Direct 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 Federal Direct Loan borrowers. Information such as monthly repayment amounts, repayment options, and debt management are covered. Our Office of Financial Aid will schedule this meeting with you at graduation or withdrawal.
HOW WILL MY PERSONAL CONTRIBUTIONS AFFECT FEDERAL ELIGIBILITY?
Your federal aid eligibility is determined by the information included on the FAFSA and the Financial Aid Questionnaire. 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 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 personal expenses. The cost of attendance number that applies to you is the absolute limit of financial aid, regardless of source, that you may use during the academic year.
WHAT OTHER OPTIONS ARE THERE TO COVER THE GAP AFTER FEDERAL ELIGIBILITY?
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 use private loans and scholarships to cover any gap in funding. Work with your Financial Aid Advisor to identify private funding programs available for your unique circumstances.
I HAVE BEEN SELECTED FOR VERIFICATION. WHAT DOES THAT MEAN?
Approximately 30% 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 may include federal tax forms for both the student and parent(s) if the student is dependent.
WHAT HAPPENS IF I DON’T COMPLETE VERIFICATION?
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 not be eligible to receive any federal aid until this process is completed. For assistance in completing verification, please call 866-801-1300.