Financial Aid Programs
The following federal and state programs are available to provide financial assistance.
Federal Pell Grant
The Pell Grant assists undergraduate students who need financial help for their education and, like other grants, does not have to be repaid. Applicants must submit the Free Application for Federal Student Aid (FAFSA) to determine eligibility for the grant. The amount, for eligible students, may be as little as $575 or as much as $5,550 in 2012-2013. For 2013-2014, Pell grant amounts range from $574 to as much as $5,645. The Pell Grant amounts stated are based upon the current funding level established by Congress. This funding level is subject to change and your Pell award amount could be reduced. Effective July 1st, 2012 students are limited to 12 semesters, or their equivalent, of Pell grants.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The purpose of the FSEOG Program is to provide additional grants to students who are Pell-eligible and who demonstrate exceptional financial need.
Nebraska Opportunity Grant (NOG)
The NOG is available to students who are working towards their first bachelor's degree and whose expected family contribution (EFC) is $6000 or less. These grants are funded by the Federal government through the Leveraging Educational Assistance Partnership Grants, by the State, and, where applicable, other contributing partners. The award is contingent upon approval by the Nebraska Coordinating Commission for Postsecondary Education.
Federal Work-Study (FWS)
The work-study program provides jobs for eligible students who show unmet need. Student workers are paid biweekly as hours are worked. Most FWS students are employed on campus and work an average of 8-10 hours per week at a salary of at least minimum wage. Some jobs are designated community service jobs as students assist individuals in the greater northeast Nebraska area. Northeast also provides FWS students for an off-campus reading tutors program for elementary school children.
- All loans must be repaid by the borrower and should be taken with extreme caution and forethought. Failure to repay a loan will negatively affect the student for years.
- A first-time borrower at Northeast must complete a Master Promissory Loan Note.
- Before receiving a first disbursement, first-time borrowers at Northeast must complete loan counseling.
- Loans for the year will have two disbursements, half in the fall and half in the spring.
- Loans will be credited directly to the student’s account. After the student’s school expenses are covered, excess amounts will be returned to the student by mail within 14 days to be used for other costs of education.
Subsidized Federal Stafford Loan
To be eligible for the subsidized Stafford Loan, a student must show need and be enrolled at least half- time. The government subsidizes the loan by paying the interest for the student during periods of at least half-time enrollment. For the 2012-2013 and 2013-2014 school years, freshman students may be eligible for up to a maximum of $3500, and sophomores may borrow up to $4500. The repayment period begins 6 months after the student is no longer enrolled at least half-time, interest will accrue during those 6 months and will be payable by the student rather than subsidized by the federal government. The interest rate for 2012-2013 is 3.4% fixed. Contact the financial aid office for the 2013-2014 interest rates.
Unsubsidized Federal Stafford Loan
The terms of the unsubsidized Federal Stafford Loan are identical to those of the subsidized Federal Stafford Loan with two exceptions-a student is not required to show need for the unsubsidized Federal Stafford Loan and interest is the student's responsibility from the beginning. The government does not pay interest for the student. Subsidized loan eligibility reduces available unsubsidized limits. Independent students could have up to $4,000 of additional eligibility above the $3,500 for level-one students and $4,500 for level-two students. The interest rate for 2012-2013 will be at 6.8 % fixed. Contact the financial aid office for the 2013-2014 interest rates.
Ensuring Continued Access to Student Loans Act of 2008 (ECASLA)
President Bush signed into law the Ensuring Continued Access to Student Loans Act of 2008 (H.R. 5715) on May 7, 2008. The bill makes significant changes to federal student programs, including several that could help Northeast students and parent loan borrowers.
The law makes these federal student aid changes effective July 1, 2008:
- Increases the additional unsubsidized Stafford annual limits by $2,000 for independent, undergraduate students and for dependent, undergraduate students whose parents cannot borrow PLUS.
- Increases unsubsidized Stafford limits for dependent students by introducing additional unsubsidized amounts of $2,000.
- Allow parents to choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half-time; accruing interest could either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.
- Increases aggregate loan amounts for undergraduate dependent students from $23,000 to $31,000.
- Increases aggregate loan amounts for undergraduate independent students from $46,000 to $57,500.
Parent Loan for Undergraduate Students (PLUS)
The PLUS loan is available to parents of dependent students to help meet remaining costs of education. Maximum eligibility is total cost of education minus financial aid. Interest is the parent's responsibility and is calculated at a fixed rate of 7.9 percent.
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Financial Aid Office