Funding Your Education

Funding your education requires preparedness and research. The information below details what you need to apply, how to apply, and general resources of funding. Please contact your respective financial aid office and they will be able to assist in answering your questions.

• How to Apply
• Grants & Scholarships
• Loans
• Suggested Lender Lists
• Online Loan Counseling
• Other Useful Resources
• Work Study

How To Apply

To be considered for any need-based financial aid including student loans, you are required to complete the Free Application for Federal Student Aid (FAFSA). If you have Internet access, we encourage you to apply online using FAFSA on the Web at www.fafsa.ed.gov. There are audits in the system when applying online that help eliminate errors. Applying online normally reduces processing time. Help is available. If you prefer a paper FAFSA application, you may request one from the Federal Student Aid Information Center at 1-800-4-FED-AID or download a PDF FAFSA from www.studentaid.ed.gov.

Apply as soon as possible after January 1 of each year. Northwood encourages you to apply by the earlier of your state aid deadline or April 1. Read more about your state aid deadline on the FAFSA and in our section on grants.

Before completing the FAFSA online, we encourage you to apply for a personal identification number or PIN. The PIN is your electronic access code. A PIN can be requested from www.pin.ed.gov  or www.fafsa.ed.gov. The PIN acts as your signature on the FAFSA. It also provides you access to other personal information stored in other federal aid sites. Parent(s) of dependent students should also apply for a PIN.

NEVER SHARE YOUR PIN WITH ANYONE.

If you have questions when completing your FAFSA, you can get free help by contacting the Federal Student Aid Information Center at 1-800-4 FED AID or by contacting your Northwood Financial Aid office. If you are using FAFSA on the Web, you can also get help online.

Be sure to include Northwood University's school code on your FAFSA.

• The FAFSA school code for the University College Outreach Centers (except FL and TX) is 004072.
• The FAFSA school code for the Florida campus and FL Outreach Centers is E00586.
• The FAFSA school code for the TX campus and TX Outreach Centers is 013040.

After you have submitted your FAFSA to the federal government for processing, you will receive a Student Aid Report (SAR). Review the information. Follow any instructions on the SAR. Be sure Northwood’s school code is on the SAR. You may find that your SAR has been selected for verification. If so, you will be receiving a letter from the Financial Aid Office requesting additional information.

Before the Financial Aid Office is able to offer you financial assistance, you must have applied for admissions and been accepted for enrollment at Northwood. After you have been accepted, and the Financial Aid Office has received your SAR from the Department of Education and any requested documentation from you, the Financial Aid Office will mail you an award letter. The award letter will notify you of the types and amounts of aid that you may receive. You will also be able to view your award information at my.northwood.edu.

Remember the Financial Aid Office is here to serve you. If you have any questions or concerns, please contact us.

Grants and Scholarships

FEDERAL GRANTS

Federal Pell Grant

• Variable amount.
• Based on financial need as determined by Pell Grant regulations.
• Student must complete the Free Application for Federal Student Aid (FAFSA).

Federal Supplemental Educational Opportunity Grant (SEOG)

• Variable amount.
• Receipt of these funds is limited to students who demonstrate exceptional financial need and who are Pell Grant eligible.
• Student must complete the Free Application for Federal Student Aid (FAFSA).

Federal Academic Competitiveness Grant (ACG)

• First year student $750, Second year student $1300.
• Must be US citizen, Federal Pell Grant eligible, and enrolled full-time.
• Must have completed a rigorous secondary school program. Click here for detailed list.
• Other academic restrictions apply.
• Student must complete the Free Application for Federal Student Aid (FAFSA).

STATE GRANTS AND SCHOLARSHIPS

Michigan Tuition Grant

• $2,100 (subject to change in state funding)
• Awarded to Michigan residents who demonstrate need
• Renewable up to 15 terms, if the student continues to demonstrate financial need and continues to meet the University’s standard for academic progress

Michigan Competitive Scholarship

• $2,100 (subject to change in state funding)
• Awarded to Michigan residents who have demonstrated financial need and a qualifying ACT test score
• Renewable up to 15 terms if the student continues to demonstrate financial need and continues to meet the University’s standard of academic progress

Florida’s Access to Better Learning and Education Grant (ABLE)

• Variable amount.
• Tuition assistance awarded to Florida residents who have met all program requirements.

Florida’s Bright Futures Scholarship

• Variable amount.
• Awarded by the state of Florida to Florida residents based on academic performance.
• Students must apply after December 1st during their senior year in high school
• Eligibility is determined by the state during the student’s senior year in high school.
• Awards may be used up to seven years after high school graduation.
• Northwood University’s school code for this scholarship is 024.

Most states have financial assistance programs. Each state program generally has specific deadlines, application requirements, and restrictions on the use of their funds. Contact your state’s Department of Education for more details. For contact information, please click here.

Loans

Here is a brief summary of several different types of loans. Paperwork is available through the Financial Aid Office or participating lenders.

FEDERAL STAFFORD LOAN (for students)

• Loan that a student can borrow from a participating lender.
• Student must complete the Free Application for Federal Student Aid (FAFSA) in order for the Financial Aid Office to determine the student’s eligibility.
• Students are notified of their loan eligibility on their award letter.
• Student must be enrolled at least half-time; be US citizen or eligible non-citizen; be maintaining satisfactory academic progress.
• Eligibility is also affected by cost of attendance.
  Student's financial need or lack of need (as determined by the Financial Aid Office using the results of the FAFSA) dictates whether the loan is subsidized or unsubsidized. Interest is paid by the federal government on subsidized loans while the student is enrolled at least half time and during the student’s six month grace period.
• Annual loan limits are determined by grade level and dependency status:
• Dependent undergraduate students: freshman: $3,500; sophomore: $4,500; and junior/seniors $5,500.
• Independent undergraduate students: freshman: $7,500 (no more than $3,500 subsidized); sophomore: $8,500 (no more than $4,500 subsidized); and junior/seniors $10,500 (no more than $5,500 subsidized).
• Graduate students: $20,500 (no more than $8,500 subsidized).
• For undergraduate students, subsidized Federal Stafford Loans first disbursed on or after July 1, 2008, have a fixed interest rate of 6.0%. Unsubsidized Federal Stafford Loans have a fixed rate of 6.8%.
• For graduate students, all Stafford Loans (subsidized and unsubsidized) have a fixed interest rate of 6.8%.
• Loan fees may be deducted prior to disbursement (effective 7/1/08, maximum 2% of principal).
• Loan repayment begins six months after the student graduates, falls below half-time enrollment, or withdraws from school.
• No prepayment penalties.
• First time borrowers of Stafford Loans are required to complete entrance loan counseling before receiving their loan funds. Entrance counseling can be done at www.mappingyourfuture.org.
• For more information about participating lenders, see Northwood’s suggested lender list.

FEDERAL PLUS LOAN (for parents)

• Loan that a parent can borrow on behalf of the student.
• Student must be enrolled at least half-time; be considered dependent for financial aid purposes; be a US citizen or eligible non-citizen; be maintaining satisfactory academic progress.
• Parent must be a credit worthy US citizen or eligible non-citizen.
• Maximum loan amount is equal to the cost of attendance minus financial aid.
• The current interest rate is a fixed rate of 8.5%.
• Loan fees may be deducted prior to disbursement (maximum 4% of principal).
• Repayment begins 60 days after the loan is fully disbursed. Some lenders provide deferment.
• No prepayment penalties.
• For more information about participating lenders, see Northwood’s suggested lender list.

ALTERNATIVE LOANS

• Not a federal loan program.
• Loan terms and conditions vary by lender.
• Credit worthy co-signor may be required. 
• Costs to the borrower are normally higher than those incurred through the federal loan programs.
• These loans are generally used as a loan of last resort.
• For more information about participating lenders, see Northwood’s suggested lender list.

Online Loan Counseling

Students who borrow under the Federal Stafford Loan Program for the first time are required to complete counseling before their loan proceeds can be released.

You may complete your counseling requirements by clicking on the images below:

Entrance Counseling

Exit Counseling

If you have any questions as you complete the counseling requirements, you may contact the Financial Aid Office or click on the “E-mail a Question” button on the counseling pages.

Suggested Lender Lists

Northwood provides the following list of lenders and lender codes as a courtesy to our students and their families. Loan borrowers may select any participating lender of their choice. This list does not include all participating lenders in the loan programs. As a service, the Financial Aid Office reviews numerous lender services and benefits. The list includes some of the lenders that Northwood has found provides attractive borrower benefits, quality customer service, accuracy and reliability. Northwood keeps the borrowers best interests in mind during lender reviews. Northwood and its employees do not receive any form of compensation or benefits for suggesting a particular lender. Northwood cannot and will not select a lender for a borrower. Borrowers must indicate their choice of lender on their Master Promissory Note and Student Loan Request Form. These forms are available in the Financial Aid Office.

Florida

Federal Stafford Loan Suggested Lender List

Bank of America - 811735
Chase - 818590
Citibank - 826878
edAmerica - 831453
Key Bank - 811025
Suntrust - 824135
Wells Fargo - 807176

Federal PLUS Loan Suggested Lender List

Bank of America - 811735
Chase - 818590
Citibank - 826878
edAmerica - 831453
Key Bank - 811025
Suntrust - 824135
Wells Fargo - 807176

Alternative Loan Suggested Lender List

Chase - 503000
Citibank - 826878
edAmerica - 831939
Key Bank - 800000
National Education - 434378
Suntrust - 811111
Wells Fargo - 807176

Texas

Federal Stafford Loan Suggested Lender List

Bank of America - 832733
Chase - 803000
Citibank - 826878
edAmerica - 831453
Frost Bank - 810883
Nellie Mae - 829076
Nelnet - 833669
Wachovia - 830005
Wells Fargo - 807176
Woodforest National Bank - 833418

Federal PLUS Loan Suggested Lender List

Bank of America - 832733
Chase - 803000
Citibank - 826878
edAmerica - 831453
Frost Bank - 810883
Nellie Mae - 829076
Nelnet - 833669
Wachovia - 830005
Wells Fargo - 807176
Woodforest National Bank - 833418

Alternative Loan Suggested Lender List

Chase
Citibank
edAmerica
Nellie Mae
Wachovia
Wells Fargo
Woodforest National Bank

Locations NOT in Florida or Texas

Federal Stafford Loan Suggested Lender List

Chase - 803000
Citibank - 826878
edAmerica - 831453
Fifth Third Bank - 808780
SunTrust Bank - 819873

Federal PLUS Loan Suggested Lender List

Chase - 803000
Citibank - 826878
edAmerica - 831453
Fifth Third Bank - 808780
SunTrust Bank - 819873

Alternative Loan Suggested Lender List

Chase
Citibank CitiAssist Loan - 826878
edAmerica XtraCredit Alternative Loan
Sallie Mae Signature Loan

Other Useful Links

Financial Aid Information
National Association of Student Aid Administrators
Financial Aid Eligibility Estimator
Finaid.org
The Student Guide

Scholarship Searches
FastWEB
BrokeScholar.com
College-Scholarships.com

BEWARE OF SCHOLARSHIP SCAMS.  Unfortunately there are fraudulent scholarship companies.  BE CAUTIOUS.  For more information on the College Scholarship Fraud Prevention Act contact the Federal Trade Commission at 1-877-FTC-HELP or go online at www.ftc.gov/scholarshipscams.

Government Sites
Florida Department of Education
MI Student Aid
US Department of Education
HOPE & Lifetime Learning tax credits
VA Education Service
Internal Revenue Service

Work Study

Work-Study awards provide employment opportunities for eligible students with financial need. Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for this need based award. If the student qualifies for assistance, the student will receive an award letter from the Financial Aid Office indicating the maximum amount of wages the student is able to earn. Students are paid bi-weekly by check for their hours worked. Students generally use their earned wages to help defray personal educational expenses. All student employment is subject to job availability. Work-study awards are partially funded through the Federal Work-Study program or the Michigan Work-Study program. The Michigan Work-Study program provides funding to eligible Michigan residents only. If you receive a work-study award, you will receive additional information from the Financial Aid Office.

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