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Funding your Education

General Funding Information

Northwood University offers several means of funding your education. The resources available guide you as steps to securing funding for your education.

Scholarships | Grants | Financial Aid | Loans | Additional Resources

Freshmen Merit Scholarships

Awarded to new freshmen beginning in 2010-2011
Based on GPA and ACT/SAT test scores.
Four award levels:

Presidential - $10,000
Freedom - $9,000
Free Enterprise - $7,000
Entrepreneurship Grant - $4,000

Renewable for three additional academic years if satisfactory academic progress is maintained.

Florida Prepaid Tuition Plan

Your funds can be used through the Florida Prepaid Tuition Plan at Northwood University. Learn more about the program here.

Sibling Grants

Siblings will receive $2000 for the spring semester assuming the incoming student has committed by May 1, 2010. After May 1, the discount is reduced to $1500. Siblings must both be enrolled full-time at Northwood University for that semester.

Athletic Scholarships

Amount: Determined by coaches.
Must meet NAIA eligibility requirements

Bright Futures Scholarships

Amount: Variable.
Awarded by the State of Florida to Florida residents based on academic performance.
Students must apply after December 1 during their senior year in high school. Contact your high school guidance office for details.
Northwood University's school code for the Bright Futures Scholarships is 024.

Business Club Scholarships - Incoming Freshmen

All incoming freshmen who have participated during their senior year in one of the business clubs must have a 2.7 GPA and have submitted a letter of recommendation from their advisor. Additional criteria is described below for the various club scholarships.

DECA, BPA, FBLA, JA, FCCLA

$4,000 ($1,000/year) - All incoming students that have participated in one of the business clubs may qualify. Must have a 2.7 GPA and have submitted a letter of recommendation
$10,000 ($2,500/year) - All state officers, and national or state 1st place winners by category with a 2.7 GPA and letter of recommendation
$20,000 ($5,000/year) - All national officers with a 2.7 GPA and letter of recommendation

These scholarships are renewable if a 2.5 GPA is maintained. Eligibility requirements vary from campus to campus depending on a student's eligibility for other institutional aid.

Downloadable form for Business Club Scholarships.

Mock Trial Scholarships

All incoming students that have competed in a Mock Trial interscholastic tournament may qualify. Must have a 3.0 GPA and have submitted a letter of recommendation: $4,000 ($1,000/year)
Blue Ribbon Round participants with a 3.0 GPA and letter of recommendation: $10,000 ($2,500/year)
National Mock Trial interscholastic tournament participants with a 3.0 GPA and letter of recommendation: $20,000 ($5,000/year)
These scholarships are renewable if a 2.5 GPA is maintained.

Competitive Speech Scholarships

Contact Coach Andy Rapp at 800.457.7878 for scholarship eligibility requirements.

Transfer Scholarships

Transfer Club Scholarships

Amount: $1000/year
Must be a member of one of the following programs through the college you plan to transfer from:

Delta Epsilon Chi
Phi Beta Lambda
Business Professionals of America
Students in Free-Enterprise
Phi Theta Kappa

Must have a minimum 2.7 GPA (cumulative) / Phi Theta Kappa must have a minimum 3.0 GPA.
Renewable if 2.5 GPA is maintained.
Must be enrolled a minimum of two years.

Freedom Transfer Scholarship

Amount: $7,000/year
Requires 3.40 GPA or higher
Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years.
Must maintain Satisfactory Academic Progress

Free-Enterprise Transfer Scholarship

Amount: $6,000/year
Requires 3.0 - 3.39 GPA
Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years.
Must maintain Satisfactory Academic Progress

Entrepreneur Transfer Scholarship

Amount: $4,000/year
Requires 2.7 - 2.99 GPA
Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years.
Must maintain Satisfactory Academic Progress.

Private Donor Scholarships

Many Northwood friends and affiliates have generously provided funding for private scholarships for students. View the complete 2009-2010 list.

Complete the 2009-2010 Online Scholarship Application.

Grants

Federal

Federal Pell Grant: Maximum 2009-2010 award is $5,350. Student must complete the Free Application for Federal Student Aid (FAFSA). Eligibility is determined from the results of the 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 Pell Grant eligible. Must have completed a rigorous secondary school program. Other academic restrictions apply. Student must complete the Free Application for Federal Student Aid (FAFSA).

Northwood Grants

Northwood University Grant: Variable amount. Must have financial need as determined by the Financial Aid Office. Student must complete the Free Application for Federal Student Aid (FAFSA). Requires full time enrollment.
Northwood University Florida Residency Grant: $1,200 per academic year
Florida resident for at least one year prior to the date of matriculation. Must be a high school graduate entering as a freshman with a minimum GPA of 2.0 or be a transfer student eligible for a Merit Transfer Scholarship.
PBCC Provost Grant: $2,500 per academic year. Awarded to students with an associate's degree from Palm Beach Community College.

State Grants

Access to Better Learning and Education Grant Program (ABLE)

Variable amount.
Tuition assistance awarded to Florida residents who meet all program requirements.
Student must be enrolled full time.

Florida Student Assistance Grant (FSAG)

Variable amount.
Awarded to Florida residents who demonstrate need and meet all program requirements.
Student must complete the Free Application for Federal Student Aid (FAFSA).
Student must be enrolled full time.
Priority Deadline: FAFSA must be received by the federal government by April 1

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.

Financial Aid

To be considered for any need based financial aid (that includes student loans), you are required to complete the Free Application for Federal Student Aid (FAFSA). We encourage you to apply online using FAFSA on the Web at www.fafsa.gov. 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.

Apply as soon as possible after January 1st of each year. Northwood encourages you to apply before the state aid deadline or April 1st. Read more about your state aid deadline on the FAFSA site.

Before completing the FAFSA online, we encourage you to apply for a PIN, which is your electronic access code. A PIN can be requested from www.pin.ed.gov or www.fafsa.gov. The PIN (personal identification number) will act as your signature on the FAFSA. It also will provide 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 Florida Campus is E00586.

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.

Loans

Here is a brief summary of the different types of loans. Paperwork is available online or through the Financial Aid Office or participating lenders. Please note that first time borrowers who receive loans are required to participate in Entrance Counseling before loan proceeds will be released. Upon completion of your education, you will be required to participate in Exit Counseling as well. Both of these requirements may be conducted online or at your Financial Aid Office.

Federal Stafford Loan

Loan that a student can borrow from any 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: $5,500 (no more than $3,500 subsidized); sophomore: $6,500 (no more than $4,500 subsidized); and junior/seniors $7,500 (no more than $5,500 subsidized).
Independent undergraduate students: freshman: $9,500 (no more than $3,500 subsidized); sophomore: $10,500 (no more than $4,500 subsidized); and junior/seniors $12,500 (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, 2009 have a fixed interest rate of 5.6%. 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 7/1/09, maximum 1.5% of principal).
Loan repayment begins six months after the student graduates, falls below half-time enrollment, or withdraws from school.
No prepayment penalties.

Federal PLUS Loan

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. Deferments are available.
No prepayment penalties.

How to Apply for a Federal Loan

First, be sure you have completed the Free Application for Federal Student Aid (FAFSA).

There are two documents needed to complete the loan application process: the Master Promissory Note (MPN) and the loan request form. If you are a repeat borrower, you would have already completed the MPN. You do not need to do so again if your lender has a valid form.

New First-time Borrowers:

1. Complete the Master Promissory Note(s) (MPN) either:

Online at your lender's website
Or, on paper: Forms are available in the Financial Aid Office.

2. Complete a loan request form(s). Select the appropriate form(s) below.

Stafford Loan New Borrower Request Form (student borrower)
PLUS Loan New Borrower Request Form (parent borrower)

3. Submit the loan request form and Master Promissory Note (if paper option was chosen) to the Financial Aid Office.

4. Student loan borrowers must complete mandatory Entrance Loan Counseling or in person in the Financial Aid Office.

Repeat Borrowers

If you plan on staying with your original lender, complete and submit the appropriate loan request form to the Financial Aid Office.

Stafford Loan Repeat Borrower Request Form (student borrower)
PLUS Loan Repeat Borrower Request Form (parent borrower)

What lender? THE CHOICE IS YOURS!

Northwood provides a list of suggested lenders as a courtesy to our students and their families. Loan borrowers may select any participating lender of their choice. The suggested lender list we provide 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 Northwood has found to provide 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.

To view our suggested lenders, their contact information and a comparison of their benefits, click here. You will be asked to select the state in which your campus resides and our name.

Student Loan Code of Conduct