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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

The Richard DeVos Graduate School of Management has limited scholarship opportunities available to eligible students formally admitted to the Full-time and Evening MBA programs. Please note the Switzerland MBA program currently does not offer scholarships.

Early Decision Scholarship

All application materials (including application fee) must be received by the Early Decision Scholarship deadline in order to be considered for the scholarship award.  Applicants must also be accepted and have all commitment materials (including commitment deposit and Program Registration Form) submitted by the Early Decision deadline in order to be eligible for this scholarship.  If a student receives 100% tuition reimbursement, he/she is NOT eligible for the Early Decision Scholarship Award.

Early Decision Scholarship Award Amount:       $1,050
Early Decision Scholarship Deadline: 3 Months Prior to the Start of the Semester

May 23, 2010 (Fall Start)
October 10, 2010 (Spring Start)

Merit Scholarships

The DeVos Graduate School of Management offers a cumulative scholarship system for Evening and Full-time MBA students.

The DeVos Merit Scholarship system allocates awards based on three criteria. These components include a student's cumulative GPA of ALL undergraduate academic transcripts, demonstrated leadership attributes, and official Graduate Management Admissions Test (GMAT) or Graduate Record Examination (GRE) General Test scores. Each Merit component enables qualified applicants to maximize their scholarship award. Detailed Merit Scholarship award criteria include the following:

Cumulative Grade Point Average

Scholarship award is based on the cumulative GPA of ALL undergraduate transcripts.

• 3.25 - 3.6 $1,050
• 3.61 - 4.0 $2,100

Leadership

Scholarship award consideration is based on the student's submitted resume, personal statement, interview and letters of recommendation. The amount will be awarded at the discretion of the graduate admissions committee. If you receive any tuition reimbursement from your employer, you are ineligible for this scholarship.

Graduate Management Admissions Test (GMAT) and Graduate Record Examination (GRE)

All students have the opportunity to take the official Graduate Management Admissions Test (GMAT) and/or Graduate Record Examinations (GRE) General Test for additional scholarship award and admission consideration.  The GMAT or GRE must be taken and official score report received by DeVos prior to program start date. 

GMAT awards will be allocated based on the following score ranges:

• 500 - 550 $1,050
• 560 - 610 $2,100
• 620 + $3,150

Based on the unique nature of the GRE General Test, a sliding scale comparison chart is used to score the exam. For more details and information on scholarship eligibility, please contact your DeVos Representative.

Students may be eligible to receive a scholarship award for either the GMAT or GRE General Test.  Students are not eligible for both.

DeVos Merit Scholarship Facts

• Students will be automatically considered for Merit Scholarship if committed one month prior to the start date: 
• Fall Start - July 23, 2010
• Spring Start - December 10, 2010
• In order to be eligible for Leadership Merit Scholarship components, a student must NOT receive any tuition reimbursement.
• If a student receives less than 75% tuition reimbursement, the student will be considered for the GPA and GMAT/GRE Merit Scholarship component.  Students would also be eligible for the Early Decision Scholarship, unless the amount exceeds the total program cost. 
• If a student receives 75% or more tuition reimbursement, he/she is not eligible for the GPA, GMAT/GRE or Leadership Merit Scholarship.
• The total scholarship award will be allocated equally over each semester of the student's prescribed program of study (Full-time MBA students: 3 equal installments; Evening MBA students: 7 equal installments).

Private Donor Scholarships

Many Northwood friends and affiliates have generously provided funding for private scholarships for students.

Application deadline:  July 23, 2010

• Complete the 2010-2011 DeVos Private Donor Scholarship Application
  

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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.ed.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.ed.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 DeVos Graduate School in Michigan is 004072; in Texas 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.

Loans

Northwood University will participate in the Federal Direct Loan program effective for the 2010-2011 academic year. Listed below is a brief summary of the Federal Direct Loans. All borrowers must complete a Federal Direct Master Promissory Note (MPN). Please note that first time borrowers who receive loans are required to participate in mandatory Entrance Counseling or contact the Financial Aid Office for a personal interview, before loan proceeds will be released. Entrance counseling is not required for returning students who previously completed this requirement. Upon completion of your education, you will be required to participate in Exit Counseling or contact the Financial Aid Office for a personal interview.

William D. Ford Federal Direct Loan (Direct Loan) Program 2010-2011

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. The Federal Direct Loan Program offers the following types of loans:

• 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).

How to Apply for Direct Federal Loans

• Make sure you have completed the Free Application for Federal Student Aid (FAFSA).
• There are two documents needed to complete the loan application process: the Federal Direct Master Promissory Note (MPN) and the Federal Direct Loan Request form. If you borrowed previously, you must complete a new MPN, as your lender is changing to the U.S. Department of Education rather than your bank or other financial institution.

New First-time Borrowers:

1. Complete the Federal Direct Master Promissory Note (MPN) at https://dlenote.ed.gov/empn/StudentLoanSelector.jsp or request a paper MPN from the Financial Aid Office.
2. Complete a Federal Direct Loan Request Form by clicking the Financial Aid Forms link in the left banner of this web page. 
3. Submit the Federal Direct Loan Request Form to the Financial Aid Office.
4. New, first-time student loan borrowers must complete mandatory Entrance Counseling at https://www.dl.ed.gov/borrower/CounselingSessions.do?cmd=initializeContext or contact the Financial Aid Office for a personal interview.

Previous Borrowers:

1. Complete the Federal Direct Master Promissory Note (MPN) at https://dlenote.ed.gov/empn/StudentLoanSelector.jsp or request a paper MPN from the Financial Aid Office. Previous borrowers must complete a new Federal Direct Loan MPN, as your lender is changing to the U.S. Department of Education rather than your bank or other financial institution.
2. Complete a Federal Direct Loan Request Form by clicking the Financial Aid forms link in the left banner of this web page.
3. Submit the Federal Direct Loan Request Form to the Financial Aid Office.

Federal Stafford Loan 2009-2010

Here is a brief summary of the Federal Stafford Loan Program. Paperwork is available online or through the Financial Aid Office. 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 in person at the Financial Aid Office.

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).

Student Loan Code of Conduct

Additional Resources

• National Association of Student Aid Administrators
• FastWEB
• BrokeScholar.com
• Florida Department of Education
• MI Student Aid
• U.S. Department of Education
• VA Education Service
• Internal Revenue Service
• 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.