Funding your Education

General Funding Informationdv3

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

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:                November 15, 2010 (Spring Start)
                                                                       May 23, 2010 (Fall 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 by: 
    • Spring Start - December 11, 2009
    • Fall Start - July 23, 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

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Grants

Michigan Tuition Grant

$2,100 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 of academic progress.

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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.

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Loans

Here is a brief summary of the different types of loans. Paperwork is available online and 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 in person at the 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 For Graduate Students (Grad PLUS)

  • Federal loan now available to graduate students.
  • Student must be a credit worthy U.S. citizen or eligible non-citizen.
  • Student must be enrolled at least half time and be maintaining satisfactory academic progress.
  • 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.
  • The student must complete a Free Application for Federal Student Aid (FAFSA) before the Financial Aid Office can determine the student's eligibility.

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.
  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(s) to the Financial Aid Office.

a. Stafford Loan Repeat Borrower Request Form
b. Graduate PLUS Loan Repeat Borrower Request Form 

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

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Additional Resources

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.

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Contact Information
DeVos Graduate School
4000 Whiting Drive
Midland, MI 48640
Phone: 800.MBA.9000
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