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

Presidential Scholarship

• Amount: $9,000 per academic year
• Freshman who has demonstrated excellence
• 28 ACT or 1240 SAT (Critical Reading + Math Score) and 3.8 GPA
• Renewable with 3.5 GPA

Freedom Scholarship

• Amount: $7,500 per academic year
• Freshman who has demonstrated excellence
• 25 ACT /1150 SAT (Critical Reading + Math Score) and 3.0 GPA
  or 23 ACT/1050 SAT and 3.7 GPA.
• Must maintain a 3.0 GPA

Free-Enterprise Scholarship

• Amount: $5,000 per academic year
• Freshman who has demonstrated excellence
• 20 ACT/950 SAT (Critical Reading + Math Score) and 2.7 GPA or 19 ACT/890 SAT and 3.2 GPA
• Must maintain a 2.7 GPA

Michigan Competitive Scholarship

• Amount: $2,100
• Awarded to Michigan residents who demonstrate financial need, and have a qualifying ACT score.
• Renewable for up to 15 terms if the student continues to demonstrate financial need and continues to meet the university's standard for academic progress.

Business Club Scholarships

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.
• All documents must be received by May 1.

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.
• Eligibility requirements may vary from campus to campus, depending on a student's eligibility for other institutional aid.
• All documents must be received by May 1.

Transfer Scholarship

• 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
• Must have a minimum 2.7 GPA (cumulative).
• Renewable if 2.5 GPA is maintained.
• Must be enrolled a minimum of two years.
• Recipients of the Freedom and Free-Enterprise Scholarships are not eligible.
• Submit a letter of recommendation from the program's advisor by May 1. (Submissions made after May 1 will not be considered.)

Freedom Transfer Scholarship

• Amount: $6,000/year
• Requires 3.5 GPA or higher
• Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years
• Renewable with a 3.0 GPA

Free-Enterprise Transfer Scholarship

• Amount: $5,000/year
• Requires 3.0 - 3.49 GPA
• Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years
• Renewable with a 2.7 GPA

Entrepreneur Transfer Scholarship

• Amount: $4,000/year
• Requires 2.7 - 2.9 GPA
• Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years
• Renewable with a 2.4 GPA

Phi Theta Kappa Scholarship

• Amount: $500/year
• This scholarship can be combined with Freedom and Free-Enterprise Scholarships.
• Must be enrolled a minimum of two years.
• Renewable if a 3.0 GPA is maintained.
• Submit a letter of recommendation from the program's advisor by May 1. (Submissions made after May 1 will not be considered.)

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.

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Grants

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 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/Residency 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.
• Alumni Dependent Grant: $1,500 per academic year. Awarded to children of Northwood alumni who are full-time traditional students. Requires full time enrollment.
• Family Tuition Grant: 50% tuition discount in the spring term. Two or more dependent students from the same family must attend full-time for the entire academic year in the traditional program. Requires full time enrollment.
• Entrepreneur Award: $4,000 per academic year. Awarded by the Admissions Office to qualifying freshman with a minimum cumulative GPA of 2.4 and a SAT score of 950 or ACT score of 20. Renewable with a cumulative GPA of 2.4.

State Grants

Michigan Tuition Grant

• $2,100/year
• 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 standards of academic progress
• 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.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 or download a PDF FAFSA from www.studentaid.ed.gov.

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 Michigan Campus is 004072 .

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 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 are conducted online.

Federal Stafford Loan

• Low interest 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.
• 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.
• Graduate student annual loan limit for loans disbursed on or after July 1, 2007: $20,500 (no more than $8,500 subsidized).
• The current interest rate is a fixed 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. This can be done at www.mappingyourfuture.org.

Northwood's Federal Stafford Loan Suggested Lender List*

Federal PLUS Loan Suggested Lender List

Alternative Loan

• 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.

Northwood's Alternative Loan Suggested Lender List*

Suggested Lender List*

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 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. These forms are available in the Financial Aid Office.

Lender Comparison Chart

Additional Resources

Financial Aid Information

• National Association of Student Aid Administrators
• Financial Aid Eligibility Estimator
• Finaid.org

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
• U.S. Department of Education
• HOPE & Lifetime Learning tax credits
• VA Education Service
• Internal Revenue Service