The term “financial aid” refers to those resources (other than the family’s personal funds) that are used to pay the costs of attendance.  There are three main types of financial aid.  Usually, a student is offered a combination of aid (known as a “package”) from these three programs:
 • Scholarships – gift funds, based on high academic achievement or special talent, that do not have to be repaid.  Some scholarships are also based partly on financial need;
 • Grants – gift funds, based on need, that do not have to be repaid; not available for graduate students;
 • Loans – low interest loans which must be repaid, with interest, after the student is no longer enrolled or ceases to be enrolled at least half-time.

     To be considered for federal student aid, a student must complete a Free Application for Federal Student Aid (FAFSA).  The FAFSA collects financial information as well as other information such as citizenship status.  The Department of Education (DOE) uses the information to calculate the Expected Family Contribution (EFC) and to determine a student’s eligibility through computer matches with other agencies.  You may apply by completing a paper-based FAFSA, but we recommend that you use the DOE's online process at:  www.fafsa.ed.gov.  The online application process is much faster than submitting a paper FAFSA.  Also, the online method has a validation tool to ensure accuracy and online help is available.  To sign your electronic FAFSA, you will need a PIN.  If you have completed a FAFSA in the past, the DOE may have sent you a PIN.  To get a new PIN or to request a duplicate, go to www.pin.ed.gov before beginning the FAFSA process.  Please remember, FAFSA’s are year-specific.  A new FAFSA must be completed for each academic year.

     No.  Middle-income students are often surprised to learn that they are eligible for grants.  Additionally, student loans are considered a type of financial aid.  Although you may not be eligible for gift assistance (funds that do not have to be repaid), most students are eligible to receive Federal Stafford Loans regardless of income.  Students must be fully admitted and enrolled at least half-time to receive student loans.  Student loans can be a great investment in your future.  Current interest rates are very low and repayment of the principal does not begin until 6 months after you complete your program or cease to attend at least half-time.

     Yes.  Federal regulations require that students maintain satisfactory academic progress in order to be eligible to receive financial aid.  For detailed information on NLU’s Satisfactory Academic Progress policy, please review this Satisfactory Academic Progress guide.

     The financial aid Award Notification Letter that you will receive lists the amount of tuition and fees for the period for which you have been packaged and also the financial aid that you’re eligible to receive.  You can take any amount up to the amount offered to you.  If you borrow over the amount of tuition and fees, the overages will be refunded to you.  Please keep in mind that most of the lenders are charging an origination fee, which reduces the amount that will be disbursed to your account.  Please see our loan brochure for more information.
     We encourage you to borrow wisely.  Remember that eventually you will have to repay the loan.  Please consider carefully how much you really need to borrow and be conservative when possible.

     Stafford Subsidized and Unsubsidized Loans have a 6-month grace period that starts the day after you graduate, leave school, or drop below half-time enrollment.  Undergraduate students have to maintain at least 6 hours/term and graduate students 4 hours/term.  You don't have to begin making payments until your grace period ends.
     Failure to repay your loans is called default.  If you go into default, your lender can require immediate payment including interest plus collection and late payment charges.  The Internal Revenue Service may withhold any income tax refund and apply it toward payment.  You will not be eligible for further financial assistance until satisfactory arrangements to repay the loan have been made.  The lender will notify credit bureaus of your default status, which will affect your credit rating and future borrowing ability.  You should contact your lender immediately if you have difficulty paying.

     A student loan is in default if the student has not made payments for 270 days. One primary consequence of a defaulted student loan is loss of eligibility for future student loans or any type of state or federal student aid. The default is reported to all national credit bureaus which generally eliminates the option of credit-based alternative loans.
     If a student is having trouble making student loan payments they should contact their loan servicer immediately. It is possible that the student may qualify for one of the types of payment relief, deferments and forbearances. Students in default should take the following steps:

     Yes, all first-time and returning students are required to fill out a payment plan application.  You may change your option at any time by completing a new application.

     For a complete list of tuition and fees, please go to this page. ,Half-time students are charged a $20 student fee; full-time students are charged a $40 student fee. The student fee is charged each term. Failure to pay the term charges by the due date are subject to late fees of up to $10/month.

     If the amount you borrow is higher than the amount of your tuition/fees, the difference will be refunded to you.  Please note that refund checks are processed within 14 business days of the credit appearing on your student account.  Refund checks are printed/mailed twice a week on Tuesdays and Thursdays.  If the loan funds are sent to NLU by check, you will receive a letter and the paper check in the mail to endorse and return back to NLU so it can be applied to your student account.  After we receive the endorsed loan check, if the amount goes over your tuition/fees for a term, a refund check will be mailed within 14 business days.  You must be enrolled at least half-time at the time of disbursement.  Federal PLUS Loan proceeds are disbursed in the same manner, except that refund checks are made payable to the parent borrower.  Students can check their student account through the NLU e-mail portal http://my.nl.edu to see if funds have been posted.

     Students with completed financial aid awards that will exceed tuition charges may request a book voucher to use at the NLU bookstore or a book advance (issued as a check) to use to purchase books through MBS.  However, the most convenient way to purchase books through MBS is to use a personal credit card and then use the refund check to pay the charge when it is billed.  The maximum book voucher/advance for full-time students is $250.00.

     To mail your financial aid forms, please use this address:

                                                                         National-Louis-University
                                                                         Attn: Student Finance Office
                                                                         1000 Capitol Drive
                                                                         Wheeling, IL 60090

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