CPS Financial Aid Frequently Asked Questions
Why should I apply for financial aid?
All students are encouraged to apply for financial assistance at the beginning of their academic year regardless of their current plans to cover the costs of their program. Having a finalized financial aid package can make accessing the aid much easier should your plans change later in the year. Please note that once you are awarded aid, you have the option to decline or cancel all/part of your award.
How do I apply for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov for the appropriate academic year you wish to enroll. Make sure to list Northeastern University using school code 002199.
Who is eligible for financial aid?
- US Citizen/Permanent Resident, not in default on a federal loan
- Making Financial Aid Satisfactory Academic Progress
- For federal loans - enrolled in at least 6qh per quarter (can be split 3qh per session)
- Matriculated into a degree program
- Special Student status makes a student ineligible for financial aid; there are some supplemental loan options available. More information is available here.
- For Certificate Programs, students may borrow private student loans only
What types of aid might I receive?
Undergraduate students are considered for:
- Federal/State Grants – Pell Grant, SEOG, MA Grant
- Federal Loans
- Freshman: up to $5,500 Dependent; up to $9,500 Independent
- Sophomore: up to $6,500 Dependent: up to $10,500 Independent
- Junior/Senior: up to $7,500 Dependent: up to $12,500 Independent
- All based upon financial eligibility determined by FAFSA
Graduate students are considered for:
- Federal Loans
- Up to $20,500 (unsubsidized)
CPS Scholarships
- The College of Professional Studies is privileged to be able to provide scholarship opportunities for new, incoming undergraduate students. These merit and need based, alumni and faculty supported scholarships are awarded several times a year. Selections for scholarships are made based on a variety of factors, which may include: financial need, academic merit, and personal circumstances. Scholarship criteria and applications can be found on the CPS Scholarship webpage.
- Upper level undergraduate (Junior/Senior) will be able to start applying for 2013-14 scholarships in April 2013. An application will be available online via the MyNEU portal. Scholarships are limited and will be awarded based on established criteria.
How much aid will I receive?
You can only receive or in some cases borrow financial aid up to the Cost of Attendance (COA). Regardless of your family income, consider applying for financial aid. There are many factors taken into consideration, including financial need, when determining our awards. The only way to know if you will be eligible for grants, loans, and scholarships is to apply for aid.
When will I receive my financial aid award?
Students with completed applications (all documents received) are reviewed. The process may take up to 2 weeks. Finalized awards are mailed weekly by Student Financial Services (SFS).
I received my award letter, what am I looking at?
Your projected enrollment plan for the year is displayed on your award letter. You will find a break-down of your awarded aid equally distributed among your intended terms of enrollment. If your enrollment does not match what is displayed, or changes during any quarter, it is your responsibility to complete the Change of Enrollment form included with your award letter and return it to SFS. Any changes in your enrollment may require your aid to be adjusted.
What if I was awarded more aid than I need?
Your original award lists the maximum amount of federal financial aid you are eligible to receive. You have the option to decline or cancel part/all of your aid. All such requests should be communicated to your Financial Aid Counselor in writing.
What if the federal financial assistance is not enough to cover the costs of my program and my living expenses? What are my other options?
You may consider borrowing an alternative loan. More information is available here.
How do I access any remaining credit on my account?
You can request a refund via MyNEU/Self Service Refund Request.
What if I decide to withdraw from my courses?
Always contact your Financial Aid Counselor first in order to determine the effects of a withdrawal on your aid eligibility.
How often do I need to apply for financial aid?
A FAFSA must be completed each academic year via www.fafsa.gov. The University code is 002199.
Who can assist me if I have questions about the financial aid process?
For general questions, you can contact our office Monday-Friday from 8:30am-5:00pm at 617-373-2897. For more specific questions related to your application, contact your assigned counselor. Counselor breakdowns are available by clicking here.