There are four methods of meeting the cost of your education:
Paying from your family income and savings,
The Northeastern University Monthly Payment Plan,
No matter which option or combination of options you and your family choose, you should strive to reduce the overall cost of your education by:
Paying as much as you can out of your current income and savings as the bill becomes due, or by using the monthly payment plan.
Using student loans that have been awarded through the financial aid process (e.g., the Federal Nursing, Health Professions, and Stafford subsidized and unsubsidized loans) before considering other types of loans.
Minimizing borrowing whenever possible. The less interest you pay on the money you borrow, the lower your total cost will be.
Northeastern University uses an online billing and payment system. All Northeastern students and authorized third parties, such as parents, guardians, or sponsors, must view billing statements electronically. Students and any authorized third parties will be notified via their myNEU account whenever an e-bill is generated.
The university offers interest-free monthly payment plans administered through TuitionPay. The extended-payment plan allows families to divide the annual cost into nine, ten, or eleven monthly payments, depending on when the student enrolls in the program. More information is available on the TuitionPay website.
Determining Award Amounts
Your offer of financial assistance is based on a number of factors. We begin with the estimated cost of education. From this, we subtract the Expected Family Contribution (EFC), which is calculated from information you submitted on the FAFSA and CSS Profile forms, to arrive at your financial need. We are dedicated to meeting the full demonstrated need for each incoming domestic financial aid applicant.
Information about charges for 2016–2017 will be available in Spring 2016. Whether you choose four or five years for your undergraduate degree, you will only pay tuition for the academic experience (tuition is not charged for the experiential education periods). If you choose to live on campus during co-op, you will be responsible for room and board charges.
Types Of Financial Assistance
The three major types of financial aid are grants, loans, and work earnings. Grants are a form of aid that does not have to be repaid; loans must be repaid.
Money from both grants and loans is applied directly to your tuition bill. The money you earn from work is intended to help you with expenses during the academic year. These earnings are not credited to your tuition bill. More detailed information on all types of financial assistance is available on the Student Financial Services website.
Northeastern University awards merit scholarships to select students, typically from the top 10-15 percent of freshmen admitted to the university.
Need-Based Grants and Scholarships
Most grants and non-merit scholarships funded by Northeastern require that a student demonstrate financial need.
Federal Pell Grant
Up to $5,775 (the maximum for 2015–2016) is awarded, on the basis of Estimated Family Contribution (EFC) from the FAFSA.
Supplemental Educational Opportunity Grant
This grant is awarded directly from Student Financial Services to students who demonstrate exceptional need.
Many states offer support to students who meet specific qualifications. If we have added a state grant to your award, it reflects our best estimate of your eligibility.
Federal Stafford Loans
These may be subsidized, unsubsidized, or a combination of both. With a need-based subsidized loan, the federal government pays the interest that accrues while you are in school. On a non-need-based unsubsidized loan, interest accrues while you are in school.
There are a number of educational loan programs available to assist you in covering your expenses over and above any financial aid that may be awarded to you. Talk to Student Financial Services if you have questions about these options.
This program assists students in securing part-time employment on campus, or at an approved off-campus agency, to help pay for incidental expenses during the year.
About Financial Aid Awards
Review of Data
We will review the Free Application for Federal Student Aid (FAFSA) and CSS Profile data of all first-year students who have made a deposit. If it is determined that there are discrepancies, additional documents may be requested to resolve the inconsistencies. If necessary, we will recalculate your aid eligibility using the correct data. In some cases, we will revise the original offer, and a new offer of financial assistance will be sent to you.
Verification of Data
Approximately one-third of all financial aid applicants are randomly selected by either the U.S. Department of Education or Northeastern’s Student Financial Services office to verify the accuracy of information provided. If you have been selected for verification, your offer of assistance is tentative, pending the completion of the verification process. Upon receipt of the required materials, we will finalize the review of your application for financial aid. If documentation is not received by May 1, 2017, your offer of assistance could be canceled.
Should the verified financial information differ significantly from the original information provided, your aid may have to be adjusted. Please be sure to respond to requests for follow-up documentation in a timely manner.
Finding Information Online
Information about your financial aid application or offer can be viewed at the Application Status Check on myNEU.neu.edu. Select the Self-Service button, and then My Financial Aid Status.
Changes in Financial Circumstances
We recognize that a family’s income is not always consistent from one year to the next, and that circumstances beyond a family’s control may inhibit the ability to contribute to educational expenses. Therefore, we welcome the opportunity to discuss any change in your family’s financial status that is not reflected on the FAFSA and CSS Profile forms.