Federal Student Aid
Apply for Government-Backed Assistance
Financial aid can come from a variety of sources, including federal loans and grants, and state loans, grants and scholarships. NEC’s Student Financial Services office will use the information on the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal student aid. Based on an internal survey for the 2011-2012 academic year by the Student Financial Services office, nine out of ten NEC students who apply for financial assistance, qualify for some form of financial aid.
FAFSA
The Free Application for Federal Student Aid is used to apply for federal student financial aid, including grants, loans and work-study. Federal student aid programs are the largest source of student aid in America, providing over $150 billion a year in assistance.
Federal Direct Stafford Loans
Federal Direct Stafford Loans must be repaid and are available to undergraduate students. If you qualify (based on need) for a subsidized Direct Stafford Loan, the government will pay the interest on your loan while you are in school.
Example of a Typical Yearly Direct Stafford Loan Academic Year Loan Range*:
| Class Standing | Subsidized | Unsubsidized | Total Amount |
|---|---|---|---|
| Freshman | $3,500 | $6,000 | $9,500 |
| Sophomore | $4,500 | $6,000 | $10,500 |
| Junior/Senior | $5,500 | $7,000 | $12,500 |
* Maximum annual loan limits for independent students (and dependent students whose parents are unable to obtain PLUS Loans) are listed above. Federal Student Aid, updated May 2012. Visit www.direct.ed.gov for details.
Federal PLUS Loans
Federal PLUS Loans are unsubsidized loans made to parents. If you are independent, or your parents cannot get a PLUS loan, you may be eligible to borrow additional unsubsidized Direct Stafford Loan funds.
Federal Pell Grants
Federal Pell Grants are available to undergraduate students only. Grants do not have to be repaid. The maximum Pell Grant for the 2012-2013 award year (July 1, 2011 to June 30, 2012) is $5,550.
More Information
For more information about federal financial aid, please access The Student Guide. This guide from the U.S. Department of Education is a great source of information concerning student federal financial aid. It offers a wealth of information on these programs and how to apply for them.
