Basics of Financial Aid

• Who should apply for Financial Aid?

Any student seeking financial assistance to attend school.

• What types of Financial Aid are available at Northwestern Technological Institute?

The following types of aid are available:

Federal Pell Grant

Federal Direct Subsidized Loan

Federal Direct Unsubsidized Loan

Federal Direct Parent Loan (PLUS Loan)

• What is the difference between loan and grant funding?

Grants are need-based funding provided for by the U.S. Department of Education that does not require repayment. Loan funding is also provided for by the government, but must be repaid over time with interest.

• How do I determine my dependency status for financial aid eligibility?

Students are considered either independent (self supporting) or dependent. To be considered independent, students must meet one of the following conditions:

• Born before January 1, 1987

• Veteran of the Armed Services

• Currently serving on active durty in the U.S. Armed Forces for purposes other than training
• Orphaned or were a ward of the court until age 18

• Have legal dependents other than a spouse

• Graduate or professional student

• Married

• Do I have to re-apply for financial aid every year?

Yes. The FAFSA application is only valid for one academic year.

• When is the Financial Aid Office available?

The Financial Aid Office is available to students Monday thru Thursday from 8:30am to 7:00pm and on Fridays from 8:30am to 3:00pm. To schedule an appointment with our Financial Aid Office, please call 248.358.4006 today!

How Financial Aid is Awarded

• What are the factors that determine need?

Need is determined thru various factors, of which include annual income, family size, savings, investments, various allowances to income and assets, and the number of family members currently attending college.

• How will I know when my financial aid has been awarded?

Once aid has been awarded, students will receive a loan notification sheet in class, indicating that their disbursement has been posted to their account. If the student is absent from class, the notification will be mailed to their home address.

• Can I receive aid from more than one institution at the same time?

No. Financial Aid is only available at one institution at a time.

How Financial Aid is Disbursed

• How is my financial aid applied to my tuition?

Any financial aid received will be credited towards the tuition owed on your account. If your financial aid award exceeds the total outstanding amount on your account, a refund check will be issued to the appropriate party within 14 days.

• What happens if I drop or withdrawal from my original program?

Contact the Financial Aid Office immediately at 248.358.4006!

• What is the interest rate on my student loan?

Current interest rates for student loans include:

• Federal Direct Subsidized Loans disbursed beginning July 1, 2010 is fixed at 4.5%
• Federal Direct Unsubsidized Loans disbursed beginning July 1, 2010 is fixed at 6.8%
• Federal Direct Parent Loan (PLUS) disbursed beginning July 1, 2010 is fixed at 7.9%

• When does repayment begin on my student loan?

Repayment of your Federal Direct student loan begins six (6) months after graduation or your last physical date of attendance. Repayment on the Federal Direct Parent (PLUS) loan begins 60 days after loan funds have been fully disbursed and must be repaid within ten years.

• How do I obtain a deferment on repayment of my student loan?

To obtain a deferment, students must first meet the regulatory requirements. Borrowers should continue making payments on the loan until notification of the deferment being approved is received. For more information on obtaining a deferment, please contact Northwestern Technological Institute or your lender immediately!