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Make Neumann Your Choice…
Visit the website www.fafsa.ed.gov Not www.fafsa.comNot www.fafsa.org
Both the student and parent must apply for a PIN at www.pin.ed.gov
• Used to sign the FAFSA electronically
• Will be used by students and parents throughout the aid process, including subsequent school years
Neumann’s federal school code is 003988
Calculates a family’s EFC (Expected Family Contribution)
Determines the student’s eligibility for federal, state and institutional financial aid
Allows the student to apply for funding through the Federal Direct Loan Program
Determines the student’s eligibility for certain grants and scholarships
Know your state grant deadlines
• Delaware – April 15th
1-800-292-7935 or DDOE (Delaware Department of Education)
• Pennsylvania – May 1st
1-800-692-7392 or pheaa.org(Pennsylvania Higher Education
Assistance Authority)
Participation is voluntary. Reduces the documents requested by the financial aid office. Some people are unable to use the DRT.
• Those who filed an amended tax return• Those with no SSN• Students or parents married but filed separately
Financial Aid Offices are most times unable to accept a copy of a tax return.
Tax return transcripts from the IRS are required if tax information is requested for verification and DRT is not used.• You may request a copy of your tax return transcript at
www.irs.gov/transcript. Call the IRS at 1-800-829-1040 with any questions
All requested information must be submitted to the Office of Financial Assistance as soon as possible to ensure timely processing of your final award letter.
The verification process is not complete until all information is received and reviewed. Please note that additional documentation may be requested at any time during the process.
Please only submit the information that is requested.
Federal Pell Grant
Federal SEOG
State Grant
Federal Work Study
Neumann Grant
Federal Direct Student Loans (FDL) - guaranteed loans• 14-15 interest rate is 4.6% with a 1.073% origination fee,
the rate for 15-16 will be determined in May 2015 per the loan certainty act guidelines and will not exceed 8.25% for undergraduate loans.
• Subsidized loan is based on need (government pays the interest while student in school)
• Unsubsidized loan is not based on need (option to pay interest while student in school)
Student is required to complete Entrance Counseling and a MPN (Master Promissory Note) at www.studentloans.gov
The balance or the “gap” is the amount of money owed after financial aid has been applied to the direct cost. Direct cost includes tuition, fees, housing and meals. Options for managing the balance are:
Federal Parent Plus LoanAlternative LoanHES Payment Plan/University Semester Payment PlanPayment in full
Parents may apply for a Federal Parent Plus Loan at www.studentloans.gov.
14-15 interest rate is 7.21% with a 4.292% origination fee, the rate for 15-16 will be determined in May 2015 per the loan certainty act guidelines.
A credit check is required.
If credit is denied, the student is eligible for an additional unsubsidized Direct Loan.
Repayment starts 6 months after the first disbursement or the parent may defer payments while the student is in school for up to six months after student leaves school.
A Private Alternative loan is based on credit. Most students need a credit-worthy co-signer that
does not have to be the parent. Lenders are offering both fixed and variable interest
rate loans without any fees The better your credit the better your rate Several lenders also give a discount on the interest
rate*** for existing customers It is in your best interest to research all your options
to ensure you are getting the most competitive product to meet your educational expenses
Visit www.elmselect.com for a commonly-used list of lenders
***Interest rates are subject to change at the discretion of the lender.
Click on the “Outside Grant/Scholarship” link on the Office of Financial Assistance homepage for outside scholarship opportunities.
Contact local banks, churches and other organizations about scholarship opportunities.
Email the Office of Financial Assistance at [email protected] to see if any other scholarships have become available.
