Nearly 90% of all of our students receive student aid.
Financial aid helps make up the difference between what you and your family are able to pay and the cost of education. The Office of Financial Aid assists students in obtaining scholarships, grants and loans to help finance their education. To learn more about different options and how to apply, please take a look at the links below. The answers to most of your questions can also be found in the College’s Financial Aid Handbook, which serves as a complete guide and reference resource for all financial aid at NECO. In addition, you can learn more about the Code of Conduct Policy for Financial Aid Employees.
See if you qualify for US federal student assistance. Learn more about eligibility for financial aid.
Learn more about how to apply for Financial Aid if you are a U.S. citizen or permanent resident. Find information about filling out the Free Application for Federal Student Aid (FAFSA) for each year you want loans and work study. NECO’S FEDERAL CODE IS 002164. Your aid application will be reviewed upon receipt of your admissions deposit, and you will receive your financial aid eligibility letter within two weeks of receipt of your complete application material.
WHEN TO APPLY FOR U.S. FEDERAL FINANCIAL AID
||Academic Year Start Date
||Application Priority Date
||Deadline for NECO to Receive Aid Applications
||Form to Submit
||Summer or Fall, 2016
||April 1, 2016
||May 1, 2017
||April 1, 2016
||May 1, 2017
||December 15, 2015
||May 1, 2017
TYPES OF FINANCIAL AID FOR U.S. STUDENTS
Learn more about loans available to help finance your education such as the Stafford Loan, the Federal Perkins Loans, the Health Professions Student Loan Program (HPSL), Loans for Disadvantaged Students (LDS), the Fund for Education Loans, and Federal Direct Grad PLUS Loan.
- EMERGENCY LOAN
The Alumni Emergency Loan available to any student who can justify the need for this money and show that the need was unanticipated.
The Admissions Office offers a modest number of scholarships to promising new students. Scholarships administered by the Financial Aid Office are limited in number and amount (the average scholarship is $1,000), and contributions by private donors fund the awards. For NECO scholarships that require an application, students will be invited to apply each November. Most scholarships are based on financial need and academic achievement. External scholarships from companies and organizations are announced to all students as they become available.
- WORK STUDY
This need-based program provides part-time employment so you can earn some of the money you need instead of borrowing it. Learn more about work study and available jobs at NECO.
Learn more about online resources about U.S. Federal student aid, loans, loan repayment, and loan forgiveness programs.
Find out about Canada’s government-sponsored loans and other aid information for Canadian students, as well as other financing options for international students.
Learn more about current tuition, fees, and other costs. In addition to tuition and fees, you will have living expenses, and other equipment and book costs. For every term of enrollment a monthly living allowance of $2,120 is included in the student cost of attendance budget for expenses such as rent, food, transportation, and miscellaneous personal items. The annual average total cost for a student in the four year program is $63,000; the average total cost of the four year program is approximately $246,000. Students in the AODP program may expect their education to cost approximately $164,000; ASIP students, $142,000, not including annual tuition and cost of living increases.
HOW YOU RECEIVE YOUR U.S. STUDENT FINANCIAL AID
Federal and College financial aid is disbursed in equal installments at the beginning of each term according to the College’s calendar, and are applied to student accounts. The Business Office will notify you when the College receives your loan funds.
Loan proceeds are applied first to any outstanding tuition or other charges the student may have at the College, then excess funds are released to you, either by direct deposit to your bank account or in the form of a “refund” check for living expenses and equipment purchases. At the beginning of the academic year “refunds” are usually released to students at the end of the first week of class. Please review the Financial Aid Handbook on NECO’s Financial Aid webpage for more details.
KEEP AN EYE ON DEBT!
More and more of our students not only accumulate debt earning their professional degree, but they may have debt from undergraduate school, credit cards, car loans, and mortgages. Student loans are a bargain compared to the long-term gain you will realize from your education, but for your financial health borrow carefully and manage your finances. The average federal student loan debt accumulated at NECO by the most recent graduating class was $169,000.
Planning, sticking to your budget, keeping credit card use to a minimum, and delaying unnecessary purchases are crucial to your future financial well-being. These financial literacy websites may be useful: National Foundation for Credit Counseling, www.feedthepig.org, and www.MyMoney.gov. There are also a number of free apps for your smart phone to help you budget and pay bills, like CHECK, MINT, and BILL GUARD.
Keep track of your borrowing and estimated repayment. The website www.studentloans.gov is a great resource for comparing student loan repayment programs with a repayment estimator, and for projecting monthly payments with different repayment options, among a lot of other very useful financial information. The helpful federal Financial Awareness Debt Management Tool combines information about your federal loans with interactive debt management and a budget planner. The National Student Loan Data System (NSLDS) will have a cumulative record of your borrowing history.
BANKING IN BOSTON
If you do not already have an account at a local bank, you may need one to facilitate paying bills and cashing checks. Bank of America and TD Banknorth are the most popular with students and have branches and ATM’s nearby, although you can choose any bank you prefer.
Bank of America: (800) 841-4000
TD Banknorth: (800) 747- 7000