Ways to Pay for College
Undergraduate Financing Options
After your institutional and federal aid (scholarships and grants) you may be left asking the question, "what now?" Here are a few ways that you can make up the difference between your aid and your total cost of attending.
Federal Direct Loans
Direct Subsidized Loans are awarded to students with financial need. Subsidized loans do not accrue interest while you’re in school at least half-time, and through your grace period (the first six months after you leave school). Your payments begin when your grace period ends.
Direct Unsubsidized Loans have no requirement to demonstrate financial need. You are charged interest from the time the loan is disbursed until it is paid in full. If you choose not to pay the interest while you are in school, your interest will accumulate and be capitalized (that is, your interest will be added to the principal amount of your loan).
To use federal loans the student must:
- Sign in to studentloans.gov using your FSA ID
- Complete your Loan Agreement (MPN)
- Complete Entrance Counseling
Both Direct Loans have an origination fee of approximately 1%. Visit studentloans.gov for the current interest rates on direct loans.
Parent Plus Loans
Parents of dependent student may apply for a Parent PLUS loan to cover any costs not covered by financial aid. The PLUS loan is in the parent’s name. A parent can apply on the web at studentloans.gov and sign in with the parent’s FAFSA PIN number. There is a short application and Master Promissory Note that must be completed to receive the Parent PLUS loan.
Eligibility for the PLUS loan depends on a modest credit check. Repayment of this loan begins after the final annual disbursement. There is an origination fee of 4.288% and a current interest rate of 7.21% (in 2014-2015) on Parent PLUS loans. If a parent is unable to obtain the PLUS loan the student becomes eligible for an increased unsubsidized Direct Student Loan.
Alternative or private education loans are offered by a variety of lending institutions. Some students utilize alternative loans when other financial aid is insufficient to meet their needs. Visit nnu.edu/loans and select “Alternative Loans” to view lenders and rates.
For students who are unable to pay their student account balance prior to the established due date, NNU offers a no-interest payment plan through TMS payment systems. This option allows the remaining balance to be divided into payments within the academic year. There is an annual fee of $85 for enrollment ($60 for one semester). Your first payment will be due on August 1st for Fall semester. For more information on payment arrangements, go to nnu.afford.com.
All students are eligible to apply for work on campus. On-campus opportunities are posted in the Career Center in the Student Union building and on the web at nnu.edu/career. If you are hired to work 10 hours per week at the current minimum wage you could earn approximately $2,200 over the academic year.
Another exciting employment opportunity for NNU Students is through the America Reads program. If you qualify for work study, you may be able to work as a tutor in either math or reading at a local elementary school with the America Reads program. If you are interested in learning more about this program contact Sheila Seward in the Office of Financial Aid.
There are many scholarships available to students from outside sources. Our Links and Resources page provides many different places to begin a scholarship search.