FEDERAL PROGRAMS

Federal Pell Grant - The Pell Grant assists undergraduate students who need financial help for their education and, like other grants, does not have to be repaid. Applicants must submit the Free Application for Federal Student Aid (FAFSA) to determine eligibility for the grant. The amount may be as little as $400 or as much as $4,050 in 2005-2006, if the student has eligibility.

Academic Competitiveness Grant - An Academic Competitiveness Grant will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study to full-time students who are U.S citizens, eligible for a Federal Pell Grant, and who had successfully completed a rigorous high school program (see below). The program will be available for the first time for the 2006-07 school year. For more information go to http://www.studentaid.ed.gov.

• 4 years English,
• 3 years of math (including Algebra I & a higher level math like Algebra II, Geometry, Data Analysis, Statistics),
• 3 years social science,
• 3 years science (including 2 from Biology, Chemistry or Physics) and
• 1 year foreign language.

Federal Supplemental Educational Opportunity Grant (FSEOG) - The purpose of the FSEOG Program is to provide grants to students who are Pell eligible and who demonstrate exceptional financial need.

Nebraska State Grant (NSG) - Recipients must be residents of Nebraska who demonstrate Pell eligibility and substantial unmet need. Nebraska State Grants include State of Nebraska and federal monies.

Federal Work-Study (FWS) - The work-study program provides jobs for eligible students who show unmet need. Most FWS students are employed on campus and work an average of 8 to 10 hours per week at a salary of $6 per hour. Workers are paid bi-weekly as hours are worked. Some jobs are designated community service as students assist individuals in great northeast Nebraska. Northeast also provides FWS students for an off-campus reading tutors program for elementary school children.

LOANS

• All loans must be repaid by the borrower and should be taken with extreme caution and forethought. Failure to repay a loan will negatively affect the student for years.
• Before receiving a first disbursement, first-time borrowers at Northeast must complete loan counseling.
• Loan for the year will have two disbursements, half in the fall and half in the spring. One semester loans will be disbursed at the beginning of the term.
• Loans are credited to student accounts at NECC. After school expenses are covered, excess amounts will be returned to the student by mail within 14 days to be used for other costs of education.
• Loan disbursements for students not attending classes or not meeting satisfactory progress requirements will be returned to the lender.

Subsidized Federal Stafford Loan - To be eligible for the subsidized Stafford Loan, a student must show need and be enrolled at least half-time. The government subsidizes the loan by paying the interest for the student during periods of at least half-time enrollment and for a six-month grace period following the student's graduation or withdrawal from college. For the 2007-2008 school year, freshman students may be eligible for up to a maximum of $3500, and sophomores may borrow up to $4500. After the grace period, interest accumulates at a fixed rate of 6.8 percent.

Unsubsidized Federal Stafford Loan - The terms of the unsubsidized Federal Stafford Loan are identical to those of the subsidized Federal Stafford Loan with two exceptions. A student is not required to show need for the unsubsidized Federal Stafford Loan, and interest is the student's responsibility from the beginning. The government does not pay interest for the student. Eligibility for a subsidized loan is considered first; if maximum limit of $3500 for freshmen or $4500 for sophomores has not been met, an unsubsidized loan will be considered to fill Expected Family Contribution and reach the maximum eligibility limit. Independent students could have up to $4000 of additional unsubsidized eligibility.

Parent Loan for Undergraduate Students (PLUS) - The PLUS loan is available to parents of dependent students to help meet remaining costs of education. Maximum eligibility is total cost of education minus financial aid. Interest is the parent's responsibility, and is calculated at a fixed rate of 8.5 percent.

More Information

Financial Aid Office
finaid@northeastcollege.com
(402) 844-7285