Most student federal assistance is dispersed based on financial need. Your need is calculated by finding the difference between the cost of attending school and your expected family contribution. The first step in qualifying for federal assistance is to complete your Free Application for Federal Student Aid (FAFSA) – if you’re not sure how to start the FAFSA, review our quick guide to everything FAFSA.
When to apply for Federal Aid?
The federal aid year begins July 1 and ends June 30. If you intend to start one of Norwich’s online bachelor’s degree programs before June 2016, you will need to apply for the 2015/2016 FAFSA school year. If you plan to start your program after June of 2016, you will need to apply for the 2016/2017 FAFSA school year.
What are the types of Federal Aid?
- Pell Grant: This grant is available to bachelor’s degree completion students who demonstrate financial need. The funds are distributed based on financial need, cost of attendance, and your enrollment status. Since this is a grant and not a loan, you will not have to pay it back.
- Subsidized Direct Loan: This loan is available to undergraduate students who are enrolled at least half-time (6 credits per term for Norwich students) and demonstrate financial need. A credit check is not required to qualify for this loan.
- Unsubsidized Direct Loan: This loan is available to all undergraduate and graduate students who are enrolled at least half-time regardless of financial need, and does not require a credit check. The interest will accrue from the time the loan is disbursed to the school.
- Perkins Loan: Available to students who meet the FAFSA criteria of exceptional financial need. Funding is limited for this program, so it is awarded on a first come, first served basis. This loan is granted from your school and has a fixed interest rate that does not accrue while you are enrolled. It has a grace period of nine months after graduation during which time you are not required to make payments. Payments are made directly to your school through a third party servicer.
- Interest Rates on Loans: The U.S. Department of Education lists current loan interest rates at StudentAid.gov/interest.
Remember: Different types of aid have eligibility criteria to determine who gets the aid.
How long will it take for financial aid approval?
First and foremost, your student loan award can only be determined after you have been accepted to Norwich. So, submit your admissions application packet as soon as you can. Once the FAFSA is completed, notification of your application will be sent to Norwich within three to five business days. There is no obligation to accept any or all the federal aid offered to you.
The financial aid process can be challenging and confusing, but remember that we are here to answer any and all your questions. As you complete your application for Norwich University, please don’t hesitate to contact your financial aid advisor.
