How much federal loan funding is available?
Yearly Loan Limits
|$5,500||Freshman (0-29 hours)||$9,500|
|$6,500||Sophomore (31-59 hours)||$10,500|
|$7,500||Junior/Senior (60+ hours)||$12,500|
Aggregate Loan Limits:
$31,000 as a dependent undergraduate student.
$57,500 as an independent undergraduate student (only $23,000 of this amount may be in subsidized loans).
$138,500 as a graduate or professional student (only $65,500 of this amount may be in subsidized loans). The graduate debt limit includes any Stafford Loans received for undergraduate study.
These aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan (FFEL) Program.
Effective as of July 1, 2013 students with a zero student loan balance will be limited to the amount of Subsidized Loans they can receive during their Undergraduate career. Eligibility will be limited to 150% of the length of their degree program. If degree is not received by the end of the 150% timeframe subsidized loans will be converted to unsubsidized loans.
Can I get financial aid for summer school?
I have financial aid now, but what about next year? Is it necessary to apply again?
Regardless of the method you use, remember that the U.S. Department of Education must receive your FAFSA information no later than May 1 in order to be considered for priority need-based funding. Please make every effort to apply on time so that you are considered for all types of available aid. If you miss the priority application date (May 1) you may still apply, but some aid may not be available.
What is a Parent PLUS Loan?
- Credit check & endorser alternative: When you apply for a Direct PLUS Loan, the Department will check your credit history. To be eligible for a PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan.
- Loan limits, interest rate, and loan charges: There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child’s education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow. The interest rate for Direct PLUS Loans is a fixed rate of 6.84%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The fee is deducted before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
What if my parents are denied a PLUS Loan?
What is the difference between a subsidized loan and an unsubsidized loan?
To whom do I speak about a question or problem with my bill?
What is the Satisfactory Academic Progress Standard and how does it apply to me?
My grade level is going to increase in the spring. Will I be eligible for more financial aid?
The increase could also affect your loan eligibility for the upcoming summer if you plan on attending and receiving federal loans.
How do I apply for all types of aid?
Read all instructions.
Use your legal name (not nicknames) and your correct social security number.
If your parents are divorced, you must use the information for the parent you lived with most in the last 12 months. If that parent is remarried, you must also include the stepparent’s income. Be sure to provide the information requested about your parents.
Make sure you include #002021 on your list of school codes. Also, if you were required to provide parental information, a parent is also required to sign the FAFSA.
If you complete the FAFSA electronically, don’t forget to sign using your FSA ID.
Allow 2 weeks for your FAFSA to be processed. If after 2 weeks you have not received a Student Aid Report (SAR) from the Federal Processor, call them at 1-800-433-3243 (1-800-4FEDAID).
A student must complete the Free Application for Federal Student Aid (allow 2 weeks for processing).
Remember the priority deadline for NSU is May 1!
What types of aid are available?
What is Cost of Attendance or Budget?
What is verification?
What is an EFC?
What if I do not have aid posted but I am eligible?
Call us: 1-800-823-3008 or 318-357-5961
Email us: [email protected]
Visit us in person: Natchitoches Campus (212 Student Services Centerl) or Shreveport Campus (102 Administrative Building)
When should I apply for financial aid?
Scholarship application priority consideration is December 1.
Will my financial aid be affected if I drop a class?
How do I appeal to get my financial aid back?
Fall Appeals Spring Appeals Summer Appeals
Priority deadline: July 15 Priority deadline: January 2 Priority deadline: June 6
Final deadline: September 30 Final deadline: February 28 Final deadline: July 15
Additional information on the appeal process: CLICK HERE