Financial Aid FAQs
Do I have to meet certain requirements to be eligible for financial aid?
Initially most students are eligible for some type of aid whether in the form of grants or loans. However to remain eligible a student must meet certain criteria which are outlined in our Satisfactory Academic Progress Policy (SAP). A student must pass/complete the number of hours designated to receive financial aid funds.
A student must successfully complete 67% of all courses they attempt, attempted hours also include W's, F's and I's. A student must meet a GPA requirement. Freshman with 0-30 credit hours must maintain a 1.7 cumulative GPA. Students with 30+ credit hours must maintain a cumulative 2.0 GPA.
Federal Student Aid will cease when an undergraduate student reaches 186 attempted hours towards their first bachelor's degree, and when graduate students reach 54 attempted hours towards their first master's degree.
How much money can I borrow?
A student's loan eligibility is determined by several factors. These factors consist of grade classification (freshman, sophomore, etc.) as well as whether the student is dependent or independent. Another factor is based on the amount of additional aid a student is receiving.
We are allowed to award a student a certain amount of aid per year based on their Cost of Attendance (COA). All outside aid is factored into this COA; therefore, it may affect the loan amount a student is eligible to borrow.
Learn more about Stafford Load Limits.
What types of aid are awarded from the FAFSA?
When we receive a student aid report from FAFSA, that report tells us what types of aid the student is eligible for based on the information the student provided on the FAFSA. We award the Pell Grant, Seog Grant, Otag Grant, Direct Stafford Loans (Subsidized and Unsubsidized), Perkins Loans, and Direct Parent Plus Loans based on each student's eligibility.
What can my financial aid be used for?
Financial aid is primarily meant to pay educational costs such as tuition and fees, books, housing, etc. It can also be used to help with transportation costs and basic necessities while attending school. Financial aid is not meant to be a main source of income. It is meant to be a supplement to aid in your costs while attending school.
Do I have to apply for financial aid every year?
Every student must apply for federal aid every year. The FAFSA is available to fill out every year on October 1. This FAFSA is good for the following semesters.
How does my financial aid pay for my charges?
After your financial aid has been determined and processed, the university will apply the funds to your account. If your bill is not paid in full by your financial aid, you will receive a bill for the balance. If your financial aid is enough to cover all costs and you have remaining aid left over, the university will refund the left over aid into a bank account that the student needs to set-up ahead of time.
If I have Oklahoma's Promise, how does that help me at NSU?
Oklahoma's Promise will pay for the tuition only portion of your charges.
How do I apply for a student loan?
The first step is to complete a FAFSA. Our financial aid office will then determine your eligibility and award you a student loan accordingly. Once awarded, you must then complete your entrance counseling and master promissory note before the loan will be disbursed to the school.
As a graduate student how many hours do I need to be enrolled in to be eligible for financial aid?
A graduate student must be enrolled in at least five graduate level (5000) hours during any semester of attendance to be eligible for financial aid.
What are the repayment terms of student loans?
Direct Stafford loans do not go into repayment status until six months after graduation. Direct Stafford loans will also go into repayment if a student drops below half-time or has to sit out of school for any period longer than six months.
How do I apply for financial aid?
You can apply by completing the free application at fafsa.ed.gov. Before completing the application you will want to go to fsaid.ed.gov to apply for a FSA ID, this will serve as an electronic signature. You can then proceed to fafsa.ed.gov to complete the free application.
What type of information does the FAFSA require?
The FAFSA will require general as well as tax and asset information. If you are a dependent student you must provide your parents information as well.
What is loan consolidation?
Loan consolidation happens when individual student loans are combined into one loan. This is helpful if a student has had loans at several loan servicers throughout their education. After graduation, rather than make payments to several loan servicers, a student can opt to consolidate their loans and make payments to only one. For further detailed information, we recommend that students contact Direct Loans at www.studentloans.gov.