Tuition and Financial Aid Policies

Applying for Financial Aid

Students should apply for financial aid concurrently when applying for admission.  Offers of financial aid are made only after a student is accepted for admission and the Student Financial Services Office has received all required documentation.  Students who are U.S. citizens or eligible non-citizens may apply for financial aid by submitting a Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov.  New England College’s school code for the FAFSA is 002579. Students are encouraged to apply for aid as early as possible while applying for admission.  The FAFSA is available after October 1 each year.  A financial aid award letter will be sent to notify students regarding the financial aid award offer as well as provide information about award components.  Required documentation is available to view online through MyNEC at nec.edu.  The award information is also made available online through MyNEC at nec.edu. 

Financial Need Determination and Expected Family Contribution

Financial aid is awarded based on financial need.  Financial need is the difference between the total cost of attending New England College and the family’s ability to contribute as determine by the FAFSA.  The calculation of financial need is governed by the federal government’s criteria.  Parents are expected to contribute to the cost of a student’s education, taking into consideration their income, number of dependents and other relevant information.  Students are expected to contribute from earnings, savings and borrowing when appropriate.

Cost of Attendance

The financial aid award is based on the estimated cost of attendance.  This budget is comprised of both billable charges and indirect expenses.  Billable charges include tuition and fees while indirect expenses include books, supplies and personal items.  Indirect expenses do not appear on the billing statement and will vary by student.  The cost of attendance is listed on the award letter & is available online through MyNEC.

Other Important Financial Aid Information

Financial aid awards are considered automatically accepted.  If a student chooses to decline all or a portion of the financial aid award, they must notify the Student Financial Services Office in writing or by email to sfs@nec.edu from their NEC email address.  Financial aid awards are deducted from the tuition bill on a term basis.  The anticipated award will be reflected on the term bill as memoed or authorized aid.  Any requested documentation should be submitted timely.  The award is derived from the data provided on the FAFSA.  The award may be adjusted upon verification of the financial aid file.  If any of the anticipated financial assistance does not disburse to the student account for any reason, the student becomes immediately responsible for the total amount due.  The amount of financial aid listed on the award letter is contingent upon full-time enrollment.  If course load is reduced, the award may be adjusted.  Any change in enrollment status or financial status must be reported to the Student Financial Services office and may result in an adjustment to the award.  Withdrawal from New England College after the first day of classes and prior to the completion of the academic periods will result in a revision of the award based upon the College’s refund policy and federal regulations.

Satisfactory Academic Progress

Satisfactory Academic Progress is required by federal law (34 CFR 668.34) to measure a student’s completion of coursework toward a degree.  The Student Financial Services Office monitors the progress of each student to determine if the student meets federal guidelines for receiving financial aid. Students must make both quantitative (pace) and qualitative (GPA) progress toward their program each year to receive financial aid.   Students who do not maintain the minimum standards for grade point average and pace of progression may lose their eligibility for federal, state and/or institutional financial aid.  Academic progress will be measured at the end of each student’s academic year.  All financial aid applicants are subject to the satisfactory academic standards whether or not they have received financial aid previously.

Transfer credits earned at other institutions and accepted by New England College are included as credits attempted and earned.  Grades of I, P, NR, AU, ADW, ADI, W, T and WD are not used in grade point calculations.  Please refer to the Academic Policies  section of the catalog for the complete grading system. Students may receive financial aid for repeating a previously passed course once or a failed course until it is passed.  The higher grade for the repeated course is used in the grade point average calculation.

Appeals

Students failing to meet Satisfactory Academic Progress due to extenuating circumstances may appeal the termination. Extenuating circumstances may include: prolonged illness/death of an immediate family member, medical illness that created hardship to the student, military activation, change in educational objective, documented learning disability, or other acts beyond control of the student.

Students must submit a complete Satisfactory Academic Progress Appeal form to the Student Financial Services Office within 14 days of notification of termination. Students must attach all necessary supporting documentation such as doctor’s notes, accident reports, etc. Appeals will be reviewed within 14 days of receipt. Incomplete appeal forms or missing supporting documentation not received within the 14 day time-frame will result in a denied appeal. Decisions regarding appeals will be made in writing to the student.

If an appeal is approved, the student will be either placed on financial aid probation or on a specific academic plan. If the student is on a financial aid probation, they will be eligible to receive financial aid during the probationary period and must meet Satisfactory Academic Progress by the end of that period to remain eligible for financial aid. Students on an academic plan must meet the terms of the plan for the duration of the academic plan to remain eligible for financial aid. Students requesting reinstatement of financial aid should submit a request to the Student Financial Services Office once they have met the Satisfactory Academic Progress standards.

Financial Aid Programs

New England College participates in the following financial aid programs:

Federal Pell Grants

A Federal Pell Grant is a federally administered program that awards grants to undergraduate students seeking their first baccalaureate degree. It is awarded on the basis of exceptional financial need. All undergraduate financial aid applicants are required to apply for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA).

State Student Incentive Grants

State grants are administered by the state in which the student resides. Each state stipulates its own eligibility criteria. Each student is responsible to meet state application guidelines.

Federal Direct Subsidized Loans

A Federal Direct Subsidized Loan is a low interest, federally subsidized loan awarded on the basis of need. To apply, students should complete the Free Application for Federal Student Aid at fafsa.ed.gov. If the first disbursement of the subsidized loan is between July 1, 2019 and June 30, 2020, the interest rate on the loan is fixed at 4.53%.

Repayment normally begins 6 months after the student graduates or enrolls for less than half time. Depending on need and course load, first‐year students may borrow up to $3,500, sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500 each year. The total amount in Federal Direct Subsidized Loans a student may borrow as an undergraduate is $23,000.

Following graduation, students may be eligible to consolidate their federal loans or repay them on a graduated basis tied to student income. For more information on Direct Loans, visit studentloans.gov.

Federal Direct Unsubsidized Loans

A Federal Direct Unsubsidized Loan is insured by the government. It provides an opportunity for students to benefit from the low interest of the Federal Direct Loan Program when they are not eligible for a subsidized loan or are eligible for less than the maximum annual limit due to federal financial need requirements. All provisions of the Federal Direct Loan apply, except that students are responsible for paying the interest on the loan that accrues while the student is enrolled. Undergraduate dependent first‐year students may borrow up to $3,500, sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500 each year. The total amount in Federal Unsubsidized Loans a student may borrow as a dependent undergraduate is $23,000. Undergraduate independent first‐year students may borrow up to $7,500, sophomores may borrow up to $8,500, and juniors and seniors may borrow up to $10,500 each year. The total amount in Federal Direct Unsubsidized Loans a student may borrow as an independent undergraduate is $46,000. Graduate students may borrow up to $20,500 per year with an aggregate total of all Federal Direct Loans of $138,500. For more information on Direct Unsubsidized Loans, visit studentloans.gov.

Federal Direct PLUS

The Parent Loan for Undergraduate Students (PLUS) is an additional loan that may be borrowed toward the cost of education. The PLUS is a federal loan for parents of dependent students enrolled at least half time. Parents without adverse credit history may borrow up to the difference between the cost of education and any other forms of expected financial assistance. The interest rate for the Direct PLUS loan is 7.08%. The disbursement fee for these loans is 4.236%. Repayment of PLUS loans begins 60 days after the loan is fully disbursed however an in‐school deferment option is available. For more information on PLUS loans visit studentloans.gov.

Private Student Loans

We strongly encourage the pursuit of all state, federal, and institutional aid available first in financing a New England College education. If additional financing is needed after exhausting these sources or if a student does not qualify for federal loans, there are several lenders who offer alternative/private education loans. The terms and conditions of private loans may be less favorable than federal loans. Approvals of private loans are typically based on credit rating and debt‐to-income ratio and may require a co‐signer.

New England College does not maintain a preferred lender list. A list representing the private lender programs used by our students during the previous school year is available through Student Financial Services or at nec.edu/loans. New England College will process your financing options from any participating lender program.

We encourage thorough research of lenders to ensure the best rates and services are received. Comparison of borrower benefits ranging from origination and default fees that can reduce the initial cost of the loan as well as benefits to save money during repayment such as auto‐debit interest rate reductions should be reviewed. Interest rates are typically variable, which means they can change monthly and rates vary amongst private lenders. For current Prime and London Interbank Offered Rate (LIBOR) information, please go to www.bankrate.com.

Other Opportunities

Private foundations and organizations offer programs to help meet the cost of post-secondary education. Students are encouraged to contact such organizations directly to inquire about available programs. All students are encouraged to pursue scholarship programs available through service clubs, church groups, and businesses located in their hometowns. In addition, many students and parents qualify for tuition assistance through employment benefits, military service, or state social agencies. Students are expected to inform the Office of Student Financial Services of any external grant or scholarship, or resource assistance. In most instances, these external grants will help meet a greater portion of financial need and reduce the loan portion of the aid package

Federal Financial Aid (Title IV) and Withdrawal        

Students who withdraw before 60% of the term is completed will have their eligible federal financial aid recalculated according to the length of their enrollment. The percentage of time the student remained enrolled is the percentage of eligible aid for that period that the student earned. A student who remains enrolled beyond the 60% point earns all federal aid for that period. The Return of Federal Financial Aid calculation is performed independently of institutional costs incurred for the period of enrollment.

Return of Refund Procedure

If a student officially withdraws during a term, a portion of any refund calculated under the College’s withdrawal policy will be returned to federal, state, and College programs.

Arrears

Neither transcripts nor diplomas will be issued to any student whose account is in arrears. Students who are in arrears will not be allowed to participate in their Commencement ceremony. All accounts 30 days or more in arrears are subject to a late payment charge of 1.5 percent per month, equivalent to 19.56 percent annual percentage rate. Overdue accounts referred to a collection agency will incur the agency’s fee. This fee, usually 25 to 50 percent, will be added to the overdue balance at the time of assignment to an agency.

Defaulted Loans

Transcripts and diplomas are not released to any student in default on Perkins Loans.