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Home » Admissions »
Financial Aid
Understanding the Financial Aid Process
Questions:
- When should I apply for student loans?
- How do I apply for student loans?
- How do I know which award year to apply for?
- How long will it take to know if I have been approved?
- How long will it take to receive my loan?
- Will the loan be available before I have to pay my first tuition bill?
- What is my maximum student loan eligibility for an enrollment period?
- I am planning to use my employer's education benefits to pay for my tuition. I really do not need to apply for aid do I?
- I am planning to use VA Benefits and Tuition Assistance as well as student loans. How will this affect my loan eligibility?
- If I am using VA funding, why do I need loans?
- What are the required forms that I need to return to the Student Financial Planning Office and where do I get them?
- I understand that I need to pay a $400 non-refundable advanced tuition payment before I may be enrolled in my class. Can my student loan, my employer benefits, or my military benefits be used to cover the cost of my advanced payment?
- What scholarships are currently offered for graduate students?
- If I am choosing to use an alternative loan instead of federal student loans do I still need to file the FAFSA form?
Answers:
- When should I apply for student loans?
The best time to apply for your student loans is immediately after you have completed the admissions application for the program in which you want to enroll. Early aid application ensures a smooth transition into classes and will help you avoid delays or interruptions in your enrollment. Because your financial aid application can be used for more than one school, you do not need to be certain of where you will enroll in order to complete the aid application. The best time to apply for financial aid is now.
By applying for loans now, you make it possible for the University to determine your aid eligibility within days of being accepted for admission. If you delay in completing the loan application, it will delay the University's ability to let you know your aid eligibility.
- How do I apply for student loans?
Applying for student loans is quick and easy. Visit the following sites to learn about and complete the Free Application for Federal Student Aid (FAFSA).
The application process will involve gathering your financial records so please read through these sites before attempting to complete the application form. Be sure to use our school code 003692 when completing your FAFSA.
- How do I know which award year to apply for?
- The federal aid year begins on July 1 and ends on June 30.
- If you are applying for a semester that begins in March 2009, you will apply under the aid year 2008-2009.
- If you are applying for a semester that begins in June, September, or December 2008, you will apply under the aid year 2008-2009.
- If you are applying for a semester that begins in March 2008, you will apply for the 2007-2008 aid year.
- How long will it take to know if I have been approved?
Once you complete the FAFSA, notification of your application will be sent to the University within three to five business days.
Your loan award can only be determined after you have been accepted to the School of Graduate Studies. The sooner you complete your admissions application packet, the sooner your aid award can be determined. To complete your admissions packet, you must provide the documents listed on our Admissions page.
- How long will it take to receive my loan?
Your loan award letter will be sent to you within ten days of your acceptance to the School of Graduate Studies. Along with that award letter, you will receive links to several downloadable forms which must be completed and returned to the University with your tax return and W2. In order to apply your loan to your tuition bill, the University must receive these documents no later than two weeks prior to the beginning of the semester. Check our Enrollment Timeline for specific dates.
If all documents have been returned to the University by the deadline, your loan will be disbursed by your lender to the University five days before the semester begins.
Once the semester has started and your active enrollment has been confirmed, any excess loan funds applied to your tuition will be sent to you in the form of a refund check. This refund check may not be released by the University until after the semester has started and your active enrollment in class has been determined.
- Will the loan be available before I have to pay my first tuition bill?
Because the University sends bills out approximately six weeks prior to the beginning of each semester, you may have received your award letter by the time you get your first tuition bill, but you will not have received the actual loan.
Loan funds cannot be applied toward your bill until the lender disburses the loan to the University. This disbursement occurs five days before the beginning of the semester.
Until the loan is disbursed, your student account will show a balance due to the University. Once your loan has been disbursed, your balance will be reduced by the amount of your loan.
When you receive your tuition bill, be certain to complete the back side – or complete the online remittance form on the Bursar's webpage – so we will know you have applied for federal student aid.
- What is my maximum student loan eligibility for an enrollment period?
Currently, most of our graduate students are eligible for loans equaling the amount of tuition and fees. If you require additional loan funds to assist with educational expenses you must contact the Student Financial Planning office and speak with a financial aid counselor about eligibility.
- I am planning to use my employer's education benefits to pay for my tuition. I really do not need to apply for aid do I?
Many students find out too late that employer education funds are typically insufficient to pay the entire tuition bill. Some employers only reimburse after the student submits a passing grade for the seminar or semester. Some employers' funds are tied to fiscal year expenditures.
Tuition payments are due in full to the University two weeks before classes begin. In order to secure your enrollment, you must pay that tuition bill whether or not your employer tuition benefits are available at the time the bill is presented. You may be left hanging financially if you do not apply for aid early in the admissions process.
If you find later you do not need the loans, you can simply refuse them when you receive your award letter.
- I am planning to use VA Benefits and Tuition Assistance as well as student loans. How will this affect my loan eligibility?
You must report all VA benefits that you will receive as well as your expected Tuition Assistance funding. It is a federal regulation that this be included when your federal loan eligibility is determined. Your student loans will be adjusted accordingly.
- If I am using VA funding, why do I need loans?
The Veterans Administration education programs are set up to pay the student rather than the University. In order for students to receive VA funding, the University must certify that student's enrollment after classes have begun. VA funds cannot be released until that certification has occurred.
Tuition payments are due in full to the University two weeks before classes begin. In order to secure your enrollment, you must pay that tuition bill long before your VA benefits will be available to you.
The VA process can take as long as 12-16 weeks from certification of enrollment to you receiving your first VA payment.
- What are the required forms that I need to return to the Student Financial Planning Office and where do I get them?
Links to the required forms will be emailed to you from the Student Financial Planning Office once your loan eligibility has been determined. The required documents include:
• Award Acceptance Form
• Verification Worksheet
• Federal Entrance Interview Form
• VSAC MPN (Master Promissory Note)
You will also be required to forward a copy of your current federal tax return as well as your W2 information. To avoid delays in receiving your student loan funds, it is advisable that you locate these documents as soon as you complete the FAFSA.
- I understand that I need to pay a $400 non-refundable advanced tuition payment before I may be enrolled in my class. Can my student loan, my employer benefits, or my military benefits be used to cover the cost of my advanced payment?
Your $400 non-refundable advanced tuition payment secures your seat in the upcoming class, creates your distance learning and University network accounts, sends your books, and ensures adequate student-to-faculty ratios in your class. This payment is due a minimum of three weeks prior to the beginning of the semester.
Lenders do not disburse student loan funds to the University until 5 days before classes start. In general, employers will not advance tuition funds until a student has begun to attend classes. VA benefits are paid directly to the student. TA funds are not paid to the University until a student begins classes.
You must plan to pay the $400 advanced tuition payment independent of any financial assistance.
- What scholarships are currently offered for graduate students?
Norwich currently offers a scholarship for alumni and their immediate family. If you are not an alumnus of Norwich University, we recommend that you speak with your employer about scholarship opportunities. It is also recommend that you speak with the department of education in your state of residence to obtain graduate student scholarship information. The internet is also a good source of scholarship possibilities for graduate students.
- If I am choosing to use an alternative loan instead of federal student loans do I still need to file the FAFSA form?
You are not required to file the FAFSA form if you are choosing to use an alternative loan instead of applying for a federal student loan.
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Norwich University - School of Graduate Studies
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Admissions: 1-800-460-5597
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