Financial Aid Policies
Federal law and NEC rules require that students receiving aid make satisfactory progress toward their degrees (for further information see Academic Standing). Undergraduate students receiving federal aid are required to complete their academic program within federally defined time limitations. The maximum time frame for each student receiving aid may not exceed 150% of the published length of their academic program (see Residency Policy).
APPLICATION PROCEDURES
New students must submit the NEC application for financial assistance in order to be considered for NEC scholarship. In addition, U.S. Citizens and eligible noncitizens (e.g. Permanent Residents) must also complete the FAFSA in order to determine eligibility for, and receive federal financial aid. Late NEC applications will be considered on a funds-available basis.
Returning students will have any NEC scholarship renewed based on continued eligibility. In addition, returning students who are U.S. Citizens and eligible non-citizens (e.g. Permanent Residents) must also complete the FAFSA online. Deadlines for all applications are published on https://necmusic.edu/admissions/tuition-aid/.
Some FAFSA filers will be selected for verification and will be required to submit additional materials, including Verification Worksheets and IRS tax return transcripts.
FEDERAL PROGRAMS
Federal Pell Grant
The Federal Pell Grant program is a federally funded, need-based grant that does not have to be repaid. Eligibility is determined by the federal government. The fund is typically offered to students with exceptional need who have not previously earned a bachelor’s degree.
Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG is a federally funded, need-based grant that does not have to be repaid. Federal funding for FSEOG is extremely limited. These awards usually range from $500 to $4,000 a year and are typically offered only to students with exceptional financial need, like Pell Grant recipients.
Federal Stafford Loans (Subsidized and Unsubsidized)
The Federal Stafford Loan is a fund awarded to students that must be repaid. The Financial Aid Office awards Stafford Loans in accordance with Title IV FederalFinancial Aid regulations. The Subsidized Stafford loan does not accrue interest while the student is enrolled, and is only available to undergraduate students. The Unsubsidized Stafford loan will begin accruing interest once the loan is disbursed (applied to the student bill). Repayment begins six months after the student ceases to be enrolled at least halftime.
Federal PLUS Loans
The Federal PLUS loan program allows graduate students as well as the parents of dependent, undergraduate students to borrow up to the cost of education less any other financial aid. Those interested will need to complete an application on studentaid.gov and pass a credit check. Interest for PLUS loans begins at the time the fund is applied towards the student bill. Repayment typically begins 60 days after the loan disburses, but there are ways to defer repayment if needed by contacting the loan servicer.
STUDENT EMPLOYMENT
NEC’s student employment program provides part-time employment opportunities for students. All active college students are eligible to participate in this program. Jobs are funded by either Federal Work-Study (FWS) or Student Aid (SA) funding. Eligibility for FWS is determined by the FAFSA, and both NEC and the federal government contribute to students’ income. FWS is earned on a
bi-weekly basis and is never credited towards students’ bills. SA is institutional funding for part-time employment opportunities within NEC. All active NEC College students are eligible to earn SA funding regardless of their FWS eligibility. Student employees are paid bi-weekly via direct deposit. In order to be paid for hours worked, student employees must submit their hours on a daily basis online in the ADP Time & Attendance system. A staff manager approves time online in ADP as well.
U.S. Citizens or Permanent Residents
U.S. Citizens and Permanent Residents may work up to 40 hours per bi-weekly pay period when classes are in session. Students who work over these limits may be prohibited from participating in Student Employment. FWS only applies to these students, who are awarded amounts that range on average between $1,500and $2,000. Once students have earned their award amount, there is a discussion between financial aid and the student to determine whether additional funds are available. Students who reach their award limit for the year either must stop
working or re-apply under SA (Student Aid).
International Students
International students in valid F-1 status may work a maximum of 20 hours per week when classes are in session, including during NEC examination periods. This limit includes both on- and off-campus employment; all off-campus employment must be processed through the Office of Academic and Student Affairs. Non-compliance with these regulations is aviolation of status that could jeopardize the F-1 status of students with serious consequences. Students who work over these limits may be prohibited from participating in Student Employment.
Payment When Classes are in Session
All students may work up to 29 hours per week during pay periods when classes are not in session. Such pay periods are designated in the Payroll Calendar. Students who work over these limits may be prohibited from Student Employment.
STATE PROGRAMS
State Grants are awards issued by the state in which the student permanently resides. To be considered, students must respond to the FAFSA questions regarding student state of residence, state of issue for driver’s license, and parent state of residence (if applicable). Other applications or documentation may be required depending on state of residence.
RETURN OF TITLE IV FUNDS
A pro-rated refund calculation will be applied to federal student aid recipients at NEC who become inactive or stop attending classes before 60% of the semester has passed. Title IV (federal financial aid) refunds will be calculated according to the number of days the student has attended classes, or the date in which he/she became inactive, divided by the total number of days in the semester up to 60%. NEC and the student will be required to return to the federal aid programs the amount of aid received that was in excess of the aid earned for the time period the student was enrolled. Students with NEC funds who are subject to a return of title IV will receive a prorated amount of NEC aid based on the tuition refund policy. Calculations for tuition refunds may differ from calculations from Return of Title IV Funds.