Financial Aid Programs
Financial Assistance Available
The following federal, state, and institutional programs are available to provide financial assistance.
Federal and State Programs
The Pell Grant assists undergraduate students who need financial help for their education and, like other grants, does not have to be repaid. Applicants must submit the Free Application for Federal Student Aid (FAFSA) to determine eligibility for the grant. For 2022-2023 award year the amounts range from $692 to $6895.
The Pell Grant is disbursed based on a student’s financial aid enrollment status. A student’s financial aid enrollment status is based on the number of credit hours that a student is registered for as of the Pell Recalculation Date (also referred to the Financial Aid Census Date). For the Fall and Spring term the financial aid census date is the tenth day of the term. Classes added after that date will not count towards a student’s Pell grant eligibility.
The financial aid census date for the summer term is the third day of the June session. The Northeast Intersession is attached to the Spring term and will use the Spring term financial aid census date or the tenth day of the spring term.
Effective July 1st, 2012 students are limited to 12 semesters, or their equivalent, of Pell grants. Effective July 1st, 2017 a student may be eligible to receive Pell grant funds for up to 150 percent of the student’s Pell Grant scheduled award for an award year. To be eligible for the additional Pell Grant funds, the student must be otherwise eligible to receive Pell Grant funds for the payment period and must be enrolled at least as a half-time student in the payment period for which the student receives the additional Pell grant funds in excess of 100 percent of the student’s Pell Grant scheduled award.
The purpose of the FSEOG Program is to provide additional grants to students who are Pell-eligible and who demonstrate exceptional financial need.
The Nebraska Opportunity Grant (NOG) program provides financial aid to students who are residents of Nebraska, have not earned a bachelor’s, graduate or professional degree, have high financial need and who are attending an eligible Nebraska college. NOG is funded through State of Nebraska’s general fund appropriations and lottery funds.
The work-study program provides jobs for eligible students who show unmet need. Student workers are paid biweekly as hours are worked. Most FWS students are employed on campus and work an average of 8-10 hours per week at a salary of at least minimum wage. Some jobs are designated community service jobs as students assist individuals in the greater northeast Nebraska area. Northeast also provides FWS students an off-campus reading tutors program for elementary school children.
To be eligible for the subsidized Direct Federal Loan, a student must show need and be enrolled at least half- time. The government subsidizes the loan by paying the interest for the student during periods of at least half-time enrollment. Freshman students may be eligible for up to a maximum of $3,500, and sophomores may borrow up to $4,500. The repayment period begins 6 months after the student is no longer enrolled at least half-time. Interest will accrue during those 6 months and will be payable by the student rather than subsidized by the federal government.
The interest rate varies depending on the first disbursement date of the loan. For Direct Subsidized Loans that first disbursed on or after July 1, 2022 and before July 1, 2023 the interest rate is 4.99% fixed.
The terms of the unsubsidized Direct Federal Loan are identical to those of the subsidized Federal Direct Loan with two exceptions-a student is not required to show need for the unsubsidized Federal Direct Loan and interest is the student's responsibility from the beginning. The government does not pay interest for the student. Subsidized loan eligibility reduces available unsubsidized limits. Independent students could have up to $4,000 of additional eligibility above the $3,500 for level-one students and $4,500 for level-two students.
The interest rate varies depending on the first disbursement date of the loan. For Direct Unsubsidized Loans that first disbursed on or after July 1, 2022 and before July 1, 2023 the interest rate is 4.99% fixed.
The PLUS loan is available to parents of dependent students to help meet remaining costs of education. Maximum eligibility is total cost of attendance minus financial aid. Parents must have a good credit history to qualify.
The interest rate varies depending on the first disbursement date of the loan. For Direct Plus Loans that first disbursed on or after July 1, 2022 and before July 1, 2023 the interest rate is 7.54% fixed.
Payments begin within sixty (60) days from the date of the final disbursement, with a $50 minimum payment per month. The parent borrower may prepay the whole or any part of the loan at any time without penalty OR may defer payments if the student is attending school at least at half time status. Parents must complete a PLUS application and PLUS Master Promissory Note on studentaid.gov. If a parent is denied the PLUS loan, the student will have their unsubsidized loan offer increased up to an additional $4000.00.