Finanical Aid

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Student Loans

APPLYING FOR A STUDENT LOAN

To apply for a Federal Stafford Student Loan, the student must first complete a FAFSA (Free Application for Federal Student Aid) for the school year in which they plan to attend. Once the FAFSA has been received by NEMCC, the Financial Aid Office will mail the student a Student Information Sheet. Instructions are given on this form on how to apply for a student loan.  The student will complete a Federal Student Loan Packet.  The student must also complete Entrance Loan Counseling (instructions in Loan Packet) and a Master Promissory Note (MPN) (instructions in Loan Packet) before the loan can be processed.  The student will then be notified of the amount that has been awarded by an Award Letter.  Loan checks will not be disbursed to students until 30 days after the beginning of the first term of the loan period.  All of the above mentioned tasks must be complete before the student may receive funds.

FEDERAL STAFFORD LOAN "SUBSIDIZED"

This is a low-interest loan made to students by a lender such as a bank, credit union, or savings and loan association, to help pay for their education after high school. These loans are available for undergraduate and graduate students. Undergraduate students may borrow up to $2,625 a year as a first-year student, $3,500 as a second-year student. As with all need based programs, eligibility must be established. You may apply for a Federal Stafford Loan at Northeast if you are already enrolled, in good standing, and make satisfactory academic progress, or if you have been accepted for enrollment on at least a half-time basis.
Federal Stafford Loan checks will not be disbursed to students until 30 days after the beginning of the first term of the loan period. Student tuition and fees are deducted from the first financial assistance - loan, grant, scholarship, etc. - received by the college.

FEDERAL STAFFORD LOAN "UNSUBSIDIZED"

This is a loan for students who may not qualify, in whole or in part, for the "subsidized" Stafford Loan based on need as determined by the Free Application for Federal Student Aid. The terms and conditions are generally the same as the "subsidized" Stafford Loan, except that the borrowers are responsible for interest that accrues while they are in school. Eligibility for the "subsidized" Stafford Loan must be determined before a student can apply for an "unsubsidized" Stafford Loan.