Award Descriptions, Terms & Conditions
Federal Direct Subsidized Stafford Loans – There are limits to the annual maximum loan that a student can borrow, based on dependency status, grade level and demonstrated financial need. For loans disbursed to undergraduates on or after July 1, 2022, the interest rate is 4.99%, and there is a 1.057% fee charged up front, which is deducted prior to disbursement to the school. The U.S. Department of Education will pay (subsidize) the interest that accrues on Subsidized Stafford Loans during certain periods. Graduate students are not eligible for Federal Direct Subsidized Stafford Loans, but can get Federal Direct Unsubsidized Stafford Loans.
| Grade Level | Maximum Annual Amount | Total Annual Amount Disbursed to School |
|---|---|---|
| Freshman | $3,500 | $3,462 |
| Sophomore | $4,500 | $4,452 |
| Junior or Senior | $5,500 | $5,441 |
Federal Direct Unsubsidized Stafford Loans – There are limits to the annual maximum loan that a student can borrow, based on dependency status, grade level and demonstrated financial need. Interest remains the responsibility of the borrower on an Unsubsidized Stafford Loan, and begins accruing after disbursement. For loans disbursed to undergraduates on or after July 1, 2022, the interest rate is 4.99%, and there is a 1.057% fee charged up front, which is deducted prior to disbursement to the school. For loans disbursed to graduate students on or after July 1, 2022, the interest rate is 6.54%, and there is a 1.057% fee charged up front, which is deducted prior to disbursement to the school.
| Grade Level | Maximum Annual Amount | Total Annual Amount Disbursed to School |
|---|---|---|
| Freshman | $2,000 - $6,000 | $1,979 - $5,936 |
| Sophomore | $2,000 - $6,000 | $1,979 - $5,936 |
| Junior or Senior | $2,000 - $7,000 | $1,979 - $6,925 |
| Graduate | $20,500 | $20,281 |
Repayment begins 6 months after graduation or withdrawal from college. See more details about rights and responsibilities for federal student loan borrowers at https://studentaid.gov/
Federal Pell Grants – Eligibility for this need-based grant is determined by federal guidelines. A minimum credit load of 12 credits per quarter is required to receive the full award of a Federal Pell Grant.
Federal SEOG Grants –Eligibility for this need-based grant is determined by federal guidelines. SEOG Grant recipients must be eligible for the Federal Pell Grant.
University Grants, Tech Awards–These awards are provided by NEIT to students who demonstrate financial need. Eligibility for any need-based grant is determined by institutional guidelines. Award eligibility is based on specific programs of study.
Presidential Scholarships – These awards are provided by NEIT to students who demonstrate academic merit. Awarding criteria and continued eligibility is determined by institutional guidelines.
Descriptions of other loan options and financial aid awards can be found here https://clss.neit.edu/financial-assistance/types_of_financial_aid/
Terms & Conditions for Financial Aid Awards
Availability of Financial Aid
Financial aid at New England Institute of Technology is available from a variety of sources: non-repayable grants, scholarships, work study programs, student loans, and NEIT’s own tuition payment plan. Applicants may receive aid through any or all of these programs, depending on their financial need.
A financial aid officer will review the availability of grants and loans and can provide assistance in completing the required financial aid applications.
Financial Aid programs available are:
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work Study (FWS)
Federal Stafford Loan Program (FFELP)
Federal Direct Parent Loan for Undergraduate Students (FDPLUS)
State Grants
Private Scholarships and Loans
Institutional Scholarships
For a listing of eligibility requirements for federal, state, institutional and private funding sources please refer to the Student Guide to Financial Aid.
Financial Aid Awarding Policy
NEIT takes into consideration all financial sources when awarding aid to eligible applicants. For the purpose of this policy, “aid” includes grants, loans, and scholarships of any form.
If, after initial awards have been made, a student receives aid which brings his or her total aid package above the “cost of attendance” (the total amount it is determined it will cost a student to attend NEIT), NEIT will re-assign some of the funds awarded to the student.
It is the intention of this policy to ensure that aid resources are made available to as many students as possible.
Federal Student Financial Aid Penalties for Drug Law Violations – Students are advised that a conviction for any offense, during a period of enrollment for which the student was receiving Title IV, HEA program funds, under any federal or state law involving the possession or sale of illegal drugs will result in the loss of eligibility for any Title IV, HEA grant, loan, or work-study assistance.
Credit Load & Pro Rated Aid
Unless otherwise notated, financial aid awards are based on full time attendance each quarter, defined as 12 credits or more for undergraduates. If the undergraduate student drops below 12 credits, some financial aid awards may be reduced or cancelled. Undergraduate students planning to register for less than 12 credits in any quarter are encouraged to speak with a representative of the Financial Aid Office to be advised about their specific financial aid awards and the credit load restrictions that may affect the amount of their awards. Graduate students must maintain 4 credits per term for federal student loan eligibility.
Repeated Classes
Students who are repeating a class more than once during their quarters of attendance may have their financial aid awards reduced or cancelled.
Satisfactory Academic Progress Requirements
Students receiving federal or institutional financial aid are required to maintain satisfactory academic progress throughout their attendance at NEIT to continue their eligibility for financial aid. Details of these requirements can be found in the college catalog in the Financial Assistance section.
Withdrawing from the College
Students who withdraw from NEIT must notify the NEIT Registrar’s Office. Absence from class does not constitute withdrawal. Students who have attended classes will be charged full or pro-rated tuition and fees based on the date that written notification of withdrawal was received by the Registrar’s Office.