Types of Financial Aid
NSU assists students in meeting educational expenses by administering and coordinating various federal, state and institutional student aid programs, including grants, scholarships, loans and paid employment. Students who receive financial aid may be awarded a combination of the four aid types listed below:
Grants: Federal Pell Grant | SEOG Grant | ACG Grant | SMART Grant | Louisiana Go Grant
Loans: Federal Stafford Loans | Parent Loan for Undergraduate Students (PLUS)
Employment: Federal Work-Study
Scholarships: Scholarships
Federal Pell Grant
The Federal Pell Grant is a federal grant awarded to undergraduate students with no prior bachelor’s or professional degree. The student must meet satisfactory academic progress standards and all eligibility requirements for admittance to the University. Eligibility for the Pell Grant is determined by the student’s Expected Family Contribution (EFC) and Cost of Attendance (COA). The amount of money awarded is prorated based on the number of hours enrolled. The EFC is determined by completing the Free Application for Federal Student Aid (FAFSA). The Pell Grant is gift aid that does not have to be repaid.
Federal Supplemental Educational Opportunity Grant (SEOG)
The SEOG is a federal grant available to undergraduate students with exceptional need. Students with the lowest Expected Family Contribution, who are also receiving a Federal Pell Grant, may be eligible to receive this grant. Not all recipients of the Federal Pell Grant will receive the Federal Supplemental Educational Opportunity Grant due to the availability of funds. The SEOG is gift aid that does not have to be repaid.
Academic Competitiveness Grant (ACG)
The Academic Competitiveness Grant (ACG) is a need-based federal grant awarded to students in their first and second academic years of study. A student must meet specific program requirements to be eligible to receive this grant. Click here for detailed requirements.
National Science & Mathematics Access to Retain Talent (SMART) Grant
The National Science & Mathematics Access to Retain Talent (SMART) Grant is a need-based federal grant for students who pursue college majors in high demand in the global economy, such as science, mathematics, technology, engineering, and critical foreign languages. It is awarded to eligible students in their third and fourth academic years of study. A student must meet specific program requirements to be eligible to receive this grant. Click here for detailed requirements.
Louisiana Go Grant
The Louisiana Go Grant is a new, need-based state grant for students for the 2007-2008 award year. The Go Grant is aimed at bridging the gap between the amount of financial aid a student is awarded through the Federal Pell Grant program and the actual cost of attending a Louisiana college or university. A student must meet specific program requirements to be eligible to receive this grant. Click here for detailed requirements
There are two types of Federal Stafford Loans - subsidized and unsubsidized.
Subsidized Stafford Loan
The Subsidized Stafford Loan is awarded to undergraduate and graduate students on the basis of financial need determined by the Free Application for Federal Student Aid (FAFSA). Lending institutions, such as banks or credit unions, provide the funds for this loan. The federal government pays the interest on this loan until you begin repayment. Repayment of this loan will begin six months after you graduate, leave school, or drop below half-time enrollment (6 hours). This loan must be repaid.
Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan is awarded to undergraduate and graduate students. It is not based on need. The federal government does not pay the interest while you are in school. Interest will be charged from the time the loan is disbursed until it is repaid in full. If you decide to capitalize or defer the interest, it will be added to the principle amount of your loan and this will increase the amount you have to repay. If you choose the option of paying the interest as it accumulates, then you will pay less in the long run. Repayment of the interest and principle will begin six months after you graduate, leave school, or drop below half-time enrollment (6 hours). This loan must be repaid.
Parent Loan for Undergraduate Students (PLUS)
The Parent PLUS Loan is a loan for parents to help pay the cost of education for dependent undergraduate students. Parents may borrow up to the full cost of attendance less any other financial assistance the student receives. Parents must be able to pass a credit check or obtain a ‘co-signer’ who is able to pass the credit check. Both the parent and student must meet general eligibility requirements for federal financial assistance.
Click here for more information about student loans.
Federal Work-Study
The Federal Work-Study Program is a federally funded financial aid program that enables students to earn money toward college expenses by working on campus. This award is based on financial need as determined by the Free Application for Federal Financial Aid (FAFSA). Students are paid bi-monthly for hours actually worked. “Work study” does not mean that a student is paid to study; students must apply for a job, and satisfy the employer’s requirements to be hired and maintain the job. Limited funding available.
Click here to view On-Campus Jobs for Students.