Introduction
Pursuing higher education can be a significant financial commitment, but it shouldn’t be a barrier to your academic aspirations. Northern Arizona University (NAU) offers a range of financial aid options to help students cover the costs of their education and make their college dreams a reality.
Types of Financial Aid
NAU offers three main types of financial aid: grants, scholarships, and loans.
Grants
Grants are free money that you don’t have to repay. They are typically awarded based on financial need, academic merit, or other specific criteria. Common types of grants include:
- Pell Grants: Up to $6,895 per year for eligible students with exceptional financial need.
- Federal Supplemental Educational Opportunity Grants (FSEOG): Up to $4,000 per year for students with exceptional financial need.
- Arizona Promise Grant: Up to $5,000 per year for Arizona residents who meet eligibility requirements.
Scholarships
Scholarships are similar to grants, but they are awarded primarily based on academic merit, athletic ability, or other special talents. NAU offers a variety of scholarships, including:
- Presidential Scholarship: Up to $15,000 per year for incoming first-year students with outstanding academic records.
- Regents Scholarship: Up to $9,000 per year for Arizona residents with high academic achievement.
- Honors College Scholarship: Up to $6,000 per year for Honors College students.
Loans
Loans are borrowed money that you must repay with interest. Federal student loans, such as Stafford Loans and PLUS Loans, offer low interest rates and flexible repayment options. Private student loans may have higher interest rates and less favorable terms.
How to Apply for Financial Aid
To apply for financial aid at NAU, you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available online at fafsa.gov.
When completing the FAFSA, you will need to provide information about your family’s income and assets. This information will be used to determine your Expected Family Contribution (EFC), which is the amount of money your family is expected to contribute to your education.
Managing Your Financial Aid
Once you receive financial aid, it is important to manage it wisely. Here are some tips:
- Create a budget and track your expenses.
- Use your financial aid to cover essential expenses, such as tuition, fees, books, and living expenses.
- Avoid unnecessary spending and consider working part-time to earn extra income.
- Communicate with your financial aid office if you need assistance or have any questions.
Additional Resources
NAU Financial Aid Office
FAFSA
Frequently Asked Questions
Q: What is the deadline to apply for financial aid?
A: The priority deadline for financial aid at NAU is March 1st. However, applications are accepted after this date on a rolling basis.
Q: How do I know if I qualify for financial aid?
A: To determine your eligibility for financial aid, you must complete the FAFSA. Your EFC will be calculated based on the information you provide.
Q: What if I don’t receive enough financial aid to cover my expenses?
A: If you don’t receive enough financial aid, you may consider working part-time, taking out private student loans, or applying for additional scholarships.
Q: What are the repayment options for federal student loans?
A: Federal student loans offer a variety of repayment options, including standard repayment, extended repayment, graduated repayment, and income-based repayment.
Q: How can I appeal my financial aid award?
A: If you disagree with your financial aid award, you can appeal the decision by contacting the NAU Financial Aid Office.
Conclusion
Financial aid can play a crucial role in making higher education affordable for many students. NAU offers a range of financial aid options to help students cover the costs of their education and achieve their academic goals. By carefully managing your financial aid, you can maximize your resources and make the most of your college experience.
