Hi all, my daughter is accepted to Northeastern University, with an aid package that is at the upper limit of do-able. I have not been able to get a sense of what realistically happens under 2 possible scenarios. could anyone who is familiar with Northeastern (in particular) please write in. we are trying to get clarity on the EFC portion of the financial aid calculation. (I understand the loans, and need and merit based portions).
- Let's say for 2 years in a row, she coops fall and studies spring. That's 2 study semesters. I understand the University would bill for 2 study semesters over those 2 years. If she were doing these 2 semesters in 1 school year, the estimated family contribution would be 20K, that is, 10K per semester. How does it work when the 2 study semesters are spread over 2 years? do they say the EFC is 20K per year? or do they say the EFC is 10K each year?
- if my daughter got external scholarships, would northeastern allow her to use it to lower the EFC portion? or would it require that she take less in loans?
- Any northeastern parents able to comment on how the financial aid actually worked out? If the the current offer goes forward, factoring in tuition increases, we can do it, but I'm concerned that there may be unknowns (that we can't forsee) that will surprise us in the future, any advice there?
Thanks in advance
Good on you for thinking about this kind of stuff now, first of all. Very smart parent.
1.) As far as I know, EFC isn’t affected by co-op. You fill out the FAFSA just once a year. Example; next year I’ll start co-op. My family’s contribution per year will be $10,000, so I will pay the $5000 in the fall as if I’m paying the other 5 in the spring but I don’t actually pay for it.
2.) Depends. If your scholarship is through a giant organization that sends the check directly to the school, typically that can’t be used to pay your EFC portion.
From the financial aid website:
“You must report all private sources of student financial aid to the Northeastern University Office of Student Financial Services in writing. Outside awards are considered part of your aid package, and in most cases will be applied first to unmet financial need, then to replace loans and/or work-study, and if necessary, to reduce institutional grants and/or scholarships.”
So if there’s a gap between EFC and costs, it would count for that first (though I know they’re meeting full need this year); next loans/WS would go, and they’d only reduce grants if your scholarship + grants would be over the full cost.
That all being said… if it’s a smaller scholarship just made out to your daughter, you can just put it towards tuition and not tell NU it exists. I won $2500 from a credit union scholarship and it was just made out to my name, so it all went to my parent’s tuition payments.
3.) Northeastern does have the Northeastern Promise, where they can’t reduce your financial aid package and will increase your grant aid by the same percentage as tuition. I’m only a freshman but they’ve been great to me thus far, and I haven’t heard any horror stories.