What is the Northeastern Promise? I read the page about it on Northeastern’s site, but I’m still confused! Does it mean that they keep financial aid the same, or do they really meet 100% of demonstrated need for ALL domestic, incoming freshman? I’m confused because from what I have read on, including this site, financial aid from Northeastern is abysmal.
As I understand it, it means that whatever Amount of financial aid (merit and need based) given Frosh year will not change over your time at Northeastern. From a parent perspective, this is huge because it means you will know what financial aid you can count on. Need based aid can otherwise change year to year depending on life circumstances.
Additionally, the aid scales in proportion to any tuition rise, which means that if it goes up 1%, so does your aid. That also is a big deal when every penny counts. They will also review your aid if you fall on harder times, even though they can’t take it away.
Technically, yes. The catch is that Northeastern decides what your demonstrated need is. While it isn’t arbitrary, many factors can come into play to make that price higher than your actual affordable cost. It does help many, but big real estate ownership, lots of savings, etc, can all make the COA as demonstrated higher than it is realistically.
It’s not perfect, but it’s actually a pretty significant thing and I was very happy to see it roll out a few years ago.
I thought @whitespace said in another post that her aid from NEU is decreasing for next year. Does the Northeastern promise mean that even if your financial situation improves, you will get the same number of dollars you did freshman year (or more- factoring tuition increases)? If so, why is @whitespace 's aid going down for next year?
The northeastern promise is new - applicable only for students entering the past 2 years I believe - students currently in their 3rd through 5th years were not part of this promise.
@suzyQ7 If I remember that post whitespace submitted additional documents (?) to support his financial aid appeal. They may have shown more assets/income? I was confused by that post but did not ask for clarification.
According to the Northeastern Promise aid will not decrease even if finances improve and need based aid, not merit, will increase the same percentage as tuition.
That’s right, Tom, I think that’s what I read too. So if you make a financial aid appeal - then perhaps your aid can go down regardless of the NE Promise.
@kiddie Whitespace is a freshman this year.
@suzyQ7 I guess it means that the original documents did not show the whole financial picture of the family? Just guessing. Again his post was not clear.
Lets say my financial aid package leaves me with a net price of 30k/year. So if finances get worse the following year, I’ll get more need aid, but if finances get better, my price will not get any higher? Or do they just mean the aid package will stay the same if finances stay the same?
If the former is indeed how it works, then it really is a nice way to relieve some stress about future FA. I haven’t seen any other schools do this and it is really cool.
@class0f2017 yes that is how it works. We had many discussions about this with the financial aid office.
What if a sibling is in college for the first two years which lowers the family contribution? Would this reevaluate our contribution after the two years, or will the promise allow it to stay. I have been told we will be full pay after sibling graduates in two years.
Unless you ask for a reevaluation, your package is not reevaluated. And the promise guarantees your aid will not be lowered.
All of this can be found on the website: https://www.northeastern.edu/financialaid/aid/thenortheasternpromise/