Under “Estimated Grant/Gift Aid” and then “Northeastern University Award” it gives me a certain amount of money, let’s say $30,000. Is this estimating a merit scholarship that I could be awarded? Or is this also including some other “free” money? How does financial aid/FAFSA factor into these estimations? Which parts would I have to pay back eventually (besides student loans, obviously)?
I’m just confused what parts of financial aid are included in this estimation. The estimated remaining cost would be $100k after 4 years, so I’m beginning to doubt I’d be able to afford going to NEU (though I’d really love to). Am I missing something or is there really just no chance I could afford going to NEU (or any private school, for that matter)?
Basically the way it works is if NEU costs 65,000 a year and they determine that your family is capable of paying 25,000 a year, they will give you ~32/33,000 a year in “grants” (basically free money) and expect you to cover the remaining 7,000 that they don’t think your family can cover yourself. I.e., they want you to take out grants and work while in college to cover that.
However, if you DO get merit aid (like if you’re NHRP or NMF or they just love you), that is not stacked - so if you get 12,000 a year, they will only give you about 20,000 a year in financial aid because they figure you have gotten the money you needed a different way, and would still be capable of paying for yourself that way.
Yep. Although keep in mind that you don’t REALLY know how much aid they’ll give you. If you can afford the application fee, it’s worth applying just in case!
@marjike has it right. I just wanted to add you can save money by “changing” the COA. It assumes a standard double room, 15 year plan, and certain costs for travel, incidentals, books, etc. If you can get those numbers down, it can be somewhat more affordable. My D is a freshman at NU in a triple with a 10 meal plan eating cheap oatmeal in her room every morning for bfast. She is not traveling home except for winter break. She has a job during the school year. She saved all her money from her full time job this summer. It’s not ideal, but NU was worth it to her.
