We know that the financial aid process can feel overwhelming. We’ll help you understand what options you have to help pay for college and how to apply for them.
Understanding Costs and Financial Aid Options
You’ll want to get an idea of what it costs to attend NIU. The Cost of Attendance (COA) is sometimes referred to the Estimated College Cost (ECC) or the budget. It includes expenses billed by NIU, such as tuition, and expenses not directly billed by NIU, such as books and supplies. It is important to understand the COA because it limits the total amount of aid that you can receive.
You have many options for paying for your education. You may be eligible to receive one or more of the following forms of financial assistance:
Scholarships Scholarships are awarded based on a variety of factors, including academic achievement and financial need. They do not need to be repaid. Many scholarships are awarded by NIU as well as private organizations.
Grants Grants are offered by the federal and state governments, as well as by NIU, based on financial need. You need to file a FASFA or Alternative Application for Illinois Financial Aid to be considered for most grants. In general, grants do not need to be repaid.
Loans You may choose to take out a federal loan and/or a private loan. To be considered for a federal loan you must file a FAFSA each year. Private loans may require a separate application and credit check. Loans must be repaid.
Federal Work-Study Work-study gives you the opportunity to earn money by working for NIU. Work-study earnings do not need to be repaid.
We will use an amount known as the Estimated Family Contribution (EFC) to determine your financial aid. Your EFC is determined by a federal formula from your FAFSA results. The EFC is used to calculate need-based aid, and is not the amount you will owe the university.