Graduate Financial Aid Frequently Asked
Questions
... About Your Financial Aid and Tuition Bill
- Where can I find the Graduate Financial Aid Handbook?
- I
have a personal email address. Do I have to use my Northwestern
email account?
- How will I receive my financial aid offer from the
School of Music?
- How
is my financial aid disbursed?
- What
are the "anticipated loan credits" on my bill?
- Where
do I pay my bill?
- What
else do I need to know about the payment of bills and late
fees?
- How
do I appeal my financial aid award?
- What
must I do if I withdraw, transfer, or take a leave of absence?
- How
do I re-apply for financial aid next year?
- What is the difference
between a RECOMMENDED and an OPTIONAL loan?
... About the NU Short-Term Loan Program
- What
are short-term loans?
- How
do I apply for a short-term loan?
... About Managing Your Debt and Repayment Obligation
- How do I defer loans borrowed at a
previous institution while attending Northwestern University?
- What
steps should I take to effectively manage my debt portfolio
while I am in school?
- Should
I let the interest on my Unsubsidized Federal Stafford
Loan accrue and capitalize?
- I
currently am in repayment and am receiving loan bills from
agencies that I do not recognize. What should I do?
- What
should I do if I am experiencing difficulty in repaying
my loan?
- My
monthly loan payments are not manageable; is there a way
to reduce the burden?
- What
happens if I do not repay my loans?
Frequently Asked Questions About your Financial Aid and Tuition
Bill
Q. Where can I find the Graduate
Financial Aid Handbook?
A. Download
the Handbook by clicking this. The file (in PDF format) will automatically download.
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Q. I have a personal email
address. Do I have to use my Northwestern email account?
A. Yes. Review the policy at www.registrar.northwestern.edu/student_info/email.html.
Adherence to this policy helps University business offices remain
in contact with students.
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Q. How will I receive my financial aid offer from the School
of Music?
A. Financial aid is offered to graduate music students in two
stages. Firstly, students admitted (or returning) to the School
of Music will receive an initial institutional aid offer (scholarship
and/or stipend) with the letter of acceptance in mid-March. Then,
enrolled students that request federal funding will have their
eligibility determined during the summer months. An award notice
outlining all financial aid will be sent to the student's NU
email account. The email will describe how to view and accept
and/or decline their offer via CAESAR (Computer Assisted Electronic
Student Access Route).
For a walk through demonstrating the functionality of CAESAR
please visit http://www.northwestern.edu/caesar/help/. Students
will need a valid NetID and password to access CAESAR and their
NU email account. The Office of Music Admission and Financial
Aid provides newly enrolled students this information in early
spring.
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Q. How is my financial aid
disbursed?
A. All financial aid is budgeted (and usually
disbursed) equally over the quarters of attendance (fall, winter,
and spring terms). Four-summer masters in music education students
receive one disbursement of Stafford, Perkins and any private
loans during the summer quarter.
Grants are divided equally into three parts and electronically
disbursed into your account prior to the beginning of the fall,
winter, and spring terms. Students given stipends will receive
a check at the end of each month of study for one-ninth of the
full amount.
Stipends are a taxable form of income. Thus, net proceeds from
the checks will be less than the gross amount. Students receiving
stipends must file payroll forms with the Office of Music Admission
and Financial Aid. Checks can be picked up from Room 101 after
2:30 p.m. on the last day of each month. Students who receive
assistance from the Federal College Work-Study Program (FCWS)
must fill out an electronic time sheet every two weeks documenting
the number of hours worked.
The form of disbursement for your loan assistance varies by
loan type. Some Federal Stafford Loans (both subsidized and unsubsidized)
and alternative loans that are borrowed from commercial lenders
(i.e., banks and/or credit unions) may be disbursed as checks
made co-payable to you and the University. Federal Stafford Loans
(FSL/UFSL) borrowed through Northwestern University (Subsidized
Federal Stafford - NU, Unsubsidized Federal Stafford - NU, respectively),
the Access Group, or Citibank are disbursed via electronic funds
transfer (EFT) directly to your account at the Office of Student
Accounts. All other loans borrowed through the NU Student Loan
Office (i.e., Federal Perkins Loans, University Parent Student
Loans, Graduate Professional Alternative Loans) are credited
directly to your tuition account once your loan(s) have been
approved and you and your co-signer(s) have signed the promissory
note(s) and returned them to the NU Student Loan Office. Note
that you will need to sign a promissory note for each loan before
the funds can be disbursed to you if the note was not part of
the original application.
Your lender should notify you when your loan funds are delivered
to the University and/or credited to your tuition account. The
Office of Student Accounts should send you a postcard whenever
a loan check is received for you from a commercial lender.
Remember, all loan checks are disbursed at the Office of
Student Accounts at 619 Clark Street. You cannot pick up your
check(s) at your lender or at the Office of Music Admission
and Financial Aid.
You can receive a cash disbursement from your University account
if the assistance you receive results in a credit balance.
Contact the Office of Student Accounts to obtain the cash disbursement.
Cash disbursements typically will be available the same day if
requested by 3:00 pm. You may also request that a refund
be directly deposited to a personal bank account or a that a
check be cut via CESAR.
Please note that no financial aid funds can be disbursed
to you nor can we process an emergency loan for you before
the first day of classes. Therefore, you should have some
personal funds available at the start of each school year for
the purchase of books and other supplies.
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Q. What are the "anticipated
loan credits" on my bill?
A. "Anticipated loan credits" typically
appear on the first tuition bill for each term reflecting federal
and/or University loan funds you are expected to receive for
that term. The anticipated credit is temporary. It does not indicate
that you necessarily have applied for your loans nor that the
funds have been paid to the University by yourself or your lender.
Rather, the anticipated credit allows you to calculate how much
money you and your family need to pay directly toward your tuition
account over and above the recommended loan assistance
you expect to receive. The temporary credits will be removed
from your bill if you fail to apply for your loan(s) in a timely
manner. If the actual loan funds have not been credited to your
bill when the anticipated credits are removed, you may be charged
a late payment fee. Consequently, it is important that you apply
for all loans as soon as you receive the appropriate application(s).
Anticipated loan credits are removed automatically when the
actual loan funds are received at the Office of Student Accounts.
Any questions or problems regarding these credits or other items
on your bill should be directed to the Office of Student Accounts. Cash
advances from anticipated loan credit balances may be available.
Contact the Office of Music Admission and Financial Aid to see
if you qualify for an advance prior to receipt of actual loan
funds.
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Q. Where do I pay my bill?
A. Students are primarily billed electronically
and will receive email notification at their NU email account
for each statement The bill received electronically can be paid
online. If you choose to have a paper copy of your bill mailed
to you, all payments to your tuition account at the University
can be mailed in the envelope provided with your monthly statement
or made in person at the Bursar's Office at 619 Clark Street.
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Q. What else do I need to know about
the payment of bills and late fees?
A. You are responsible for paying your
tuition bill by the stated due date. A late payment penalty fee
of $100 will be assessed by the Office of Student Accounts if
your bill is not paid on time. Contact the Office of Student
Accounts to request that the late fee be removed once your financial
aid funds are credited to your account if the only reason you
pay your bill late is because you received your financial aid
funds after the due date.
Please note that you will not be allowed to register for a subsequent
term if you have a past-due balance owed to the University.
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Q. How do I appeal my financial
aid award?
A. You have the right to submit an appeal
of the expected family contribution if there has been a significant
change in circumstances in your and/or your family's financial
situation since you filed your Free Application for Federal
Student Aid (FAFSA)/Renewal FAFSA and/or other application materials.
An appeal must be submitted in writing and accompanied by formal
documentation of the change in family circumstances. You
should contact the Office of Music Admission and Financial Aid
if there are other circumstances that you feel may warrant reconsideration
of your financial aid award.
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Q. What must I do if I withdraw,
transfer, or take a leave of absence?
A. After you notify the Office
of Academic Affairs and Graduate Studies of your intended
change in enrollment status, you must participate in a loan
exit interview with the Student Loan Office during which time
you must provide information regarding your future plans. Then
you must contact each of your lenders to arrange a repayment
schedule. Contact our office for more information. Refer to
the Financial
Regulations for Students on the Evanston Campus for the University
policies regarding withdrawal, refunds, and repayments.
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Q. How do I re-apply for financial
aid next year?
A. The Office of Music Admission and Financial
Aid automatically sends renewal application packets in January
of the current academic year to all students who applied for
assistance during that year. These packets are mailed to your
local address and contain all the materials needed to apply for
financial aid for the coming academic year. Anyone not currently
receiving aid can obtain an application packet at the Office
of Music Admission and Financial Aid.
Be advised that institutional funding (grants and work assistance)
is only granted for the intended length of a specific program.
If you need extra time to finish your degree program you may
not be considered for continued institutional funding.
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Q. What is the difference between a
RECOMMENDED and an OPTIONAL loan?
A. A recommended loan is awarded to
meet a portion of your financial need as determined by our office.
An optional loan can replace a portion of the expected
contribution from you and your family (it is not used to meet
your financial need as determined by our office). Optional loans
are always denoted as such on your Financial Aid Announcement
and are NOT subsidized in any way by the government.
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Frequently Asked Questions About the
NU Short-Term Loan Program
Q. What are short-term loans?
A. The University offers a short-term loan
program to all half-time or full-time students. This short-term
loan program, called CASH ADVANCES, is provided as a service
to you and is charged against anticipated aid. The following
conditions are required for eligibility:
- You
must be enrolled at least half-time at Northwestern.
- You
must have a valid WildCARD.
- The
academic year must be in session. No cash advances can be
processed before the start or after the end of the academic
year.
- You
must have an anticipated aid balance.
Cash Advance Policy
Students who have submitted all required recommended (need-based)
loan applications and who have, as a result of those recommended loans,
an anticipated credit balance on their tuition account with the
Office of Student Accounts may be eligible to receive an advance
on a portion of those anticipated recommended loan credits.
Students cannot receive cash advances against optional (non
need-based) loans without special permission from the Office
of Music Admission and Financial Aid.
Cash advances against recommended loan assistance are
typically awarded when the loan is delayed in processing for
some reason beyond your control. Cash advances typically do not
exceed $3,000 per month or the current anticipated credit balance
on your account, whichever is less.
Cash advances, by definition, are repaid when the anticipated
loan funds being advanced to you are credited to your tuition
account at the Office of Student Accounts. There are no finance
charges or fees associated with a cash advance provided the anticipated
loan funds are received and credited to your tuition account.
Should the anticipated loan not be received or credited, you
will be required to repay the advanced funds from other sources
and you may be subject to the late payment fee of $100.
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Q. How do I apply for a short-term
loan?
A. Fill out an application with the Office
of Music Admission and Financial Aid. Remember to bring your
NU WildCARD. The application must be submitted to the Office
of Student Accounts within 24 hours and approval of the application
typically can be determined and funds disbursed the same day
if requested by 4:00 pm.
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Questions and Answers about Managing your Debt and Repayment
Obligation
Q. How do I defer loans borrowed at a previous institution while
attending Northwestern University?
A. The University Registrar is the only office authorized to
certify enrollment at Northwestern University. Students with
previous loan funding should request a deferment form from the
lenders of those loans they would like to defer while in school.
These forms can be submitted to the University Registrar at 633
Clark Street. Enrollment can be certified once classes have begun
and will be sent by the Registrar's Office to the lender.
Q. What steps should I take
to effectively manage my debt portfolio while I am in school?
A. The first step is to make a file folder
for all your financial records. You should keep all documents
in one place for easy reference. Some students keep a separate
file folder for each loan type, and in some cases, a separate
file for each lender if more than one lender is used for a particular
loan. The types of materials to keep are your copies of the loan
applications, promissory notes, disclosure statements, and copies
of all of your correspondence with the lender. You also should
keep each monthly statement you receive from the Office of Student
Accounts.
The second step is to keep a cumulative record of your educational
loans. This type of record keeping also enables you to estimate
your projected debt level and monthly payments. It is very important
that you keep this record up to date.
The third step involves keeping lenders informed of any changes
in your name, address and/or registration status. This must be
done in writing.
Finally, you should confirm all of your telephone conversations
with your lenders with a follow-up letter. This is a sound practice
in any business transaction.
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Q. Should I let the interest
on my Unsubsidized Federal Stafford Loan accrue and capitalize?
A. You are increasing the cost of your loan(s)
by permitting the interest to accrue and capitalize. Capitalizing
the interest adds any unpaid interest to the outstanding principal
balance. The amount of interest charged each quarter, therefore,
will be increased. Therefore, provided it is financially feasible,
it is recommended that students pay toward any interest that
may be accruing while in school.
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Q. I currently am in repayment
and am receiving loan bills from agencies that I do not recognize.
What should I do?
A. Many lenders sell their loan portfolios
to secondary markets who then collect the loans. One such agency
is SALLIE MAE. You should contact each of your lenders to determine
if your loans have been sold. This is one of the many reasons
why you should keep accurate loan records.
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Q. What should I do if I am
experiencing difficulty in repaying my loan?
A. The most important action to take is to
contact your lender quickly before you go into default. Your
lender may be willing to offer you a "forbearance" period
under certain conditions. To qualify, you must demonstrate that
you are willing to make the loan payments but are unable to do
so because of extraordinary circumstances.
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Q. My monthly loan payments
are not manageable; is there a way to reduce the burden?
A. Yes, you should contact your lender regarding
a Federal Consolidation Loan. A Federal Consolidation Loan would
stretch out your payments over a longer period of time and reduce
your monthly installments into one manageable monthly payment.
It also fixes the interest rate on the loans you consolidate.
The rate is equal to the weighted average of all consolidated
rates rounded up to the nearest whole percent.
You gain more disposable income by consolidating one or more
of your Federal Stafford Loans, Federal SLS, and Federal Perkins
Loans. Doing so can make the repayment of your educational debt
more manageable. The total amount you must repay increases, however,
because of the extended repayment period and the potentially
higher fixed interest rate. You can consolidate any portion of
your Federal Stafford (both subsidized and unsubsidized), Federal
SLS, and Federal Perkins portfolio. It is best, however, not
to consolidate your Federal Perkins Loans, if possible, as the
increase in interest rate greatly adds to the overall cost of
the loans.
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Q. What happens if I do not
repay my loans?
A. The lender will follow the collection procedures
required by the government. If the lender cannot get your account
current, your delinquency will be reported to all national credit
bureaus. Defaulted loans will affect your credit rating and jeopardize
your future ability to borrow funds for any purpose. You also
will be liable for any collection expenses that are incurred.
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DO YOU STILL HAVE QUESTIONS?
Please feel free to call the Office of Music Admission and Financial
Aid at 847-491-3141, contact us via our online
info request form, or come to our office in Room 1, MAB. It is best to call in advance
for an appointment. The office is open from 8:30 am to 5:00 pm,
Monday through Friday.
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