The Financial Aid Process
North Park University offers a variety of types of financial aid: scholarships, grants, loans, and work study.
You will be considered for North Park scholarships by the Admissions Office. Scholarships are generally not "piggybacked," and you will receive the best scholarship for which you qualify. The Financial Aid Office will be notified of your award from the Office of Admission and make sure that it is credited to your account.
To be eligible for need-based aid, including federal student loans and work study, you must file the Free Application for Federal Student Aid (FAFSA). You (and your parent, if you are a dependent student) will need your PIN to sign your form electronically. Our school code is 001735.
The FAFSA will generate a figure called an “EFC,” which stands for “estimated family contribution.” It is an estimate of how much the government thinks that you and your family can pay for a year of school. This figure will be used by the Financial Aid Office to determine your aid eligibility, but it does not guarantee that you will only pay that amount.
Approximately one-third of our students are selected for verification, which means that we need to collect some additional information from you and your family before finalizing your aid for the year. You will be notified by the Financial Aid Office directly if you are to be verified.
Once you have been admitted to North Park, we’ve received your scholarship information from Admissions, and we’ve received your FAFSA (if applicable), we will send you a financial aid package. It will include the maximum amount of funds for which you are eligible from a variety of sources, such as the federal government, state, and/or institution. You can view your financial aid information online through WebAdvisor.
Maintaining Your Eligibility
- You must maintain satisfactory academic progress.
- You must maintain at least half-time attendance in a degree- or certificate-seeking program. Half-time attendance for undergraduates is six credit hours per semester. Graduate students must register for at least four credit hours per term.
- You cannot be in default of federal student loans.
- If a portion of your institutional need-based financial aid was awarded because you were expected to live on campus, and you do not live in on-campus housing, then your financial aid will be reduced up to $2,500 a year.
A Word about Dropping Quad Classes
Effective July 1, 2011, the US Department of Education instituted new regulations that govern the Return of Title IV Funds (R2T4) calculation for students enrolled in modular courses. Modular courses are courses that do not span the entire semester. For example, any course in Quad A or Quad B is considered a modular course. Title IV aid includes federal Stafford Loans, (and Pell for undergraduate students in the School of Adult Learning). Many students use these awards to help fund their education. The new regulation only affects students who drop or withdraw from courses they were scheduled to complete.
The return of funds is based upon the premise that students earn their financial aid in proportion to the amount of time they are enrolled. A pro-rated schedule is used to determine the amount of federal student aid funds a student has earned at the time of the withdrawal. Thus, a student who withdraws in the second week of classes has earned less of his/her financial aid than a student who withdraws in the fifth week. Once 60% of the semester is completed, a student is considered to have earned all of his/her financial aid and will not be required to return any funds. If you drop courses prior to the 60% mark of the semester, you are subject to the R2T4 calculation and, if loans or Pell were disbursed for the semester, and you withdraw from classes it is possible that you have not “earned” the amount of funds you have received, and we will need to return those funds.
Because each student’s situation is unique, we urge you to contact Annette Miley in the Financial Aid Office if you (A) access Stafford loans and/ or Pell and (B) are considering dropping a course(s) prior to the 60% mark of the semester.
The Financial Aid Office at North Park University is committed to serving our students and their families in accordance with federal, state, and institutional regulations and policies.
The Higher Education Act of 2008 requires that we provide a variety of information about North Park University: our programs, services, and students.