Undergraduate Cost and Aid
At North Park University, we aim to provide a transparent tuition rate that reflects the true cost of attending, without inflating prices to make financial aid packages seem larger. We understand that paying for college involves a mix of personal contributions, scholarships, loans, grants, and other sources of funding.
Financial aid process
The financial aid process begins when you apply for admission. In your application, you’ll share information about your academic background, talents, and plans, helping us determine the institutional aid (scholarships and grants) you may be eligible for. If you’re a U.S. citizen or eligible non-citizen, completing the Free Application for Federal Student Aid (FAFSA) is essential. It provides North Park with a comprehensive picture of your financial situation, helping us offer the best financial aid package.
What is a financial aid package?
A financial aid package combines different types of financial assistance, such as scholarships, grants, federal loans, and work-study, to help cover the cost of attending college. You’ll receive your financial aid package in the form of an award letter, which outlines the best aid we can offer based on your GPA, test scores, FAFSA, and scholarship applications.
While the package may not cover your full tuition, it will include information about additional loan options or payment plans. Your financial aid package will remain the same each year, although student loans may vary based on eligibility. For example, if you qualify for an academic scholarship, you’ll continue to receive it for the duration of your enrollment.
What’s Included in a Financial Aid Package?
- Scholarships: Academic and talent-based awards
- Grants: Need-based and affiliation-based assistance
- Federal loans: Subsidized and unsubsidized options
- Work-study: On-campus employment opportunities for undergraduate students
What’s not included?
Private funding, such as outside scholarships or private loans, won’t be included in your North Park package. Additionally, veteran’s benefits require separate paperwork through the Veterans Administration (VA).
Calculating cost and estimating aid
To estimate how much financial aid you might receive, use our Net Price Calculator, which considers factors like your GPA and test scores. The cost of attendance varies by program, but for traditional undergraduate students, additional expenses (e.g., books, transportation, personal costs) can range from $3,000 to $4,000 per year, beyond tuition and housing. For degree-completion programs, you’ll also factor in costs for books, materials, and possibly housing.
Eligibility for financial aid
To qualify for need-based aid, you must meet these requirements:
- Be enrolled at least half-time (6 credits for undergraduates)
- Have a valid Social Security number
- Be a U.S. citizen or eligible non-citizen
- Be registered with the Selective Service (if required)
- Be in good standing with federal student loans
- Maintain Satisfactory Academic Progress (SAP)
- Complete the FAFSA each year
Changes to your financial aid could occur if:
- You fail to complete a FAFSA each year or if your Student Aid Index (SAI) changes significantly.
- A portion of your need-based aid was awarded based on your living on campus, but you choose to live off-campus. This may reduce your aid by up to $2,500 per year.
- You do not complete the verification process. About 30% of students are selected for verification, and you must submit the required documents. State and federal aid will be put on hold until verification is complete.
- You drop below 12 credit hours per semester. Dropping below this threshold will reduce your federal aid and result in the loss of institutional aid. To maintain student loans, you must be enrolled in at least six hours per semester. Illinois residents receiving the MAP Grant must maintain 15 credit hours per semester to receive the full award.
Satisfactory academic progress
Students receiving federal or state financial aid must meet Satisfactory Academic Progress (SAP) requirements. The Financial Aid Office monitors students’ GPA, course completion, and maximum time frame after each enrollment period. If you do not meet these requirements, you will be notified by email with instructions on how to respond. Detailed policies are available here. Teachers Certification Students or Second Bachelor’s Degree students have slightly different requirements, detailed here.
Financial aid calculations
When determining your financial aid, we use the following formula:
Cost of Attendance (COA) – Student Aid Index (SAI) = Financial Need
COA includes tuition, housing, food, books, transportation, and living expenses. The SAI is calculated based on your FAFSA; a lower SAI indicates higher financial need. We strive to meet this need with a combination of scholarships, grants, loans, and work-study.
Timeline for financial aid
- August: Begin the fall semester and finalize your payment arrangements.
- September: Plan for out-of-pocket costs like books and supplies.
- October: Complete your FAFSA as early as possible (starting October 1).
- November: Use our Net Price Calculator to estimate next year’s costs. We send financial aid packages by late November.
- December: Illinois residents should file their FAFSA by December 1 to be considered for the MAP Grant.
- January: If selected for FAFSA verification, submit required documents (e.g., tax forms, W-2s).
- April: Submit your tuition deposit if you haven’t already. It’s refundable until May 1.
- May: Check your North Park email for any additional financial aid or verification requests.
- July: Pay your fall semester bill or contact the Financial Aid Office about payment options.
For further details, explore the U.S. Department of Education’s student aid resources at studentaid.gov or contact North Park’s Financial Aid Office for personalized assistance.
Student loans
Student and parent loans are often essential parts of financial aid packages for both undergraduate and graduate students. You can choose from federal student loans or private loans, or a combination of both. Note that all loans must be repaid, and federal loans usually offer lower interest rates than private loans.
To access federal or parent loans, you must complete a FAFSA each academic year. Repayment typically begins six months after graduation or when you leave school. Important: North Park is not the lender or servicer for any student loans. It is your responsibility to provide your lender/servicer with your correct address, especially as you enter repayment. Information updated at North Park will not be forwarded to your lender.
Undergraduate students who complete a FAFSA and are enrolled at least half-time may qualify for federal Stafford Loans. These loans can be either subsidized (need-based) or unsubsidized.
- Subsidized Stafford Loans: The government pays the interest while you’re in school.
- Unsubsidized Stafford Loans: Interest accrues during your time in school, but no payments are required until after graduation.
Loan limits by credit hours:
- 0–29 credit hours: Up to $3,500 (subsidized) + $2,000 (unsubsidized)
- 30–59 credit hours: Up to $4,500 (subsidized) + $2,000 (unsubsidized)
- 60+ credit hours: Up to $5,500 (subsidized) + $2,000 (unsubsidized)
Repayment begins six months after you drop below half-time enrollment. Federal student loans have a standard repayment term of 10 years. However, deferment or graduated repayment options may be available. There is no penalty for prepayment.
First-time borrowers must complete a Direct Loan Master Promissory Note (MPN) and Entrance Counseling online at studentaid.gov using your FSA ID.
Parents of dependent students can apply for Parent PLUS Loans to help cover educational costs. The maximum amount parents can borrow is the cost of attendance minus any other financial aid.
- Eligibility: Parents must not have adverse credit. If denied, the student may qualify for additional unsubsidized Stafford Loans.
- Repayment: Starts 60 days after disbursement, with a 10-year repayment term. Parents can defer payments while the student is enrolled at least half-time.
Parents must complete the PLUS Loan Application and MPN online at studentaid.gov. If a Parent PLUS Loan has already been borrowed, no new MPN is required; only the application is needed.
Undergraduate nursing students in their third or fourth year may qualify for Federal Nursing Loans. Loan amounts are based on need, and interest begins to accrue after repayment starts (9 months post-enrollment).
- Interest rate: 5%
- Repayment term: Up to 10 years
To process this loan, students must complete a Federal Nursing Loan MPN, Nursing Loan Entrance Counseling, and Self-Certification Form annually. The loan is serviced by Heartland/ECSI.
We recommend considering federal loan options before applying for private loans, as they typically have higher fees, interest rates, and less favorable repayment terms.
- Cosigner: Most dependent students will need a credit-worthy cosigner for approval.
- School Certification: Some private loans require certification by North Park before disbursement. Be aware that loans not certified by the school may be sent directly to you, requiring you to make payments to North Park.
ELMSelect is a helpful tool to find the right private loan.
Exit counseling
Students who leave North Park must complete exit counseling for their federal loans (Stafford, Perkins, and Nursing Loans). This process explains your rights and responsibilities as a borrower and helps you understand the terms of your loans.
Exit counseling can be completed online for each loan type:
- Stafford Loans: Complete the session at studentaid.gov.
- Federal Nursing and Perkins Loans: Complete the session at Heartland/ECSI.
Please ensure your contact information is up to date with your lender/servicer as you exit North Park and enter repayment. Address updates made at North Park will not be forwarded to your loan servicer.
If you have any questions or need help with student loans, the Financial Aid Office is available to guide you through the process.