Undergraduate Financial Aid and the Account Statement (Bill)

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What enrollment status (number of registered hours) is my Financial Aid Award based on?

Does an account statement or the real-time “Term Account Detail” in MyNIU state the amount I will owe for an upcoming semester?

How do I figure out exactly what I will owe prior to the start of a term?

When is financial aid disbursed (paid) to the bill?  Why has only some of my aid disbursed?  What is the difference in financial aid payments and pending financial aid?

How does enrollment status (number of registered credit hours) impact aid?

Why don’t my student loan(s) display as a financial aid payment or pending aid?

 

1.    What enrollment status (number of registered hours) is my Financial Aid Award based on?

Financial Aid Awards are generally calculated and issued prior to the beginning of a school year.  Financial aid awards are based on an assumption of full-time enrollment until the week before a semester begins unless the student has requested a part-time award.

. . . Students register for upcoming semesters over time and may make numerous changes to their schedule and number of registered hours.  This means that, for any given student, the number of registered hours fluctuates and for some students is not final until the first week of a semester. 

. . . The majority of NIU undergraduate students enroll full-time and need to know what their financial aid will be based on a status of full-time.

If, at any point during your NIU career, you plan to attend the following semester part-time and want your early award notification to reflect your plan, simply contact the Student Financial Aid Office and let us know how many hours you plan to take.

Financial Aid Awards adjust to actual registered hours the week prior to the start of each semester and again at the end of the add/drop period for the semester. 

2.    Does an account statement or the real-time “Term Account Detail” in MyNIU state the amount I
        will owe for an upcoming semester?

NIU issues a monthly account/billing statement. It is a snapshot in time and reflects actual charges, payments, and anticipated financial aid credits at the moment the bill is produced.  This snapshot does not change until the next month.

The Term Account Detail in MyNIU is real-time and will change as payments are made and charges incurred.  The anticipated financial aid will remain calculated and displayed for full-time, regardless of current registration, until one week prior to the beginning of a semester unless a part-time award has been requested.  

. . . Fall semester charges and pending aid are reflected beginning on the July statement and charges and pending aid for Spring on the November statement.

. . . NIU students who complete a FAFSA can charge books to their NIU account.  Book charges will increase the amount due on any previous statements.

. . . The charges and amount due on account statements and Term Account Detail prior to the beginning of a semester will increase if the student registers for additional courses, charges books or otherwise incurs cost subsequent to reviewing the account balance.  Conversely, the charges and amount due may decrease if the student drops a course, waives health insurance or makes a payment prior to the start of a term.

It is important to remember that your pending aid is the maximum aid assuming eventual full-time enrollment for future terms unless you have requested a part-time award but your charges are “to date.”

3.    How do I figure out exactly what I will owe prior to the start of a term?

Registered full-time, have a financial aid award, have your housing option complete if on campus,

  • The Term Account Detail and Account Statement will provide the amount you will owe unless you change housing options, charge books, etc.

 Have not yet registered for all courses but intend to be full-time and have a financial aid award,

  • Use the Tuition Estimator to determine what your full-time tuition and fees will be and add that the difference in the estimator amount and the amount you have been charged based on current registration.
  • As soon as your registration is complete, view Term Account Detail for balance.

Plan to attend part-time, have requested a part-time financial aid award and have completed registration,

  • The Term Account Detail and Account Statement will provide the amount you will owe unless you charge books, change registration etc.

4.    When is financial aid disbursed (paid) to the bill?  Why has only some of my aid disbursed?  What 
        is the difference in financial aid payments and pending financial aid?

Awarded financial aid that is restricted to paying NIU educationally related charges is reflected under payments beginning with the July bill date for Fall and the November bill date for Spring.  The aid that disburses before a semester begins does not create a refundable credit balance.  Other aid, that is refundable if all aid exceeds charges, such as the Federal Pell Grant and Federal Direct Loans, will show as pending aid until the end of the add/drop period for the respective semester. 

Refunds of credit balances from aid cannot be made until registration is closed for semester courses.  The add/drop period extends through the first two weeks of classes.  On Monday of the third week of classes, registration will be final for full and first half classes, all aid will disburse and refunds (if there is a credit balance) will be issued.  Bookstore charges or tuition and fees related to late registration or second half courses could create an amount due even for students who have received a refund.

For purposes of determining what a student owes for a semester, assigning financial holds, assessing late fees, or calculating payment plan amounts prior to the start of a term, aid that is listed under “Payments” or “Pending” is treated the same.

5.    How does enrollment status (number of registered credit hours) impact aid?

State of Illinois Monetary Award – MAP Grant

Per hour amount from 3 hours to 15 hours

Federal Pell Grant

25% for 3, 4, 5 hours / 50% for 6, 7, 8 hours / 75% for 9,10,11 hours   / 100% for 12 or more hours

NIU Merit Scholarships and Huskie Advantage Grant

Must be full-time(12 or more hours) to receive

Supplemental Educational Opportunity Grant (SEOG)

Must be in 9 hours to receive

Federal Direct Subsidized Student Loan

Must be in at least 6 hours.  Cannot   exceed need, if enrollment is below full-time, need will be less

Federal Direct Unsubsidized Student Loan

Must be in at least 6 hours. Cannot exceed cost of attendance, if   enrollment is below full-time, cost of attendance will be less

 

6.    Why don’t my student loan(s) display as a financial aid payment or pending aid?

Students must accept student loans before further processing occurs.  Offered student loans will display in MyNIU under View Financial Aid Award but will only display on the account statement or in Term Account Detail if accepted. 

First-time borrowers must complete a Master Promissory Note and Entrance Counseling at www.studentloans.gov.  Accepted loans will display as pending on the student account but will not disburse to the account until these steps have been completed.