If you are selected for Verification by the Federal government or by the school, you must submit to Student Financial Services a complete, signed copy of your 2009 federal taxes. You must also submit this form: Independent Student Verification form. Any aid awarded is tentative, and no loans can be disbursed, until the Verification process is completed.
Loan Disbursements/Availability of excess funds
Federal legislation requires that all federal loans be disbursed directly to student's account based on the number of terms in which the student will enroll. Loan disbursements are made at the beginning of each academic term, minus any origination fees (approximately 2% for Stafford Loans and 4% for Graduate PLUS loans. For all on time completed applications, loans will be disbursed within 3 days of the following dates:
Fall Term: 8/31/2010
Spring Term: 1/4/2011
Summer Term: 5/11/2011
If loan proceeds are insufficient to cover your balance, the remaining balance will be due immediately unless prior arrangements are made with the Finance Office.
NESA will refund to students any financial aid proceeds that exceed charges on a student's account. If your loan proceeds exceed your current balance, you will be issued a check for the excess funds within 14 days of NESA's receipt of the funds.
Leave of absence, withdrawals, less than half time enrollment
If a student takes a leave of absence, withdraws, or drops below half-time enrollment at NESA, the financial aid office will return all loan money that is not earned by the student in accordance to Title IV guidelines. The Financial Aid Office at NESA is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a term. The student's eligibility for the funds received from federal Title IV financial aid programs must be recalculated in these situations. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula. For unofficial withdrawals, the withdrawal date used is the last date the student attended classes.
Please note: The requirements for Title IV program funds when you withdraw are separate from any institutional refund policy.
Students are required to report the receipt of scholarships from sources outside of NESA. Please send a copy of any outside award notification to the Financial Aid Office.
All financial aid information is considered to be confidential and is not shared with anyone. In compliance with the Family Educational Rights and Privacy Act (FERPA), a written release to discuss aid application information with anyone other than a student, custodial parent or spouse is required. Additionally, under FERPA, a student may at any time request to review and/or change their financial aid records.
For general questions about financial aid, please visit www.studentaid.ed.gov or call (800) 433-3243. If you have questions specific to NESA's financial aid policies, please call the Financial Aid Office at (617) 558-1788 x266, or via email. Additional information regarding policies and procedures can be found in NESA's Student Handbook.