Funding your Education

General Funding Information

Northwood University offers several means of funding your education. The resources available guide you as steps to securing funding for your education.

Scholarships

The Richard DeVos Graduate School of Management has limited scholarship opportunities available to eligible students formally admitted to the Full-time and Evening MBA programs. Please complete the DeVos Online Scholarship Application.

Early Decision Scholarship

All application materials (including $50 application fee) must be received by the Early Decision Scholarship deadline in order to be considered for the scholarship award. Applicants must also be accepted and have all commitment materials (including commitment deposit and Program Registration Form) submitted by the Early Decision deadline in order to be eligible for this scholarship. If a student receives 100% tuition reimbursement, he/she is NOT eligible for the Early Decision Scholarship Award.

Early Decision Scholarship Application Deadline: April 7, 2008
Early Decision Scholarship Award Amount: $1,000

Merit Scholarships

The DeVos Graduate School of Management, in accordance with the gracious financial support of key benefactors, offers a cumulative scholarship system for Evening and Full-time MBA students.

The Zenon C.R. Hansen Foundation annually provides Merit Scholarship support for qualified Evening MBA candidates. The Daniel W. Behring Endowed Scholarship provides financial support for Merit Scholarship awards allocated to Full-time MBA students. In addition, The Kathryn Hach Endowed Scholarship for Women provides additional funding under the DeVos Merit Scholarship system for female applicants of both the Evening and Full-time MBA programs.

The DeVos Merit Scholarship system allocates awards based on three criteria for Evening and Full-time MBA students. These components include a student's cumulative GPA of ALL undergraduate academic transcripts, demonstrated leadership attributes, and official Graduate Management Admissions Test (GMAT) scores. Each Merit component enables qualified applicants to maximize their scholarship award. Detailed Merit Scholarship award criteria include the following:

Cumulative Grade Point Average

Scholarship award is based on the cumulative GPA of ALL undergraduate transcripts.

• 3.25 – 3.6 $1,000
• 3.61 – 4.0 $2,000

Leadership

Scholarship award consideration is based on the student's submitted resume, personal statement, interview and letters of recommendation. The amount will be awarded at the discretion of the graduate admissions committee. If you receive any tuition reimbursement from your employer, you are ineligible for this scholarship.

Graduate Management Admissions Test (GMAT)

All students have the opportunity to take the official Graduate Management Admissions Test (GMAT) for additional scholarship award and admission consideration. Awards will be allocated based on the following GMAT score ranges:

• 500 – 520 $1,000
• 530 – 550 $1,500
• 560 – 590 $2,000
• 600 – 690 $3,000
• 700 + $4,000

DeVos Merit Scholarship Facts

• All students must complete an official DeVos Scholarship application to be considered for scholarship awards.
• Deadline for scholarship award consideration: August 4, 2008
• In order to be eligible for Leadership Merit Scholarship components, a student must NOT receive any tuition reimbursement.
• If a student receives less than 75% tuition reimbursement, the student will be considered for the GPA and GMAT Merit Scholarship component. Students would also be eligible for the Early Decision Scholarship, unless the total amount exceeds the total program cost.
• If a student receives 75% or more tuition reimbursement, he/she is not eligible for the GPA, GMAT or Leadership Merit Scholarship.
• The total scholarship award will be allocated equally over each semester of the student's prescribed program of study (Full-time MBA students: 4 equal installments; Evening MBA students: 8 equal installments).

Grants

Michigan Tuition Grant

$2,100 Awarded to Michigan residents who demonstrate need. Renewable up to 15 terms, if the student continues to demonstrate financial need and continues to meet the University's standard of academic progress.

Financial Aid

To be considered for any need based financial aid (that includes student loans), you are required to complete the Free Application for Federal Student Aid (FAFSA). We encourage you to apply online using FAFSA on the Web at www.fafsa.ed.gov. Applying online normally reduces processing time. Help is available. If you prefer a paper FAFSA application, you may request one from the Federal Student Aid Information Center at 1-800-4-FED-AID or download a PDF FAFSA from www.studentaid.ed.gov.

Apply as soon as possible after January 1st of each year. Northwood encourages you to apply before the state aid deadline or April 1st. Read more about your state aid deadline on the FAFSA site.

Before completing the FAFSA online, we encourage you to apply for a PIN, which is your electronic access code. A PIN can be requested from www.pin.ed.gov or www.fafsa.ed.gov. The PIN (personal identification number) will act as your signature on the FAFSA. It also will provide you access to other personal information stored in other federal aid sites. Parent(s) of dependent students should also apply for a PIN. NEVER SHARE YOUR PIN WITH ANYONE.

If you have questions when completing your FAFSA, you can get free help by contacting the Federal Student Aid Information Center at 1-800-4 FED AID or by contacting your Northwood Financial Aid Office. If you are using FAFSA on the web, you can also get help online.

Be sure to include Northwood University's school code on your FAFSA. The FAFSA school code for the DeVos Graduate School is 004072.

After you have submitted your FAFSA to the federal government for processing, you will receive a Student Aid Report (SAR). Review the information. Follow any instructions on the SAR. Be sure Northwood's school code is on the SAR. You may find that your SAR has been selected for verification. If so, you will be receiving a letter from the Financial Aid Office requesting additional information.

Before the Financial Aid Office is able to offer you financial assistance, you must have applied for admissions and been accepted for enrollment at Northwood. After you have been accepted, and the Financial Aid Office has received your SAR from the Department of Education and any requested documentation from you, the Financial Aid Office will mail you an award letter. The award letter will notify you of the types and amounts of aid that you may receive. You will also be able to view your award information at my.northwood.edu.

Loans

Here is a brief summary of the different types of loans. Paperwork is available through the Financial Aid Office or participating lenders. Please note that first time borrowers who receive loans are required to participate in Entrance Counseling before loan proceeds will be released. Upon completion of your education, you will be required to participate in Exit Counseling as well. Both of these requirements are conducted online.

Federal Stafford Loan

• Low interest loan that a student can borrow from a participating lender.
• Student must complete the Free Application for Federal Student Aid (FAFSA) in order for the Financial Aid Office to determine the student's eligibility.
• Students are notified of their loan eligibility on their award letter.
• Student must be enrolled at least half time; be US citizen or eligible non-citizen; be maintaining satisfactory academic progress.
• Student's financial need or lack of need (as determined by the Financial Aid Office using the results of the FAFSA) dictates whether the loan is subsidized or unsubsidized. Interest is paid by the federal government on subsidized loans, while the student is enrolled at least half time and during the student's six month grace period.
• Graduate student annual loan limit for loans disbursed on or after July 1, 2007: $20,500 (no more than $8,500 subsidized).
• The current interest rate is a fixed rate of 6.8%.
• Loan fees may be deducted prior to disbursement (effective 7/1/08, maximum 2% of principal).
• Loan repayment begins six months after the student graduates, falls below half time enrollment or withdraws from school.
• No prepayment penalties.
• First time borrowers of Stafford Loans are required to complete entrance loan counseling before receiving their loan funds. This can be done at www.mappingyourfuture.org.

Northwood's Federal Stafford Loan Suggested Lender List*

Federal Plus Loan For Graduate Students (Grad PLUS)

• Federal loan now available to graduate students.
• Student must be a credit worthy US citizen or eligible non-citizen.
• Student must be enrolled at least half time and be maintaining satisfactory academic progress.
• Maximum loan amount is equal to the cost of attendance minus financial aid.
• The current interest rate is a fixed rate of 8.5%.
• Loan fees may be deducted prior to disbursement (maximum 4% of principal).
• Repayment begins 60 days after the loan is fully disbursed. Some lenders provide deferment.
• No prepayment penalties.
• The student must complete a Free Application for Federal Student Aid (FAFSA) before the Financial Aid Office can determine the student's eligibility.

Northwood's Federal PLUS Loan Suggested Lender List*

Alternative Loan

• Not a federal loan program.
• Loan terms and conditions vary by lender.
• Credit worthy co-signor may be required.
• Costs to the borrower are normally higher than those incurred through the federal loan programs.
• These loans are generally used as a loan of last resort.

Northwood's Alternative Loan Suggested Lender List*

Suggested Lender List*

Northwood provides the following list of lenders and lender codes as a courtesy to our students and their families. Loan borrowers may select any participating lender of their choice. This list does not include all participating lenders in the loan programs. As a service, the Financial Aid Office reviews numerous lender services and benefits. The list includes some of the lenders Northwood has found to provide attractive borrower benefits, quality customer service, accuracy and reliability. Northwood keeps the borrowers best interests in mind during lender reviews. Northwood and its employees do not receive any form of compensation or benefits for suggesting a particular lender. Northwood cannot and will not select a lender for a borrower. Borrowers must indicate their choice of lender on their Master Promissory Note and Student Loan Request Form. These forms are available in the Financial Aid Office.

Additional Resources

Financial Aid Information

• National Association of Student Aid Administrators
• Financial Aid Eligibility Estimator
• Finaid.org

Scholarship Searches

• FastWEB
• BrokeScholar.com
• College-Scholarships.com

BEWARE OF SCHOLARSHIP SCAMS. Unfortunately, there are fraudulent scholarship companies. BE CAUTIOUS. For more information on the College Scholarship Fraud Prevention Act, contact the Federal Trade Commission at 1-877-FTC-HELP or go online at www.ftc.gov/scholarshipscams.

Government Sites

• Florida Department of Education
• MI Student Aid
• U.S. Department of Education
• HOPE & Lifetime Learning tax credits
• VA Education Service
• Internal Revenue Service