Financial Aid, Scholarships, Grants & Loans

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.

Merit Scholarships

• Awarded to new freshmen beginning in 2013-2014
• Based on GPA and ACT/SAT test scores.
• Award levels:
  • Presidential - $11,000 (with on-campus residency; $9,000 without campus residency)
  • Freedom - $10,000 (with on-campus residency; $8,000 without campus residency)
  • Free Enterprise - $8,000 (with on-campus residency; $6,000 without campus residency)
  • Entrepreneur Grant - $6,000 (with on-campus residency; $4,000 without campus residency)
• Limited Funds Available
• Renewal subject to CUMGPA requirement

Michigan Competitive Scholarship

• Amount: $1,512 maximum (subject to state budget and funding levels)
• Awarded to Michigan residents who demonstrate financial need, and have a qualifying ACT score.
• Renewable for up to 10 semesters if the student continues to demonstrate financial need and continues to meet the university's standard for academic progress.

Business Club Scholarships - Incoming Freshmen

All incoming freshmen who have participated during their senior year in one of the business clubs must have a 2.7 GPA and have submitted a letter of recommendation from their advisor. Additional criteria is described below for the various club scholarships.

DECA, BPA, FBLA, JA, FCCLA, GTM

• $4,000 ($1,000/year)
  • All incoming students that have participated in one of the business clubs may qualify. Must have a 2.7 GPA and have submitted a letter of recommendation
• $10,000 ($2,500/year)
  • All state officers, and national or state 1st place winners by category with a 2.7 GPA and letter of recommendation
• $20,000 ($5,000/year)
  • All national officers with a 2.7 GPA and letter of recommendation
  • Eligibility requirements vary from campus to campus depending on a student's eligibility for other institutional aid.
• $4,000 ($1,000/year) 
  • All incoming students (2013-14) that have participated in one of the GTM competitions may qualify.  Must have 2.7 GPA and have submitted a letter of recommendation 
• Downloadable form for Business Club Scholarships

 

Family Tuition Grant

For new incoming Fall 2013 students: If two or more dependent students from the same family attend full time in the traditional program for the Fall and Spring semesters, each student will receive $2,000 for the spring semester assuming the incoming student has committed by June 1, 2013. After June 1, the discount is reduced to $1,500.

For returning students: The Family Grant is renewable, if two or more dependent students from the same family were enrolled at Northwood in the 2012-2013 academic year and attend full time in the traditional program for the 2013-14 Fall and Spring semesters, each student will receive Family Grant for the spring semester.

Competitive Speech Scholarships

• Incoming freshmen who have competed in a Competitive Speech or Debate tournament at the State level may qualify.
• Must have a 3.0 GPA and have submitted a letter of recommendation: $4,000 ($1,000/year).
• National Competitive Speech or Debate tournament qualifiers with a 3.0 GPA and letter of recommendation: $10,000 ($2,500/year)
• These scholarships are renewable if a 2.5 GPA is maintained.
• Eligibility requirements may vary from campus to campus, depending on a student's eligibility for other institutional aid.

Mock Trial Scholarships

• All incoming students that have competed in a Mock Trial interscholastic tournament may qualify. Must have a 3.0 GPA and have submitted a letter of recommendation: $4,000 ($1,000/year)
• Blue Ribbon Round participants with a 3.0 GPA and letter of recommendation: $10,000 ($2,500/year)
• National Mock Trial interscholastic tournament participants with a 3.0 GPA and letter of recommendation: $20,000 ($5,000/year)
• These scholarships are renewable if a 2.5 GPA is maintained.

The Betsy and Dick DeVos Scholars for Free-Enterprise and Entrepreneurship

Click here to apply online

$5,000 to $10,000 per student. This is a multi-year scholarship and will be given to the student for a total of four years as long as standards are met. This award is in addition to academic scholarships. Click here for additional details.

Transfer Scholarships

Transfer Club Scholarships

• Amount: $1000/year
• Must be a member of one of the following programs through the college you plan to transfer from:
  • Delta Epsilon Chi
  • Phi Beta Lambda
  • Business Professionals of America
  • Students in Free-Enterprise
  • Phi Theta Kappa
• Must have a minimum 2.7 GPA (cumulative), Phi Theta Kappa must have a minimum 3.0 GPA..
• Renewable if 2.5 GPA is maintained.
• Must be enrolled a minimum of two years.
• Must submit a letter of recommendation from your program's advisor.

Freedom Transfer Scholarship

• Amount: $7,500/year
• Requires 3.40 GPA or higher
• Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years.
• Limited Funds Available
• Renewal subject to CUMGPA 2.7

Free-Enterprise Transfer Scholarship

• Amount: $6,500/year
• Requires 3.0 - 3.39 GPA
• Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years.
• Limited Funds Available
• Renewal subject to CUMGPA 2.5

Entrepreneur Transfer Scholarship

• Amount: $5,000/year
• Requires 2.7 - 2.99 GPA
• Must transfer from a U.S. institution and be enrolled at Northwood for a minimum of two years.
• Limited Funds Available
• Renewal subject to CUMGPA 2.2

Liberty Transfer Grant

• Amount: $2,500/year 
• Requires 2.7 - 4.00 GPA
• Requires 90+ Credits to be transferred
• Must transfer from a U.S. institution
• Limited Funds Available
• Renewal subject to CUMGPA 2.2

Private Donor Scholarships

Many Northwood friends and affiliates have generously provided funding for private scholarships for students. View the complete 2013-2014 list.

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Grants

Federal Grants

• Federal Pell Grant: Maximum 2012-2013 award is $5,550. Student must complete the Free Application for Federal Student Aid (FAFSA). Eligibility is determined from the results of the FAFSA.
• Federal Supplemental Educational Opportunity Grant (SEOG): Variable amount. Receipt of these funds is limited to students who demonstrate exceptional financial need and who are Pell Grant eligible. Student must complete the Free Application for Federal Student Aid (FAFSA).

Northwood Grants

• Northwood University Grant: Variable amount. Must have financial need as determined by the Financial Aid Office. Student must complete the Free Application for Federal Student Aid (FAFSA). Requires full time enrollment.

State Grants

Michigan Tuition Grant

• $1,512 maximum (subject to state budget and funding levels)
• Awarded to Michigan residents who demonstrate need
• Renewable up to 10 semesters if the student continues to demonstrate financial need and continues to meet the university's standards of academic progress

Most states have financial assistance programs. Each state program generally has specific deadlines, application requirements, and restrictions on the use of their funds. Contact your state's Department of Education for more details.

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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.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.

Apply as soon as possible after January 1st of each year. Northwood encourages you to apply before the state aid deadline or March 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.gov or www.fafsa.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 Michigan Campus 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.

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Loans

Northwood University will participate in the Federal Direct Loan program. Listed below is a brief summary of the Federal Direct Loans. All borrowers must complete a Federal Direct Master Promissory Note (MPN). Please note that first time borrowers who receive loans are required to participate in mandatory Entrance Counseling or contact the Financial Aid Office for a personal interview, before loan proceeds will be released. Entrance counseling is not required for returning students who previously completed this requirement. Upon completion of your education, you will be required to participate in Exit Counseling or contact the Financial Aid Office for a personal interview.

William D. Ford Federal Direct Loan (Direct Loan) Program 2012-2013

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. The Federal Direct Loan Program offers the following types of loans:

• Dependent undergraduate students: freshman: $5,500 (no more than $3,500 subsidized); sophomore: $6,500 (no more than $4,500 subsidized); and junior/seniors $7,500 (no more than $5,500 subsidized).
• Independent undergraduate students: freshman: $9,500 (no more than $3,500 subsidized); sophomore: $10,500 (no more than $4,500 subsidized); and junior/seniors $12,500 (no more than $5,500 subsidized).

How to Apply for Direct Federal Loans

First-time Borrowers:

• You must complete a Master Promissory Note(MPN) online at https://www.studentloans.gov
• You must also complete an Entrance Counseling session online at https://www.studentloans.gov

Your social security number and your Department of Education-issued PIN will be required. If you do not have a PIN, you may request one from www.pin.gov.

Previous Borrowers:

You do not need to complete an MPN or Entrance Counseling if you have completed them previously.

Accepting, Rejecting, or Changing your Loan Amounts:

Northwood University uses Passive Confirmation for the acceptance of Subsidized and Unsubsidized loan awards. This means you will receive the loan amounts shown on your Official Award Letter unless you notify us that you do not want them.

• If you want to accept the Subsidized and Unsubsidized loans and loan amounts shown on your Official Award Letter you DO NOT need to take action. The Financial Aid Office will process your loan if all other requirements as outlined below are met.*
• If you want to reject your loan(s) or change the loan amount(s), you DO need to take action. First, go to the WebAdvisor tab at http://my.northwood.edu.
  • To reject your loan(s), select Accept or Reject Financial Aid Loan Awards. Select Year 2013. You will see all your financial aid awards at the top of the page. At the bottom of the page you will see the loan(s) that you are able to Accept or Reject. Please choose Reject from the drop down beside the loan or loans you want to reject. If you are rejecting your loan(s) you must do so within 14 days of receiving your award letter. If you decide later on that you want to borrow, you can go back into WebAdvisor and accept eligible loans.
  • To change your loan amount(s), go to the Financial Aid section, click on Financial Aid Forms and select the 2013-2014 Federal Direct Loan Change Form. This form must be completed and signed and can be mailed or faxed to the Financial Aid Office. Please note: You may only lower the loan amounts awarded.

IMPORTANT: Federal Direct Loans are governed by federal regulations. Before the Financial Aid Office processes your reject or change requests, the staff will check to be sure the resulting loans meet Federal requirements. For example: If you have both subsidized and unsubsidized loan eligibility, your unsubsidized loan must be zeroed out before we can reduce your subsidized loan. If we cannot process your reject or change request due to Federal requirements we will contact you. Otherwise, you will receive a revised award letter with your requested changes.

PLEASE NOTE: The school will notify you via e-mail that your loans have been disbursed and that you have the right to cancel all or a portion of a loan. If you want to cancel all or a portion of your loan(s) you must do so within 30 days of the date the school sends you this notification.

*Before processing your loan(s) you must have completed the following:

• New students must have paid a commitment fee to the University.
• Returning students must be registered or pre-registered for classes for the period of enrollment of the loans.
• New student loan borrowers must have completed their Master Promissory Note (MPN).

Passive Confirmation is not used to accept PLUS and GradPLUS loans. Procedures for acceptance and application are below:

Federal Direct PLUS Loan (for parents of undergraduate students)

Parents of an undergraduate student can apply for a credit-based Federal Direct PLUS Loan to assist with out-of-pocket educational expenses on behalf of the student. The parent must be a credit-worthy US citizen or eligible non-citizen.

Parents can defer repayment if their student is enrolled at least half-time (6 hours), and for an additional 6 months after the student graduates or drops below half-time enrollment. If the Federal Direct PLUS Loan is denied, the student will be eligible to borrow up to an additional $4,000 for freshmen and sophomores or $5,000 for juniors and seniors of Federal Direct Unsubsidized Loan.

• To apply for the Federal Direct PLUS Loan, the parent must complete a Master Promissory Note (MPN) and a Federal Direct PLUS Loan application online at http://www.studentloans.gov. Your Department of Education-issued PIN will be required to complete the MPN, as it becomes an electronic signature. If you do not have a PIN, you may request one from http://www.pin.gov . If you have previously borrowed for this student you do not need to complete a new MPN.
• Next complete a Federal Direct PLUS Loan Request form. The Federal Direct PLUS Loan Request form is available online at www.northwood.edu. First, select your campus, then select Financial Aid, and then select Financial Aid Forms. This form must be completed and signed and can be mailed or faxed to the Financial Aid Office.

Federal Direct GradPLUS Loan (for graduate students)

A graduate or professional student can apply for a credit-based Federal Direct Graduate PLUS loan for up to the student's cost of attendance minus other estimated financial assistance.

• To apply for a GradPLUS Loan, the student must complete a preapproval credit check and a Federal Direct Graduate PLUS Loan Master Promissory Note (MPN) at http://studentloans.gov. Click the Sign In box and choose Request a Graduate PLUS Loan. This will produce an instantaneous credit decision. Approved borrowers can proceed to selecting the student name to complete the Graduate PLUS Master Promissory Note (MPN). Paper MPN's can be requested from the Financial Aid Office. If you have previously borrowed a GRADPLUS Loan you do not need to complete a new MPN.
• First time borrowers must complete mandatory Grad PLUS Entrance Loan Counseling at http://studentloans.gov.
• Next complete and return the Federal Direct Graduate PLUS Loan Request Form. The form is available online at www.northwood.edu. First, select your campus, then select Financial Aid, and then select Financial Aid Forms. This form must be completed and signed and can be mailed or faxed to the Financial Aid Office.

If you have any questions or concerns regarding this information, please contact your Financial Aid Office.

Student Loan Code of Conduct

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Other Useful Links

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.

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