Financial Aid Frequently Asked Questions

Financial Aid: You've Got Questions, We've Got Answers

When paying for a North Central College education, you and your family are not alone. We are committed to helping you identify the right mix of resources to make your education possible. We are also here to help and advise you every step of the way- this means providing the necessary information to ensure you understand and are confident in your financial aid decisions.

What are the different types of financial aid?

Gift aid includes:

• Scholarships are financial aid you do not need to pay back. Scholarships are typically based on your merit rather than your financial need. They can be awarded by the college or a private organization.
• Grants are also financial aid you do not need to pay back. You receive grants from the federal or state government. North Central also offers grants to students. You typically have to have a financial need to qualify.

Self help aid includes:

• Federal work-study program is a federal program that funds part-time jobs for undergraduate students with a financial need. Once offered, you’ll need to find an eligible work-study job on or campus. Payment will be based on the number of hours worked and distributed to you in the form of a paycheck.
• Federal student loans are fixed-interest-rate loans from the federal government. Undergraduate students can borrow direct subsidized or unsubsidized loans. Graduate students can borrow direct unsubsidized or direct graduate PLUS loans. Parents can borrow direct Parent PLUS loans for their dependent student. A credit check for non-adverse credit history is required for both graduate and Parent PLUS loans.
• Private student loans are fixed or variable-rate loans from a lending institution. You typically need a good credit score or a co-signer who has good credit. Your rate will vary depending on your or your co-signer’s credit.

What is the FAFSA? 

FAFSA stands for the Free Application for Federal Student Aid. FAFSA is a federal application that is used to determine eligibility for federal, state and institutional need-based aid programs. This is the only financial aid application that North Central College requires.

Do I need to be admitted before I can apply for financial aid?

No, you can apply for financial aid any time after October 1 before the academic year in which you intend to enroll. However, to actually receive funds, you must be admitted and enrolled at North Central College. Note: The 2024-25 FAFSA will become available in December 2023.

I probably don't qualify for aid. Should I apply for the FAFSA anyways?

Yes, especially if you have never filed a Free Application for Federal Student Aid (FAFSA). Many families mistakenly think they will not qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. The FAFSA form is free!

What are the important dates to know?

• October 1: AcademicWorks scholarship portal opens for the upcoming school year.
• December: FAFSA becomes available for the upcoming school year. We recommend you submit your FAFSA as soon as the form is available to ensure you meet all deadlines.
• February: Priority deadline to be considered for earliest aid offering

When filing the FAFSA, it mentioned "SAI." What is that?

The index number, calculated when the FAFSA is processed, is used to determine a student’s eligibility for federal, state and institutional need-based financial aid programs.  

I was selected for "verification." What is that?

A percentage of FAFSA applications are selected for a process called verification, where the federal government requires the schools to confirm the data included on the application. To complete this process, applicants and/or their families will receive a notification from the Office of Financial Aid detailing additional information needed.

I received a letter from the office of financial aid asking me to submit missing information. Where can I find the required institutional forms?

All institutional forms, along with instructions on how to request an IRS Tax Return Transcript, can be found on our Financial Aid Forms page. Please also view the Financial Aid Checklist on Merlin for individual requirements and how to submit documents directly to our office.

How and when will I receive my financial aid offer notification?

• For new students, financial aid offers are sent in the mail once your FAFSA has been received, all supporting documentation is received, and you are accepted to North Central. We typically start processing awards in December and continue through the admission cycle. Note: For the Fall 2024 incoming undergraduate class, the process is delayed due to the FAFSA not being released until December.
• For continuing students, financial aid offers become available on Merlin in April for the next school year. The Financial Aid Office will email continuing students when financial aid is available to view in Merlin.

How do I accept my financial aid offers?

Financial Aid offers can be accepted in Merlin through the Financial Aid Checklist for all students. 

Do you match scholarships offered by other institutions?

We do not match scholarship awards from other institutions. We are happy to discuss your situation and work through your concerns. Please contact your admission counselor if you would like us to review your award offer.

What is the difference between subsidized and unsubsidized direct loans?

• Subsidized Loans are need-based. You must show financial need to be eligible. The federal government pays the interest while you are in school and during the grace period.
• Unsubsidized Loans are not need-based. You are responsible for all interest on the loan, which begins accruing at the time of disbursement. If you choose to defer paying on the interest until you begin repayment, the interest will capitalize (add to the principal of the loan).

What do I do after accepting a federal direct loan?

• First-time borrowers need to complete Entrance Loan Counseling.
• Sign your Master Promissory Note (MPN).
• Upon leaving North Central College, you need to complete Student Loan Exit Counseling.

How is financial aid applied to my bill?

Each semester, the College’s Student Accounts Office provides a tuition statement detailing distribution of your aid. Half of your financial aid award, with the exception of Federal Work Study, will appear as a credit on this statement. Outside scholarships will not credit until funds have been received, and Federal Work Study is earned through working in a campus position and receiving a paycheck rather than being applied directly toward your bill.

What are the credit hour requirements for my financial aid offer?

• Most financial aid offers are based on full-time enrollment for the entire academic year (a minimum of 12 credit hours each semester) unless otherwise noted on the Award Offer.
• Financial aid offers based on full-time enrollment must be revised or canceled if a student enrolls in less than the minimum 12 credit hours. We encourage you to meet with our office before dropping below full-time.
• Most federal aid amounts are based on your enrollment at the time of disbursement.
• Veteran’s benefits vary by eligibility as determined by the Veteran’s Administration and the number of enrolled credit hours; a reduction in a student's course load during the semester may result in a reduction of benefits for that semester.
• If you are eligible for the Illinois Student Assistance Commission Monetary Award Program, please contact our office before changing your enrollment. To receive the maximum MAP award, you must be enrolled in 15 credit hours each semester.

Will my amount of financial assistance be the same each year?

• Merit scholarships remain the same if you maintain the necessary cumulative GPA and are renewable based on the guidelines received when you were accepted to the College.
• Departmental scholarships (music, art, etc.) depend on your participation and departmental funding availability.
• Need-based (North Central College Grant, Federal Supplemental Grant, Pell Grant, ISAC MAP) assistance depends on your need and federal and state funding. You can expect to receive the same level of funding if federal and state funding and eligibility criteria do not change and if your FAFSA data doesn't change.

When will I have to pay back my student loans?

• You are not responsible for the principal amount of your federal loans while you are at least a half-time student. Once your enrollment drops below half time, you begin your grace period. The Federal Direct Loan grace period is 6 months before repayment begins.
• Contact your lender for repayment options. You can find your lender by visiting the "Loan Breakdown" section of your StudentAid.gov dashboard.