Determining Undergraduate Aid Eligibility
New England College awards institutional and federal assistance on the basis of demonstrated financial need and academic achievement.
Federal and institutional formulas are utilized in calculating a family contribution based on information provided on the FAFSA applications along with supporting documentation (e.g., federal tax returns). The expected family contribution is based on a review of the family's resources from expected taxed and untaxed income along with assets, such as savings and home equity.
Once the family contribution has been determined, it is deducted from the cost of attendance resulting in the family's "need." The amount of need a family demonstrates determines the amount of assistance they may be eligible to receive.
Requirements
Students who apply for financial assistance must be matriculated in a degree-seeking program and enrolled at least half-time (6 credits) per semester. Many New England College financial assistance programs require students to be enrolled full-time to be eligible to receive an award.
Federal regulations specify that federal financial aid recipients must be U.S. citizens, U.S. nationals, or eligible non-citizens (U.S. Permanent Residents who have an alien registration card).
All aid recipients must maintain satisfactory academic progress as outlined in the New England College Handbook. Additionally, all recipients must not be in default on any federal educational loan, owe a refund on any grant, or demonstrate unwillingness to repay any federal educational loan.
Graduation Requirements for Students Receiving Need and Merit Based Aid
When a continuing student re-applies for financial aid, the Office of Student Financial Services will review the number of credits students need to complete to fulfill their degree requirements. Financial aid and merit aid is renewable as long as you are enrolled full-time in a degree-seeking program. If it is determined that you will complete your degree earlier than expected, your aid eligibility will reduce or cease. You cannot receive aid for optional, elective courses. Financial aid funds (including merit funds) are only to be used for courses that are required to complete your New England degree program. For example, if you take additional courses over the summer to accelerate your degree or you have AP credits from high school and it is determined that you only need two courses to finish your degree requirements during the fall semester, your aid will be adjusted based on the courses you need for your degree.
Renewing Need-Based Financial Assistance
Financial assistance is awarded with the expectation that it will be continued each year on the basis of continued financial need, satisfactory academic progress, annual timely completion of financial assistance forms, and availability of funds.
Any changes to a family’s income, assets, number of household members or number in college will affect the student’s demonstrated financial need. A student’s need based financial assistance offer could decrease or increase annually based on even a slight change in the family’s circumstances.
