Financing Options | New England College
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Financing Options

Scholarships and Grants

NEC Scholarships

Undergraduate Merit-based Scholarships

Available for traditional Undergraduate programs. Incoming students are automatically reviewed for scholarship eligibility–no separate application is required. Merit-based scholarships are awarded to New England College’s undergraduate students upon admission to the college and renewed based on the following criteria:

  • You must maintain the minimum grade point average required by the scholarship
  • You cannot be placed on any kind of academic or social probation
  • You must make minimum academic progress toward their degree
  • You must maintain full-time status or your award will be prorated according to the your registered course load
  • You must maintain half-time status or you cannot receive scholarship funding for that term(s) that you are registered on a half-time or less basis.

Restrictions to Institutional Awards: Students receiving any form of tuition remission to attend New England College are not eligible to receive any institutional scholarship. NEC Plus students are not eligible to receive merit based awards as they are already attending at a substantially discounted rate. Students are not eligible for more than one New England College scholarship.

All admitted students are awarded a merit scholarship at the time of admission to New England College: The names of our scholarships are listed below:

  • Presidential Scholarship
  • Alta Petenda Scholarship
  • New England Scholarship
  • Leadership Scholarship

Henniker Area Scholarships

Students graduating from Hillsboro-Deering High School, Hopkinton High School, and Kearsarge Regional High School and John Stark High School are eligible for half-tuition or a merit scholarship listed above (the higher of the two).


The Federal Pell Grant

Available to undergraduate students. This program provides need-based federal grants to students based on their family contribution, as determined by the federal government. Recipients must not have already received a bachelor’s degree. Grant amounts will vary based on need.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG is a need-based federal grant available to students with a high level of financial need who are working towards their first bachelor’s degree. Preference is given to Federal Pell Grant recipients who apply for financial aid by the NEC priority deadlines and funds are limited and awarded based on eligibility and availability.

New England College Grant

New England College Grant funds are awarded based on demonstrated need using the institution’s methodology. Students must file a complete FAFSA and be enrolled on a full-time basis to be eligible for consideration for NEC Grant funding. Priority consideration is given to students who apply on or before the established priority deadline. Students who complete their FAFSA after the priority deadline will be awarded on a funds-available basis at that date. Available to traditional Undergraduate Programs.

State Grants

State grants are administered by the state in which the student resides and each state determines and administers its own eligibility criteria.


Loan Opportunities – Federal Loans and Repayment

Federal Direct Subsidized/UnSubsidized Loans

A Federal Direct Loan is a low interest, federal loan awarded on the basis of need. The current interest rate may be found at Repayment begins after the six month grace period expires. Depending on need, first-year students may borrow up to $3,500, sophomores up to $4,500, and juniors and seniors may borrow up to $5,500 each year. In order to be eligible for the supplemental Direct Unsubsidized Stafford loan, a student must be either independent by federal standards or for dependent students, parents must receive a credit denial for the PLUS loan.

To receive a Federal Direct Loan, students must complete the Master Promissory Note and Entrance counseling interview at

Review the terms of loans received in the financial assistance package and learn about the necessity for repayment loans here.

Federal Direct PLUS Loan

The Parent Loan for Undergraduate Students (PLUS) must be borrowed by a parent. The parent borrower may apply at 180 days prior to the term start. The parent(s) can borrow up to the cost of education less financial assistance awarded and accepted by the student. The interest rate and origination fees may be found at Repayment for the PLUS will begin 30-45 days after the first disbursement has been released or may be deferred until after graduation.

The Graduate PLUS Loan for Graduate level students interest rate may be found at A graduate student may apply for the PLUS loan at and may borrow up to the cost of attendance less financial assistance awarded.

Repaying Your Loans

Sample Loan Repayment Schedule

National Student Loan Data System

National Student Loan Data System

Federal loans are submitted to the National Student Loan Data System (NSLDS) and may be accessed by schools, lenders and guarantee agencies determined to be authorized users of the data system. Students may review their complete loan history and loan services on NSLDS. Understanding the details of repayment on your federal student loan can save you time and money.

Private Loan Programs – Historical Lender List

We strongly encourage you to pursue all state, federal, and institutional aid available to you first in financing your New England College education. If you need additional financing after exhausting these sources or if you do not qualify for federal loans there are several lenders who offer alternative/private education loans. The terms and conditions of private loans may be less favorable than federal loans. Approvals of private loans are typically based on your credit rating and debt-to-income ratio and may require a co-signer.

New England College does not maintain a preferred lender list. The below list represents the private lender programs used by our students during the previous school year. New England College will process your financing options from any participating lender program.

We encourage you to thoroughly research lenders to ensure you receive the best rates and services that meet your needs. Make sure to compare borrower benefits ranging from origination and default fees that can reduce the initial cost of the loan as well as benefits to save money during repayment such as auto-debit interest rate reductions. Interest rates are typically variable, which means they can change monthly and rates vary amongst private lenders. For current Prime and London Interbank Offered Rate (LIBOR) information, please go to

Private Student Loan Historical List *

Citizens Bank Student Loan

College Ave Student Loans

Common Bond Student Loans

Credit Union Student Choice Loan 

Digital Credit Union

Discover Student Loan


Lendkey Private Student Loans

Massachusetts Educational Financing Authority Loan

Rhode Island Student Loan Authority

Sallie Mae Smart Option Student Loan

SoFi Student Loan

*Used by NEC students during the 2019-2020 academic year. This is not an endorsement by the College; you are welcome to choose any private lender.

Repaying Your Loans

Loan Servicers are the companies that handle the billing and other services for Federal Student Loans. To view your loan servicer(s) visit

The National Student Loan Database System will list all of the Federal Student Loans that you have borrowed as a student. If you borrowed private loans, you will need to contact the private lender(s) for billing/repayment options for the private loans.

There are several repayment options and options for deferment or forebearance if you experience difficulties with repayment of your Federal Loans. Remember to keep in touch with your loan servicer(s) regarding your circumstances to review all of your options and avoid default. More information regarding loan repayment and default may be found at

If you have student loan questions, please contact Student Financial Services at 603. 428.2226 or We can assist you with navigating your options.

Work Opportunities

There are two types of student employment opportunities available to New England College students – Federal Work Study and Institutional Work Study. For more information on work opportunities please click here.

Code of Conduct

The Code of Conduct applies to New England College employees, agents and officers. We strictly prohibit revenue sharing arrangements with any lender. We will not offer funds for private loans to students in exchange for providing concessions or promises to a lender of volume or preferred lender arrangements. We will process certifications from any lender timely. Financial Aid staff will not accept any compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to educational loans. Financial Aid staff will not accept compensation for service on an advisory board, commission or group established by lenders or guarantors, except for reimbursement for reasonable expenses as allowed.