Financial Aid

To view your account, make payment or review financial aid requirements, access your MyNEC account.

Complete financial aid verification at: nec.verifymyfafsa.com. First time users, should click ‘create account’.

• Parent PLUS Title IV Credit Authorization Form
• Parking permit form
• Student Title IV Credit Authorization Form
• Authorization to Release Financial Information (FERPA)
• Scholarship Search Engines and Tips

IRS Form 1098-T Tuition Statements

1098-T forms for eligible students are available online through MyNEC. A copy is also sent by mail January 31. The 1098-T form assists you in determining if you are eligible to claim an education tax credit on your tax return. The 1098-T form is informational. Receipt of the 1098-T form does not imply eligibility for a tax credit. Students should consult their tax advisor or the IRS publication 970, Tax Benefits for Education, to determine eligibility for an education tax credit.

Please note that when an education credit is taken on the federal income

tax return, the calculation of the credit is based on the amount of qualified educational expenses actually paid by the taxpayer during the calendar year.

NEC reports amounts billed to a student’s account in the calendar year on the 1098-T. Therefore, the amount used to calculate your education credit will not necessarily be the same as the amount that appears in Box 2. You should use the information on the 1098-T form in conjunction with your own payment records to determine eligibility for an education tax credit.

To apply for additional funding for your education, please complete the FAFSA

Step 1: File the Free Application for Federal Student Aid.  The FAFSA is available after October 1 and needs to be completed each year.  File before our priority deadline of March 1.

Step 2: Review your Student Aid Report (SAR) for accuracy which you will receive after the FAFSA is submitted.  Any changes should be made by logging back into your FAFSA.

Step 3: Some FAFSA’s will be selected for a process known as “Verification”. If your FAFSA is selected NEC will request additional documentation from you.  Be sure to submit all requested documents and allow time for your financial aid counselor to review them. Current students may view their required documents online through MyNEC.

Step 4: You will receive your NEC financial aid award letter by email.  This lists the aid that you qualify for.  All aid is considered automatically accepted.  If you wish to decline all or a portion of the award, notify the office in writing.  Be sure to read the terms of the award and discuss any questions with your financial aid counselor.

Step 5: For first-time NEC Federal Direct loan borrowers, complete Loan Entrance Counseling and the Master Promissory Note at studentaid.gov.

Step 6: Review the affordable options available to cover any remaining expenses.

Important Information Regarding Your Award

• Your financial aid offer is based on the information you provided on the FAFSA. It could change due to verification of FAFSA data, change in enrollment status, failure to meet satisfactory academic progress, or other factors.
• Requests for outstanding requirements will be sent to you by email and posted online through MyNEC.
• To review the amount of financial aid you will receive each term, access MyNEC. If your enrollment plans differ from the terms you have been awarded aid, please inform the SFS Office in writing or by email to sfs@nec.edu.
• Financial aid funds will be disbursed in equal amounts at the beginning of each term you are enrolled and after all requirements are complete. The amount of financial aid is contingent upon full-time enrollment. If course load is reduced, the award may be adjusted.
• Withdrawal from NEC after the first day of classes will result in a revision of the award based upon the College’s refund for withdrawals policy and federal regulations.
• If you receive outside financial assistance for educational expenses such as scholarships or employer sponsored tuition, you must notify the SFS Office in writing detailing the amount you anticipate to receive for the financial aid award year. These resources must be taken into consideration when calculating a student’s financial aid eligibility.
• Financial aid awards are considered automatically accepted. If you would like to decline all or a portion of the financial aid, please submit your request in writing to the Student Financial Services Office from your NEC assigned email address or a date signed statement.

November–April

• Receive and review the financial aid award letter
• Respond to requests for additional documentation
• Review payment and financing options for the coming year

March 1

• FAFSA priority deadline

April 15

• Parents of FAFSA dependent students may apply for the Federal Parent PLUS loan at studentaid.gov

May 1

• Admission deposit refund deadline
• Go to MyNEC portal and complete any remaining outstanding financial aid requirements
• Go to studentaid.gov to complete the Direct Loan Master Promissory Note and Entrance Loan Counseling to accept federal student loans offered in your financial aid letter

June 15

• Deadline to submit any outstanding financial aid requirements
• Eligible students choosing to opt out of the student health plan, complete the waiver at crossagency.com/nec
• If you are paying for college with a private student loan or Parent PLUS, apply for your loan by July 15
• If you are paying for college with a check, card, or the monthly installment plan, pay in your MYNEC portal by July 15

July 15

• Fall semester tuition payment options are due
• Complete tuition insurance enrollment at gradguard.com/nec

October 1

• Renew your FAFSA for 2023–2024 at studentaid.gov.

December 15

• Spring semester tuition deadline

New England College’s School of Graduate and Professional Studies offers students the opportunity to apply and participate in Graduate Assistantships, while receiving a tuition discount. Enrollment in an NEC Graduate Program is a requirement for all Graduate Assistantships.

Coursework and other academic obligations are priority responsibilities of graduate students at New England College. Graduate Assistantships typically require 20 hours per week, with specific schedules determined by the supervisor. Most involve evening and weekend commitments.

If you are interested in applying to become a Graduate Assistant (GA), or are seeking additional information on any of these positions, please contact:

Lisa Conn, Director of Graduate Enrollment
lconn@nec.edu
603.428.2283

Payment Responsibilities and Financial Aid
Arrangements for the payment of NEC tuition and fees must be made prior to the start of each term. By enrolling in a course(s), you agree to pay all charges incurred.If you are subsequently unable to obtain any portion of the financial aid which you intended to use for payment, you understand that you are not absolved of personal responsibility for payment, and NEC will seek payment from you directly. This includes, but is not limited to, (1) federal financial aid (loans and/or grants) being declined or the actual award being insufficient to cover all costs noted above; (2) any third party payment arrangements (including but not limited to corporate tuition assistance, military tuition assistance, Veterans Administration benefits, scholarships) do not occurfor any reason or are insufficient to cover all costs noted above; or (3) in the event that any arranged credit card or ACH payment declines.You agree to abide by the rules and standardsof New England College

Billing
You agree to view and pay your student account prior to the start of the term. NEC uses electronic billing as its official billing method. Student accounts may be accessed online through the MyNECportal.

Collections
You agree that you shall be individually liable for all fees and expenses of, for and incidental to the collection of all amounts due; this shall include, without limitation, reasonable collection fees incurred with third party agencies, and reasonable attorney and paralegal fees and other costs incurred in litigation, mediation, arbitration and bankruptcy proceedings, including appeals. Delinquent accounts may be reported to one or more of the national credit bureaus.

Withholding of Official Records
No official documents of completion of individual courses or degrees will be awarded by the NEC Registrar until outstanding payment is received in full. If at any time you have questions about your account, please contact the Student Financial Services Office. Financial holds will prevent requesting transcripts, participating in commencement, registering for future courses,and a diploma.

Updating your Contact Information
It is your responsibility to keep your address and phone number up to datein MyNECso that NEC can communicate with you. Email communication will be sent to your @nec.edu student email address. You consent to receive financial notifications electronically and agree to regularly check your student email address for important notifications.

Course Withdrawal Policy
Automatic Withdrawal
It is extremely important that you begin to actively participate in your classes immediately to achieve academic success. Students must participate in class by logging in a minimum of two (2) times before 11:59 p.m. EST on the Sunday of the first week of the session. Failure to do so will demonstrate nonparticipation, and you will be automatically withdrawn. If you do not complete an academic action in each class prior to 11:59 p.m. EST on the Sunday of Week 3, you will be removed from that course. If you were using financial aid to help pay your tuition costs and were removed from class due to non–participation, you will not be eligible to receive financial aid.

Voluntary Withdrawal
If you are a new student, to withdraw prior to the start of your first class you must contact your admissions advisor. Once class begins, during Week 1, both new and returning students must withdraw by using the MyNEC online portal found at MyNEC.nec.edu. Once at the website, select the link titled “Enter Secure Area to Access Student and Faculty Services” to log in to your MyNEC account. During Weeks 2 and after, if you are an undergraduate student, to withdraw from class you must contact Academic Advising at advising2@nec.edu. If you are a graduate and professional studies student, you must contact Student Financial Services. Failure to receive proper materials or for technology to properly perform does not excuse you from this withdrawal policy. You are responsible for maintaining written evidence of all drops/withdrawals.

Failure to attend classes or verbal notification to instructors does not constitute an official drop or withdrawal.

Federal Direct Stafford Loan

A Federal Stafford Loan is a low interest, federal student loan. In order to be eligible for the supplemental 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. See the current loan interest rates here.

To receive a Stafford Loan, students must complete the Master Promissory Note and Entrance counseling interview at www.studentloans.gov

Federal Direct PLUS Loan

The Parent Loan for Undergraduate Students (PLUS) must be borrowed by a parent. The parent borrower may apply at studentaid.gov 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 studentaid.ed.gov. 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 studentaid.ed.gov. A graduate student may apply for the PLUS loan at studentaid.gov 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 www.bankrate.com.

AAA Advantage Student Loan
northeast.aaa.com/financial/student-lending/aaa-advantage-loans.html
1-888-422-2536

Citizens Bank Student Loan
www.citizensbank.com/collegestudent
1-888-411-0266

College Ave Student Loans
collegeavestudentloans.com
1-844-422-7502

Credit Union Student Choice Loan
studentchoice.org/borrow/private-student-loans 

Discover Student Loan
discover.com/student-loans
1-800-STUDENT

EDvestinU
edvestinu.com
1-855-887-5430

LendKey Private Student Loans
lendkey.com/private-student-loans
1-888-549-9050

Massachusetts Edu. Financing Authority Loan
mefa.org
1-800-266-0243

NJCLASS
hesaa.org
609-584-4480

PNC Bank Student Loan
pnc.com
1-800-762-1001

Rhode Island Student Loan Authority
risla.com
1-800-758-7562

Sallie Mae Smart Option Student Loan
salliemae.com
1-855-756-5626

SoFi Student Loan
sofi.com/private-student-loans
1-855-456-7634

VSAC Vermont Advantage Loan
vsac.org/student-loans/ready-to-apply
800-642-3177

*Used by NEC students during the 2020-2021 academic year. This is not an endorsement by the College; you are welcome to choose any private lender.

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.

Fall Undergraduate Semester
Returning students: a $200 deposit is due no later than May 1 to hold academic space.
Charges are due July 15.

Winter Undergraduate Term
Charges are due before classes begin.

Spring Undergraduate Semester
Charges are due by December 15.

Summer Undergraduate Term
Charges are due before classes begin.

Graduate Progams
Charges are due before classes begin.

We accept:

Personal checks
Personal checks may be mailed to New England College, Student Financial Services, 98 Bridge Street, Henniker, NH 03242. Please send only U.S. dollars drawn from a U.S. bank. Third party checks are not accepted for payment.

Credit cards (Mastercard, Visa, American Express, Discover)
Payment is accepted online at MyNEC. New students please go here to learn more about setting up an account.

Flywire (International Payments)

New England College has partnered with Flywire to offer a secure and streamlined way to make a payment from your home country. Flywire allows you to pay from almost any country offering excellent foreign exchange rates and no hidden fees. You will be able to track the progress of your payment online and receive email and text alerts each step of the way. Multilingual customer support via phone, chat and email is available 24×7 if you need assistance with your payment.

Click here to start your payment: nec.flywire.com

Need help with your payment? Email: support@flywire.com Phone: +61 283 114 772 Website: flywire.com/support

Cash
Cash can be accepted at the Office of Student Financial Services. Cash payments of $10,000 or more require a completed IRS Form 8300.

Wire transfer payments (for domestic students)
NEC accepts payments via wire transfer. Please call Student Financial Services at 603.428.2226 for routing and account information as this data can not be released by email.

Transcripts and diplomas will not be released until all balances are cleared. Balances must be paid in full in order to participate in graduation.  All accounts 30 days or more in arrears are subject to a late payment fee of $200 per term and 1.5 percent per month, equivalent to 19.56 percent annual percentage rate.

Overdue accounts referred to a collection agency will incur the agency’s fee. This fee, usually 25 to 50 percent, will be added to the overdue balance at the time of assignment to the agency.

Transcripts and diplomas are not released to any student in default on Perkins or Stafford Loans.

New England College offers an interest-free monthly payment plan available in your MyNEC portal. It is administered by Nelnet Campus Commerce. To enroll in the payment plan, log in to your MyNEC portal at nec.edu/mynecportal, Click Student Services & Financial Aid, Click Online Account then Set up a Payment Plan.  Details about the payment plans options are available at mycollegepaymentplan.com/nec.

Enroll in your MyNEC portal before the semester begins.  Dates and details are available at mycollegepaymentplan.com/nec.”   Under Payment Options at New England College offers an interest-free monthly payment plan for the traditional undergraduate semesters and the 12-15 week graduate semesters.

Personal expenses, including books and supplies, clothing, laundry, travel, and recreation will vary from student to student. Each student should plan personal expense requirements and develop a budget based upon those expectations. The Office of Student Financial Services can assist in developing this annual cost of attendance.

Students should consider establishing a checking account at a local bank in order to pay for books, supplies, and other personal expenses. The Office of Student Financial Services does not cash personal checks for students.

Textbooks and course materials for both undergraduate and graduate courses can be purchased through the online bookstore operated by NEC’s partner eCampus. All textbooks from the bookstore are ordered online and can be shipped to the student’s home or College mailbox. eCampus offers many purchasing options, based on availability, including new condition, used condition, rental, and digital formats. The virtual bookstore accepts credit card payments and eligible students can pay for orders using financial aid funds.

Federal Financial Aid recipients with excess funds (financial aid funds greater than the direct billed expenses) may request a book voucher from the Student Financial Services Office beginning one week prior to the semester start. The book voucher will charge the cost of books and supplies purchased at the online bookstore to the student’s New England College student account.

Tuition refunds will be calculated based on withdrawal dates as follows:

A refund or credit for tuition and board only is issued according to the schedule listed.  All other charges are non‐refundable. If the tuition and fees are not paid in full, any refund/credit is applied to the unpaid balance.   If there is an outstanding balance due after the tuition and board credit is applied, the amount outstanding is due within 10 days of the official date of withdrawal, suspension, or dismissal.

Return of Federal Financial Aid (Title IV)

Students who withdraw before 60% of the term is completed will have their eligible federal financial aid recalculated according to the length of their enrollment. The percentage of time the student remained enrolled is the percentage of eligible aid for that period that the student earned. A student who remains enrolled beyond the 60% point earns all federal aid for that period. The return of federal financial aid recalculation is performed independently of institutional costs incurred for the period of enrollment.  The return of federal financial aid recalculation is performed within 30 days of a withdrawal.  Any unearned financial aid paid to New England College for institutional charges will be returned to the source in the following order within 45 days of a withdrawal:

1. Unsubsidized Federal Direct loans
2. Subsidized Federal Direct loans
3. Federal Direct PLUS loans
4. Federal Pell grants
5. Federal Supplemental Education Opportunity grants

Students are responsible to pay their New England College account balance due as of a result of a return of federal financial aid recalculation, within 30 days.  There may also be an amount of unearned aid due from the student directly to the Department of Education or to the federal direct loan servicer according to the terms and conditions of the student’s loan master promissory note.

If as a result of the calculation, a student is eligible for federal financial funds that have not yet been disbursed, any grant funds will be disbursed first.  If the student is eligible for loan funds, a notice will be sent to the student to sign and return within fourteen days if they choose to accept the loans.  The student will not be eligible for a post-withdrawal disbursement of loans if the notice is not returned within fourteen days.  Loans are repaid by the student according to their loan master promissory note.

Return of Unearned Military Tuition Assistance

Students who withdraw before 60% of the term is completed will have their eligible tuition assistance recalculated according to the length of their enrollment. The percentage of time the student remained enrolled is the percentage of eligible tuition assistance for that period that the student earned. A student who remains enrolled beyond the 60% point earns all tuition assistance for that period. The Return of Unearned Tuition Assistance calculation is performed independently of institutional costs incurred for the period of enrollment. Unearned assistance is refunded to the Military Service. Funds are remitted within approximately forty-five days of a withdrawal. If a Service member withdraws due to a military service obligation, the tuition may be waived provided the Service member submits the appropriate documentation to the Student Financial Services Office upon withdrawal.

Students may enroll in direct deposit in the online billing portal of the MyNEC account. Other choices for student refunds are a check mailed to the mailing address listed in the MyNEC account or loaded to a reloadable debit card (such as those purchased at Walmart or a convenience store).

To make a refund choice, log into the MyNEC at nec.edu, click on Student Services & Financial Aid, click on Online Account, , then Manage Refunds. Refunds from Parent PLUS loan excess funds are mailed to the parent borrower. Refunds are available within approximately 10 business days from the receipt of excess loan funds.

• Cost of Attendance (COA)
• Direct Costs
• Educational Loan
• Student Loan
• Federal Direct Student Loan
• Federal Perkins Loan
• Federal Grad PLUS Loan
• Private (Alternative) Loan
• Federal Parent Loan (PLUS)
• Enrollment Status
• Expected Family Contribution (EFC)
• Family Financial Responsibility
• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work-Study (FWS)
• Grant
• Indirect Costs
• Net Cost
• Out-of-pocket Cost
• Satisfactory Academic Progress
• Scholarship
• Verification

Cost of Attendance (COA): The estimated cost of attending this institution for one academic year. This amount includes the following:

• Expected charges for one year of tuition and fees:
  • Tuition: Charges assessed for classes
  • Fees: Charges assessed for other college services
• Room and board for resident students
• Estimated living expense: Allowance for rent, utilities, and food for off-campus living
• Estimated transportation costs
• Estimated books and supplies
• Miscellaneous costs

Direct Costs: Expenses the student/family pays to the college.

Educational Loan: A form of financial aid that must be repaid with interest. Educational loans have varying interest rates and repayment terms. Students and/or parents are required to sign a promissory note when accepting an educational loan.

• Student Loan: Funds awarded to the student that must eventually be paid back to the lender by the student.
  • Federal Direct Student Loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Repayment of principal begins six months after the borrower ceases to be a student on at least a half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. There are two types of Federal Direct Student Loans: subsidized and unsubsidized. Students with financial need can qualify for a subsidized loan, and the government pays the interest on the loan while the student remains enrolled at least half time. Students who don’t demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school.
  • Federal Perkins Loan: A low interest loan for educational expenses provided by the federal government for qualified individuals with exceptional financial need as defined by the institution. The Federal Perkins Loan needs to be repaid with interest once the student is no longer enrolled at least half-time.
  • Federal Grad PLUS Loan: Loan funds provided to graduate students by the U.S. Department of Education, through the school. This federal loan program allows graduate students with no adverse credit history to apply for up to their Cost of Attendance each year, less any financial aid. To be eligible, the student must be enrolled at least half time in an eligible program of study and first borrow the maximum allowable through the Federal Direct Student Loan program. Repayment of principal and interest begins 30 to 60 days after the loan is fully disbursed with deferment and forbearance options available.
  • Private (Alternative) Loan: A loan from a commercial, state-affiliated or institutional lender used to pay for up to the annual cost of education, less any financial aid received.  Private loans usually require the applicant to be creditworthy or have a co-signer and have varying interest rates, fees and repayment options. Repayment of interest (and often principal) generally begins immediately, with some lenders offering deferment options for in-school periods.
• Federal Parent Loan (PLUS): A federal loan program that allows parents who have no adverse credit history to apply for up to the Cost of Attendance each year, less any financial aid. PLUS loans must be repaid with interest.

Enrollment Status: Academic workload (or course load), as defined by an institution, that a student is carrying for a defined academic period. This normally relates to the number of credit hours taken by a student during a given academic period. For most traditional undergraduate term-based schools:

• Full-time status = at least 12 credit hours
• Three-quarter time status = at least 9-11 credit hours
• Half-time status = at least 6-8 credit hours

Expected Family Contribution (EFC): A measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education for the year. The EFC is calculated according to a formula specified in the law and is based upon the information provided by the student and his or her family during the FASFA filing process.

Family Financial Responsibility: Many schools award institutional scholarships and grants based upon a more comprehensive calculation of family financial circumstances using information provided on the CSS PROFILE or the College’s own financial aid form. This can result in a higher (or lower) financial responsibility for the student (and his/her family) than the FAFSA might indicate with its Expected Family Contribution (EFC) estimate.

Federal Pell Grant: A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a threshold designated annually by the U.S. Department of Education, based on the amount of program funds appropriated by Congress.

Federal Supplemental Educational Opportunity Grant (FSEOG): A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients and funds must be awarded by the school in lowest EFC order.

Federal Work-Study (FWS): A program that provides part-time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWS assistance to participate in community service activities.

Grant: Gift aid awarded to the student that does not need to be repaid. Grants are typically based on financial need.

Indirect Costs: Expenses incurred as a result of attendance that the student/family may pay to a third party (merchant, landlord, etc.) other than the college.

Net Cost: Amount of direct and indirect costs remaining after all gift aid (scholarship and grant) is subtracted.

Out-of-pocket Cost: Difference between the cost of attendance and all gift aid. Out-of-pocket cost can be covered through a variety of sources, including: savings, income and educational loans.

Satisfactory Academic Progress: To be eligible for federal funds (Pell, FSEOG, Direct Loans etc) students must make satisfactory academic progress, meaning you are continuing to completes courses and maintain a required GPA based on your credit level. Please refer to the NEC catalog for NEC’s SAP Standards.

Scholarship: Aid awarded to the student that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit and need, such as academic excellence, talent, affiliation with various groups, or career aspirations.

Verification: Process to confirm the accuracy of data provided by the applicant on the FAFSA. In order to complete the verification process, students are required to provide certain documents to a school for review.