NESA participates in a number of federal financial aid programs to assist students in financing the costs of education.
Financial aid awards consist of both need-based and non need-based sources, including the Federal Direct Stafford loan, Federal Direct Graduate PLUS loan, and student employment. Federal loans and work study are only available to U.S. citizens and permanent residents who meet the general eligibility requirements for federal aid.
Need Based Loans and Work Study:
Federal Work Study provides students opportunities to work on campus. Students must demonstrate financial need and request consideration on the NESA aid application. Funding for this program is allocated annually by the federal government and is supplemented with institutional funds.
Federal Direct Unsubsidized Stafford Loans carry on the interest rate of 6.8% and it will accrue interest while you are in school. The repayment period begins after the first disbursement however you may defer payments while you are attending school on at least a half time basis. Unsubsidized Stafford loans are also subject to origination fees of 1.5%.
Stafford Loan Limits for Graduate Students:
- $20,500 annually
- $138,000 aggregate for undergraduate and graduate study - no more than $65,500 from Subsidized Loans.
Federal Direct Graduate PLUS loans are federal education loans which are available to credit worthy U.S. citizens or permanent residents. The Grad PLUS Loan has a fixed interest rate of 7.9% with fees of up to 4%, which are deducted from the loan amount. Interest begins to accrue upon disbursement of the loan. Repayment begins within 60 days of the final disbursement of the loan; however, students enrolled at least half-time may defer payments while in school. Students needing assistance in addition to the Subsidized and Unsubsidized Stafford loans can apply for the Graduate PLUS Loan.
How much should I borrow?
The amount of aid (loans and work study) that is offered to you is based upon the cost of attendance minus any outside aid that you will receive. Cost of Attendance for financial aid eligibility includes the following: Tuition & fees, estimated costs for books & supplies, and allowances for room & board, transportation, and personal expenses.
Eligible students will be offered the Stafford loans first. Graduate PLUS loans, which are subject to credit approval, will be offered to assist students with the balance of their educational costs. While this is an option, we encourage you to seek out other ways to pay for your education in order to eliminate the burden of repaying loan debts while beginning your practice. Remember: Graduate PLUS loans and Unsubsidized Stafford Loans accrue interest while you are in school.