In addition to state grants, the federal government offers a range of financial aid programs. Let us help you decide which ones are right for you.
Federal Direct Loan
You can use these loan funds to cover direct education costs such as tuition and fees and room and board as well as indirect costs such as books, travel to and from school, and other education-related expenses.
There are two kinds of Federal Direct Loans:
- Federal Direct Subsidized Loans are available to undergraduates who have financial need. The federal government pays the interest on this loan while you are enrolled at least half time in school.
- Federal Direct Unsubsidized Loans are available to undergraduate and graduate students. Unlike subsidized loans, you pay the interest on the loan while you are enrolled, unless you arrange to have the interest accrue and be capitalized (added to the principal amount of the loan).
Loan amounts are determined by your need and your year in school. Creditworthiness is not a requirement. You will need to begin repaying these loans in monthly installments six months after graduating, leaving NHU, or taking a course load that is less than six units per semester. For subsidized and unsubsidized loans first disbursed on or after July 1, 2013, the interest rate is 6.8%. Please note that the interest rates on federal student loans may change pending action by the U.S. Congress.
Federal Direct Graduate PLUS Loans
These loans are available to graduate students who are enrolled at least half time and do not have an adverse credit history. You can borrow up to the cost of attendance (minus any other aid), including tuition, living allowance, books and supplies, and transportation. Interest accrues at a rate of 7.9% while you are in school. You can make payments while in school or add the interest to the loan principal and defer payments until you graduate or leave school. There is no prepayment penalty. Please note that the interest rate on this loan may change pending action by the U.S. Congress on or after July 1, 2013.
Federal Pell Grant
If you are an undergraduate student who has not yet earned a bachelor's degree, you could receive a federal Pell Grant of up to $5,645 for the 2013–2014 academic year. Eligibility and dollar amount are based on your financial need and your status as a full- or part-time student, and are determined by the U.S. Department of Education following a formula established by Congress. Pell Grants do not need to be repaid.
Federal Supplemental Educational Opportunity Grant
These grants are for undergraduate students in our campus-based programs. Awards are based on your financial need as determined by NHU. They are considered gifts and do not need to be repaid.
This program for undergraduate and graduate students in our campus-based programs gives you the opportunity to work either on or off campus to help pay the cost of your education. The amount of your award will depend on your financial need. Since you will earn it by working, there is nothing to repay.
Federal Direct Parent PLUS Loans
If you are the parent or legal guardian of a dependent undergraduate student, you could be eligible for this loan, regardless of your income or financial need. You can borrow up to the total cost of attendance for the year (minus any other financial aid) to cover tuition and fees, room and board, books and supplies, transportation, and living allowance. The interest rate is 7.9%, and, in most cases, you need to begin repaying the loan within 60 calendar days after it has been fully disbursed. Please note that the interest rate on this loan may change pending action by the U.S. Congress on or after July 1, 2013.