About NSU Financial Aid
Welcome to NSU's Office of Student Financial Assistance (OSFA)! Here you will find everything you need to know about student financial aid, including how to apply, financial aid deadlines, and types of aid available to graduate and undergraduate students, including Florida student financial aid. Our office administers federal, state, and university financial aid programs such as grants, loans, scholarships, and veterans benefits. Please take a moment to explore our site!
Free Application for Federal Student Aid
Most student financial aid programs at NSU require you to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. NSU's Federal School Code is 001509.
Financial Aid News and Announcements
If your federal student loan debt is high relative to your income and family size, you may qualify for Income Based Repayment (IBR). At present, the IBR plan caps monthly federal student loan payments at 15% of the borrower's discretionary income and grants forgiveness for any remaining loan debt once the borrower makes qualifying payments for 25 years. Modifications made by Congress shortly after the initial implementation of the IBR plan are projected to reduce the cap from 15% to 10% of a borrower's discretionary income and reduce the years of qualifying payments from 25 to 20 for borrowers who take out their first federal student loan after 2014. The "Pay As You Earn" plan is expected to expedite these modifications making them available to new borrowers as early as 2012. For more information on IBR visit the Federal Student Aid Web site.
As of January 1, 2014, the 2014-2015 Free Application for Federal Student Aid (FAFSA) is available at www.fafsa.gov.
The FAFSA determines your eligibility for grants, scholarships, loans, and work-study programs, and is the essential first step in receiving financial aid from federal, state, and private sources.
File your FAFSA as soon as possible for the following reasons
- The sooner you apply for student financial assistance, the better chance you have of receiving the maximum amount of funds.
- You do not need your 2013 income tax return to apply now. You may estimate your income and taxe figures using your 2012 tax return and update your information once you submit your 2013 income tax return to the IRS. Once you have filed your 2013 tax return, it is highly recommended that you correct your FAFSA by using the IRS Data Retrieval Tool. The IRS Data Retrieval Tool allows you to import your tax data to your FAFSA directly from the IRS.
- Completing your FAFSA now will allow you to plan more efficiently.
- Many scholarships require you to complete the FAFSA.
Take Advantage of the new IRS Retrieval Process - Expected to be available in early February 2014
The IRS Data Retrieval Process allows eligible federal tax return filers to retrieve information from their submitted income tax return while completing the FAFSA. IRS information should be available three-to-five business days after filing an electronic return and about six-to-eight weeks after filing a paper return. The retrieval process is available for filers of both the English and Spanish versions of the FAFSA on the Web. Nova Southeastern University encourages students to take advantage of this feature.
The Department of Education considers data transferred through the IRS Data Retrieval System as equivalent to an IRS form. This is good news for students selected for verification. If IRS data transferred to a student's FAFSA remains unaltered, the student may not be required to submit tax documentation for verification purposes. Students who are selected for verification and did not use the IRS Data Retrieval Tool will be required to submit a line-by-line transcript of their federal income tax return to be obtained from the IRS.
With the start of the fiscal year 2014, additional sequester funding reductions are taking place under the Budget Control Act of 2011. Please review the Iraq-Afghanistan Service Grant Web page and the TEACH Grant web pages for undergraduates and graduates for details regarding award amount changes.
As of October 1, 2013, the sequester increases the origination fees charged to Direct Loan borrowers beyond last year's increases. The new loan fees are 1.072 percent for Direct Subsidized Loans and Direct Unsubsidized Loans and 4.288 percent for Direct Parent PLUS and GRAD PLUS loans. These new loan fees will only apply to loans for which the first disbursement is made on or after December 1, 2013.
Click for more details regarding Direct Loan fee amounts.