Financial Aid Process

Steps in the Financial Aid Process:

Applying for Aid

• To search for external scholarship opportunities, visit www.fastweb.com
• To apply for federal grants and loans, visit https://studentaid.gov/h/apply-for-aid/fafsa
• The federal school code for North Central Institute is 030791
• To apply for federal aid online, you must apply for and receive an FSA ID at https://studentaid.gov/fsaid

Admission and Enrollment

• Students must complete the admissions process and enroll in closes in order to be awarded Federal Aid.

Financial Aid File

Once NCI receives and reviews your FAFSA, additional documents may be needed. It is important to monitor your FAFSA email frequently for requests for additional information or documents. Your financial aid file must be complete before the review process begins; a file is considered complete when you are enrolled and all official transcripts and requested documents are on file with NCI Admissions and/or Financial Aid Department. Normal processing times (subject to volume during peak enrollment periods):

• Students not selected for verification – allow 10 business days from file completion date
• Student selected for verification – allow 15 business days from file completion date

Types of Aid

Various types of federal aid are available to assist with education costs to those who qualify. Federal aid may be in the form of grants or loans. Grants are a type of aid that does not require payback; grants include Pell, & Academic Competitiveness Grant. Loans are a type of aid that does require payback. It is important to understand your options and your obligations regarding federal aid. For more information, visit https://studentaid.ed.gov/sa/

Award Notification

• Award notification is sent to your FAFSA email; make sure you monitor your email frequently. Federal loans require a formal acceptance or decline. If you accept student loans you must complete Loan Entrance Counseling (each academic year) at https://studentloans.gov
• All grant awards are accepted on your behalf and require no further action once awarded.

Charging Textbooks

• Students may charge required textbooks with the Admissions department to their Financial aid account if they have financial aid that exceeds their tuition and fee charges. For more information about charging your textbooks please visit with the Admissions Department or Financial Aid Office.

Things to remember:

• Student must keep track of their charges and Financial Aid balance.
• Students using their financial aid must have provided Title IV authorization online prior to charging their textbooks. If authorization is not provided, financial aid will not pay for the textbooks charges and the student will be responsible for the balance.
• Students whose aid does not cover all their textbook charges are responsible for their balance.

Refunds of Aid

Financial Aid funds administered by NCI will be credited to your financial aid account to pay outstanding balances.

• Funds in excess of outstanding balances will be refunded to you (in accordance with hours completed)
• Refunds issued by check will be available for pick up from the Financial Aid Office within 10 business days after the term completes

Loan Exit Counseling

• Students completing their program must complete Loan Exit Counseling at https://studentloans.gov
• Students who withdraw from a program: Student loan borrowers who withdraw or are transferring to another college must cancel their aid for the next semester and complete Loan Exit Counseling at https://studentloans.gov

Any additional questions or concerns please contact the NCI Financial Aid Office at 931-431-9700 or email at financialaid@nci.edu