Financial Aid Offer
How is my financial need determined?
Expected Family Contribution (EFC) is an estimate of how much your family can be expected to contribute to your college expenses. It is determined by a formula using the information you provide on your FAFSA. EFC is a used to determine your financial aid eligibility and offer; it is NOT the actual amount of money that you and/or your family must pay to attend NWTC.
Financial Need is the difference between your cost of attendance (COA) and your EFC (COA - EFC = Financial Need). In other words, your financial need is the portion of your estimated expenses above the amount that your expected family contribution would cover.
Some types of aid, such as Grants, Federal Direct Subsidized Loans and Work Study, are based on financial need and the availability of funds. The total aid from all sources cannot exceed your COA. If your COA is exceeded (over awarded), your financial aid may need to be adjusted accordingly. It is your responsibility to inform the Financial Aid Office of any other aid (e.g., scholarships, state grants, etc.) that is not listed on your award. Failure to report additional aid could result in a financial aid repayment.
Follow these steps to ensure you receive your financial aid in a timely manner:
Step 1: Monitor Your Communications
Student Email: Frequently check your student email. That's where you will find important notifications and action items.
To Do List: Complete any items in your To Do List within your my.NWTC account. If there are items in your To Do List, they must be completed and removed from your To Do List prior to receiving any financial aid.
Rights and Responsibilities: Make sure to look over your Rights and Responsibilities regarding your financial aid.
Step 2: Financial Aid Offer Notification
Your Financial Aid Offer: Once you receive your email notification, log into my.NWTC to evaluate your Financial Aid package and accept/decline your funds. Your financial aid offer is based on your enrollment status at the time of the offer. If you are not yet enrolled for the semester, your offer will be based on an assumed full-time status. Offer amounts are subject to change based on your enrollment status as of 11:59 p.m. on the Pell Recalculation Date each semester.
Your financial aid offer may need to be adjusted, reduced or cancelled if you receive additional funds (e.g. scholarships, state grants, etc.). It is your responsibility to inform the Financial Aid Office of any other aid that is not listed on your offer.
Department of Vocational Rehabilitation: If you are a DVR client, it is the responsibility of DVR to contact the Financial Aid Office with the dollar amount they will be providing prior to you being offered any Federal Direct Loans. If you don't see DVR on your Financial Aid package and it should be, please contact your DVR counselor to determine the status of your funding.
Step 3: Complete Loan Requirements (If Applicable)
If you accepted Federal Direct Loans as part of your Financial Aid package, you must complete Entrance Counseling and a Master Promissory Note (MPN) on the Student Loans website. Your loans will not disburse until you have completed these requirements.
Step 4: Textbook Charge Process (If Applicable)
The Textbook Charge Process allows eligible students to charge the books they buy at the NWTC bookstore to their financial aid account. You are not required to complete this process if you choose to purchase your books somewhere else. Learn more about Textbook Charge eligibility.
Step 5: Select your Refund Preference with BankMobile
All students receiving financial aid or enrolled in at least 6 credit hours will receive instructions on how to select a refund preference from BankMobile, a technology solution, powered by BMTX, Inc. You must have a refund preference selected in order to receive your financial aid refund. Refunds are the excess of financial aid after all tuition and fees are paid in full for the current semester. For more information about BankMobile, a technology solution, powered by BMTX, Inc., visit this link: http://bankmobiledisbursements.com/refundchoices/