Federal Financial Aid

Grants and loans are available through federal government programs. Filling out the Free Application for Federal Student Aid (FAFSA) will let you know if you are eligible for these funding options.  Newman University's Federal School Code is 001939.

Federal Assistance Awarded through Newman University*:

Award Name

Maximum Annual Value

Requirements

Federal Pell Grant

Up to $5,730.00

Financial need

Federal Supplemental Educational Opportunity Grant

Up to $1,100.00

Pell recipient; given to the neediest applicants on a first-come, first-served basis

Teacher Education Assistance for College and Higher Education (TEACH) Grant

Up to $3,964.00

Score about 75th percentile on any nationally-normed standardized admissions test or maintain at least 3.25 (4.0 scale) cumulative GPA

Federal College Work-Study

Up to $4,000.00

Financial need; request this on the FAFSA

Federal Subsidized Stafford Loan (4.66% interest rate)

Freshman: $3,500.00
Soph.: $4,500.00
Jr. - Sr.: $5,500.00

Financial need, may no have defaulted on any previous student loans; neither principal nor interest repaid while enrolled in college half-time or greater.

Federal Unsubsidized Stafford Loan (4.66% interest rate for undergratudate and 6.21% interest rate for graduate students)

Fr-Sr $2,000 - dependent student

Fr-So: $6,000.00 - independent students
Jr. - Sr.: $7,000.00 - independent students

Graduate: $20,500.00

Not based on financial need; may be awarded to them in addition to the subsidized loans; interest begins when loan is disbursed.

Parent Loan for Undergraduate Students (PLUS) (7.21% interest rate)

Up to full cost of attendance minus other aid.

Not based on financial need; designed for parents of dependent undergraduate students; may be awarded in addition to student's subsidized or unsubsidized loans; repayment begins during college. Based on current credit score.

Graduate PLUS Loan (7.21% interest rate)

Up to full cost of attendance minus other aid.

Not based on financial need; designed for graduate students; may be awarded in addition to subsidized or unsubsidized loans; repayment begins during college. Based on current credit score.

Federal Perkins Loans (5% interest rate)

Up to $2,000.00

Pell recipient; requires enrollment in the fulltime flat rate program; given to students who have attended Newman University for one academic year; priority given to those who are in the educational and medical programs.

* Students must meet federal eligibility requirements. These requirements can be found in the FAFSA instructions. Students also must maintain satisfactory progress to receive financial aid for future semesters/academic years. The Financial Aid Office at Newman University can provide you with further details on this policy. All federal programs except the Federal Pell Grant and TEACH Grant require at least half-time enrollment each semester.

 

Federal Stafford Loans

(Subsidized and Unsubsidized)

Applying for a Stafford Loan at Newman University

  1. Free Application for Federal Student Aid (FAFSA)
    Complete the Free Application for Federal Student Aid.
  2. Award Letter
    Once the student's financial aid file is complete, the student receives an award notification from the financial aid office stating the type and the maximum amount of loans for which the student qualifies. The student indicates on the award letter the amount they wish to borrow if different from the award letter and signs the award letter.
  3. Master Promissory Note (MPN)
    The student receives and completes the MPN if borrowing for the first time at Newman University. The student returns the completed MPN and the signed award letter to the financial aid office. Complete the MPN.
  4. Entrance Counseling
    If the student is a first time borrower at Newman University, they will need to complete an online entrance counseling.

 

Sample Repayment Chart for Federal Stafford Loans

(Example based on 6.8% during repayment period)

Amount Borrowed

Number of Payments

Payment at Time of Repayment

Total Interest

Total Financed

$1,000

21

$50.00

$50.00

$1,050.00

2,000

45

50.00

250.00

2,250.00

2,625

60

50.00

475.00

3,100.00

5,000

120

57.54

1,904.81

6,904.81

10,000

120

115.08

3,809.63

13,809.63

15,000

120

172.62

5,714.45

20,714.45

20,000

120

230.16

7,619.27

27.619.27

25,000

120

287.70

9,524.09

34,524.09

30,000

120

345.24

11,428.91

41,428.91

35,000

120

402.78

13,333.73

48,333.73

40,000

120

460.32

15,238.55

55,238.55

50,000

120

575.40

19,048.19

69,048.19

60,000

120

690.48

22,587.83

82,857.83

70,000

120

805.56

26,667.47

96,667.47

80,000

120

920.64

30,477.11

110,477.11

90,000

120

1,035.72

34,286.75

124,286.75

100,000

120

1,150.80

38,096.36

138,096.39