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Federal Financial Aid

Federal Aid Awarded for the 2020-2021 Award Year*:

Award Name

Maximum Annual Value

Requirements

Federal Pell Grant

Up to $6,345

Financial need as determined on the FAFSA 

Federal Supplemental Educational Opportunity Grant

Up to $1,000

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

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

Up to $3,772

Please visit our page about the TEACH Grant for more information.

Federal College Work-Study

Up to $2,000

Financial need; request this on the FAFSA

* Students must meet federal eligibility requirements. These requirements can be found in the FAFSA instructions. Students also must maintain satisfactory academic 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 Direct Loans

(Subsidized and Unsubsidized)

Applying for a Federal Direct Loan at Newman University

  1. Free Application for Federal Student Aid (FAFSA)
    Complete the Free Application for Federal Student Aid. Newman's school code is: 001939.
  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 can then reduce, accept, or decline loan amounts on their financial aid portal. 
  3. Master Promissory Note (MPN)
    Students who accept federal loans will then complete the MPN if borrowing for the first time using their FSA ID login at studentaid.gov.
  4. Entrance Counseling
    Students who accept federal loans will also need to complete the Entrance Counseling if borrowing for the first time from Newman University using their FSA ID login at studentaid.gov.

 

Annual maximum loan limits

The maximum annual amount you can borrow in Federal Direct Subsidized and/or Unsubsidized Loan(s) is determined by your class level and dependency status.

Grade Level

Dependent students

Independent students

First-Year Undergraduate

$5,500 (no more than $3,500 subsidized)

$9,500 (no more than $3,500 subsidized loans)

Second-Year Undergraduate

$6,500 (no more than $4,500 subsidized)

$10,500 (no more than $4,500 subsidized)

Third-Year and Beyond Undergraduate

$7,500 (no more than $5,500 subsidized)

$12,500 (no more than $5,500 subsidized)

Graduate Students

Not applicable - all graduate and professional students
are considered independent.

$20,500 (Graduate students are not eligible to receive subsidized loans)

Aggregate maximum loan limits

The term aggregate student loan limits refers to the total amount of federal loans a student may borrow for undergraduate and graduate study.  When a student reaches their aggregate loan limit, they are no longer eligible to receive additional loans.

 

Amount

Dependent Students

$31,000 (no more than $23,000 subsidized

Independent Students

$57,500 (no more than $23,000 subsidized)

Graduate Students

$138,500

 

Repayment Estimator for Federal Direct Loans

Please use this interactive tool on the Federal Student Aid website for a sample repayment schedule.