Applying for Financial Aid
Frequently Asked Questions
- How do I sign up for Financial Aid?
- How do I sign up for NIC scholarships?
- How do I know when my FAFSA has been received by Financial Aid?
- I have been selected for verification, now what?
- How do I provide tax information for verification?
- Where do I get a verification form?
- How will I know when my financial aid has been processed?
- How do I get a Pell Grant?
- Do I qualify for Loans?
- What is Work Study?
- Do I qualify for Financial Aid if I am part-time?
Go to www.nic.edu/financial aid “New Students Click Here” to see the steps needed to receive financial aid or go to FAFSA website www.pin.ed.gov to obtain a pin number for you and/or your parents. Complete FAFSA, enter NIC school code 001623, link with IRS Date Retrieval and sign your FAFSA using electronic pin.
Sign up for NIC scholarships using the STAR’s on-line application. Go to your MyNIC account and click on the “NIC Foundation Scholarship Application” on the lower right hand corner.
How do I know when my FAFSA has been received by Financial Aid?
- Students are sent an e-mail alert to Cardinal Mail once their FAFSA is received. (Make sure to activate your Cardinal Mail account through your MyNIC account.)
- Additional information requests can be seen on MyNIC account in the 'My Documents' section of the services tab.
- You must apply for admissions @ www.nic.edu/admissions before your FAFSA can be processed by the Financial Aid Office.
I have been selected for verification now what?
Students will be notified through Cardinal Mail regarding needed documentation and will be required to submit documents depending on Dependency Status. See also www.nic.edu/financialaid under verification tab for more detail.
How do I provide tax information for verification?
- Option 1: Use the IRS Data Retrieval Tool on your FAFSA (Log onto your FAFSA at www.fafsa.ed.gov; financial information tab; Check all filing options; click on View option to link to the IRS and follow prompts). If ineligible to use tool use option 2. If you need additional help please stop by the financial aid office for our pamphlet which gives step by step instructions.
- Option 2: Order an IRS Tax Return Transcript @ www.irs.gov. Under tools select order a return or account transcript; Order a Transcript & follow prompts. To order by phone call 1-800-908-9946 and follow prompts.
- Important: If you amended your taxes order both a tax return transcript and a tax account transcript.
- Your transcripts will arrive in 5-10 business days.
Where do I get a verification form?
www.nic.edu/financialaid forms section or stop by our office for a copy
How will I know when my financial aid has been processed?
Awarded students receive an e-mail to their Cardinal Mail notifying them of their award.
How do I get a Pell Grant?
The Federal Pell Grant is a federally-funded grant awarded by the U.S. Department of Education and is a Need-based award that is given to student with an EFC less than 4,617 for 2012-2013 school year. Awards vary based on income with a maximum of $5550 for 2012-13. They are available to undergraduate students who have not earned a bachelor’s degree or professional degree. However in some cases a student may receive a Federal Pell grant for attending a post-baccalaureate teaching certificate program. The Pell grant is awarded to both full and part-time students and is prorated based on number of credits.
Do I qualify for loans?
- Loans are awarded after eligibility for grants are determined. Your financial aid package may include loans in the form of need based and/or non-need based financial aid.
- Subsidized loan (The government pays the interest while the student is enrolled in at least 6 credits) 2012 – 2013 amounts (Freshman maximum = $3,500 & Sophomore maximum = $4,500)
- Unsubsidized loan (Interest accrues on loan while in school). 2012 – 2013 amounts (Dependent maximum = $2,000 & Independent maximum = $6,000)
What is work study?
- The Federal Work Study and the Atwell J. Parry Work-study programs are financial aid programs. The primary purpose of the work study programs is to stimulate and promote part-time employment for students who are in need of earnings to help finance the cost of their education and to encourage students to participate in community service areas.
- Work study funds are awarded on a first-come, first-serve basis to eligible students based on the date the work study application was completed.
- For more information regarding work study please check out our web site @ www.nic.edu/financialaid (Work Study)
Do I qualify for Financial Aid if I attend part-time?
- If you qualify for a Pell grant the amount will be prorated based on your enrollment status. 100% = 12 or more credits, 75% = 9-11 credits; 50% = 6-8 credits; and 25% = less than 6 credits.
- In order to qualify for 100% of your loan amount, you must be in at least 6 credits. This amount is not prorated based on the number of credits a student is enrolled in.