Receiving Financial Aid

Frequently Asked Questions

  • How will I know when my financial aid has been processed?
  • I've accepted loans. What is a Master Promissory Note (MPN) and Entrance Counseling (EC) and how do I complete it?
  • What if I can't remember my Federal PIN (Personal Identification Number) to sign my MPN electronically?
  • Do I have enough financial aid to pay for my classes?
  • I don't have enough Financial Aid to pay for my classes, what can I do?
  • How do I get my leftover (residual) money?
  • When do I get my money?
  • How much money will I receive? 
  • Will I receive all my money at once?

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.
  • Awards will be accepted electronically through MyNIC account in the 'Accept or Reject' section of the Services tab.
  • Important: Carefully read your award letter as it contains crucial information about your financial aid!

I've accepted loans. What is a Master Promissory Note (MPN) and Entrance Counseling (EC) and how do I complete it?

  • A Master Promissory Note (MPN) is a promise to repay all loans plus interest regardless of completion of program and ability to find employment after completion of education. A MPN is good for 10 years at a single institution. If enrollment is interrupted and/or lenders change a new MPN may need to be completed.
  • Entrance Counseling provides useful tips and tools to help students develop a budget for managing education expenses and helps to make students aware of loan responsibilities. Entrance Counseling is required of all first time borrowers.
  • Entrance Counseling and MPN's can be completed at https://studentloans.gov/myDirectLoan/index.action
  • Need assistance in completing your EC and/or MPN? Call 1-800-557-7394.

What if I can't remember my Federal PIN (Personal Identification Number) to sign my MPN electronically?

Go to www.pin.ed.gov and request duplicate PIN (menu option on the left menu bar). Choose the "display now" option and you should be able to access your PIN immediately. If you have any PIN questions, contact the Federal Student Aid Help Desk at 1-800-433-3243.

Do I have enough financial aid to pay for my classes?

  • Financial aid award funds are always applied to tuition and fees due, remaining credit balances are issued based on how the student specified when activating their HigherOne Card.
  • Students may check availability of funds and also can view the amount of disbursements by using the MyNIC account under 'Statement of Account' in the services tab.

I don't have enough Financial Aid to pay for my classes, what can I do?

Set up a payment plan through Advanced Education Services (AES). View details at www.nic.edu (Current Students/Student Accounts/Payment Plan - http://www.nic.edu/websites/default.aspx?dpt=12&pageId=178)

How do I get my leftover (residual) money?

  • A disbursement card, MyNIC card (HigherOne Card), will be mailed to all students that may be receiving financial aid disbursement funds. You will be required to use the card number to log into https://myniccard.higheroneaccount.com/ and select a preference to receive these funds. There are three offers to choose from; Easy Refund (the card) or ACH (direct deposited into your current bank account). The choice is yours but you must use the card to make it.
  • The most important thing is do not throw the card away!
  •  If HigherOne card is specified, money will be transmitted and available later that business day.
  •  If direct deposit to a separate account from HigherOne, money will be available within the next two to three business days.
  • If being mailed a check, please allow up to one week to receive disbursement as funds are being mailed from the east coast.
  • If you have any questions for HigherOne© you may contact them at 1-877-405-1874 or log on to www.MyNICCard.com 

When do I get my money?

  • The first financial aid disbursement date is announced each semester and can be viewed on www.nic.edu homepage.
  • Remaining financial aid disburses to Higher One every Friday

How much money will I receive?

  • Financial aid award funds are always applied to tuition and fees due, remaining credit balances are issued based on how the student specified when activating their HigherOne Card.
  • Students may check availability of funds and also can view the amount of disbursements by using the MyNIC account under 'Statement of Account' in the services tab.

Will I receive all my money at once?

  • Delayed Pell: If you have late start classes a portion of your Pell grant will be delayed until you have attended class for the first week. Your remaining funds will be disbursed for the delayed class the following Friday.
  • First Time Borrowers: Please be aware that your loans will be delayed 30 days from the start of school. 
  • Spring Only Students: The Department of Education requires that the schools disburse student loans in at least two disbursements. If you did not take student loans in the fall semester, your student loans will be split into two disbursements for the spring semester.