Types of Aid
Applying for Aid
The most important step in applying for financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). You cannot receive Financial aid until NEO receives and reviews your application.
April 1 is the priority deadline for students planning on beginning or Continuing enrollment for the following Fall semester. Click below for a Step by step guide to filling out the FAFSA.
2015-2016 IRS Data Retrieval Tool Tutorial
After the NEO Office of Financial Aid has reviewed your FAFSA application your will be sent an award letter via email or postal mail. The award letter will list all of your eligible awards at that time. If you receive an email award letter you will be directed to the NEO Student Web Product to review and respond to your awards. If you receive a paper award letter though the mail, you will need to follow the enclosed instructions and return the letter to the NEO Office of Financial Aid.
For more information follow the links below:
- Understanding your Award LetterYour award letter lists all of your awards as of the date of the letter. You do not need to accept any gift aid, such as grants or scholarships, but you will need to accept or decline any loans you have been offered. If you are using the Student Web Product to view your awards you can accept or decline your awards online. Simply follow this instructions on the Web Product and submit your response. If you receive a paper award letter, follow the instructions on the letter, sign, and return the letter to the Office of Financial Aid. Any loans not accepted within 30 days will be canceled. If you wish to reinstate your loans after they have been canceled you will need to contact the Office of Financial Aid. Whenever you receive additional aid you will receive a new award letter. You may or may not have to respond to the new award letter, but we will send you one either way.
- Disbursement of FundsAll financial aid funds, except Federal Work Study funds, are credited to your NEO student account each semester. Funds are usually credited to your account during the fourth or fifth week of the fall and spring semesters and during the second or third week of the summer semesters. If you are due a refund of financial aid funds, the NEO Business Office will notify BankMobile and the funds will be disbursed according to your instructions. In order for your funds to be applied to your account, you must meet the following requirements:
- Have received and responded to an award letter from NEO
- Completed loan Entrance Counseling, if required
- Completed a loan Master Promissory Note, if required
- Met the enrollment requirements for your aid
If you are receiving aid from the State of Oklahoma, they may send the funds several weeks after the start of the semester. Once the funds have been received they will be applied to your account. NEO has no control over when these funds are sent and cannot apply them to your account until they are received.
- VerificationThe federal government requires schools participating in federal aid programs to verify the consistency and accuracy of data submitted on the FAFSA’s they receive. Schools must verify at least 30% of the applications they receive. The U. S. Department of Education randomly chooses the applications to be verified, but schools can also choose applications based on their own criteria.If your FAFSA is chosen for verification you will be asked to submit a copy of an IRS Tax Return Transcript. You will also be asked to complete a Verification Worksheet which contains information the school must verify that is not included on your tax forms. You may also be asked to submit other documents if there are inconsistencies between the documents you submit and your FAFSA application.If NEO finds that mistakes were made on your FAFSA application, we will submit a correction to the federal processor. The correction may change your Expected Family Contribution (EFC) and consequently change your eligibility for some types of aid.Verification is not optional. When you sign your FAFSA you agree to submit any documents that your school may require to verify the accuracy of your application. No financial aid can be paid to you until the verification process is complete so it is important to turn in any requested documents promptly.
- Definition of NeedUnder federal methodology need is defined as the difference between a student’s Cost of Attendance (COA) and their Expected Family Contribution (EFC).
COA – EFC = NEED
NEO is required to use this amount to award all need-based aid, such as Pell Grants, Subsidized Stafford Loans, SEOG, Federal Work Study, and scholarships. All of your need-based aid cannot exceed the amount of your need. In addition, students cannot exceed their COA. When you receive additional aid after you have been initially awarded, we may have to reduce some of your other aid in order to not exceed your need or COA. Usually we only adjust your loans. In rare instances, we may have to adjust some of your other aid. Whenever we make an adjustment you will be notified.
- Special CircumstancesYour FAFSA application takes a “snapshot” of your family’s financial condition based on your family’s income for the previous year. If you have had a significant change in your family’s income or have had unusual expenses since you have filed your FAFSA, the school may take these circumstances into account when determining your eligibility for aid. Instead of using your previous year’s family income, we can base your eligibility on your estimated current year family income. This is called a Professional Judgment. You should only apply for a professional judgment when there are circumstances beyond the control of the family that significantly affect the family’s ability to contribute to the student’s educational expenses. Follow the links below to apply.