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.
After the NEO Office of Financial Aid has reviewed your FAFSA application, you will be sent an AWARD NOTIFICATION email. The email will direct you to the Financial Aid Self-Service portal on the NEO website. Once signed in to Self-Service you will need to read and accept the Terms and Conditions on the Award Overview page. Once you have accepted the Terms and Conditions you can click on the Accept Award Offer tab to view and accept your awards.
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. On the Accept Award Offer tab you can accept or decline your loans and submit your response. Whenever you receive additional aid or and adjustment is made to you will receive a new AWARD NOTIFICATION email and you will be directed to Financial Aid Self Service to view the changes.
- 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 process your refund and it will be available to you, usually the second or third day after the funds have been credited to your account by Financial Aid. The Business Office will email you when your refund check is ready to be picked up.
- 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 if you did not use the IRS Data Retrieval Tool when you completed your FAFSA application. 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. The chart below shows the deadlines for submitting verification information to NEO.
Description Deadline for fall only students Deadline for fall/spring students Deadline for Spring/Summer or Summer only students Last day for NEO to receive a FAFSA that is not rejected. Last day of the fall semester Last day of the Spring semester Last day of the summer semester Last day for students to submit verification paperwork for grants 90 days after the last day of the fall semester 90 days after the last day of the spring semester 45 days after the last day of the summer semester* Last day for students to submit verification paperwork for loans 7 days before the last day of the fall semester 7 days before the last day of the spring semester 7 days before the last day of the summer semester
- 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.