Financial Aid FAQs
How is Eligibility Determined?
Most academic scholarship awards are based on high school or college transfer information provided as part of the student's application. Some scholarships also require the applicant to participate in an interview with the committee, and some require letters of recommendation.
Federal, state, and institutional need-based aid is based on the results of the FAFSA and determination of the student's need as defined by the U.S. Department of Education. Need is defined by the following formula:
Cost of Attendance (COA) - Estimated Family Contribution (EFC) = Need
Cost of attendance is sometimes referred to as a student budget. It includes estimated allowances for both a student's direct educational costs (tuition, fees, and on-campus housing) and indirect costs (books, transportation and living allowances). At NMC, a student's budget is determined by whether he/she lives in Josie's Village, off-campus, or with parents. A student's enrollment level and program of study will also affect the budget.
The combined total of institutional, federal, state, and third-party assistance (including anticipated tuition reimbursement) may not exceed a student's cost of attendance.
The Estimated Family Contribution or EFC is the result of a federal formula applied to the information reported on the student's FAFSA application. In theory, the EFC represents the amount a family could pay toward the student's educational expenses.
Note that a variety of factors could impact a student's eligibility for any specific award. Some examples include changes in Congressional or state laws and appropriations, funds available at Nebraska Methodist College, the student's academic performance, a change in living arrangements, a change in enrollment level, receipt of additional outside resources, or changes to the FAFSA information as a result of verification.
What are the Eligibility Criteria for Federal Financial Aid?
The primary criteria for the Title IV financial aid programs include:
- be a U.S. citizen or an eligible noncitizen,
- have a valid Social Security number,
- register (if you haven't already) with the Selective Service, if you are a male between the ages of 18 and 25,
- not be in default on a federal student loan or owe a repayment to a federal student grant,
- maintain satisfactory academic progress toward completion of your eligible degree or certificate program, and
- show you are qualified to obtain a postsecondary education by
- having a high school diploma or General Educational Development (GED) certificate or
- completing a high school education in a homeschool setting approved under state law.
Note: If you were enrolled in college or career school prior to July 1, 2012, you may show you're qualified to obtain a higher education by
- completing six credit hours or equivalent course work toward a degree or certificate.
How and When is Financial Aid Disbursed?
Financial aid application requirements must be completed and the student's enrollment confirmed, before financial aid will be disbursed. Scholarships, grants and most loan funds are transmitted from the NMC Financial Aid Office and posted to the student's account by the NMC Business Office. Scholarship checks from outside sources may require the student's endorsement before being applied to the student's account.
The first disbursement of funds to a student's account for each semester is usually the first Friday after the student's classes begin for the term. Additional disbursements occur throughout the semester as awards are finalized and funds are available.
Work-study payments are made every other Friday through the Methodist Health System's regular payroll process. All employees must use the ACH direct deposit system.
Students who have a credit balance on their account after aid has been disbursed will usually be issued a refund for the amount of the credit balance. The NMC Business Office will send notification to the student's Methodist College email when the funds are ready to be released. The standard method of payment is by paper check, but students have the option of requesting direct deposit to a bank account. Contact the NMC Business Office to sign up for direct deposit. If the student wishes to leave the credit balance on account for a future term, that request must be submitted in writing to the NMC Business Office.
If the credit balance resulted from a parent's PLUS Loan disbursement, the student may not have access to those funds without the parent borrower's permission. This permission authorization is included on the PLUS Loan Confirmation Form. Changes to a parent's authorization must be submitted in writing, and signed by the parent borrower. When PLUS Loan funds are received by NMC, the Business Office will notify the parent borrower by email.
Can I Use My Financial Aid to Purchase Books?
Because financial aid is not available until after classes begin, a book voucher system is in place to assist students who rely on financial aid to help with those expenses. To qualify for a book voucher, the student's finalized anticipated aid must be greater than the total charges for the semester's tuition, fees, insurance, and on-campus housing. Students who meet the criteria will usually have access to a book voucher one to two weeks prior to the start of the term, through the first week of the semester.
Book vouchers may only be used in the NMC Bookstore, and only for the purchase of books and educational supplies. [Book vouchers for students in online programs are usually available about one month before classes begin each semester. Those vouchers can be accessed via the online bookstore website.]