YOUR FINANCIAL AID PLANNING WORKBOOK
Office of Financial Aid
Congratulations on your admission to North Central College! We look forward to supporting you on this journey. We believe a North Central education is a valuable asset that will help you push past what you thought was possible!
With that, we recognize that paying for college can be a daunting process no matter how you arrived at this point. To make things as easy as possible, our office has provided you with the best financial aid offer based on your Free Application for Federal Student Aid (FAFSA) and in accordance with federal, state, and institutional regulations. Additionally, we have crafted this Financial Aid Planning Workbook to assist you in understanding the resources available to make this opportunity affordable.
We encourage you to work your way through the Five Financial Aid Steps outlined in this workbook and stay tuned for additional information about securing student employment, maximizing student loan options, exploring payment plan options and more.
We look forward to partnering with you and your family to ensure you are informed and confident in your decision. Don’t hesitate to contact your personal admissions counselor if you have any questions.
We are here for you!
Warm regards,
Kevin Towns Director of Financial AidMake Sense of the Information
Understanding Your
Aid Offer
Your aid offer is based on the anticipation of full-time enrollment and housing plans as communicated on your FAFSA and/or admission application.
what it all means: Sample Aid Offer
Estimated Charges:
Tuition: Charge based on full-time (12-18 credit hours) enrollment.
Activity Fee: Charge used to fund major campus events and student organizations.
Housing and Food: Average estimated charge for institutional housing and food options.
Grants & Scholarships:
Grants: Gift assistance that does not need to be repaid and is determined by a student’s expected family contribution (EFC) and/or financial need. Grants can be provided by federal or state government, institutions or outside organizations. Amounts can adjust year after year depending on the FAFSA.
Scholarships/Awards: Gift assistance that does not need to be repaid and is generally given on the basis of academic achievements. Amounts generally stay the same year after year.
Estimated Net Price (Balance Before Loans):
Estimated amount owed after grants and scholarships have been applied.
Student Loans:
Assistance borrowed through a federal, institutional or external source that must be repaid, generally with interest. Amounts and types can change annually.
Estimated Balance (After Student Loans):
Estimated amount owed after grants, scholarships and loans have been applied.
Federal Work-Study:
Employment opportunity for students to contribute to educational costs while in school. Students usually work on campus at minimum wage for fewer than 12 hours a week. Work-study is not reduced from charges on your aid offer because you will receive a paycheck for hours worked.
FINANCIAL AID STEPS 1-2 Step #1 First Last Name ID: 12456789 Fall On Campus Spring On Campus Total Estimated Direct Expenses Tuition $ $ $ Activity Fee $ $ $ Housing and Food $ $ $ Estimated Total $ $ $ Awards, Grants and Scholarships Award $ $ $ Grant $ $ $ Scholarship $ $ $ Estimated Net Price (Balance Before Loans) $ $ $ Student Loans Student Loan 1 $ $ $ Student Loan 2 $ $ $ Student Loan 3 $ $ $ Estimated Balance (After Student Loans) $ $ $ Federal Work-Study $ $ $
Financial Aid Vocabulary
When it comes to financial aid, learning the lingo is half the battle. Here are helpful definitions to commonly used terms.
COST OF ATTENDANCE (COA):
An average estimate of direct and indirect costs for a student during one academic year.
DIRECT COST:
College expenses billed through the College each semester, such as tuition, fees, housing and food.
INDIRECT COST:
Estimated college expenses not billed through the College each semester, such as non-College housing, food, books, course materials, supplies, equipment, transportation, miscellaneous personal expenses, and federal loan fees.
EXPECTED FAMILY CONTRIBUTION (EFC):
An index number of a family’s financial strength calculated based on FAFSA data. This figure is used by a financial aid office to determine which aid programs a student may qualify for.
FINANCIAL NEED:
A calculation used to determine need-based eligibility. The financial need calculation is cost of attendance minus expected family contribution.
During your appointment you can:
•
• Discuss housing
•
•
• Create a game plan for additional expenses
Step #2
an Appointment We are committed to providing the resources and support to ensure you are confident in your decision. Schedule a meeting with your admission counselor to review your financial planning workbook.
Step #1 cont. Schedule
Review your aid offer
Calculate cost and compare awards
Explore additional options for aid
and
food costs
Step #4 Step #3 In order to make the best decision, it’s recommended that you compare awards equally. Use this chart to help compare how much you’re expected to borrow or contribute to your education. FINANCIAL AID STEPS 3-5 Charges* North Central College College #2 College #3 A. Tuition B. Required Fees C. Housing D. Food E. Total Estimated Bill (total boxes A-D) Free Money North Central College College #2 College #3 F. University/College Scholarships G. Awards H. Grants I. Total Free Money (total F-H) J. Estimated Balance Before Loans (subtract I from E) Student Loan Borrowing North Central College College #2 College #3 K. Subsidized Loans L. Unsubsidized Loans M. Institutional Loans N. Total Loans (add K-M) O. Estimated Remaining Balance After Loans (subtract N from J) Compare North Central to Other Colleges There is no better time than now to begin exploring and securing other options to cover educational costs. Get a Head Start on Other Resources Apply for outside scholarships y northcentralcollege.academicworks.com y fastweb.com y scholarships.com y Contact your counselor for additional options Consider savings and summer work y Student summer work y Student and parent savings/assets y Other family or friend support Review Parent PLUS or private loans y studentaid.gov y elmselect.com *Planning for Additional Costs Charges will be impacted based on the choices you make regarding the items listed below: • Housing selection & meal plan option • Special fees associated with courses (i.e. lab and music lesson fees) • Specialty program fees (i.e. Honors Program, study abroad) • Student Orientation • On-campus parking
Step 7. Visit Campus
(AGAIN!)
Visit in person or through our virtual tour. Experience the Cardinal difference and make the most of your investment.
Why North Central?
The short answer: we check all the boxes.
Inclusive Cardinal Community
2,600+ students call North Central College home
1/3 of students are transfer students
40% of students are first-generation college students
Ideal Location
Our 68-acre campus is:
Covered in green space, gardens and our own arboretum y Steps from Downtown Naperville y A 30-minute train ride to Chicago
Our hometown of Naperville, IL is: y Ranked 3rd in “Best Cities to Live in America” (Niche 2022) y Among the “Safest College Towns” (SafeWise 2019) y Complete with 150+ shops, restaurants and the beautiful Naperville Riverwalk
Exciting Campus Life
75+ student organizations including award-winning programs like: y Cardinal First, first-generation college student community y Association of Commuter & Transfer Students
27 NCAA Division III athletic teams with a legacy of excellence: y 40 national team championships y 792 national academic awards
4 world-class fine and performing arts venues
Distinctive Programs
90+ undergraduate and 15 graduate programs
100% of classes taught by faculty, not teaching assistants
Average class size is 20
Professional academic advising and faculty mentors
Outcomes & Opportunities
92% of graduates are working in their field or enrolled in graduate school
30,000+ alumni network of industry experts and mentors
Access to internships, research and job opportunities
Check out our virtual tour!
y
Step #5
Student Resource Guide
Office of Admission 630-637-5800 | admissions@noctrl.edu northcentralcollege.edu/admitted-student
Office of Financial Aid 630-637-5600 | finaid@noctrl.edu northcentralcollege.edu/tuition-aid
Office of Residence Life 630-637-5858 | reslife@noctrl.edu northcentralcollege.edu/housing
Office of Dining Services 630-637-5645 northcentralcollege.edu/housing-dining
Office of Student Accounts 630-637-5689 | studentaccounts@noctrl.edu northcentralcollege.edu/paymentplan