Financial Aid Award Descriptions

Federal Direct Subsidized Stafford Loans – There are limits to the annual maximum loan that a student can borrow, based on dependency status, grade level and demonstrated financial need.  For loans disbursed to undergraduates on or after July 1, 2021, the interest rate is 3.73%, and there is a 1.057% fee charged up front, which is deducted prior to disbursement to the school.  The U.S. Department of Education will pay (subsidize) the interest that accrues on Subsidized Stafford Loans during certain periods.  Graduate students are not eligible for Federal Direct Subsidized Stafford Loans, but can get Federal Direct Unsubsidized Stafford Loans.

Grade Level              Maximum Annual Amount Total Annual Amount Disbursed to School
Freshman $3,500 $3,462
Sophomore $4,500 $4,452
Junior or Senior $5,500 $5,441

 

Federal Direct Unsubsidized Stafford Loans – There are limits to the annual maximum loan that a student can borrow, based on dependency status, grade level and demonstrated financial need.   Interest remains the responsibility of the borrower on an Unsubsidized Stafford Loan, and begins accruing after disbursement. For loans disbursed to undergraduates on or after July 1, 2021, the interest rate is 3.73%, and there is a 1.057% fee charged up front, which is deducted prior to disbursement to the school.  For loans disbursed to graduate students on or after July 1, 2021, the interest rate is 5.28%, and there is a 1.057% fee charged up front, which is deducted prior to disbursement to the school. 

Grade Level              Maximum Annual Amount Total Annual Amount Disbursed to School
Freshman $2,000-$6,000 $1,979-$5,936
Sophomore $2,000-$6,000 $1,979-$5,936
Junior or Senior $2,000-$7,000 $1,979-$6,925
Graduate $20,500 $20,281

Repayment begins 6 months after graduation or withdrawal from college.  See more details about rights and responsibilities for federal student loan borrowers at www.studentloans.gov

Federal Pell Grants – Eligibility for this need-based grant is determined by federal guidelines. A minimum credit load of 12 credits per quarter is required to receive the full award of a Federal Pell Grant.

Federal SEOG Grants –Eligibility for this need-based grant is determined by federal guidelines. SEOG Grant recipients must be eligible for the Federal Pell Grant.

University Grants, Tech Awards–These awards are provided by NEIT to students who demonstrate financial need. Eligibility for any need-based grant is determined by institutional guidelines.  Award eligibility is based on specific programs of study.

Presidential Scholarships – These awards are provided by NEIT to students who demonstrate academic merit. Awarding criteria and continued eligibility is determined by institutional guidelines.

Descriptions of other loan options and financial aid awards can be found at www.neit.edu/Financial-Aid/Federal-and-State-Aid and at http://www.neit.edu/Financial-Aid/Financing-Options

Terms & Conditions for Financial Aid Awards

  • Credit Load & Pro-Rated Aid

    Credit Load & Pro-Rated Aid

    Unless otherwise notated, financial aid awards are based on full time attendance each quarter, defined as 12 credits or more for undergraduates. If the undergraduate student drops below 12 credits, some financial aid awards may be reduced or cancelled.  Undergraduate students planning to register for less than 12 credits in any quarter are encouraged to speak with a representative of the Financial Aid Office to be advised about their specific financial aid awards and the credit load restrictions that may affect the amount of their awards. Graduate students must maintain 4 credits per term for federal student loan eligibility.

  • Repeated Classes

    Repeated Classes

    Students who are repeating a class more than once during their quarters of attendance may have their financial aid awards reduced or cancelled.

  • Satisfactory Academic Progress Requirements

    Satisfactory Academic Progress Requirements

    Students receiving federal or institutional financial aid are required to maintain satisfactory academic progress throughout their attendance at NEIT to continue their eligibility for financial aid. Details of these requirements can be found in the college catalog in the Financial Assistance section.

  • Withdrawing from the College

    Withdrawing from the College

    Students who withdraw from NEIT must notify the NEIT Registrar’s Office. Absence from class does not constitute withdrawal. Students who have attended classes will be charged full or pro-rated tuition and fees based on the date that written notification of withdrawal was received by the Registrar’s Office.

Contact Us, Anytime

The Financial Aid Office is located at The New England Institute of Technology in Room N110 on the East Greenwich Campus, One New England Tech Blvd, East Greenwich, RI  02818.

Call 401-739-5000 or email financialaid@neit.edu

Office hours:

Monday –Thursday 8:00 a.m. – 5:00 p.m.

Friday 8:00 a.m. – 4:00 p.m.