Beginning next week, the “SemEstimator” will go online to assist students and parents in the financial planning for obtaining an education.
With semester conversion and a tuition increase of 5.5 percent looming head in the next fiscal year, beginning July 1, students are encouraged to meet with their financial aid councilor to map out their aid for the upcoming year.
Due to the conversion, students’ patterns of attendance is more apt to change which can also alter their distribution and eligibility for aid. If a students’ attendance is not scheduled to change dramatically they are encouraged to access the “SemEstimator” off of the financial aid office’s site: /www.customerservice.neu.edu.
Dean of Student Financial Services Seamus Harreys said that once the planning tool goes online it will give students the flexibility of mapping out their finances either at home, with an advisor or both if need be.
“We are taking it to the next step, beginning by making sure that students and parents are not anxious,” Harreys said. “Yes, you are paying more money but there is more aid available.”
As tuition was raised 5.5 percent, the amount of financial aid the university will offer to its students also increased – 7 percent, which equals an additional $5.8 million in the university’s budget.
“Financial aid was given a larger percent increase than the tuition increase as such, all students currently on the school’s ‘five year plan’ will receive the same levels of aid,” said Student Government Association Vice President for Financial Affairs Michael Benson. “Individual aid dollars will vary due to a number of factors. With the increased allocation to financial aid, it is imperative, now more than ever that students meet with their financial aid councilors.”
The level aid format Benson mentioned has been instituted for the past two incoming freshman classes. Harreys said a similar level of funding aid will be applied to upperclassmen to ensure the ability of students to graduate. Although not all universities use the level funding format, Harreys said it is catching on, attributing its growing popularity to the economy, confusion over funding as well as the fact that a college education is the second largest investment most people make in their lifetime.
The university itself is doing its part to support students and ensure their ability to graduate, Harreys said, but state and local government aid may be harder to obtain. He suggests writing local congressmen for a push in financial aid.
The total of financial aid given to students by the state of Massachusetts has taken a major hit in the past three years, shifting from $6 million to where it stands at about $4 million today. Harreys said the main concern now is the presentation of the state budget in coming weeks. Higher education may be put on the chopping block, not just for NU students, but all students statewide.
“We have been able to ensure the same amount of aid for students, despite the economic downturn,” Harreys said. “We are assisting students so that no harm will be done due to budget cuts.”
He admits that although financial discussions are ominous, especially with massive cuts expected on both the state and federal levels, but maintains that students will not see a dip in their aid.
“I don’t suspect it will be a large gap at all,” he said. As far as grant aid goes, for every $9 spent on a student, $8 is from Northeastern institutional aid and $1 is federal, state or an alternate form of aid.
As the money wars play out on Beacon Hill and in the nation’s capitol, Harreys said students can begin to do their part where it counts, here at Northeastern. Beginning first with the FAFSA.
In order to be eligible for aid, students must file their FAFSA forms prior to Northeastern’s priority filing date of March 1, 2003, as well as meet with their academic and financial advisors.
“One way or another, almost every concern or comment relates to money and more often than not, the money that we give to the university,” said Benson. “My advice to everyone is this; like it or not we are moving to a semester world in the fall. Meet with your academic, financial aid and co-op advisors ASAP, they can only help you be prepared for the conversion and the remainder of your education here at Northeastern University.”
As Northeastern plays the waiting game on aid, Harreys insists he is in it for the long haul.
“It isn’t just a job for me, this is something I believe in,” he said. It is all about the same thing – it is all about opportunity. Education makes the world a better place.”
