By Jen Nelson
With the total cost of attending Northeastern reaching $35,356 this year, students are looking to the university to help cover the bill. Tuition, room and board, a meal plan and other expenses are all included in that lump sum. But how is the average student expected to pay for all this? The answer comes in the form of two simple words: financial aid.
“Seventy-five percent of Northeastern students receive some form of financial aid from Northeastern,” said Seamus Harreys, Dean of Student Financial Services.
For the 2002-03 school year, the average Northeastern financial aid package for those who applied was $15,200, Harreys said. This included any scholarships, grants, federal work-study and federal loan aid awarded.
Grants and scholarships make up the largest portion of financial aid awarded away by the university.
“Eight out of every nine grant dollars comes from Northeastern,” Harreys said.
Grants and scholarships are given away based on both financial need and academic merit and, unlike loans, do not need to be repaid by the student.
Federal work-study, where a student is offered a part-time job at the university, also aids a student in paying for a Northeastern education. Work-study is awarded on a financial need basis, allowing a student to work towards paying some of his or her education or expenses. For many students, a work-study job can simply mean some extra cash for the weekends.
Federal loans are another option. The majority of federal loans are need-based, and must be paid after graduation. For most Northeastern students, it is a complex combination of the above forms of aid that make it possible to attend Northeastern.
Scott Chandler, a sophomore criminal justice major, was offered a large amount of aid by Northeastern. Chandler is currently on a full-tuition scholarship and commutes from home, minimizing his expenses from school supplies and gas to get him to and from Boston on a daily basis.
“Northeastern was my first choice anyway because of the co-op and the reputation of the criminal justice program, but the scholarship helped my decision further,” Chandler said.
Unfortunately, not every student gets the same deal.
“I wrote a letter to the school asking for more money, but they said no,” said Meaghan Sterling, a freshman math major. Sterling is currently on a $7,500 scholarship, with a $2,000 work-study and a federal loan worth $2,625. “I’m paying about half, which is cool,” Sterling said. Even with these aids, she is still concerned about debt, “which is why I won’t get a credit card.”
The Office of Student Financial Services has many different services that can help students and their families avoid falling into excessive debt. “The best thing a student and their family can do is create a financial plan for themselves,” Harreys said.
Students can pick up a financial planning sheet from the Office of Student Financial Services. These sheets help calculate the amount of money being spent on tuition and other expenses so that other steps can be taken if necessary in order to avoid debt. Student Financial Services soon hopes to make these planning sheets available online for even more convenience.
“We’ve increased our commitment to financial aid over the past five years,” Harreys said. For the past three freshman classes, students who have earned grants or scholarships from the school will be guaranteed those benefits for the rest of their education at Northeastern.
“We guarantee a per semester institutional grant or scholarship for up to eight semesters, which is rare,” Harreys said.
This is good news for Northeastern students, especially as a college education has been getting more and more expensive by the year. Harreys recommends that students stay on top of their own aid program.
“Any little bit helps,” Sterling said.
“Be in touch with your financial aid officer,” Harreys said.
