Understanding the College Financing Plan Document.

Understanding the Federal College Financing Plan (formerly known as the “Shopping Sheet”)

 

As part of your financial aid notification, you were mailed – or were able to electronically access through your MyNMU account the College Financing Plan.  This sheet was designed to allow students to compare college aid offers in a consistent format.  Because this consistency limits the amount of institution-specific information that can be provided, we wanted to make you aware of some important details.

Loan Options

Interest rates for federal loans through the Direct Loan program are set on a yearly basis.  For loans which will pay out during the 2020-2021 academic year, the interest rate will be set on July 1, 2020.  Prior to this date, the interest rate information we provide is based on current, 2019-2020 rates in order to give you an idea of what to expect.  After July 1st, you can access a new copy of your College Financing Plan through your MyNMU account, which will have updated interest rate information applicable to the 2020-2021 loans.

Private loan interest rates will show as N/A or Varies.  Because these rates are set by individual lenders, you will need to confirm your rate with your lender if you borrow this type of loan. 

If you are not currently being offered a particular loan type listed on the sheet, the interest rate will show as N/A or 0%.  Should you be offered this type of loan later, you can access a new copy of your College Financing Plan with updated rate information through your MyNMU account.

Parent PLUS loans are only available to parents of dependent students, and a separate application process is required.  Additional information can be found at:  www.nmu.edu/financialaid/directplus.

The Federal Loan monthly repayment link on the second page of the sheet was provided incorrectly by the Department of Education.  The correct link is:  https://studentaid.gov/h/manage-loans.

Work Options

For students awarded federal work-study, the maximum amount a student can earn in this program will appear in this section.  Hours per week will vary, based on employer, wage-rate and student preferences, so this figure will show as 0/wk on all College Financing Plans we send to students.

Not all of our campus jobs require federal work-study, so other options may be available.  This will show as N/A on your College Financing Plan, because whether or not you secure a campus job without federal work-study will not be known to our office.  Additional information on campus employment – including the Handshake job search system – can be found at:  www.nmu.edu/careers.