Financial Aid FAQs

Is There an Annual Loan Maximum?
Yes. The maximum amount is $20,500 per year for master’s level students, and $40,500 per year for ND level students. This annual maximum applies to all Stafford Loans (FFELP and DIRECT).
NOTE: ND Students attending summer term may qualify for a small increase to this annual maximum.

Is There a Lifetime Loan Maximum?
Yes. The total amount of all Stafford FFELP and/or Direct Stafford Loans cannot exceed a lifetime maximum of $138,500. However, if you are an ND student you may qualify for the “extended” loan limit, which allows the lifetime maximum to be increased to as much as $224,000.

Is There an Annual or Lifetime Maximum on Graduate PLUS Loans?
No. There is no annual or lifetime maximum on the Graduate PLUS Loan at this time.

When Do I Complete the FAFSA?
The new FAFSA is available on January 1 of each year. To apply for federal student aid, you need to complete the FAFSA every year. Completing and submitting the FAFSA is free and easy via www.fafsa.gov. Even if you have not completed your taxes, you may estimate your income on the FAFSA, and make corrections to the FAFSA after you file taxes.

Is There a Priority Deadline?
Yes. NCNM’s priority deadline date is February 15 each year for need-based aid consideration. To be considered for need-based aid (e.g., Federal Work-Study), in addition to meeting eligibility criteria, our office needs to receive your FAFSA by February 15.

How Do I Receive My Financial Aid?
The Department of Education sends loan funds to NCNM in equal installments at the beginning of each term. Once funds are received they are routed to the NCNM Business Office and applied to each eligible student account. If the funds received exceed a student’s tuition and charges, a credit balance is created, which is issued to the student in the form of a refund check.

Can I Refuse or Return My Credit Balance?
Yes. Students who do not wish to accept all or part of a credit balance refund have 14 days to return the money to the Financial Aid Office. These monies will be returned to the Department of Education, which will reverse any interest accrued or origination fee charged on the returned funds.

How Do I Apply for Scholarships?
Incoming students can inquire with the Office of Admissions about first-year scholarship opportunities. Matriculated students may apply each spring term, through the Advancement Office, for any internal NCNM scholarships that become available. Check this out for suggestions of other resources.

Is My Information Private?
Yes. In order to release confidential information about your financial aid to a third party, a signed release must be on file in the Office of Financial Aid. For example, if you are completing an application with a potential landlord or company, and wish to have information released from our office – we MUST have a release on file. There are no exceptions. You may either sign a release with our office, or make sure that whatever application you complete with the potential landlord/company has a signed release section, which can be faxed to our office.

Does NCNM Certify Veteran’s Benefits?
Yes. If you will be using Veterans Benefits while attending NCNM, please contact us and let us know.