Financial Aid
Financial Aid may be used as a source of payment as long as the aid is in a "Pending" or a "Received" status.
Pending Financial Aid:
- Pending financial aid is aid for which you have been approved and the following has occurred:
- You have signed your financial aid award letter from Nichols College, have "Accepted" the awards on the letter, and have returned the letter to Nichols College.
- You have completed any necessary paperwork and supplied all documents required on order to be eligible to receive the award
- You have been approved for additional financial aid from other sources (loans, scholarships from other states, etc.), you have signed and returned any necessary promissory notes, and the appropriate agencies have notified Nichols College that you have been approved for specific awards.
- When you are approved for financial aid, the aid will show on the bottom of your statement under the title of "Pending Financial Aid."
- Pending Financial Aid indicates that Nichols College expects to receive these monies on your behalf but the actual monies have not yet arrived.
- Pending Aid is accepted as a form of payment.
- Refund checks can not be issued based upon monies in a pending status.
Top of Page
Received Financial Aid:
- Once the monies have been received at Nichols College the financial aid is considered to be "disbursed."
- The monies will no longer show under the "Pending Financial Aid" title.
- The monies will be listed on the statement as a credit to the student account as of the day the monies were received.
- Refund checks can be issued from received financial aid that places the student account into a credit balance.
Top of Page
Special Notes:
- Work Study: Please remember that work study amounts can not be deducted from the statement. The student earns the work study in the form of a paycheck based upon finding employment at Nichols College.
- Origination Fees: These are fees that the issuing bank of a loan retains. The origination fee is normally a percentage of the loan amount. Most PARENT PLUS loans have origination fees.
- How Origination Fees affect the statement:
- You have obtained a Parent Plus loan for $5,000 for a semester
- The Parent Plus loan shows under Pending Financial Aid on your statement as $5,000
- When the loan company sends the funds to Nichols College, they will send the loan amount minus the origination fee. This means at a 3% origination fee that only $4,850 will be received. The bank will have kept $150 as an origination fee.
- The statement is updated. The Parent Plus loan is removed from Pending Financial Aid. The received amount of $4,850 is disbursed to the student account as a credit.
- The student will now receive a statement showing that an additional $150 is owed to Nichols College.
Top of Page
FAQs:
The Stafford Loan is showing on my award letter but it is not on my statement. Why?
Answer: There are several reasons why an award might not show on the statement. The first is that you have not signed and returned the award letter stating your intention to ACCEPT the award. The second is that there is additional paperwork that needs to be completed in order to receive the award. Check with the financial aid department to make sure that paperwork has been completed and received.
I was approved for a loan a few days ago but it is not showing on my statement. Why not?
Answer: Please remember that although the loan company may have notified you (the loan requester) that the loan has been approved, it may take up to several weeks for the company to notify Nichols College that you have been approved. It may also take Nichols College several business days to update the individual accounts after being notified.
Top of Page