Students seeking financial aid need to turn in applications by March 1 to meet the priority deadline for having their applications processed.

“The financial aid Web site, www.fa.niu.edu, can almost tell students everything they need to know about financial aid,” said Kathy Johnson, a financial aid counselor.

If an application isn’t submitted before March 1, it doesn’t mean it’s too late. Students can apply throughout the academic year until July, but funds run out quickly. The sooner students apply, the sooner they can get processed to be evaluated for all types of financial aid to see what they qualify for, said Kathleen Brunson, director of financial aid.

Brunson said to compute the amount of financial aid needed, they take the budget ($13,700 for 2002-2003) and subtract the Expected Family Contribution which comes from the calculation for financial aid eligibility.

“The calculation for financial aid eligibility is from a formula that Congress comes up with since financial aid programs are funded through tax dollars,” Brunson said. “It takes into consideration the number in the household, the number in college, income [for parents and students if the student is dependent], and assets.”

There are several types of financial aid available when applying with both the NIU and the Free Application for Federal Student Aid (FAFSA).

Applying makes students eligible for all of the grants and loans such as Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Illinois MAP Grant, Federal Perkins Loan, Federal Stafford Loan and Federal PLUS Loan.

“The specific aid programs and amounts are determined by the financial need and basically needier students are given the grants, such as Pell Grant, MAP and SEOG and Stafford Loan,” Brunson said. “Students who have less financial need would possibly be eligible for MAP and Perkins and Stafford Loans. Students who have little or no financial need would only be eligible for Stafford Loans.”

Private scholarships also are available through the NIU Student Financial Aid Office, located at Swen Parson Hall, Room 245.