Financial aid can help you pay for tuition, books, supplies, and some living expenses. With financial planning, an NTI education is within the reach of almost any qualified student. If you qualify, you’ll be able to take advantage of a variety of grants and loans. NTI’s financial aid office will answer your questions, help you review your options and assist you in any stage of the financial aid process.  See Funding Education Beyond High School: The Guide to Federal Student Aid for more information on Federal Financial Aid Programs.

What is Financial Aid?

Financial aid is money you and your family can get for educational expenses. It’s designed to supplement the amount you and your family contribute. At NTI, you’ll encounter three basic types of financial aid: Grants, Loans, and Scholarships.

Grants

Grants are typically awarded based on need. You don’t have to repay a grant. At NTI you could encounter two types of grants:

• Pell Grant: This is a federal grant program that is considered a gift to the student and represents funds that do not have to be repaid. Eligibility is determined by applying a formula devised by the Department of Education to the information you submit on your FAFSA.
• Minnesota State Grant (MSG): An MSG is considered a gift to the student and represents funds that do not have to be repaid. Eligibility is determined by applying a formula devised by the Minnesota State Legislature to the information you submit on your FAFSA. Awards will vary from institution to institution as cost of attendance figures will differ at each school and you will have different levels of enrollment.

You can be eligible to receive both the Federal Pell Grant and the Minnesota State Grant.

Loans

Not every student qualifies for grants. Even those who do qualify may need more funds to make ends meet. That’s where an educational loan can help. Loans represent funds that you borrow. Because educational loans represent funds that you must repay, NTI encourages you to limit the amount you borrow to just the amount you need or avoid borrowing altogether. If you need to borrow, you might qualify for any one or all of the following loan programs:

• Federal Stafford Loan Program: This is a federal government sponsored loan program. You could encounter two types of Stafford Loans – subsidized and unsubsidized. With a subsidized loan, you have shown financial need therefore the government will pay the interest on the loan while you’re in school and for a six month grace period after you graduate. With the unsubsidized loan, you have not shown financial need to qualify for the interest subsidy. Therefore, you are responsible for the interest on the loan while you’re in school. Even though you’re not eligible for the interest subsidy, you are allowed to defer repayment while you’re in school. Families of all income levels can qualify. You can also qualify for a combination of the two types of Stafford Loans up to the maximum allowed for the program.
• Federal PLUS Loan Program: This loan is designed for parents to help their children pay for educational expenses. Since the parent is the borrower, the parent is responsible for repayment. To qualify, you don’t have to show financial need. However the student must be enrolled at least half-time.
• SELF Loan Program: This is a State of Minnesota loan program. The student is borrowing on his/her own behalf therefore they are responsible for repayment. All borrowers, no matter what age or dependency status, must have a credit worthy co-signer for the loan. While in school, there will be interest only payments every three months. After graduation, there will be monthly interest only payments for one year before principle and interest payments are due.
• Alternative Loans: These loans are outside of the federal or state run programs, so their terms may not be as generous as the government sponsored programs and interest rates may be higher. Therefore, NTI doesn’t “officially” award these loans to students. We feel students and parents should exhaust all other government sponsored loan programs before looking at an alternative loan. However, there are certain personal situations that these alternative loan programs are tailor made to help the student and NTI effectively deal with a funding issue. If you are in one of those types of situations, NTI will help you navigate through these loan programs.

Scholarships

You can get scholarships from many sources, but you must do some detective work to uncover them. You can start here.