FINANCIAL AID POLICY & PROCEDURES
Northeast Maritime Institute can create institutional financial aid packages including varying combinations of deferred tuition, work study and scholarships to students that demonstrate financial need in order to make their education affordable.
Students are requested to submit a Request for Financial Assistance and their FAFSA Student Aid Report (which includes the Expected Family Contribution) to the Financial Aid Office by identified deadlines on the NMI website. Merit-based funding is offered annually based upon available funding and is allocated on a first-come first-serve basis.
The Institute offers annual interest-free 11 month payment plans for student tuition balances. A payment plan agreement must be signed and tuition balance must be paid in full prior to the end of each academic year per the agreement.
The deferred tuition option allows students to defer the payment of tuition and fees until after graduation at an interest-free rate. The amount of deferred tuition offered to each student is based upon the student’s FAFSA summary and EFC. The student is required to sign a Deferred Tuition Agreement with the Institute acknowledging the amount he/she will be responsible for paying as well as the terms of the deferral.
Work study credit is available for students who demonstrate need based upon their FAFSA and EFC. Limited work study funds are available and students are required to apply for work study positions each academic year.
SCHOLARSHIP POLICY AND PROCEDURES:
POLICY AND PROCEDURES FOR SCHOLARSHIP AWARDS
The Northeast Maritime Institute College of Maritime Science (CMS) has established a written award procedure, uses a committee to select scholarship recipients, and has mechanisms for reconciling scholarship accounts and balances.
The NMI Scholarship Committee (SC) is responsible for reviewing all institutional scholarship applications and selecting recipients using the award procedure described below (see “Award Procedure”). The SC consists of the President, Chief Operating Officer and Chief Academic Officer.
The SC is committed to following the expectations of award agreements between donors and the College and uses scholarship resources to encourage, in a fair, equitable and competitive manner, academic achievement of students enrolled in the programs at the College of Maritime Science.
The College of Maritime Science facilitates scholarship opportunities in the Fall and Spring semesters to students enrolled in CMS programs. Scholarships and the associated funds are provided by private foundations and other sources.
1. Student notification
Requests for Financial Assistance are available on the Institute website to initiate the process for financial assistance review and access to merit-based scholarships. Deadlines for award periods are also included on the Institute website.
External scholarships are also posted on the Institute website and accessible to all students. Links to the external scholarship websites and/or applications are made available when applicable.
2. Scholarship accounts
The Financial Aid Office at the CMS is responsible for all accounting and reconciliation of scholarship accounts. The Financial Aid Office communicates directly with the SC, recipient and the scholarship providing entity to facilitate transfers and payments.
3. Number of awards and award amounts
The number and amount of institutional needs-based and merit-based scholarships may vary from individual to individual and year-to-year depending upon the amount of scholarship funds allocated by outside sources and each applicant’s academic and financial background.
4. Scholarship eligibility
Eligibility for institutional needs-based scholarships are established by the Institute based upon FAFSA Expected Family Contribution levels.
5. Application requirements
Request for Financial Assistance applications are available on the NMI website. The application and attached FAFSA Student Aid Report initiate the applicant’s review by the Scholarship Committee for access to institutional needs-based funds. Links to external scholarship opportunity websites and applications is made available on the NMI website.
All applications and supporting materials are compiled by the Financial Aid office which ensures that the application is complete and meets the eligibility requirements prior to forwarding to the Scholarship Committee.
7. Application review
For needs-based scholarships, the SC reviews FAFSA information to determine the level of financial need. Funds are allocated based upon the level of need and the amount of institutional funds available for distribution. Scholarships are generally allocated for a two-year period with a full-time program enrollment requirement and a minimum GPA requirement to maintain eligibility.
- The Financial Aid Office facilitates the review of applications by the SC by providing information on each applicant in relation to academic achievement and financial need.
- The Chair of the SC keeps a record of and schedules all meetings.
- The Financial Aid Office provides a list of each scholarship and each scholarship recipient to the Accounting Department at the appropriate time in the fall and spring semester.
- The Accounting Department ensures the award is posted to the student’s financial aid package for entry into the campus management student accounts system.
- The Financial Aid Office retains all scholarship materials, supporting data, and Scholarship Committee minutes including number of applications, awards offered, amount (in dollars) for the award period, awards accepted and the list of SC members.
8. Scholarship awards
The Financial Aid Office notifies financial aid and scholarship award recipients via email or mail. This notification provides information about the award, the award amount and the duration of the award. Requests for re-determination of needs-based financial aid awards may be addressed to: firstname.lastname@example.org. Requests are reviewed on a case-by-case basis and there is not guarantee that financial aid awards can be revised.
9. Scholarship disbursement
One half of annual scholarship awards are disbursed to student accounts each semester, unless otherwise noted as part of the scholarship award.
Spring 2020 Cohort:
– August 1, 2019 – Deadline for Early Action
– October 15, 2019 – Deadline for Early Admissions
– November 15, 2019 – Priority Deadline
– Rolling Admissions for any date following
Fall 2020 Cohort:
– November 15, 2019 – Deadline for Early Action
– January 1, 2020 – Deadline for Early Admissions
– March 1, 2020 – Priority Deadline
– Rolling Admissions for any date following