Federal Stafford Loans

NGS is proud to offer, to those students who qualify, the Federal Stafford Loan Program for the DBAQSM, MSQSM, and BSQSM programs. Stafford loans are not available to Massachusetts residents for the BS, DBA, and NGS online degree programs. Please note that Stafford loans, both subsidized and unsubsidized, have an origination fee of 0.01072% of the principal amount of the loan.

Award Year 2016-2017

The following applies for the DBA and Master’s students for 2016-2017:

Unsubsidized: Maximum award is $20,500 (if you qualify)
Fixed interest rate of 5.31% – interest is charged from the date the loan is disbursed
Up to 10 years to repay the loan under the standard repayment plan
No prepayment penalties

The following applies to the BS Degree Completion Program students (there are two portions to this loan for a total of $12,500 with no more than $5,500 of this amount in subsidized loans (based on need):

Subsidized: Maximum award is $5,500 (if you qualify)
Fixed interest rate of 3.76% – interest is paid by the Department of Education while you are in-school at least half-time; if you drop below half-time you then will be charged interest
Up to 10 years to repay the loan under the standard repayment plan
No prepayment penalties

Unsubsidized: Maximum award is $7,000 (if you qualify)
Fixed interest rate of 3.76% – interest is charged from the date the loan is disbursed
Up to 10 years to repay the loan under the standard repayment plan
No prepayment penalties

The DBA and the MS loan programs are at a fixed interest rate of 5.31%. These loans have a maximum award of $20,500 per academic year to Graduate students. Expected amount of debt upon graduation for a DBA student after the two year program is approximately $43,350.36 with an estimated 10-year standard monthly payment of $445.87 for students borrowing the full amount of the loan of ($20,500) per year for two years. Expected amount of debt upon graduation for a MS student after the one year program is approximately $21,105.69 with an estimated 10-year standard monthly payment of $223.93 for students borrowing the full amount of the loan of ($20,500) for the one year program.

The unsubsidized portion of the BS Degree Completion Program is at a fixed interest rate of 3.76%. The subsidized portion of the BS Degree Completion Program is at a fixed interest rate of 3.76% for academic year 2016-2017. The undergraduate loans have a maximum award limit of $12,500 per academic year for the BS Degree Completion Program students. Expected amount of debt upon graduation for a BS Degree Completion Program student after the one year program is approximately $12,762.89 with an estimated 10-year standard monthly payment of $126.49 for students borrowing the full amount of the loan of ($12,500) for the one year program.

Federal Stafford Loans are automatically placed in the standard 10-year repayment plan, but there are repayment plan options for income-based or contingent, graduate, or extended repayment up to 25 years. Students receiving federal loan money are responsible for the terms and conditions of the loan. NGS will notify the lender when a student ceases to make satisfactory progress, when there is a change to less than half time enrollment, or when a student withdraws from the program.

For more information, visit our website at http://ngs.edu or contact Jay Beirne at 800-838-2580 Ext. 123; e-mail financialaid@ngs.edu.

Applying is free

The Free Application for Federal Student Aid (FAFSA) is your key to initiating the loan process. The FAFSA is used by the government to determine your eligibility and EFC (Expected Family Contribution) for these loans. To start the loan process, click on the links below to download and print a step-by-step instructions page and two additional forms that are required to be submitted as originals:

  1. www.studentloans.gov
  2. Apply for PIN
  3. Complete FAFSA
  4. Complete Online Entrance Counseling
  5. Wait 24 hours after receiving PIN number and complete the Master Promissory Note
  6. Complete Verification Worksheet

Online counseling

The entrance/exit counseling is meant to educate the borrower on the lending process. Please complete your required entrance and exit counseling online for your Stafford loan.