But making college more affordable and finding ways to pay for college are possible.
At Nebraska Methodist College (NMC), students receive more than $19 million in financial aid each year. In the 2020-2021 academic year, about 75% of the student body received support.
“Research and apply for scholarships,” said Penny James, NMC director of financial aid. “Many scholarships are available for transfer students, so spend some time researching your options.”
Assistance for transfer students can come from various sources, including NMC, the Methodist Hospital Foundation, federal and state governments, private foundations, employers and more.
When you receive scholarships, grants or tuition assistance, you’re receiving free aid, and repayment isn’t required.
“Pay attention to deadlines, proofread your application carefully and make your best first impression,” said James. “If you don’t know where to start, check out our scholarships page for suggestions. Scholarships are free money, so you won’t have to pay a fee to apply.”
Loans, whether borrowed from the government or private entities, must be repaid with interest after graduation.
The U.S. Department of Education provides funding and serves as a lender for Federal Direct Loans. Students must be enrolled at least half-time during the period of the loan. All loans require completing the Free Application for Federal Student Aid (FAFSA).
Federal loans offer flexibility with repayment, including income-driven repayment plans, Public Service Loan Forgiveness, economic hardship deferment and unemployment deferment.
Private education loans are based on the borrower’s credit, have stringent credit requirements and typically higher interest rates than federal education loans. Many borrowers can qualify for a better rate by providing a credit-worthy cosigner. Unfortunately, private loans can’t be combined with federal loans for consolidation after graduation. However, some lenders allow refinancing to receive a lower interest rate.
“Monitor your student loan debt,” James said. “Do you know how much you’ve borrowed already and how much you can still borrow for your new program?”
You can track Federal Direct Loan balances at https://studentaid.gov/. For other types of loans, check with your school or provider for your outstanding balance.
Students are encouraged to apply for all financial aid they're eligible for, including scholarships, grants and federal loans, before considering a private education loan.
Financial aid is based on your grade level or class standing in the program at your new college. For example, you may have been a junior at your old college, but your new college may define your grade level differently based on accepted transfer credits. This variance could make a difference in your student loan eligibility.
“Notify the financial aid office at your previous college or university to cancel your aid for future semesters. Otherwise, it may cause unnecessary delays in receiving your financial aid at your new school,” James said.
There are many options for financial aid as a transfer student. To apply for financial assistance at NMC, you must first be admitted to an eligible degree program.
New students may qualify for certain scholarships once admitted, with no separate application required. However, other scholarships are competitive and require an application.
If you’ve already submitted a FAFSA for the academic year, just add the code for your new college. You don’t need to start from scratch if you are transferring mid-year. NMC's FAFSA code is 009937.
Follow these steps to apply to NMC as a transfer student:
If you have questions, contact admissions at (402) 354-7200 or admissions@methodistcollege.edu.