Updated
Jun 02, 2021 Are you a Nebraska resident considering attending college in the state? The good news is that with an average loan balance of $25,501 at graduation, Nebraska students have some of the lowest average loan balances in the nation.
Of course, paying for college can still be a struggle. In fact, about 55 percent of graduates in the Cornhusker State carry student debt.
Getting Financial Aid for College
If you want to secure financial aid of any type, start by filing a Free Application for Federal Student Aid (FAFSA). The FAFSA helps determine what federal grants, loans, and even work-study opportunities you may be eligible for. In many cases, even students applying for scholarships need to file a FAFSA.
The application process will require you to submit information about yourself including your name, birth date, social security number, and your filing status (dependent or independent). You will need to convey financial information that is used to determine your expected family contribution, and the schools to which you’d like to attend.
Keep in mind that both states and schools are tied to budgets, and in cases where funds are limited, financial aid can run out. So, the Department of Education recommends that students begin the FAFSA process as soon as possible. Because so many opportunities rely on the FAFSA, it’s essential that you complete your applications on time. Consider consulting the FAFSA web worksheet prior to beginning your online application.
As you fill out the FAFSA, keep in mind the total cost of schooling. The school, major, and enrollment status you choose all impact how much money you’ll need, as will the cost of books, room and board, and other expenses. Once you determine which school you’ll be attending, calculate your expenses to get a general idea of need. Many schools offer a “Net Price” calculator that can help with this.
Your FAFSA information will be used to determine how much aid you’re eligible for. Typically, eligibility is determined by a variety of factors, specifically your enrollment status (full-time, half-time, or less than half-time), the total cost of attendance (COA), and your expected family contribution (EFC). For example, the maximum amount for the Federal Pell Grant is currently $6,095, however, the average award amount is typically lower.
Similarly, loan amounts also vary, with the maximum Direct Unsubsidized Loans for dependent applicants is between $5,500 and $7,500, based on the student’s current school year.
You can estimate how much aid you may be eligible with the Federal Student Aid estimate tool.
Nebraska Student Loans
Commerce Bank’s Your Future Education Loan
Commerce Bank Your Future Education Loan is a Sallie Mae loan with a fixed APR of between 5.74% and 11.85% and a variable APR between 4.12% and 10.98%. Students can borrow from $1,000 to the full school-certified cost of attendance for a period of five to 15 years. Though deferment is available, those who make monthly interest payments while in school will get a one percentage point discount on the loan. It’s an option worth looking at for those who plan to pay while they learn.
Citizens One’s Student Loan for Undergraduates
Citizens One’s loan is available to students enrolled full-time or half-time, this loan offers comes with a fixed APR of 5.25% to 12.19% and a variable APR of 4.04% to 12.01%. Loans can range from $1,000 to $150,000 and can be repaid between five and 15 years. Automatic payments will earn a 0.25% interest rate reduction and those who have eligible accounts with Citizen One can receive an additional 0.25% reduction.
Nebraska Student Loan Program – Office of Rural Health
The Nebraska Student Loan Program’s loan can be worth up to $30,000 a year. It’s designed specifically for students in medical, dental, and physician assistant programs as well as graduate-level mental health programs. Rates are typically low, though students must contact the Office of Rural Health for in-depth information on rates and loan terms. Only Nebraska residents are eligible, and they must agree to practice in a state-designated “shortage area” for one year for each year the loan was awarded.
Nebraska College Scholarships
Applying for scholarships is an important part of the financial process – one that can save you thousands of dollars. There are a variety of scholarships available, some nationally and some local. The best way to find them is to visit scholarship and grant databases, meet with your school’s financial aid office or guidance department.
You can also check out our guide to college scholarships, which can help you find scholarships based on a variety of factors including your major, military involvement, traits (there is even a scholarship for left-handed students), race, gender, and other factors.
As you apply for scholarships, note the deadlines and requirements like essays and letters of recommendation. When it comes to free money for school, everyone wants some, so your best chance of scoring a scholarship is to make sure you follow the application requirements.
If you’re looking for Nebraska scholarships, here a few options:
Governor’s Opportunity Award
Offered by the Nebraska State College System (NSCS), the Governor’s Opportunity Award provides students with half-tuition scholarships over four years. To be eligible, students must attend Chadron State College, Peru State College, or Wayne State College. Additionally, all applicants must have attended a Nebraska high school, be a full-time student enrolled in a first-year bachelor’s degree program, have a GPA of 3.0 or higher, and have an ACT score of 21 to 24 or composite SAT score of 1060 to 1190. The deadline is January 15.
G. Robert Muchemore Uno Scholarship
The G. Robert Muchemore Uno scholarship is worth up to $6,000 and is awarded to first-year college University of Nebraska Omaha students who demonstrate both financial need and academic excellence. Applicants must have an above average ACT/SAT score and be ranked in the top 10 percent of their graduating high school class. Students interested in this application must apply by March 1, with a FAFSA filed by the April 1.
Susan T. Buffer Foundation Scholarship
The Susan T. Buffer Foundation Scholarship provides full-time students attending a college in Nebraska with up to $4,350 per semester based on financial need and academic merit. Recipients must have attended school in Nebraska, have an EFC below $10,000, and have a cumulative GPA of 2.5 or higher. In addition, students must submit a transcript, 1,000-word autobiographical essay, FAFSA form, and two recommendation letters. The deadline is February 1.
The Susan T. Buffer Foundation Scholarship provides full-time students attending a college in Nebraska with up to $4,350 per semester based on financial need and academic merit. Recipients must have attended school in Nebraska, have an EFC below $10,000, and have a cumulative GPA of 2.5 or higher. In addition, students must submit a transcript, 1,000-word autobiographical essay, FAFSA form, and two recommendation letters. The deadline is February 1.
Askarben/Horatio Alger State Scholarship
The Askarben/Horatio Alger State Scholarship is worth $6,000 scholarship and is disbursed over four years. It’s awarded to Nebraska and western Iowa applicants who can show financial need and who have overcome personal adversity. To be eligible, students must be pursuing a bachelor’s degree at an accredited school, have a minimum 2.0 GPA, be involved in co-curricular activities, and have a family income of $55,000 or lower. The deadline to apply is October 31.
The Sowers Club of Nebraska Scholarship – Continuing Education
The Sowers Club of Nebraska Scholarship is worth $1,000 and is available to students who reside in Nebraska and have already attended and plan to continue to attend a college or university in Nebraska. Applicants must have a 3.0 GPA or higher and be able to provide a college transcript, an essay on their career plans, a list of extra-curricular activities, and three to five letters of recommendation. The deadline to apply is November 16.
Nebraska Grants for College
Grants are typically financially driven, so students usually must show need. Those students may be eligible for a variety of grants at the federal, state, and local level. To identify potential grants, check with the financial aid office for your school.
Nebraska Opportunity Grant (NOG)
To be eligible for the Nebraska Opportunity Grant, Nebraska residents must meet state financial need criteria and attend a post-secondary institution within Nebraska. Grants are generally around $1,300 and are awarded to thousands of students each year. Application deadlines are determined by the institution the student plans to attend.
Federal Pell Grant
The Federal Pell Grant is not exclusive to Nebraska residents, but if your family income is less than $50,000, it’s certainly a grant that you may want to consider if you qualify. Federal Pell Grants are need-based financial aid administered through the federal government.
Bottom Line
Financial aid will play a significant role in your upcoming academic journey. So it’s important to review all your options, including federal loans and grants as well as scholarships. Start early, be thorough, and be sure to submit the FAFSA. Your future self will thank you for any savings you can secure now.
>> Read More: Where to find state student loans