Need-Based Scholarship (Northern University)

Question 1

What is the primary indicator used by Northern University to determine need-based scholarship eligibility?

Accepted Answer

Family's Expected Family Contribution (EFC) or adjusted gross income

Answer

Student's extracurricular achievements

Answer

Total number of siblings in private school

Answer

Distance of residence from campus

Question 2

If a student’s family experiences a significant, unforeseen change in financial status after filing tax returns, what is the recommended procedure?

Accepted Answer

Submit a financial aid appeal letter with supporting documentation

Answer

Wait for the next fiscal year to reapply

Answer

Ignore the change, as tax returns are final

Answer

Apply for a private student loan instead

Question 3

What is the primary formula used to calculate a student's demonstrated financial need at Northern University?

Accepted Answer

Cost of Attendance minus Expected Family Contribution

Answer

Total Assets minus Annual Savings

Answer

Total Household Income minus Taxes Paid

Answer

Gross Revenue minus University Endowment

Question 4

Which of the following assets is typically considered a non-liquid asset for the purpose of need-based aid assessment?

Accepted Answer

Real estate equity

Answer

Checking account balance

Answer

Cash on hand

Answer

Savings account balance

Question 5

When calculating dependency status, which individual's income is NOT included in the financial assessment for a dependent student?

Accepted Answer

Non-custodial extended relative

Answer

Biological parent

Answer

Step-parent

Answer

Legal guardian

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