The Research Center at North American University (NAU) was established on November 7, 2024, to foster a dynamic and interdisciplinary research environment. Operating under the Office of the Vice President for Academic Affairs, the Center serves as a hub for advancing high-quality research, facilitating collaborations, and supporting faculty, students, and external scholars in their scholarly endeavors.
Our mission is to promote excellence in research by providing resources, funding opportunities, and strategic guidance to researchers across all disciplines. We are committed to fostering innovative studies, securing external funding, and ensuring compliance with the highest ethical research standards.
What We Do?
- Support faculty, students, and external scholars in research activities.
- Facilitate interdisciplinary collaborations within and beyond the university.
- Provide funding guidance and grant administration support.
- Recognize and reward outstanding research publications.
- Offer fellowship opportunities for external academics to contribute to ongoing projects.
- Ensure compliance with research integrity, ethics, and intellectual property policies.
Software Engineering
Software Engineering courses at NAU focus on applying engineering principles to software development. This systematic, disciplined approach encompasses the design, implementation, testing, maintenance, and reengineering of software. Software Engineering profoundly impacts every aspect of human life by driving significant advancements in technology and its applications.
Project Team
Dr. Kyialbek Akmoldoev, Alatoo University, Kyrgyzstan
Dr. Selahattin Bekmez, North American University, USA
Dr. Wooi Keong Yong, Sunway University, Malaysia
Mr. Jun Kai Chang, Monash University, Malaysia
Duration of the Project: 18 months
Executive Summary
According to a study by Organization for Economic Co-operation and Development on Financial Literacy in Kyrgyzstan, only 17% of young adults could score the minimum points for knowledge of Financial Literacy. This highlights the urgent need for tailored financial education programs targeting university students in Kyrgyzstan. Access to formal financial education courses and resources is crucial in equipping students with the necessary knowledge and skills to navigate the increasingly complex financial landscape.
Financial literacy is a crucial skill that directly impacts an individual’s ability to manage their finances effectively. As evidenced by Sultakeev and Bayrak’s study on the impact of microfinance on poverty in Kyrgyzstan (Sultakeev & Bayrak, 2016), the lack of financial literacy can lead to adverse outcomes, such as an increased likelihood of falling into poverty due to high interest rates on microcredit loans. This is especially significant in rural areas, where access to financial education and resources may be limited (Lusardi, 2019).
To compare the financial literacy of university students in Malaysia, Kyrgyzstan, and the United States, it would be beneficial to conduct a comprehensive survey or study that assesses their knowledge of financial concepts, investment practices, and understanding of financial instruments. By including students from these countries and gathering data on their current financial literacy levels, common reasons for their knowledge or lack of knowledge on the topic can be identified. A comparative analysis of the survey results from these diverse student populations could provide valuable insights into the factors that contribute to their financial literacy. Understanding these common reasons can help inform policymakers and educators about the specific needs and challenges faced by students in each country.
This study sets out to identify factors that can lead to a better understanding of personal finance among university students in Malaysia, Kyrgyzstan and US and to identify roadblocks in their path to financial literacy with a view to equipping them with the right skills to be financially literate. Thus, the study will concentrate on a two-prong approach to meet these objectives:
1) To identify the attitudinal and motivational factors that can lead to higher financial literacy among university students.
2) To determine possible intervention methods to improve the financial literacy and intention to invest in university students.
To achieve these objectives, this study will use the Theory of Planned Behavior (TPB) by Azjen (2021) to identify the variables that influences the university students when they are deciding to learn about financial literacy. To ensure that the present study’s research gaps, research questions, research objectives and hypothesis are all in line, Zikmund’s (2003) suggestion of an “Alignment Table” is created to guide this study The research findings can inform policymakers, including the Finance Ministry and the Ministry of Higher Education, US Education Department in developing effective strategies to support secondary students in their financial education needs as they enter university. By disseminating the research findings, this project aims to elevate financial literacy among university students in Malaysia, Kyrgyzstan and United States.
Project Objectives
This study sets out to identify factors that can lead to a better understanding of personal finance among university students in Malaysia, Kyrgyzstan, US and to identify roadblocks in their path to financial literacy with a view to equipping them with the right skills to be financially literate. Thus, the study will concentrate on a two-prong approach to meet these objectives:
1) To identify the attitudinal and motivational factors that can lead to higher financial literacy among university students.
2) To determine possible intervention methods to improve the financial literacy and intention to invest in university students.
To achieve these objectives, this study will use the Theory of Planned Behavior (TPB) by Azjen (2021) to identify the variables that influences the university students when they are deciding to learn about financial literacy. In order to ensure that the present study’s research gaps, research questions, research objectives and hypothesis are all in line, Zikmund’s (2003) suggestion of an “Alignment Table” will be created to guide this study.
Literature Review
Financial Literacy is defined as the Awareness, Knowledge, Skills, Attitude and Behavior necessary to make sound financial decisions (Financial Education Network, 2019). Also, following Lusardi (2019), financial literacy can be thought of as consisting of 2 parts:
1) the understanding and knowledge of financial concepts (e.g., inflation) and risk; and
2) the ability to apply such concepts and knowledge skillfully with confidence and motivation which brings about effective decisions across various financial contexts, leading to a financially stable individual and society
Samsuri et al. (2017) also found significant differences between gender and financial literacy whereby females scored on average higher than males. It is important to also note that the national survey by the Financial Education Network (2019) only measured financial literacy confidence and not the skills itself. Hence, more research needs to examine the financial literacy skills of Malaysians and examine differences in ethnicity, religion, gender, and age.
Strong financial literacy in Malaysians would be crucial to personal financial well-being as multiple studies have found strong correlation between financial literacy and smart financial management (Ahlam & Sheerad, 2021; Lotto, 2020; Meyll et al., 2020; Murniati et al., 2020; Nawi et al., 2020; Wang et al., 2011). Smart financial management would include activities such as investing, saving and other means to make money grow to have a financially stable life. Other factors examined that studies found to have influence on financial management ability are social norms (Cucinelli & Bongini, 2018; Lotto, 2020; Raue, 2020; Széles & Szabó, 2022). As stated by Cucinelli & Bongini (2018), in Italy, relatives and family is crucial in predicting whether their children invest their money. In Malaysia, according to Financial Education Network (2019), lower income household tend to have lower financial literacy which is in line with the study by Lotto (2020). By developing financially literate in the younger generation may form a society with influences each other to also become financially literate. Hence, teaching financially literacy is beneficial not just to the individual but society as a whole. More research however needs to examine social norm influence on financial management abilities Another important finding by Cucinelli & Bongini (2018), the top financial literates (scoring full marks in their test) were significantly different from others in predicting investing behaviors. This opens up questions to whether it was financial literacy that led to better financial management/planning or that it was because the students originally already had high interest in becoming financially skilled which led to them working hard to increase their financial literacy. Studies so far examined attitude towards financial behaviors (spending, saving, investing) but not towards becoming financially literate. Hence, it is possible that personal interest in investing or saving money is driven more due to interest (attitude) in becoming rich and financially stable which developed from social norm factors (e.g., family/media). Hence, financial literacy may just be a tool rather than a factor which leads to wise financial management.
There are also other studies finding different factors influencing financial behaviors. The study by Raue et al. (2020) found that social comparison and confidence will boost motivation of students to have higher savings. Furthermore, it was found that poor saving rate individuals with higher likelihood of social comparison and from low-income households had a higher increase in savings. Therefore, increasing financial literacy scores in students without developing interest, confidence and self-control may be ineffective hence requires additional examination. For this study, it was decided that taking samples from scholarship recipients from lower income families will be able to help investigate this phenomenon. This sample will be compared to regular self-funded students for analysis.
Factors such as fear of death and old age were also seen to increase saving behaviours (Zaleskiewicz et al., 2013). Attitude, confidence (in the ability to invest and save), emotions (the ability to limit spending habits due to desire and wants) and personality are hence important factors to be examined. Besides that, it is also unknown whether learning financial literacy from young differs from learning it later in life and would individual who learn financial literacy from young have better financial management skills. This is an area that remain under-studied which will be explored in this study.
Financial literacy is influenced by attitude (the perception of spending, saving, investing) and social norms which is in line with studies finding that low-income households have lower financial literacy (Ahlam & Sheerad, 2021; Financial Education Network, 2019; Lotto, 2020). However, the study by Ahlam & Sheerad (2021) failed to clearly describe what types of attitudes towards financial behaviors they were measuring. Another study by Nawi et al. (2020) examined the influence of motivation, individual skills (education) and social norms on financial literacy. The three factors were effective at predicting financial literacy with motivation and social norms having the highest influence (high beta). As the study was conducted in a private university, Nawi et al. (2020) stated that it is possible that students were not given responsibility financially as all financial expenses were managed by their parents and hence influence their personal financial literacy. It is therefore important to also look into public universities in Malaysia as the background and upbringing of public university students may differ and hence provide different results. Understanding the various factors that can affect the motivation for financial literacy and investing can inform efforts to refine the integration of financial literacy education into the Malaysian Qualification Framework.
Overall, increasing financial literacy is beneficial as it promotes good financial management and develops a society of financially skilled individuals. Being financially stable leads to a successful, thriving and healthy nation. This is in line with one of the six core concepts of Malaysia Madani, which is economic wellbeing through a culture of knowledge and diverse views. It may also help the university students in Malaysia, Kyrgyzstan and US become more aware on how to meet the United Nations Sustainable Development Goal # 1 (End Poverty in all its forms everywhere). However, purely teaching financial literacy may not be sufficient (according to past studies) and hence more factors need to be examined to develop a plan that would effectively communicate the importance of financial literacy and inculcate a culture of investment among university students.
Research Methodology
This study employs a rigorous and reliable quantitative process to evaluate the relationship between financial literacy and behavior, guided by the Theory of Planned Behavior. The study consists of several important steps that thoroughly analyses the factors that is hypothesized to impact financial literacy that influences the behavior that promotes financial literacy among university students in Malaysia Kyrgyzstan and US.
Data Collection and Pre-Processing
To obtain relevant data, a survey questionnaire based on the Theory of Planned Behavior (TPB) will be created as the research instrument. This questionnaire will be employed to gather responses from university students in Malaysia Kyrgyzstan and US. This study sample size would be 465 participants for three countries as this number would give the required reliability according to G*Power analysis. Non-probability sampling will be used to select the participants due to the total number of university populations among the university students in these two countries being unclear. The collected data will then be subjected to a preprocessing stage to address any data quality issues, such as missing values, outliers, and inconsistencies. This will involve data cleaning, imputation of missing values, if necessary, outlier detection, and normalization of data to ensure its suitability for analysis.
Identification and Analysis of Significant Factors:
The resulting data will then be modelled using the Theory of Planned Behavior in SmartPLS. The resulting coefficients provided by the model will be extracted and analyzed to determine the relative significance of the factors. In addition, statistical analysis techniques, such as correlation analysis and hypothesis testing, will be employed to examine the relationships between these factors and financial literacy and investment intention. This analysis will provide a better understanding of the factors influencing financial literacy and intention to invest among university students in Malaysia, Kyrgyzstan and US.
Recommendations and Interventions:
The resulting analysis will identify and verify significant factors and confirm/disconfirm the study’s hypothesis. Due to this, practical recommendations and interventions will be developed to help university students in all countries to improve their financial literacy. These recommendations will be formulated based on the insights gained from the analysis and will consider factors such as feasibility, cost-effectiveness, and ease of implementation. The recommendations will be communicated in a clear and concise manner, emphasizing the importance of addressing financial literacy and investment in Malaysia, Kyrgyzstan and US. The findings and proposed interventions will be presented to relevant stakeholders, including the Finance Ministry and Ministry of Higher Education, US Department of Education and policymakers in Kyrgyzstan, with the aim of promoting their implementation and improving financial literacy in 3 countries.
Expected Output/Outcomes:
The expected outcomes of this study are expected to provide insights into financial literacy of students in the institutions of higher learning in Malaysia, Kyrgyzstan and US and provide insights for the development of effective methods to elevate the financial literacy of university students in three countries. The understanding of factors affecting financial literacy and intention to invest will contribute to the development of a future financial literacy curriculum for university students. The analysis of these factors is expected to shed light on the underlying predictors for financial literacy. These predictors, such as perceived ease of use, perceived usefulness, parental influences, religiosity, peer pressure, mass media and perceived behavioral controls could be the possible catalysts for financial literacy and investment intention. The study aims to uncover correlations, patterns, or trends that explain the relationships between these factors and the occurrence of such investment behaviors.
Project Team
Dr. Kyialbek Akmoldoev, Alatoo University, Kyrgyzstan
Dr. Selahattin Bekmez, North American University, USA
Dr. Wooi Keong Yong, Sunway University, Malaysia
Mr. Jun Kai Chang, Monash University, Malaysia
Duration of the Project: 18 months
Executive Summary
According to a study by Organization for Economic Co-operation and Development on Financial Literacy in Kyrgyzstan, only 17% of young adults could score the minimum points for knowledge of Financial Literacy. This highlights the urgent need for tailored financial education programs targeting university students in Kyrgyzstan. Access to formal financial education courses and resources is crucial in equipping students with the necessary knowledge and skills to navigate the increasingly complex financial landscape.
Financial literacy is a crucial skill that directly impacts an individual’s ability to manage their finances effectively. As evidenced by Sultakeev and Bayrak’s study on the impact of microfinance on poverty in Kyrgyzstan (Sultakeev & Bayrak, 2016), the lack of financial literacy can lead to adverse outcomes, such as an increased likelihood of falling into poverty due to high interest rates on microcredit loans. This is especially significant in rural areas, where access to financial education and resources may be limited (Lusardi, 2019).
To compare the financial literacy of university students in Malaysia, Kyrgyzstan, and the United States, it would be beneficial to conduct a comprehensive survey or study that assesses their knowledge of financial concepts, investment practices, and understanding of financial instruments. By including students from these countries and gathering data on their current financial literacy levels, common reasons for their knowledge or lack of knowledge on the topic can be identified. A comparative analysis of the survey results from these diverse student populations could provide valuable insights into the factors that contribute to their financial literacy. Understanding these common reasons can help inform policymakers and educators about the specific needs and challenges faced by students in each country.
This study sets out to identify factors that can lead to a better understanding of personal finance among university students in Malaysia, Kyrgyzstan and US and to identify roadblocks in their path to financial literacy with a view to equipping them with the right skills to be financially literate. Thus, the study will concentrate on a two-prong approach to meet these objectives:
1) To identify the attitudinal and motivational factors that can lead to higher financial literacy among university students.
2) To determine possible intervention methods to improve the financial literacy and intention to invest in university students.
To achieve these objectives, this study will use the Theory of Planned Behavior (TPB) by Azjen (2021) to identify the variables that influences the university students when they are deciding to learn about financial literacy. To ensure that the present study’s research gaps, research questions, research objectives and hypothesis are all in line, Zikmund’s (2003) suggestion of an “Alignment Table” is created to guide this study The research findings can inform policymakers, including the Finance Ministry and the Ministry of Higher Education, US Education Department in developing effective strategies to support secondary students in their financial education needs as they enter university. By disseminating the research findings, this project aims to elevate financial literacy among university students in Malaysia, Kyrgyzstan and United States.
Project Objectives
This study sets out to identify factors that can lead to a better understanding of personal finance among university students in Malaysia, Kyrgyzstan, US and to identify roadblocks in their path to financial literacy with a view to equipping them with the right skills to be financially literate. Thus, the study will concentrate on a two-prong approach to meet these objectives:
1) To identify the attitudinal and motivational factors that can lead to higher financial literacy among university students.
2) To determine possible intervention methods to improve the financial literacy and intention to invest in university students.
To achieve these objectives, this study will use the Theory of Planned Behavior (TPB) by Azjen (2021) to identify the variables that influences the university students when they are deciding to learn about financial literacy. In order to ensure that the present study’s research gaps, research questions, research objectives and hypothesis are all in line, Zikmund’s (2003) suggestion of an “Alignment Table” will be created to guide this study.
Literature Review
Financial Literacy is defined as the Awareness, Knowledge, Skills, Attitude and Behavior necessary to make sound financial decisions (Financial Education Network, 2019). Also, following Lusardi (2019), financial literacy can be thought of as consisting of 2 parts:
1) the understanding and knowledge of financial concepts (e.g., inflation) and risk; and
2) the ability to apply such concepts and knowledge skillfully with confidence and motivation which brings about effective decisions across various financial contexts, leading to a financially stable individual and society
Samsuri et al. (2017) also found significant differences between gender and financial literacy whereby females scored on average higher than males. It is important to also note that the national survey by the Financial Education Network (2019) only measured financial literacy confidence and not the skills itself. Hence, more research needs to examine the financial literacy skills of Malaysians and examine differences in ethnicity, religion, gender, and age.
Strong financial literacy in Malaysians would be crucial to personal financial well-being as multiple studies have found strong correlation between financial literacy and smart financial management (Ahlam & Sheerad, 2021; Lotto, 2020; Meyll et al., 2020; Murniati et al., 2020; Nawi et al., 2020; Wang et al., 2011). Smart financial management would include activities such as investing, saving and other means to make money grow to have a financially stable life. Other factors examined that studies found to have influence on financial management ability are social norms (Cucinelli & Bongini, 2018; Lotto, 2020; Raue, 2020; Széles & Szabó, 2022). As stated by Cucinelli & Bongini (2018), in Italy, relatives and family is crucial in predicting whether their children invest their money. In Malaysia, according to Financial Education Network (2019), lower income household tend to have lower financial literacy which is in line with the study by Lotto (2020). By developing financially literate in the younger generation may form a society with influences each other to also become financially literate. Hence, teaching financially literacy is beneficial not just to the individual but society as a whole. More research however needs to examine social norm influence on financial management abilities Another important finding by Cucinelli & Bongini (2018), the top financial literates (scoring full marks in their test) were significantly different from others in predicting investing behaviors. This opens up questions to whether it was financial literacy that led to better financial management/planning or that it was because the students originally already had high interest in becoming financially skilled which led to them working hard to increase their financial literacy. Studies so far examined attitude towards financial behaviors (spending, saving, investing) but not towards becoming financially literate. Hence, it is possible that personal interest in investing or saving money is driven more due to interest (attitude) in becoming rich and financially stable which developed from social norm factors (e.g., family/media). Hence, financial literacy may just be a tool rather than a factor which leads to wise financial management.
There are also other studies finding different factors influencing financial behaviors. The study by Raue et al. (2020) found that social comparison and confidence will boost motivation of students to have higher savings. Furthermore, it was found that poor saving rate individuals with higher likelihood of social comparison and from low-income households had a higher increase in savings. Therefore, increasing financial literacy scores in students without developing interest, confidence and self-control may be ineffective hence requires additional examination. For this study, it was decided that taking samples from scholarship recipients from lower income families will be able to help investigate this phenomenon. This sample will be compared to regular self-funded students for analysis.
Factors such as fear of death and old age were also seen to increase saving behaviours (Zaleskiewicz et al., 2013). Attitude, confidence (in the ability to invest and save), emotions (the ability to limit spending habits due to desire and wants) and personality are hence important factors to be examined. Besides that, it is also unknown whether learning financial literacy from young differs from learning it later in life and would individual who learn financial literacy from young have better financial management skills. This is an area that remain under-studied which will be explored in this study.
Financial literacy is influenced by attitude (the perception of spending, saving, investing) and social norms which is in line with studies finding that low-income households have lower financial literacy (Ahlam & Sheerad, 2021; Financial Education Network, 2019; Lotto, 2020). However, the study by Ahlam & Sheerad (2021) failed to clearly describe what types of attitudes towards financial behaviors they were measuring. Another study by Nawi et al. (2020) examined the influence of motivation, individual skills (education) and social norms on financial literacy. The three factors were effective at predicting financial literacy with motivation and social norms having the highest influence (high beta). As the study was conducted in a private university, Nawi et al. (2020) stated that it is possible that students were not given responsibility financially as all financial expenses were managed by their parents and hence influence their personal financial literacy. It is therefore important to also look into public universities in Malaysia as the background and upbringing of public university students may differ and hence provide different results. Understanding the various factors that can affect the motivation for financial literacy and investing can inform efforts to refine the integration of financial literacy education into the Malaysian Qualification Framework.
Overall, increasing financial literacy is beneficial as it promotes good financial management and develops a society of financially skilled individuals. Being financially stable leads to a successful, thriving and healthy nation. This is in line with one of the six core concepts of Malaysia Madani, which is economic wellbeing through a culture of knowledge and diverse views. It may also help the university students in Malaysia, Kyrgyzstan and US become more aware on how to meet the United Nations Sustainable Development Goal # 1 (End Poverty in all its forms everywhere). However, purely teaching financial literacy may not be sufficient (according to past studies) and hence more factors need to be examined to develop a plan that would effectively communicate the importance of financial literacy and inculcate a culture of investment among university students.
Research Methodology
This study employs a rigorous and reliable quantitative process to evaluate the relationship between financial literacy and behavior, guided by the Theory of Planned Behavior. The study consists of several important steps that thoroughly analyses the factors that is hypothesized to impact financial literacy that influences the behavior that promotes financial literacy among university students in Malaysia Kyrgyzstan and US.
Data Collection and Pre-Processing
To obtain relevant data, a survey questionnaire based on the Theory of Planned Behavior (TPB) will be created as the research instrument. This questionnaire will be employed to gather responses from university students in Malaysia Kyrgyzstan and US. This study sample size would be 465 participants for three countries as this number would give the required reliability according to G*Power analysis. Non-probability sampling will be used to select the participants due to the total number of university populations among the university students in these two countries being unclear. The collected data will then be subjected to a preprocessing stage to address any data quality issues, such as missing values, outliers, and inconsistencies. This will involve data cleaning, imputation of missing values, if necessary, outlier detection, and normalization of data to ensure its suitability for analysis.
Identification and Analysis of Significant Factors:
The resulting data will then be modelled using the Theory of Planned Behavior in SmartPLS. The resulting coefficients provided by the model will be extracted and analyzed to determine the relative significance of the factors. In addition, statistical analysis techniques, such as correlation analysis and hypothesis testing, will be employed to examine the relationships between these factors and financial literacy and investment intention. This analysis will provide a better understanding of the factors influencing financial literacy and intention to invest among university students in Malaysia, Kyrgyzstan and US.
Recommendations and Interventions:
The resulting analysis will identify and verify significant factors and confirm/disconfirm the study’s hypothesis. Due to this, practical recommendations and interventions will be developed to help university students in all countries to improve their financial literacy. These recommendations will be formulated based on the insights gained from the analysis and will consider factors such as feasibility, cost-effectiveness, and ease of implementation. The recommendations will be communicated in a clear and concise manner, emphasizing the importance of addressing financial literacy and investment in Malaysia, Kyrgyzstan and US. The findings and proposed interventions will be presented to relevant stakeholders, including the Finance Ministry and Ministry of Higher Education, US Department of Education and policymakers in Kyrgyzstan, with the aim of promoting their implementation and improving financial literacy in 3 countries.
Expected Output/Outcomes:
The expected outcomes of this study are expected to provide insights into financial literacy of students in the institutions of higher learning in Malaysia, Kyrgyzstan and US and provide insights for the development of effective methods to elevate the financial literacy of university students in three countries. The understanding of factors affecting financial literacy and intention to invest will contribute to the development of a future financial literacy curriculum for university students. The analysis of these factors is expected to shed light on the underlying predictors for financial literacy. These predictors, such as perceived ease of use, perceived usefulness, parental influences, religiosity, peer pressure, mass media and perceived behavioral controls could be the possible catalysts for financial literacy and investment intention. The study aims to uncover correlations, patterns, or trends that explain the relationships between these factors and the occurrence of such investment behaviors.
The Research Center encourages external academics to apply for research fellowships, enabling a diverse and enriched research ecosystem. Additionally, we recognize and reward high-impact publications in leading academic journals to incentivize scholarly excellence.
The Center is led by Prof. Dr. Selahattin Bekmez, serving as the Director. An Advisory Committee, comprising distinguished faculty members and industry experts, provides strategic guidance to enhance the Center’s research impact.
We invite researchers, collaborators, and institutions to engage with us in driving forward the frontiers of knowledge and innovation.
Grants are financial assistance awarded to eligible students demonstrating financial need. This type of financial aid does not require repayment. Complete the FAFSA to be considered for federal grant eligibility each academic year.
Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree that demonstrate exceptional financial need. Pell Grants are awarded to students who are eligible based on the results of the FAFSA and their Student Aid Index (SAI). The amount awarded will depend on the student’s enrollment intensity, which refers to the percentage of full-time enrollment at which a student is enrolled, rounded to the nearest whole percent.
For example,
- Enrollment Intensity = (Enrolled Credit Hours) / (Full-Time Credit Hours) × 100%
- Enrollment Intensity = (7) / (12) × 100% = 58% (rounded to the nearest whole percent).
Beginning with the 2024-25 award year, a student may qualify for a Pell Grant in one of three ways:
- Maximum Pell Grant (Max Pell)
- Minimum Pell Grant (Min Pell)
- Calculated Pell Grant, based on SAI (Calculated Pell = Max Pell minus SAI)
Federal Supplemental Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal grant to assist undergraduate students with exceptional financial needs, as determined by the FAFSA. Funding is limited. Pell Grant recipients with the greatest need (Student Aid Index (SAI) = -1500) will be given priority. Students must be enrolled at least half-time (6 credits) to be considered. Award amounts may vary based on available funding and enrollment status.
Student loans are borrowed funds that must be repaid with interest. NAU offers the Federal Direct Stafford Loan to eligible students. There are many flexible repayment plans available. The amount that students are eligible for varies. Additionally, parents of dependent students may also be eligible to request a Direct Parent PLUS Loan to meet the cost of attendance. Eligible students must maintain half-time enrollment to qualify for disbursement.
If further assistance is needed or if a student is ineligible or has exhausted all federal aid, there may be other loan options available to help meet educational expenses. Private student loans are available through private lending institutions. The loan terms, interest rates and fees will vary by lender. NAU encourages students to evaluate their budget and resources each semester and only borrow the amount of loans needed.
Federal Direct Loans
Requests for Federal Direct Subsidized Loans, Unsubsidized Loans, and Parent PLUS Loans will be processed throughout the semester of enrollment on a rolling basis. However, in order to guarantee the disbursement of your loan, all requests — including entrance counseling and master promissory notes(MPN) for first-time borrowers — must be received by our final deadlines. We recommend allowing a minimum of 2 weeks from the date of loan acceptance for disbursement to occur. Requests received after the final deadlines cannot be guaranteed.
All necessary documents, including verification documents, entrance counseling, Master Promissory Note (MPN), and loan acceptance, must be received by the second to last week before the semester ends.
Requirements
In addition to completing a FAFSA, federal student loan borrowers are required to complete the following:
| Entrance Counseling | Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default. Click here to access the Federal Direct Loan Entrance Counseling Guide. |
| Master Promissory Note | The Master Promissory Note (MPN) is a legal document in which you promise to repay your loans(s) and any accrued interest and fees to the U.S. Department of Education. The MPN also explains the terms and conditions of your loan(s). |
| Exit Counseling | Exit Counseling is required for Federal Direct Loan borrowers when a student leaves or graduates from NAU or is no longer enrolled at least half-time. Click here to access the Federal Direct Loan Exit Counseling Guide. |
Private Loans
A private student loan is a non-federal education loan borrowed from a private lender such as a bank, credit union, or other financial institution and should be a student’s last option for educational assistance. Only students who need additional funds beyond what they qualify for in federal and non-federal student aid should consider applying for a private education loan. If you are considering student loans offered by private lenders such as banks or credit unions, please first:
- Exhaust All Options – Before considering student loans from private lenders, make sure you’ve explored all other potential sources of financial aid, including federal loans.
- Contact Your Personal Bank or Credit Union – Reach out to your personal bank, credit union, or other private lending institutions to inquire about private education loans they offer.
- Evaluate Your Expenses – Take a close look at your expenses and find ways to reduce them before determining how much you need to borrow.
- Borrow Conservatively – Only borrow what is necessary for your education expenses.
- Compare Rates and Terms – Ask questions and compare interest rates and terms offered by different lenders to make an informed decision.
- Direct Application – Apply directly through the lender of your choice.
- Lender Certification – If your selected lender approves your private education loan application, they will submit a certification to the Financial Aid department for confirmation.
Consider the general pros and cons with your family thoroughly before applying. Remember, there are crucial differences between federal and private student loans:
- Interest Rates – Interest rates for private student loans are usually higher than those for federal student loans and are generally not fixed.
- Loan Fees – Private lenders may charge additional fees such as origination fees, monthly service charges, or late fees.
- Eligibility – In general, private student loans have stricter eligibility requirements. Lenders may require a good credit score and a co-signer. Your selected lender determines their loan application eligibility criteria. Note: If you are an international student, you will be required to have a credit-worthy United States citizen as a co-signer to obtain a private education loan.
- Loan Amounts – The maximum amount you can apply for is your cost of attendance minus any other financial aid you are receiving or your lender’s required Enrollment Status.
- Repayment Plans – Private lenders may not offer repayment plans that are as flexible as those offered for federal student loans, such as income-based or extended payment plans.
- Other Differences – Visit Federal Student Aid on the Web for more information on federal versus private loans.
Private education loans are subject to credit approval and may be denied. To increase your chances of getting approved for a private loan, consider having a creditworthy person cosign for the loan.
Private Loan Self Certification Form
Before disbursement of any private education loan can occur, a Private Loan Self-Certification Form must be completed. This form is part of the application process you complete through your lender.
Federal Work Study (FWS) is a federally subsidized financial aid program that provides part-time jobs for eligible undergraduate and graduate students with demonstrated financial need, allowing them to earn money to help pay for educational expenses.
To be eligible for FWS employment, a student must:
- Have a valid FAFSA on file for the current academic year
- Demonstrate financial need
- Maintain at least half-time enrollment (6 credit hours)
- Meet satisfactory academic progress (SAP) requirements
- Complete all required financial aid documentation
Eligible students are automatically awarded FWS until available funds are exhausted. The FWS award amount depends on availability of funds and the student’s financial need. The FWS award cannot exceed a student’s financial need. Student employees may not earn more than the dollar amount of their award. Any portion of the award that remains unearned at the end of the academic year will be forfeited.
Available positions are posted on NAU Student Jobs. Students must apply to the hiring office following the procedures posted online. Receipt of federal work-study does not guarantee employment. Hiring is at the discretion of the hiring office and NAU administration.
North American University is committed to assisting the men and women of the United States Armed Forces, as well as their spouses or dependents, achieve their education and career goals by providing access to VA education benefits.
Types of VA Education Benefits
CH 33 Post-9/11 GI Bill
The Post-9/11 GI Bill, also known as Chapter 33, provides financial support for education and housing to individuals with at least 90-days of aggregate service on or after September 11, 2001, or for individuals discharged with a service-connected disability after 30-days, or dependent children and spouses using benefits transferred from a qualifying veteran.
Montgomery GI Bill
The Montgomery GI Bill (MGIB) is an educational assistance program that provides up to 36 months of education benefits to help with tuition and training costs to those who have served on active duty. There are multiple programs available.
CH 31 Vocational Rehabilitation
This education benefit for military veterans helps with vocational rehabilitation services for veterans who have a service-connected disability of 10% and higher.
CH 35 Survivor’s and Dependents ’Educational Assistance (DEA)
If you’re the spouse or child of a veteran or active service member who has died, is captured or missing, or is permanently or totally disabled as the result of a service-connected disability, you may be able to get help paying for college or professional training through the DEA program.
The following are federal VA Education Benefits that can be applied for through the Veterans Administration and utilized at NAU:
Chapter 30 Montgomery GI Bill Active Duty (MGIB-AD)
- The Montgomery GI Bill (MGIB) is an educational assistance program that provides up to 36 months of education benefits to help with tuition and training costs to those who have served on active duty.
Chapter 31 Vocational Rehabilitation and Employment (VR&E)
- This education benefit is for military veterans who have a service-connected disability of 10% and higher helps with vocational rehabilitation services.
Chapter 33 Post 9/11 GI Bill
- The Post-9/11 GI Bill, also known as Chapter 33, provides financial support for education and housing to:
- Individuals with at least 90-days of aggregate service on or after September 11, 2001,
- For individuals discharged with a service-connected disability after 30-days,
- Dependent children and spouses using benefits transferred from a qualifying veteran.
Chapter 35 Dependents Educational Assistance (DEA)
- If you’re the spouse or child of a veteran or active service member who has died, is captured or missing, or is permanently or totally disabled as the result of a service-connected disability, you may be able to get help paying for college or professional training through the DEA program.
Chapter 1606 Montgomery GI Bill Selected Reserve (MGIB-SR)
Educational program for members who are actively participating in the Selected Reserve. Selected Reserve components include the Army Reserve, Naval Reserve, Air Force Reserve, Marine Corps Reserve, Coast Guard Reserve, Army National Guard, and Air National Guard. The Department of Defense and the Department of Homeland Security (Coast Guard) determine who’s eligible for chapter 1606. The Department of Veterans Affairs administers the program and pays benefits.
- Recipients receive a monthly stipend from the VA and can receive up to 36 months benefits.
Here at NAU, we have an array of degree programs that can be covered with Veterans Benefits:
- BS Business Administration – Finance
- BS Business Administration – Management
- BS Business Administration – International Business
- BS Computer Science – Computer Networking
- BS Computer Science – Software Engineering
- BS Criminal Justice – Forensic Science
- BS Interdisciplinary Studies in ED. – English
- BS Interdisciplinary Studies in ED. – Mathematics
- BS Interdisciplinary Studies in ED. – Elementary Education
- MBA – Business Analytics
- MBA – Leadership & Change Management
- MS Computer Science – Cyber Security
- MS Computer Science – Data Analytics
- MS Computer Science – Networking
- MS Computer Science – Software Engineering
- M.ED Curriculum & Instruction – Math Education
- M.ED Curriculum & Instruction – Science Education
- M.ED Curriculum & Instruction – Educational Technology Education
- M.ED School Counseling
- M.ED Educational Leadership
- Apply for Admissions to North American University.
- Request Transcripts and upload to your student portal.
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- Request a copy of your Joint Services Transcript
- For Army, Navy, Marines, or Coast Guard go tohttps://jst.doded.mil/jst/
- For Air Force, or Space Force go to https://www.airuniversity.af.edu/Barnes/CCAF/Display/Article/803247/community-college-of-the-air-force-transcripts/
- Request a copy of your Joint Services Transcript
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- Request copies of transcripts from all colleges and/or universities previously attended.
- Apply For Financial Aid on https://studentaid.gov/h/apply-for-aid/fafsa
- Receiving VA Educational Benefits doesn’t prevent you from receiving financial aid.
- Complete the FAFSA application, using NAU’s school code: 041795.
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- If you need to make payment arrangements on a balance not covered by VA benefits and/or financial aid, please visit Student Accounts.
- Apply For VA Benefits on https://www.va.gov/education/how-to-apply/
- If you have never applied for education benefits, fill out VA Form 22-1990, application for VA Education Benefits.
- If you are a transferring student and have used VA education benefits before, fill out VA Form 22-1995, to make a change of program or place of training. For Chapter 35 (DEA), please complete the VA Form 22-5495 to make a change of program or place of training.
- Make sure you put in your direct deposit information when applying for your benefits.
- Please print the VONAPP confirmation page and retain with your student records.
- You will receive a Certificate of Eligibility (COE) in the mail. Please turn in this document to the school once you receive it. We cannot certify your benefits without it.
- Register for Classes.
- Register for classes and submit your schedule along with your academic worksheet to the Financial Aid Office.
- You can only take classes that are on your academic worksheet.
- Request for Certification.
- Notify the Financial Aid Office to add the VA Certification link to your portal so you can upload the required documents.
- Please have all required documents prior to submitting your request for certification. Incomplete requests will not be processed.
- Apply for educational benefits
- Service member’s DD214
- VA Certificate of Eligibility (COE)
- Military transcript (if applicable)
- Transcripts from previous colleges/universities (if applicable)
- Academic worksheet for your current major at NAU
- More than likely, you will not have the VA Certification link in your portal until Financial Aid puts it in manually. Make sure you notify them directly at financialaid@na.edu to make the link available to you.
Failure to Submit All Required Documentation Will Delay VA Payment!!!
CONTACT US
OFFICE OF FINANCIAL AID
Email: financialaid@na.edu
Financial Aid Coordinator
Roberto A. Hernandez
(832) 464-8692
Financial Aid Advisor
Amber Chauvin
Student Last Name: A-F
(832) 230-5539
Financial Aid Advisor
Katherine Lopez
Student Last Name: G-N
(832) 230-5089
Financial Aid Advisor
Roberto A. Hernandez
Student Last Name: O-Z
(832) 464-8692
