Introduction to Financial Aid

Office of Financial Aid

Financial Aid and Berkeley College• How and when to apply for financial aid• Which semesters are covered• Types of financial aid

• Grants and Scholarships• Loans

• How financial aid is disbursed• Costs• Maintaining your financial aid

• Aid Eligibility• Next Steps• Award Notice• Contact Us

Office of Financial Aid

How and when to apply for Financial Aid• Free Application for Federal Student Aid (FAFSA)

• The FAFSA must be submitted to receive federal, state, and select Berkeley College aid

• FAFSA.ED.GOV• Mobile FAFSA for Apple• Mobile FAFSA for Google Play• New year FAFSAs begin October 1. Students must reapply every

year for aid.• Current year 2020/2021 FAFSAs request 2018 income information• Next year 2021/2022 FAFSAs request 2019 income information

Office of Financial Aid

How and when to apply for Financial Aid• Income information is needed for the following:

• Independent students• Student• Spouse (if married)

• Dependent students• Student• Parent(s)

• Contact the Financial Aid office if actual income levels are significantly different than what is on the FAFSA.

• Contact the Financial Aid office if the FAFSA cannot be completed.

Office of Financial Aid

Which semesters are covered• The FAFSA-based aid is typically awarded two semesters at

a time. • After two semesters, the new FAFSA-based aid is awarded.• Your Award Notice will indicate which semesters are covered.• To access your personal Award Notice, click here for instructions.

Office of Financial Aid

Types of Financial Aid• Grants and Scholarships

• Aid that does not have to be paid back• Based mostly on need (FAFSA)• Based on merit• Federal

• Federal Pell Grant• Based on FAFSA• Based on your enrollment and the college’s federal allocation• Limited amounts to receive - 600% or 6 full award years

• 100% = 2 full-time semesters• Read the Pell basics for students

• Federal Supplemental Education Opportunity Grant (SEOG)• Based on FAFSA• Based on enrollment• Read the SEOG basics for students

Office of Financial Aid

• State Grants• NY Tuition Assistance Program (TAP)

• For NY residents attending NY campuses• Residency requirements must be met• Apply for TAP here.• Read about all eligibility requirements for TAP here• Awards based on New York State net taxable income and tuition charges• Deadlines:

• June 30th of the current academic year• Lifetime limits are:

• Associate Degree: 36 points (6 semesters)• Bachelor Degree: 48 points (8 semesters)• 6 points are used each semester

Types of Financial Aid

Office of Financial Aid

• State Grants cont.• NJ Tuition Assistance Grant (TAG)

• For NJ residents attending NJ campuses• Must meet residency requirements• Enrolled full-time• Check TAG status here.• Awards based on NJ Eligibility Index (NJEI)• Deadlines and all eligibility requirements click here• Lifetime limits are:

• Associate Degree: 2.5 years (5 semesters)• Bachelor Degree: 4.5 years (9 semesters)

Types of Financial Aid

Office of Financial Aid

• Berkeley Grants• Click for a list of Berkeley College Grants and Scholarships• Merit-Based• Need-Based• Cohort-Based• Conditional

Types of Financial Aid

Office of Financial Aid

Other Types of Financial Aid• Loans

• Federal Loans• Federal Subsidized Direct Stafford Loan

• Must be repaid• Based on need* (FAFSA results)• Click for current interest rates and Loan fees• Department of Education pays the interest while:

• You attend at least half-time• Grace period during the first 6 months after you leave school• During a period of deferment

• Must be repaid• Read the Direct Loan basics for students

*Need = College Costs of Attendance – Expected Family Contribution = Need (Slide 18)

Office of Financial Aid

Other Types of Financial Aid• Unsubsidized Direct Stafford Loan

• Must be repaid• Non-need based• Click for current interest rates and Loan fees• Interest accumulates during all periods of the Loan• Read the Direct Loan basics for students

• Direct Plus Loan• Must be repaid• Applicable for parents of dependent students• Applicable for graduate students• Credit check required for approval• Click for current interest rates and Loan fees• Read the Direct Loan basics for parents• Click to apply

Office of Financial Aid

Other Types of Financial Aid• Annual and lifetime limits

Loan: Grade Level Dependent Independent

Subsidized:

Grade Level 10-29 credits

$3,500 $3,500

Grade Level 230-59 credits

$4,500 $4,500

Grade Levels 3 / 460+ credits

$5,500 $5,500

Office of Financial Aid

Other Types of Financial Aid• Annual and lifetime limits

Loan: Grade Level Dependent Independent/dependent students whose parent cannot take PLUS

Total Loan LimitSubsidized and Unsubsidized:

Grade Level 10-29 credits

$5,500 $9,500

Grade Level 230-59 credits

$6,500 $10,500

Grade Levels3 / 460+ credits

$7,500 $12,500

Office of Financial Aid

Loan: Dependent Independent/Dependent students whose parent cannot take PLUS

Subsidized: $23,000 $23,000

Total LoansSubsidized and Unsubsidized:

$31,000 $57,500

Other Types of Financial Aid• Annual and lifetime limits

Office of Financial Aid

Other Types of Financial Aid• Federal Work Study

• Offices served by Berkeley’s FWS program include:• Academics• Student Development and Campus Life• Library• Center for Academic Success• Advising and Registration• Financial Aid• Other offices that provide general administrative support

Office of Financial Aid

Other Types of Financial Aid• Federal Work Study cont’d

• Student eligibility for this need-based aid program may change based on:• Complete a FAFSA application each year to determine need• Adjustments to each student’s need calculations• Other sources of aid• Satisfactory academic progress attainment (students must maintain a minimum GPA of 2.0 and

some departments have their own GPA requirement)• Must be enrolled in a degree-seeking program for at least 6 credits• Enrollment status changes• Must be authorized to work within the United States• Therefore, FWS positions are considered temporary positions and individual student placement

in particular positions is not guaranteed.• Click here for more information on the Federal Work Study Program

• To find out if you are eligible, please e-mail fws@berkeleycollege.edu.

Office of Financial Aid

How Financial Aid is DisbursedThe following must occur for financial aid to be disbursed:

• Your file must be reviewed and verified for accuracy• Your enrollment must be verified

• Your aid may change as a result of this process• Aid is disbursed directly to the Office of Student Accounts• Aid is typically disbursed starting Week 5 of the semester• Students have the ability to cancel the Loans up to 30 days

from disbursement. To cancel the Loans, submit a Loan Cancellation request here

Office of Financial Aid

Costs• Direct Cost

• Tuition• Fees• Housing (if applicable)

• Cost of Attendance (COA)• Direct Cost• Indirect Cost

• Transportation• Personal expenses• Room and board (not Berkeley College housing)

• Berkeley College packages to Direct Cost• Award Notice

Office of Financial Aid

Costs• Award Notice

• Award amounts are determined by:• The results of the FAFSA Application• The results of your state analysis of your need• Your course load or enrollment status• Your grade level (1st year, 2nd year, or 3rd or 4th year)• Your GPA

• Award Notices are estimates until aid is disbursed• Berkeley College will inform you via your Berkeley College email if your

aid has changed

Office of Financial Aid

Maintain Your Financial Aid Eligibility• Reapply FAFSA October 1

• Reapply here• Mobile FAFSA for Apple• Mobile FAFSA for Google Play

• Maintain necessary grade point average (GPA)• Click for scholarship requirements

• Maintain Satisfactory Academic Progress (SAP)• Click for SAP requirements

Office of Financial Aid

Next Steps• Hold of Title IV (Click to navigate to Engage self –service)• Any other required docs (Click to navigate to Engage self –service)• To submit non-Berkeley forms via BerkBox click here for instructions

• For Loan borrowers • Master Promissory Note (click here to complete)• Entrance Counseling (click here to complete)• Annual Student Loan Acknowledgment (click here to complete)• Reduction of Loans (Click to complete E-form)

Office of Financial Aid

Award Notice• Sample Award Notice

• Click here to view sample Award Notice

Office of Financial Aid

Contact UsPhone Number:

973-200-1148Email:

Studentfinance@berkeleycollege.edu

For reference please see the Guide to Financial Aid

Always check your Berkeley College email for notifications from the Financial Aid Department.