NEXT STEPS TO COMPLETE

THEFINANCIAL AID

PROCESS2012 Parent

Programs

Step One: Complete the FAFSAwww.fafsa.gov

Step Two: Award Letter

Details the types and amounts of aid the student is eligible for during the 12-13 academic year.

Award Letter Actions

Determine which awards you would like to accept.

Return one copy to the Financial Aid Office only if you are declining any of the awards.

Keep one copy for your records.

Additional Documentation

Federal Verification– Performed by the Financial Aid Office

May need to submit IRS Tax Transcript

State Verification– Only for Tuition Aid Grant (TAG)

recipients– Performed by the NJ Higher Education

Student Assistance Authority Please submit documentation in a

timely manner to the appropriate agency.

Work Study Students work on-campus and

at community service jobs. Students receive a paycheck

for the hours worked. Work study earnings DO NOT

get credited toward tuition. Students should attend the Job

Fair on Thursday, September 6 in the MAC to secure a job.

Outside Scholarships Please notify the Financial Aid

Office if the student will receive an outside scholarship.

We will add the scholarship to the financial aid package and make adjustments as needed.

All scholarship checks should be sent to the Cashier’s Office.

Step Three: Payment Billing is handled by the

Office of the Bursar Students are billed one

semester at a time Fall bills are due August 8 Includes tuition, fees, room

and board (if applicable) Deducts payments and

financial aid

Payment Options Evaluate payment options– Out-of-pocket payment

Online payment option– Monthly payment plan through

Tuition Management Systems (TMS)

– Federal Direct PLUS Loan– Private Alternative Loan

Indirect Costs

Account for expenses not included on term bill–Books and

Supplies–Transportation–Personal Expenses

Tuition Management Systems Payment Plan

Interest free monthly payment plan—not a loan.

10 or 8 month plan $65 enrollment fee Contact:– 800-356-8329– www.afford.com

Private Alternative Loans Credit based loans generally

borrowed by the student with a credit worthy cosigner.

Most lenders offered tiered interest rates based on credit score.

Students may borrow funds for books, transportation and personal expenses.

Terms and conditions vary by lender.

PLUS loans are credit based loans for parents.– Loan remains in the parent’s name until it is fully repaid.

Loan funds may be used for books, transportation and personal expenses.

Starts repayment after full disbursement– There is an in-school deferment option that

postpones repayment until 6 months after the student ceases half-time enrollment.

Fixed interest rate of 7.9%.

Federal Direct PLUS Loans

Step Four: Applying for Loans

Private Alternative Loans– All lenders allow you to apply

online.– Receive a credit decision

within minutes of completing the application.

– Follow-up with the lender to ensure all documentation has been received.

– Funds are electronically sent directly to the University.

Step Four: Applying for Loans

Federal Direct Parent PLUS Loan– Apply online at

www.studentloans.gov– Click on “Sign In”– You will need your

FAFSA PIN to complete the process.

– Upon approval, you will be able to electronically sign the Master Promissory Note (MPN).

Perkins and Stafford Loans Students will complete the

following online:– Entrance Counseling– Master Promissory Note (MPN)

Both loans are in the student’s name and the student must complete the loan process.

Notification is sent via mail and email starting in late June for both loans.

The Financial Aid Office can address certain circumstances that are not reflected on the FAFSA.– Loss of employment– Loss of other income

Child Support, Unemployment Benefits– Parental death, separation or divorce after the

FAFSA is completed– Medical expenses

Must be paid and not claimed on tax return

Special Circumstances

Please visit us on the third floor during the Parent Fair with any

questions!