Transcript TCNJ Financial Aid Process - Educational Opportunity Fund

TCNJ FINANCIAL AID
PROCESS
EDUCATIONAL
OPPORTUNITY FUND
JUNIOR AND SENIOR
YEAR
By
Dionne L. Hallback
Associate Director
Of fice of Student
Financial Assistance
Revised 4/30/2014
 2014-2015 FAFSA
Online application:
www.fafsa.ed.gov
 File the FAFSA by
May 15, 2014
before you leave
for the end of the
Spring semester
HESAA – EOF, TAG AND
ADDITIONAL QUESTIONS
 June 1st is the deadline to all TAG renewal students to have the FAFSA
on file. IF YOU DON’T HAVE FAFSA ONFILE YOU ARE INELIGIBE FOR EOF
AND TAG!!!
 “HESAA Additional Questions:
 Option A: Click the option to answer the ‘State Application’ on the
FAFSA Confirmation page
 Option B: Log-in to www.hesaa.org and click the ‘red triangle’
MONITOR YOUR TCNJ EMAIL AND PAW
ACCOUNT DURING THE SUMMER
FINANCIAL AID TIMELINE
FAFSA
Verification
and Awarding
Billing and
De-Registration
•FAFSA is available January 1st
•Complete your FAFSA by March 15th
•HESAA requires all continuing students FAFSA on file by June 1st
•April – Verification process begins: check your PAWS To Do List and
TCNJ Email
•June - Awarding begins for continuing students on a weekly basis
•July – Fall bill email notifications are sent (Office of Student Accounts)
•August – Fall bill is due
•August – De-Registration
GRANTS
 Pell Grant: Federal grant awarded on the basis of need and college
costs.
 2014-2015 Current year minimum/maximum: $602 - $5730
 Tuition Aid Grant (TAG): State grant awarded on the basis of need ,
cost of attendance and available funding.
 Current year minimum/maximum: $2516 - $8768
(the new award amounts for 2014-2015 are not announced until July 1 st )
 NJ ED Oppor tunity Fund (EOF): Standard EOF grant awarded to all
students in the program.
 2014-2015: $1150 (commuter) and $1400 (on campus)
 Supplemental Oppor tunity Grant (SEOG): Awarded to the neediest
students as defined by the FAFSA .
 Current year: $1500 (the new award amounts for 2014-2015 are not
announced until mid-June)
EOF INCENTIVE SCHOLARSHIP
Junior Year
Level
Amount
Units
CGPA
Level 1
$500.00
12
2.250
Level 2
$1,000.00
13.75
2.500
Level 3
$3,000.00
15
2.750
Level 4
$5,000.00
16
3.000
Senior Year
Level
Amount
Units
CGPA
Level 1
$500.00
18
2.250
Level 2
$1,000.00
20
2.500
Level 3
$3,000.00
22
2.750
Level 4
$5,000.00
24
3.000
Questions regarding the EOF Incentive Scholarship can be directed to
Joan Pageau at [email protected] or 609-771-3142
LOAN PROGRAMS
Loan
Application
Process
Interest
Fees
Amount Borrowed
Stafford
FAFSA
3.86%
1%
Depends on academic
year
*Any changes will be
announced 7/1/14
Perkins
FAFSA
5%
0
Managed by the
FA Office ($3,000)
NJ Class*
HESAA.org
Option 1: 5.49%
Option 2: 6.65%
Option 3: 8.05%
3%
Up to cost of attendance
4.204%
Up to cost of attendance
*Any changes will be
announced 7/1/14
Parent PLUS*
PLUS Application
(TCNJ Financial Aid
Website under
Online Services)
Alternative*
Lender Application
6.41%
*Any changes will be
announced 7/1/14
See lender website
**If the parent is denied the
students are awarded
additional Federal Direct
Unsubsidized Loan
($5000.00 as a junior or
senior)
No
Up to cost of attendance
*Students must complete a separate application for these loan programs. Application should be completed in June/July to
ensure the loan is processed and awarded by August.
ALTERNATIVE LOANS TIPS/KEY TERMS
TERM
DEFINITION
Origination Fee
Processing fee that is deducted from the gross amount of the loan.
Loan Fee
(Administrative Fee)
Amount charged by the lender that is deducted from the loan
Deferment
Postponement of payment of a student loan. Deferments are sometimes
associated with higher interest rates
Interest Rates
An interest rate is the rate at which interest is paid by a borrower (i.e. student)
for the use of money that they borrow from a lender (creditor).
 Fixed interest rates – do not change
 Variable interest rates – rate may change during the life of the loan and
usually do not exceed a certain percentage. Read the information provided
by the lender
Co-signer
A person with established credit who will co-sign the a student loan. Co-signing
often involves a promise to pay another person's debt arising out of contract if
that person fails to do so.
*Students applying for alternative loans must have a co-signer.
Promissory Note
The binding legal document that you must sign when you get a federal student
loan. It lists the terms and conditions under which you agree to repay the loan
and explains your rights and responsibilities as a borrower.
DIRECT STAFFORD LOANS
Dependent Students
Independent Student
ALTERNATIVE LOANS
( T C N J D O E S N O T C E R T I F Y A N Y A LT E R N AT I V E A N D / O R P R I VAT E L O A N
U N L E S S A FA F S A I S O N F I L E . )
 SallieMae
www.SallieMae.com/tcnj
 Citizens
www.CitizensBank .com/trufitstudentloan
 Discover
www.DiscoverStudentLoans.com
 Wells Fargo
www.WellsFargo.com/student
 See the
Financial Aid
website for
Alternative
Loan List &
 Online Loan
Comparison
Tool
PRIVATE SCHOLARSHIPS
 FinAid.org
 www.finaid.org
 The College Board
 www.collegeboard.com
 FastWeb.com
 www.fastweb.com
 GoCollege.com - The Collegiate Websource
 www.gocollege.com
INSTALLMENT PAYMENT PLAN
Office of Student Accounts
 TuitionPay Payment Plan Features
 No interest.
 Nominal enrollment fee for the annual payment plan and for each semester payment
plan.
 No credit check or co-signer needed (this is NOT a loan).
 TuitionPay can be used to pay for fall or spring semester study abroad programs .
 Semester or Annual Payment Plans
 Undergraduate Students – 10 Month Annual or 5 Month Semester
 The first five payments are credited to the Fall billing statement and the second five payments
are credited to the Spring billing statement.
 The payment plan contract is from July to April.
 The payments are due on the 25th of every month.
 Check with the Of fice of Student Accounts regarding the enrollment deadline which is usually
in August or September.
 Enrollment can be completed by phone (1 -800-635 -01 20), or on the web at
(https://tuiti onpay.salliemae .com/tcnj ).
 Consult the Of fice of Student Accounts (OSA) for additional questions. OSA
is located in Green Hall 119 or call 609 -771-2172, email: [email protected] .
BOOKS
Reminder your
EOF Promise
Book Stipend
ends your
Sophomore
year!
FINANCIAL AID AND BUDGETING
ON CAMPUS EXAMPLE
Any financial aid awarded after the Initial Award the student must apply
for except the EOFP Incentive Award.
FINANCIAL AID AND BUDGETING
LIVING OFF CAMPUS EXAMPLE
What are your expenses for living
off campus?
Example: Fall semester (5 months)
Reminder: Refund checks are not
issued until the following:
Fall semester: mid-September
Spring semester: mid-February
SUMMER FINANCIAL AID
Financial Aid for Summer Programs Students
• Complete the 2014 TCNJ Summer Session Financial Aid Application in PAWS.
Instructions are on our website: http://financialaid.pages.tcnj.edu/sources-offinancial-aid/financial-assistance-for-summer-programs-students/
• File the 2013-2014 FAFSA or Renewal FAFSA if is not already on file.
• Your financial aid file must be complete by June 28th
• You must have made satisfactory academic progress at the end of the Spring
semester to be considered for Summer assistance.
• Must be enrolled half-time
• Undergraduate students - enrollment hours of at least 1.5 units
• Graduate students - enrollment hours of at least 5 credits
Types of Financial Aid
• Federal Stafford Loans – based on remaining eligibility from the previous
academic year.
• Federal Direct Plus Loan Denial – if not used during the academic year
• Private Loans – students will need a co-signer unless parent or another third
party applies for the loan.
• Private scholarships
QUESTIONS
CONTACT INFORMATION
The Office of Student Financial
Assistance
Green Hall – Room 101
Dionne L. Hallback or Tom Foga
609-771-2211
[email protected]
www.tcnj.edu/~sfs/aid/