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NEXT STEPS TO COMPLETE THE FINANCIAL AID PROCESS 2012 Parent Programs Step One: Complete the FAFSA www.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. Federal Direct PLUS Loans 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%. 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. Special Circumstances 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 Please visit us on the third floor during the Parent Fair with any questions!