N EXT S TEPS TO C OMPLETE THE F INANCIAL A ID P ROCESS 2012 Parent Programs

Step One: Complete the FAFSA

Step Two: Award Letter  Details the types and amounts of aid the student is eligible for during the 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: – –

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 – 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 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!