1. The Financial Aid Process
Understanding the Steps for a Smoother Transition

2. We only mail home the initial award letter.
Notification
You should have received your award letter in the mail. Your financial aid awards will also be available to review on your NEST portal
We only mail home the initial award letter.
Includes lots of helpful information

3. What is NEST? Montclair State’s primary way of contacting students
Contains all billing, financial aid, registration, holds, student schedules and grade information
It is the student’s responsibility to regularly check their NEST portal and Montclair for any updates. We do not send information to parents.

4. ~Grants and Work Opportunities
Grants – (do not need to be paid back)
Federal Pell Grant
NJ Tuition Aid Grant (NJ TAG)
Students must complete the State Questions at
This process is required for NJ TAG/EOF recipients
Work Study
Based on EFC eligibility and awarded on a first come, first awarded basis
Students must get a job on campus to receive these funds
Paid directly to the student biweekly

5. ~EOF Awards Commuters Residents
$1,250 per academic year ($625 per semester)
Residents
$1,500 per academic year ($750 per semester)
*Must meet eligibility requirements each academic year*

6. (Interest rates determined annually. Currently 5.05%)
~Student Loans
Loans on award
Stafford Loans
Federal loans for students enrolled at least half-time
In the student’s name
Fixed interest rate
Typically most affordable type of student loans
Repayment 6 months after student is no longer enrolled at least half-time
(Interest rates determined annually. Currently 5.05%)
Subsidized
Interest does not accrue while student is enrolled
Unsubsidized
Interest does accrue while student is enrolled.
Students must go to and sign their master promissory note and complete entrance counseling in order for loans to pay out

7. So What’s Next??
At this point, All FAFSA applications and applications for state aid with HESAA should be submitted.
Your bill will be available in July.
If you are living on campus, starting planning how to cover your total costs now (use the estimated bill – available 6/21).
Monitor your and NEST account. Our office may already be requesting documents from you. Please act in a timely manner to prevent loss of financial aid awards.

8. So What’s Next?? You may be selected for Federal or State verification
Check NEST and your NJ FAMS portal
Submit required documents to MSU and/or HESAA
Your goal should be to have all required documents submitted before July 13th.

9. Explanation of Awards Parent PLUS loan
Federal loan for parents of dependent undergraduate students to help pay education expenses
If PLUS loan is denied, additional unsubsidized loan is applied in student’s name
To apply visit
Credit check required
Repayment Options:
Immediate monthly repayment
Interest only repayment
Complete deferment

10. Explanation of Awards ~Private Loans
Loans not on award
Private loans –
Student loan funds that are offered through banks or educational loan lenders
Can be borrowed by student and/or parent
Students will need a co-signer
ELMselect.com will provide you with a list of historical private lenders, while allowing you to access and compare private loan interest rates. 
Truth in Lending Act – requires a number of steps to be taken by the borrower and the lender before a loan can be disbursed
Private loans can take up to a month to process

11. Contacting Financial Aid–
Location – Red Hawk Central
Phone – (973)
Fax – (973)
*Please have the CWID number available when contacting our office*
Visit us on the web!

12. Red Hawk Dollars and Books
USE REFUNDS WISELY!
Excess funds can be moved to Red Hawk Dollars or returned back to the student via check or direct deposit

13. Questions?