Navigating TCNJ Financial Aid Process for Junior and Senior Year Students

TCNJ FINANCIAL AID PROCESS EDUCATIONAL OPPORTUNITY FUND JUNIOR AND SENIOR YEAR By By Dionne L. Hallback Dionne L. Hallback Associate Director Associate Director Office of Student Office of Student Financial Assistance Financial Assistance Revised 4/30/2014 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 1 June 1st st is the deadline to all TAG renewal students to have the FAFSA is the deadline to all TAG renewal students to have the FAFSA on file. on file. IF YOU DON T HAVE FAFSA ONFILE YOU ARE INELIGIBE FOR EOF IF YOU DON T HAVE FAFSA ONFILE YOU ARE INELIGIBE FOR EOF AND TAG!!! AND TAG!!! HESAA Additional Questions: Option Option A A: Click the option to answer the State Application on the FAFSA Confirmation page Option B 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 is available January 1st Complete your FAFSA by March 15th HESAA requires all continuing students FAFSA on file by June 1st FAFSA April Verification process begins: check your PAWS To Do List and TCNJ Email June - Awarding begins for continuing students on a weekly basis Verification and Awarding July Fall bill email notifications are sent (Office of Student Accounts) August Fall bill is due August De-Registration Billing and De-Registration

GRANTS Pell Grant Pell Grant: Federal grant awarded on the basis of need and college costs. 2014 2014- -2015 Current 2015 Current year minimum/maximum year minimum/maximum: : $602 $602 - - $ $5730 5730 Tuition Aid Grant (TAG): 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 1st) NJ ED Opportunity Fund (EOF): NJ ED Opportunity Fund (EOF): Standard EOF grant awarded to all students in the program. 2014-2015: $1150 (commuter) and $1400 (on campus) Supplemental Opportunity Grant (SEOG): Supplemental Opportunity 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 Level Level 1 Level 2 Level 3 Level 4 Amount Amount $500.00 $1,000.00 $3,000.00 $5,000.00 Units Units 12 13.75 15 16 CGPA CGPA 2.250 2.500 2.750 3.000 Senior Year Level Level Level 1 Level 2 Level 3 Level 4 Amount Amount $500.00 $1,000.00 $3,000.00 $5,000.00 Units Units 18 20 22 24 CGPA CGPA 2.250 2.500 2.750 3.000 Questions regarding the EOF Incentive Scholarship can be directed to Questions regarding the EOF Incentive Scholarship can be directed to Joan Joan Pageau Pageau at at pageau@tcnj.edu pageau@tcnj.edu or 609 or 609- -771 771- -3142 3142

LOAN PROGRAMS Loan Loan Application Application Process Process Interest Interest Fees Fees Amount Amount Borrowed Borrowed Stafford FAFSA 3.86% changes will be announced 7/1/14 announced 7/1/14 1% Depends on academic year *Any Any changes will be 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% *Any *Any changes will be changes will be announced 7/1/14 announced 7/1/14 3% Up to cost of attendance Parent PLUS* PLUS Application 6.41% changes will be announced 7/1/14 announced 7/1/14 4.204% Up to cost of attendance **If the parent is denied the students are awarded additional Federal Direct Unsubsidized Loan ($5000.00 as a junior or senior) *Any *Any changes will be (TCNJ Financial Aid Website under Online Services) Alternative* Lender Application See lender website No Up to cost of attendance *Students must complete a separate application for these loan programs. Application should be completed in June/July to *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. ensure the loan is processed and awarded by August.

ALTERNATIVE LOANS TIPS/KEY TERMS TERM TERM DEFINITION 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 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 (TCNJ DOES NOT CERTIFY ANY ALTERNATIVE AND/OR PRIVATE LOAN UNLESS A FAFSA IS ON FILE.) SallieMae SallieMae www.SallieMae.com/tcnj Citizens Citizens www.CitizensBank.com/trufitstudentloan Discover Discover www.DiscoverStudentLoans.com Wells Fargo 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 Office of Student Accounts 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 TuitionPay can be used to pay for fall or spring semester study abroad programs. TuitionPay TuitionPay Payment Plan Features NOT a loan). Semester or Annual Semester or Annual Payment Plans Undergraduate Students Undergraduate Students 10 Month 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 Office of Student Accounts regarding the enrollment deadline which is usually in August or September. Payment Plans 10 Month Annual or 5 Month Semester Annual or 5 Month Semester Enrollment can be completed by phone (1-800-635-0120), or on the web at (https://tuitionpay.salliemae.com/tcnj). Consult the Office of Student Accounts (OSA) for additional questions. OSA is located in Green Hall 119 or call 609-771-2172, email: stuacct@tcnj.edu.

BOOKS Reminder your Reminder your EOF Promise EOF Promise Book Stipend Book Stipend ends your ends your Sophomore Sophomore year! 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 What are your expenses for living off campus? 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 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-of- financial-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 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 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 June 28 28th th

QUESTIONS

CONTACT INFORMATION The Office of Student Financial The Office of Student Financial Assistance Assistance Green Hall Green Hall Room 101 Room 101 Dionne L. Hallback or Tom Foga 609-771-2211 osfa@tcnj.edu www.tcnj.edu/~sfs/aid/ www.tcnj.edu/~sfs/aid/