By Dionne L. Hal lbackAssociate DirectorOffice of Student

Financial Assistance

Rev ised 4 /30 /2014

TCNJ FINANCIAL AID PROCESS

EDUCATIONAL OPPORTUNITY FUND

JUNIOR AND SENIOR

YEAR

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

FAFSA

• FAFSA is available January 1st

• Complete your FAFSA by March 15th • HESAA requires all continuing students FAFSA on file by June

1st

Verification and

Awarding

• April – Verification process begins: check your PAWS To Do List and TCNJ Email

• June - Awarding begins for continuing students on a weekly basis

Billing and De-

Registration

• July – Fall bill email notifications are sent (Office of Student Accounts)

• August – Fall bill is due• August – De-Registration

FINANCIAL AID TIMELINE

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 1st)

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): 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)

GRANTS

Level Amount Units CGPALevel 1 $500.00 12 2.250Level 2 $1,000.00 13.75 2.500Level 3 $3,000.00 15 2.750Level 4 $5,000.00 16 3.000

EOF INCENTIVE SCHOLARSHIP Junior Year

Level Amount Units CGPALevel 1 $500.00 18 2.250Level 2 $1,000.00 20 2.500Level 3 $3,000.00 22 2.750Level 4 $5,000.00 24 3.000

Senior Year

Questions regarding the EOF Incentive Scholarship can be directed to Joan Pageau at pageau@tcnj.edu or 609-771-3142

Loan Application Process

Interest Fees Amount Borrowed

Stafford FAFSA 3.86%*Any changes will be

announced 7/1/14

1% Depends on academic year

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 changes will

be announced 7/1/14

3% Up to cost of attendance

Parent PLUS* PLUS Application

(TCNJ Financial Aid Website under Online

Services)

6.41%*Any changes will

be 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)

Alternative* Lender Application

See lender website No Up to cost of attendance

LOAN PROGRAMS

*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.

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.

ALTERNATIVE LOANS TIPS/KEY TERMS

DIRECT STAFFORD LOANS

Dependent Students

Independent Student

SallieMae www.SallieMae.com/tcnj

Citizenswww.CitizensBank.com/trufitstudentloan

Discoverwww.DiscoverStudentLoans.com

Wells Fargowww.WellsFargo.com/student

ALTERNATIVE LOANS(TCNJ DOES NOT CERTIFY ANY ALTERNATIVE AND/OR PRIVATE

LOAN UNLESS A FAFSA IS ON FILE.)

See the Financial Aid website for Alternative Loan List &

Online Loan Comparison Tool

FinAid.org www.finaid.org

The College Board www.collegeboard.com

FastWeb.com www.fastweb.com

GoCollege.com - The Collegiate Websource www.gocollege.com

PRIVATE SCHOLARSHIPS

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 bil l ing statement and the second five payments are credited to the Spring bil l ing 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.

Enrol lment can be completed by phone (1-800-635-0120), or on the web at (https: / /tui t ionpay.sal l iemae.com/tcnj) .

Consult the Office of Student Accounts (OSA) for addit ional quest ions. OSA is located in Green Hal l 119 or cal l 609-771-2172, email : stuacct@tcnj.edu.

INSTALLMENT PAYMENT PLAN

Reminder your EOF Promise

Book Stipend ends your

Sophomore year!

BOOKS

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 BUDGETINGLIVING 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-SeptemberSpring 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-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 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

osfa@tcnj.edu www.tcnj.edu/~sfs/aid/