Montclair State University

Ten Easy Steps to Student Financial Aid

To be on top of the Financial Aid process at Montclair State all you need to do is follow these ten easy steps. Each step has the links necessary for you to complete the requirements for your aid to be processed. In addition there is explanatory information for you to review

Step 1: Apply for Admission

Make sure you are admitted into a Degree Seeking Program (Bachelor of Arts/Science or Masters Degree programs) or an eligible Certificate program.

You must be fully admitted before your financial aid can be processed. Students accepting student loans must be unconditionally admitted to a degree program and must be registered for six credits or more.
Send in your official FINAL transcripts from your high school and any college transcripts.
Send your SAT and ACT to Montclair State University AND take the placement test (undergraduates only) at the Advising and Testing Center (located in Morehead Hall). For more information go to www.montclair.edu/cada/placementtest/msupt.html
Meet with the academic advisor for your program.
For more details please go to Admissions at www.montclair.edu/admissions/ or contact them at 973-655-4000.

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Step 2: Apply for Financial Aid

Log on to www.fafsa.ed.gov
Montclair State School Code is 002617.
Most undergraduate students need to provide parent Federal Tax information.
Students AND parents should electronically sign with Federal PIN ID [http://pin.ed.gov].
- To receive NJ State Grants you will have additional questions to answer at http://www.hesaa.org/
When the FAFSA is “complete” according to the U.S. Department of Education, Montclair State receives an electronic report in about one week.

This report is known as an ISIR. It is required to begin the school’s financial aid process.

Some students may be selected for State and/or Federal verification.

If your FAFSA was selected for Verification you/your parents will be required to submit federal tax returns, a Verification Worksheet and occasionally additional documents. These documents can be found on our Forms Web page.
NJ Higher Education Student Assistance Authority (HESAA) may also request documents from you/your parents; they will notify you directly.
The sooner you can follow up on requests for information, the sooner you will have accurate results from your Financial Aid Application.

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Step 3: Review your Financial Aid Awards

You will receive a notice to check your Financial Aid on WESS.
Share this information with your parents; FERPA rules prevent this office from discussing your awards with anyone other than you.
Admitted freshmen will receive a “Preliminary” award notice.
Awards may be revised if verification results in correction of your FAFSA information.
Your award package may include grants, loans, work-study.
You are always offered the MAXIMUM awards allowable based on the FAFSA and full-time enrollment.
If the FAFSA information is outdated due to a change in circumstances since the last Tax Returns your family may Request a Review of these special circumstances. But the review cannot be completed until after you accept admission to the University.
If you choose to attend part-time your Financial Aid will be adjusted.
Scholarships are not offered by the Financial Aid Office, they are awarded to students the Office of Undergraduate Admissions.

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Step 4: Estimate the Costs

There are estimated Fall/Spring costs provided by the Financial Aid Office (on WESS).
These costs known as the “Cost of Attendance” cover real charges for 2 semesters. They also cover some estimated expenses (Books, Living Allowances, Transportation, Miscellaneous personal expenses).
Your bill will represent Actual Charges for each semester (tuition, fees, room and board, red hawk dollars).
The explanation for the difference between the “Cost of Attendance” and the Actual Charges is that the Federal Government allows students to receive Financial Aid and Loans up to the Cost of Attendance but not over the Cost of Attendance.
Each semester bill will show all Financial Aid to be deducted.
You will owe the remaining balance.

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Step 5: Accept, Reduce, Decline Loan(s) or Work-Study

Loans have to be repaid after you leave school.
If you wish to receive the loan offered on your award letter, enter Accept on the letter. If you do not want the loan, enter Decline.
To get your work-study funds you must find a job on campus.
Job listings can be found on the Career Services Web page.

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Step 6: Make a Plan to Pay the Bill

Financial Aid deducted from the bill is not credited to your account until the first day of class.
Student Accounts waits for Financial Aid payments until charges begin.
Bill balances after financial aid deductions are due when indicated on the monthly billing statement.
There are many options to paying the remainder of your bill.

Bursar options can be found on the Bursar Web page.
Or check Steps 7 and 8 for other types of loans.

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Step 7: Need More Help from Government?

Federal Parent [PLUS] Loans are available to parents of undergraduate students. Parents can borrow up to the “Cost of Attendance” (See Step 4 for explanation) but may need less.
Parents must complete a Direct Loan Promissory Note at My DirectLoans with their Federal PIN ID.
Students in graduate Degree Programs can borrow additional funds from the Graduate PLUS Loan Program up to the “Cost of Attendance.”
Log on to MyDirectLoans to apply and sign with your Federal PIN ID.
PLUS Loans require credit checks as part of the application process.
Students in graduate degree programs may borrow additional funds from the Graduate PLUS Loan Program up to the “Cost of Attendance.”

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Step 8: Other Possible Loans

Students and families requiring additional assistance may apply for private educational loans.
Financial institutions provide these loans and the requirements of each lender are different.
These loans typically require a co-signer for a student-borrower.
These loans have varying interest rates and repayment plans.
Students and co-signers need to seek out the loan and complete the application process.
Once the student loan application is approved by the lender, the lender requests the school to certify the student’s eligibility.
Certificates are not eligible for Federal Loans, but students may apply for private loans.
You can view an historial list of Private Loans that Montclair State University has accepted.

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Step 9: Complete Direct Loan Counseling and Master Promissory Note

Log on to MyDirectLoans
Learn the Stafford Loan basics (loan limits).
You have “rights” and “responsibilities” as a borrower of federal loans.
Loans must be repaid when you are no longer in school.
If you are accepting the loan you must also sign the Master Promissory Note. All Montclair borrowers are NEW to the Direct Loan Program. Except transfer students with a Direct Loan promissory note already.
All students applying for Stafford Loans must apply to the Direct Loan Program. The Family Education Loan Program (FFELP) will be discontinued on July 1, 2010.

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Step 10: Stay Up-to-date

Read your emails on your Montclair email account.
Check WESS records regularly for financial aid information, billing information, registration information and lots of other information.
Check FAQ’s.
Check the website for Policies and Procedures.
Check spotlight for new information, bulletins and ALERTS.
Keep up with your assignments on Blackboard.
To clear up problems, give your parent permission to discuss specific issues by completing a FERPA Release Form.
Contact the Financial Aid Office.