Graduate Orientation Presentation

This presentation is available for download using the following link:

If you prefer not to download the file, please read the presentation transcript below.

What is Financial Aid?

Financial Aid is an umbrella term that includes

• Loans
• Scholarship
• Any funds that do not come from you personally

Aid Eligibility

• High School Diploma or Equivalent
• Enrollment in an eligible program
• U.S. citizen or eligible non-citizen
• Valid Social Security Number
• Sign certifying statements on the FAFSA
• FAFSA filers must answer the drug question
• Male students must be registered with Selective Service
  • Or must consent to registration while completing FAFSA

Steps to Receiving Aid

• Apply for an FSA ID: fafsa.gov
• Complete the FASFA: fafsa.ed.gov
• Check the SAR
  • Once FAFSA is submitted, you will receive a Student Aid Report (SAR)
    • Received online via email
  • Students may make corrections/updates upon review

Types of Aid

Loans

• Federal Direct Stafford Loans (no credit check)
  • In the student’s name
  • Repayment begins 6 months after student is no longer enrolled at least half-time (4.5 credits)
  • This is an unsubsidized loan:
    • Interest accrues while student is enrolled
    • Fixed rate of 6% (1.069% origination fee)
  • Students must go to studentloans.gov and sign their master promissory note and complete entrance counseling in order for loans to pay against the bill
• Federal Graduate PLUS Loan
  • Based on credit check
  • Endorser (co-signer) if necessary
  • Repayment Options:
    • Standard immediate repayment
    • Interest only payments
    • Full deferment

• Alternative Private Loans
  • Provided through lenders such as banks or educational loan lenders
  • Do a compare of several private loans: elmselect.com
  • Review Interest Rates and Repayment Terms
  • 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 a month or more to process

TouchNet Payment Plan

• $30.00 to enroll
• Up to 5 monthly installments
• Allows for extended time to pay your balance
• No Credit Check
• Interest Free

Assistantships

• Contact Graduate School regarding assistantships

Programs Eligible for Federal Aid

• All Doctorial, Masters and CRI admits
• Some programs are on a trimester schedule
  • Three terms in one academic year (1/3, 1/3, 1/3)
  • Financial aid funding is split over the three terms

Eligible Certificate Programs – (CER)

• Advanced Counseling
• Teaching Middle Grades Math
• Teaching English to Speakers of Other Languages
• American Diet Association
• Paralegal Studies
• Translating Spanish
• Artists Diploma
• Drug and Alcohol Counselor Certification
• Music Therapy
• Nutrition and Exercise Science

Eligible Advanced Certification – (CRA)

• Supervisor Advance Certification
• Principal Certification

Eligible Certification Programs – (CRE)

• Reading Specialist Certification
• Substance Awareness Coordinator
• School Counselor Certification

Eligible Certificate Programs – (CRI)

• All Initial Teacher Certification Programs and the P-3 Abbott Programs
• Federal student aid regulations require the university to treat students in these programs as fifth year undergraduates
• When filing the FAFSA, you must identify as an undergraduate
  • If defined as a dependent, provide parental information
• Awarded as an undergraduate student
  • $12,500 Stafford Loans for AY
  • Includes Subsidized Loan

All Other Programs

• Eligible for private loans only

Contacting the Financial Aid Office

Email – financialaid@montclair.edu
Location – Red Hawk Central
Phone – 973-655-4461
Fax – 973-655-7712