If you have financial aid on your NEST account, on Friday, September 15, the aid will begin to be disbursed (paid) to your student account. The disbursement of aid will be based on your completion of your Academic Engagement Assignment, for each of your fall courses.
What You Need to Know
Financial aid amounts are based on the number of credits for which you are registered:
- Federal Pell and SEOG Grants are pro-rated based on enrolled credits.
- Federal student loans require half-time enrollment.
- Six credits for undergrads and three credits for graduate students.
- NJ State grants require full-time enrollment (for undergraduate students – 12 credits).
- This includes Garden State Guarantee (undergrads only).
- Montclair merit and scholarship funds require full-time enrollment per your Program Contract.
What Does This Mean?
If you are not enrolled full-time, you may see one or more aid amounts reduced when the aid is applied to your bill.
Other Important Things You Need to Know
Remember: To receive financial aid, students must complete the Academic Engagement Assignment in Canvas for each class they are attending.
What Is the Process?
- Once disbursement begins, your financial aid is applied to your student account. This is a rollout process, with partial disbursements applied over time.
- Pell and SEOG begin paying with one class verified.
- Subsidized, Unsubsidized, and Parent or Grad PLUS loans will disburse with half-time status – six (6) credits for undergrads, three (3) credits grad students.
- Disbursements run every night.
What You Might See in Your Student Account Balance
- Important Clarification: Student Accounts first uses estimated financial aid to reduce your balance.
- When the disbursement process begins, the estimated funds are removed and your balance owed may show an increase.
- REMEMBER: This is temporary. As disbursements are applied, your balance due will change.
Will This Change My Payment Plan? Yes!
- Beginning Tuesday, September 13, payment plans will automatically recalculate on a weekly basis.
- If estimated aid is removed and not disbursed prior to the recalculation of your payment plan, your monthly payments will increase. This is also temporary.
- When all of your aid is applied, your payment plan amount should go back closely to the original amount unless your aid was revised.
What about Reimbursements?
If your payments, including deposits and aid, exceed your tuition, fees and room and meal plan charges for the fall semester, you will receive a reimbursement.
- Student Accounts will begin processing reimbursements to students on Tuesday, September 27, 2022 and once a week thereafter.
- Direct Deposit ensures the quick and safe delivery of your reimbursement. You must enroll via NEST. Learn more about Direct Deposits.
Remember: It’s a Process
This takes a bit of time and we ask for your patience.
If you have not yet filed for financial aid, you can still do that for the 2022-23 year – studentaid.gov.