Financial Aid Update
On Wednesday, February 5, 2025, financial aid will begin to disburse (pay) to your student account.
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Your Financial Aid Is Coming
According to the U.S. Department of Education, the temporary pause of federal funding does not impact assistance received directly by individuals including federal direct student loans and Pell grants.
On Wednesday, February 5, 2025, financial aid will begin to disburse (pay) to your student account.
Please Note: You must complete the Academic Engagement assignment in Canvas for each of your classes in order for federal financial aid to disburse.
What You Need to Know
Financial aid amounts depend on registered credits:
- Federal Pell and SEOG Grants: Pro-rated by credits.
- Federal Student Loans: Require half-time enrollment (6 credits for undergrads, 3 for grads).
- NJ State Grants: Require full-time enrollment (12+ credits).
- Montclair Merit and Scholarships: Require full-time enrollment (12+ credits) per your program contract.
- Visa Students (e.g., F-1, J-1): Aid may be limited by your Visa status to include only merit, scholarship or state aid.
What Does This Mean?
- Not enrolled full-time? Your aid amounts may be reduced.
- As disbursements are processed, your financial aid is being applied to your account. This is a rolling 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 to Expect in Your Student Account
Important Clarification: Up until now, your student account and the remaining balance due was based upon estimated financial aid (if applicable). With disbursement now underway, aid estimates have been removed. Your balance may show an increase as a result.
REMEMBER: This is temporary. Disbursements will be applied gradually reducing your balance due.
Will This Change My Payment Plan? Yes.
- Beginning Wednesday February 5, 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.
- Once all aid is applied, your payment plan will decrease.
What about Refunds?
If your payments, including deposits and aid, exceed your tuition, fees and room and meal plans charges for the spring term, you will receive a refund.
- Refunds will begin Tuesday, February 18, and process weekly.
- Direct Deposit ensures the quick and safe delivery of the refund to you. You must enroll via NEST. Learn More about Direct Deposits.
- Bloomfield Students: Enter your BankMobile account information in the NEST Direct Deposit to continue using your BankMobile account. The University no longer has a contract with BankMobile.
Remember: It’s a Process
This takes time. All Academic Engagement assignments must be completed for aid to disburse fully. Thank you!