Financing Your Education
Financing Your Education
Applying for Financial Aid
If you haven’t already done so, please complete the Free Application for Federal Student Aid (FAFSA). This should be completed as soon as possible and must be done every year. Please be sure to include the school code for Saint Peter’s, 002638, so that we receive the information electronically. If you are receiving a New Jersey state Tuition Aid Grant (TAG), you must file the application each year prior to June 1st for consideration of renewal. We suggest all students complete the application each year by April 15th to allow ample time for follow-up. If you miss the preferred deadline date you are still encouraged to speak with the Office of Financial Aid to design a manageable financial plan.
Once your application is processed, a copy of the information will be sent to Saint Peter’s. It is important that you follow-up immediately with any requests for additional information from either Saint Peter’s or the Higher Education Student Assistance Authority (HESAA). HESAA is the state agency that supplies state grants to eligible students. If you are a NJ Resident you are required to complete additional questions not listed on the FAFSA. These questions can be answered online at www.hesaa.org. If you are selected for verification, Saint Peter’s will be required to collect documents from you to verify the information that you supplied on the FAFSA. We will send you both a letter and email asking for specific information. If a tax transcript is required, you will need to request a copy from the IRS. This can be done online at www.irs.gov.
Applying for Loans
All students who wish to receive Stafford loans must complete and sign a Direct Stafford Loan Master Promissory Note (MPN) and complete an Entrance Interview. This process must be completed online. To ensure that you receive your Stafford loans on time, complete the process at www.studentloans.gov as soon as possible. Instructions can be found on the Student Financial Aid website www.saintpeters.edu/loans. You must also return your signed award letter indicating how much you wish to borrow. Information for applying for additional loans to fund your education including Parent Plus Loans and Alternative Loans can also be found at www.saintpeters.edu/loans.
Value of Borrowing
It pays to participate in education. Any student who graduates from postsecondary education and borrows will be well-positioned to pay back their loans. Investing in a postsecondary education is an investment for a lifetime and will add to a person’s earning potential.
A federal student loan is an affordable way for students and families to close the gap between available resources and the cost of education. Compared to home equity loans, personal loans, and credit cards, student loans are the cheapest way to borrow for postsecondary education.
Awards are based on full-time status and whether or not you indicated you wish to reside on campus. Changes to either of these may result in a change to your financial aid award and should be discussed with a financial aid counselor. General policies for scholarships and institutional awards can be found on the Student Financial Aid website. Renewal of all awards is contingent on maintaining Satisfactory Academic Progress (SAP). Guidelines for SAP can be found in the undergraduate course catalog.
The purpose of the Federal Work Study and Saint Peter’s Employment Program is to stimulate and promote part-time employment of undergraduate and graduate students who are in need of earnings to pursue courses of study at Saint Peter’s University. This employment, whenever possible, should complement and reinforce the educational program or career goals of the student. Students interested in participating in work-study can fill out an application during Orientation or may contact the financial aid office (201) 761-6060 to inquire about available positions.
In addition to institutional and government assistance, various private organizations, companies and foundations provide support for funding a college education. The Financial Aid Office maintains a listing of some of these external sources of aid on our website. The Independent College Fund of New Jersey is a valuable resource. Students and their families are also urged to explore funding from organizations in their local community. If you have any questions regarding any of these scholarships, foundations or grants, you can contact the Student Financial Aid Office at (201) 761-6060.
Cost of Attendance
The Undergraduate Cost of Attendance is an estimate of the costs to attend Saint Peter’s University for an academic year. This budget includes direct costs that are reflected on your bill such as tuition and mandatory fees, as well as indirect costs not reflected on your bill such as books and transportation expenses. It is important to keep these indirect costs in mind when you are planning your financial budget for the year. Financial Aid award packages are based on the total direct and indirect costs.