Enrollment Services


Frequently Asked Questions Regarding Financial Aid

How do I apply for financial aid?

You must fill out a Free Application for Federal Student Aid (FAFSA). You can complete a paper FAFSA or complete it on-line at www.fafsa.ed.gov.

What is Financial Aid?

  • Financial aid can include grants, scholarships, loans and Federal Work Study.
  • Grants and scholarships normally do not have to be paid back but the student may have to meet certain criteria to continue to be eligible for these each year (maintain a certain GPA, continue to play a sport). Loans are borrowed funds and must be paid back under the conditions of the loan program. Work Study is a job – students are paid for hours they work.

What happens after you apply?

You will receive a federal Student Aid Report (SAR). You can expect the SAR to be mailed to your home in two to six weeks after you transmit your SAR to the federal processor. If you list an email address, you should expect an email link to your SAR within 2 weeks. You must review this report for accuracy. We recommend that if corrections are necessary, that you bring the SAR to the Financial Aid Office immediately for assistance in making corrections to the SAR. If you are selected for verification, you will also be required to provide copies of the tax returns for individuals whose income was included on the application.

What will the University receive?

The college will receive your Institutional Student Information Record (ISIR). The federal processor will transmit an electronic eligibility file called an ISIR to the College(s) you list on your FAFSA. The college will review the ISIR for accuracy and request missing documents if you are selected for verification or if corrections are needed. You will receive a follow-up letter for missing documents and missing forms that are required to make your file complete.

Are there any deadlines for financial aid that I need to meet?

New applicants, in order to be eligible for TAG for the upcoming academic year, must complete their FAFSA no later than October 1st . If they are a spring admit for the upcoming year they must complete the FAFSA no later than March 1st. Returning New Jersey residents must have filed their FAFSA in order for the State of NJ to have received it, by June 1st, in order to be eligible for TAG for the upcoming year. For Stafford and NJ Class Loans only, students must have completed their FAFSA’s and loan applications must be received from the student and certified by the Student Financial Aid Office, before the end of the term the loan is to be used for.

How many credits must I take to be eligible for financial aid?

In order to be eligible for federal (exception: Pell), state or institutional financial aid, a student must be enrolled at least on a half-time basis, a minimum of 6 credits per semester or 4.5 credits per trimester) although institutional grants usually require full-time enrollment. A student can receive private educational loans if they are enrolled less than half-time (3 credits), per term. In addition, a student must be matriculated into a program leading to a degree or certificate.

In order to receive financial aid do I have to apply every year?

Yes. In order to receive consideration for as many programs as possible you should file the FAFSA by April 1 each year.

If my parents are separated or divorced, whose income is reported on the FAFSA?

The parent you live with or who has custody of you should complete the FAFSA. If your parent has remarried, the stepparent’s income is also required to be reported. However, child and household support from the non-custodial parent is required on the FAFSA in Worksheet A question.

Do I need to submit tax returns?

Only if the Office of Financial Aid sends you a letter requesting that you submit them. This may happen if you are selected for Federal Verification.

Is there an income level cutoff to qualify for financial aid?

There is no set income cut-off for financial aid eligibility. Though grants and scholarships may be contingent on financial need there are many factors in addition to income which are used to determine eligibility for need based aid. In addition to income, things such as family size, number of people in college, assets, and parent’s age are considered when determining a family’s ability to pay. In addition to grants and scholarships, there are various educational loans and payment plans available to assist with paying college expenses.

Will my aid change if I move off-campus?

Because housing and board are not charged, the resulting change in your cost of attendance may result in a reduction to your institutional grant or scholarship; however, your loans can be increased (or transferred) if need be. Please contact our office to determine how your aid will be affected.

When will I get my award letter?

For each academic year, if you are a prospective freshman and upon receipt of your FAFSA, you will receive your award letter starting March 15th. For returning students, upon receipt of your FAFSA, award letters will begin to be mailed out June 1st

Why has my award been reduced?

There are many reasons why your financial aid award can be reduced. First, if there is a change to the information supplied on the FAFSA, it may change the EFC (estimated family contribution). If the EFC is lowered, it can result in revisions to scholarships and/or grants. Factors that may affect the EFC are # in college, # in family, income and assets. In addition, other factors that can determine eligibility are SAP (Satisfactory Academic Progress), less than full-time enrollment, availability of funds, etc. If you have questions regarding your award letter, you should contact the Student Financial Aid Office at 201-761-6060 to speak with your counselor.

What determines eligibility for loans?

Students are eligible for Federal Stafford loans during the academic year, if they are enrolled on at least a half-time basis (6 credits) per semester or 4.5 credits per trimester and matriculated in a degree or certificate program. No Stafford Loans are processed for the summer terms unless there is remaining prior year eligibility. In addition, a student cannot be in default of a Federal Student Loan. Default, as cited by the U.S. Department of Education indicates that the student has failed to make payments of previous loan debt. Private alternative loans are available and have varying requirements for eligibility. See Saint Peter’s website for suggested lenders.

What is the maximum amount I can borrow?

Under the Federal Stafford Loan program students are eligible to borrow up to*:

Freshman $5,500

Sophomores $6,500

Juniors/Seniors $7,500

Teaching Certificate student up to a maximum of $12,500

PLUS (dependent students), NJCLASS Loans and Alternative Loans, eligible to borrow up to the cost of attendance minus any aid received.

* Additional Unsubsidized amounts of up to $4000 for Freshmen and Sophomores and $5000 for Juniors and Seniors are also available for those who are independent or whose parents are denied a PLUS loan.

What is the difference between Subsidized and Unsubsidized Stafford Loans?

The federal government provides two types of Stafford Loans to students to assist them in paying their educational expenses. One type, Subsidized Stafford Loan is a need-based loan determined by the FAFSA. The federal government guarantees this loan and no interest accrues and no payments are made, until after the student completes his/her program. The other type is an Unsubsidized Stafford Loan which is a non-need based loan. Interest does accrue on this loan while the student is enrolled, but no payments are made until after the student completes his/her degree.

What Is an MPN or Master Promissory Note?

This is the application that you submit if you want to apply for a Federal Student Loan. By signing this MPN you promise to pay your loans back six months after graduation. You have up to 10 years to pay your loans back.

How do I apply for Loans?

You first must sign your financial aid award letter indicating that you either accept or reject your federal loans. If you accept them you then should go to the Saint Peter’s University website at www.saintpeters.edu . Click on the following links.

  • Quick Links
  • Financial Aid
  • Loan Information/Apply for Loans
  • Got to www.studentloans.gov by clicking the link to begin the direct loan process.
  • Click sign-in and enter required information (you must have your FAFSA Pin number to sign into the website. If you need to create or request a duplicate pin you can do so at www.pin.ed.gov.
  • Enter your e-mail if you would like to receive your correspondences electronically and press update
  • If you have not borrowed a student loan at Saint Peter’s University before follow the next steps by clicking on Complete Entrance Counseling, if you are a previous borrower skip to click Complete MPN on the left column.
  • Choose your current educational level and school information.
  • Read and answer the multiple choice questions
  • When you reach the end you will get a confirmation Congratulating you on successfully completing the Entrance Counseling
  • On the left hand column select COMPLETE MPN
  • Complete personal information, school information, loan information and personal references information sections
  • Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application.

What Is an MPN or Master Promissory Note?

This is the application that you submit if you want to apply for a Federal Student Loan. By signing this MPN you promise to pay your loans back six months after graduation. You have up to 10 years to pay your loans back.

What is a Financial Agreement Form?

This form is the way that a student and his or her family notify the Bursar of how they will pay their bill. It must be submitted each term by every student, I they are paying through a payment plan.

Who are the Financial Aid Counselors and how can I reach them?

A – B Kathy Trovato ktrovato@saintpeters.edu

C – E Pablo Orantes porantes@saintpeters.edu

F – L Lorena Loayza lloayza@saintpeters.edu

M – R Katherine Alvarez kalvarez@saintpeters.edu

S – Z Shannon Porch sporch@saintpeters.edu

Phone number is (201) 761-6060.

Scholarship and Financial Aid Web Sites.

Saint Peter’s University – www.saintpeters.edu Discover more about Saint Peter’s University and what we have to offer.

Federal Student Aid – www.studentaid.ed.gov Get tips on how to apply for financial aid and complete the FAFSA on-line.

NJ Higher Education Student Assistance Authority – www.hesaa.org Find out about NJ state aid programs.

Selective Service Registration – www.sss.gov Register for selective Service

Mapping Your Future – www.mappingyourfuture.org Plan a career; determine how to pay for school and prepare for college.

The Smart Student Guide for FA – www.finaid.org Learn more about scholarships, loans, financial aid information and calculators.

Scholarship Searches:

Fastweb – www.fastweb.com

SRN – www.srnexpress.com

Super College – www.supercollege.com

Wired Scholar – www.wiredscholar.com

Tuition Payment Options- Payment by check, money order or credit card (VISA, MasterCard, American Express or Discover): Checks or money orders should be made payable to Saint Peter’s University. Payments may be made in person at the Enrollment Services Center. Checks or money orders forwarded by mail should include the original bill. Credit card payments may be made by telephone by calling the Enrollment Services Center at the Enrollment Services Center at Jersey City #201-761-6050.

Company Deferral Promissory Note is available to students who are eligible for tuition reimbursement from their employers. Under this option, tuition for the term is deferred until a specified date that is approximately one month after grade reports are mailed. For each term a student selects this option, he/she must provide documentation regarding eligibility from his/her employer, sign a promissory note, and guarantee the promissory note with a credit card (VISA, MasterCard, American Express or Discover).

Interest free Monthly Payment Plan through Sallie Mae Tuition Pay Payment Plan- This plan administered by Sallie Mae, permits students to pay tuition in installments due on or before the dates specified for each term. There are no interest or finance charges, only a fee to enroll in this plan. Information and applications may be obtained in the Enrollment Services Center in Jersey City or by enrolling at the website www.tuitionpay.salliemae.com. To speak with a Sallie Mae counselor, call (800) 635-0120.

Saint Peter’s University Payment Plan – Join the Saint Peter’s University Payment Plan by paying five equal installments. A $25 payment plan fee will be charged. Students must submit a completed Payment Plan Form to be eligible for this plan.

What Is FERPA? Family Educational Rights and Privacy (FERPA)
The Family Educational Rights and Privacy Act of 1974 protects the privacy of education records, establishes the right of students to inspect and review their education records, and provides guidelines for the contesting of inaccurate or misleading data. Students have the right to inspect and review all education records maintained by the University. The University is not required to provide copies unless, for reasons such as great distance, it is impossible for students to inspect the records.
The University will not release any confidential information from a student’s record without the written consent of the student, with the exception of the following: to University officials with a legitimate educational interest, to other institutions at which a student seeks or intends to enroll, to certain government officials in order to carry out lawful functions, to appropriate parties in connection with financial aid to a student, to organizations conducting certain studies for the University, to accrediting organizations, to individuals who have obtained court orders or subpoenas, and to persons who need to know in cases of health and safety emergencies.
The University may disclose directory information without the written consent of the student. Directory information includes the following: name, address, telephone number, email address, photograph, dates of attendance, enrollment status, class, previous institutions attended, major field of study, awards, honors, degrees conferred (including date), past and present participation in officially recognized activities, height and weight (for athletes only), and date and place of birth. Students may request the withholding of disclosure of directory information.

(What this means in a nutshell is that once a student enters college we can not give their educational information to the parents or anyone else. We must only release information to the student. Student can sign a waiver for the first academic year which allows grades to be mailed home. This is valid for the first year only and does not grant access to any other information within that year. Students must inquire about their own bills and grades and for their protection that information will not be released to anyone else.)