Enrollment Services

SPCS

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 Saint Peters University Federal School Code?

002638

What you will need in order to complete the FAFSA. You will need records for income earned in the year prior to when you plan to start school.

· Your social security card and driver’s license

· W-2 forms or other records of income earned

· Your latest federal income tax return

· Your parent’s latest income tax return and parent’s social security card (if dependent)

· Records of other untaxed income received such as public assistance, social security benefits or veteran’s benefits.

· Current bank statements and records of stocks, bonds and other investments.

· Business or farm records, if applicable.

· Your alien registration card (if you are not a citizen of the US)

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 mail or transmit your SAR to the federal processor. 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. Saint Peter’s University Financial Aid office will notify the selected students of additional documents required.

What will the University receive?

SPC will receive your Institutional Student Information Record (ISIR). The federal processor will transmit an electronic eligibility file called an ISIR to the University if you correctly listed SPC’s code number 002638 when you filed your FAFSA. SPC 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.

How is my financial aid package determined?

Your financial aid eligibility is determined by taking the Cost of Attendance which will include both direct (billed costs i.e., tuition and fees) and your indirect costs (estimated expenses for cost of living i.e., books, clothing, travel, etc..) and subtracting the EFC (Expected Family Contribution as calculated from the FAFSA). The difference is your NEED. The financial aid department tries to cover your need with all of the sources of aid you are entitled to i.e., Grants, scholarships, Work-Study and Loans.

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. In order to be eligible for TAG for the upcoming year, returning New Jersey residents must have filed their FAFSA in order for the State of NJ to have received it by June 1st. 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). For the NJ TAG program, a student must be enrolled for 9 credits each trimester , fall/winter/spring. 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?

If you are a dependent student, 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 under untaxed income.

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.

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 x6060 and 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:

Freshmen $3,500 $2000

Sophomores $4,500 $2000

Juniors/Seniors $5,500 $2000

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.

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 FSA ID to sign into the website.

· 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

· Select SUBSIDIZED/UNSUBSIDIZED

· 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.

For private Alternative Loans, select the lender of choice and complete the application and electronically sign and submit through the lenders website.

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 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 at either Jersey City or Englewood Cliffs Campuses. 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 Englewood Cliffs #201-761-7480 or 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 Englewood Cliffs or 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 in three equal installments. A $25 payment plan fee will be charged. Students must submit a completed Payment Plan Form to be eligible for this plan. For additional information regarding payment plans, please visit www.saintpeters.edu/payments .