(Retain this for future reference)

Transcription

1 FINANCIAL AID AWARD Financial Aid Department 400 Jefferson St. Hackettstown, NJ (908) , ext Fax: (908) Website: (Retain this for future reference) The Financial Aid Department supports the community of learners at the college by serving the needs of the diverse student body, supporting the faculty and staff, and stimulating learning opportunities for students, parents and staff. We seek to facilitate the financial aid process and thereby make the educational experience at Centenary College affordable to all. We do this by offering unparalleled service in person, on the phone, and through electronic communication. Our main form of communication is through the account you provided on the FAFSA and once you are in college, your personal Centenary College account. It is very important that you view and respond to all you receive. We will send to your account your financial aid award letter as well as any requests for missing information. Once your financial aid award is created you may view your award at any time at edu/yea. We also strongly urge you to visit our Seven Steps to Apply page on our website edu/cms/index.php?id=financial_aid to learn step-by-step how the financial aid process works from application to acceptance. It is important to know that you will need to reapply for financial aid every year. WHAT YOU NEED TO DO NEXT Read all the information in this booklet. Indicate in the enclosed award letter which awards you wish to decline or reduce by crossing out or indicating the reduced requested amount. (We have already awarded the maximum you may receive) 1. Complete your Stafford Master Promissory Note (MPN), if needed at centenarycollege/apply (see page 3). 2. Complete mandatory student loan counseling at 3. Complete the Parent PLUS Loan Pre-Approval and Application(see Page 3), or Signature Loan Application, or NJ Class Loan Application, if needed (see Page 4). Know that you must be a matriculated student taking at least 12 credits to be considered full time. Respond promptly to all requests for further information. WHAT HAPPENS NEXT? Your financial aid award indicates the estimated amount of financial aid (need and non-need aid, and non-need scholarship) you may be eligible to receive. With the exception of a work study award you may have received, all amounts of assistance offered are credited to your student account in the Bursar s Office once you have submitted all the documents required for each type of aid program awarded and you meet all attendance requirements. The Financial Aid Office will assist you in completing the required documents. If your financial aid does not cover your entire bill, you will be responsible for the difference. You can either make interest free monthly payment plans at or by calling or pay your bill in full. If neither of these options is practical, you may apply for a variety of alternative loans to pay your balance. Please see pages 3 and 4 for more information. Your final bill may contain additional charges for special programs for which you have registered. PLEASE NOTE THAT YOU WILL NEED TO BRING MONEY FOR BOOKS AND SUPPLIES WHEN YOU COME TO CAMPUS TO START YOUR SEMESTER. SHOULD YOU DECIDE TO DECLINE ANY AWARD We have awarded the maximum amount of student loan and college work study you are eligible to receive. If you wish to reduce or decline any award amount, please indicate on the award letter by crossing it out and initialing the change and returning your award letter to the Financial Aid Office at: Centenary College Financial Aid Office 400 Jefferson Street Hackettstown, NJ If you do not make changes to the loan amount, we will certify your student loan in the amount awarded.

2 FINANCING A CENTENARY COLLEGE EDUCATION A college education is an investment in your future earning power and life satisfaction. It is a major commitment that could pay off many times over if made wisely and with all the needed information. The primary responsibility for financing your education rests first with you and your family. However, Centenary College is ready to help in any way possible. HOW THE AMOUNT OF YOUR AWARD WAS DETERMINED The information you provided on the Free Application for Federal Student Aid (FAFSA) was used by the federal processor to determine your and your family s ability to contribute to the cost of your education at Centenary College. YOUR FEDERAL FINANCIAL AID AWARD Eligibility for federal financial aid programs, such as Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Work Study, Federal Perkins Loan or the Federal Stafford Loan Program, is determined by the calculation of your family s expected contribution (EFC), as determined by the information you provided on the FAFSA. The EFC is reported to you on a Student Aid Report (SAR). THE COST OF EDUCATION BUDGET The budget used to determine your financial aid award includes fixed costs such as tuition, fees, room and board for a campus resident, or student living expenses if living off campus, transportation expenses to travel to and from home, and personal expenses. THE PARENT CONTRIBUTION The expected contribution from parents is based upon their income and assets, family size, and the number of your siblings who will be attending college next year. If you have one or more siblings who will be enrolled in an undergraduate program, the expected parent contribution is divided among siblings. THE STUDENT CONTRIBUTION The expected student contribution is based upon the student s income and assets. THE FORMULA COA EFC = YOUR NEED Centenary College offers financial aid based upon your need which is determined by subtracting the parent and student contribution, also known as the expected family contribution (EFC), from the cost of education (COA). Unsubsidized Federal Stafford Loans and Federal Parent PLUS Loans are not based on need, but are considered part of a financial aid package. ALL STUDENT AID COMBINED may not exceed the Cost of Attendance (COA) as determined by the college. IMPORTANT INFORMATION CENTENARY COLLEGE AID is awarded by the College and comes from contributions made by alumnae/i and friends of the College. The amount is determined by 2 your need after applying all other sources of aid for which you are eligible. Centenary College scholarships are awarded without regard to a student s need eligibility. Without a sizeable endowment, we are not always able to offer a student the financial assistance we would like to be able to offer, nor are we always able to meet demonstrated financial need. However, our admissions policy remains need-blind and our commitment is to providing every student the highest quality education for the lowest possible cost. SOME CENTENARY AWARDS CONTAIN SPECIAL CIRCUMSTANCES Centenary College academic scholarships are renewable provided you show evidence of good citizenship in the Centenary College community and demonstrate satisfactory academic progress towards your degree. In addition, some awards contain special circumstances for renewal. Leadership Award recipients must perform an annual community service project of thirty hours. United Methodist Scholarship and Resident Grant recipients must continue to reside on campus. Equine Award recipients must continue to be equine studies majors. All students must maintain full-time student status at Centenary College to continue eligibility for Centenary College scholarships and grants. GRANTS and SCHOLARSHIPS ANY GRANT OR SCHOLARSHIP IS A GIFT AND DOES NOT NEED TO BE REPAID. YOUR FINANCIAL AID MAY CONTAIN ONE OR MORE OF THE FOLLOWING AWARDS: FEDERAL PELL GRANT eligibility is determined by the FAFSA and awarded to eligible undergraduate students. If you are awarded a Federal Pell Grant it is based on an estimation using the information you provided on the FAFSA. Your information will be reviewed for accuracy before the award is finalized. FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG) is awarded by the college to the neediest PELL Grant-eligible students on a first come-first served basis. NJ STATE TUITION AID GRANT (TAG) is awarded to eligible full time (12 or more credits) students who have been legal New Jersey residents for at least 12 consecutive months prior to the semester for which the aid is awarded. The actual amount of your award is determined by the New Jersey Higher Education Student Assistance Authority (NJHESAA) and your FAFSA application. Your NJ TAG award is an estimation. You will receive final notification from NJHESAA. The student must indicate to NJHESAA that they are attending Centenary College and NJHESAA will notify Centenary College of the student s approved award. NJ EQUAL OPPORTUNITY FUND (EOF) funding is made based on the student s academic eligibility and need eligibility as determined by NJ EOF guidelines. Acceptance to the program is made by the Centenary

3 College Director of EOF, who will contact eligible students regarding the program requirements. WORK STUDY PROGRAMS Students who are awarded Work Study will have the opportunity to work on campus in a variety of jobs. The program is a great way to earn spending money while at school. You will receive payment monthly for the hours worked. Work study students will receive information to report to the Career Center to apply for a job from the list of available work opportunities on campus, and to submit required payroll documentation. You may earn up to the amount shown on your award letter. Earnings under the work study program are NOT credited to the student s account, rather are paid monthly to the student after employment has started. STUDENT LOANS A student loan is an obligation and must be repaid after you complete your degree, withdraw from school, or cease to be enrolled in at least six credits per semester. Funds from a student loan may not be credited to a student s account until after the student has completed mandatory loan counseling. As of July 1, 2006, the interest rate on Federal Stafford Loans is fixed at 6.8%. The loan has a six-month grace period before repayment, and several repayment options to fit your budget. Grace period starts from your last date of attendance or when you cease to be enrolled at least half-time (6 credits/semester). FEDERAL STAFFORD LOAN (subsidized and unsubsidized) Eligibility is determined by your FAFSA application and is made to the student by a lender such as a bank, credit union, or savings and loan association. Stafford Loans are approved by a guarantee agency. The amount listed on the student s award notice is the anticipated amount of the student s eligibility. As of July 1, 2007, loan funds of up to $3,500 are available for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. Students with demonstrated need as previously defined, will receive a Subsidized Stafford Loan. If you do not have demonstrated need, you are eligible for an Unsubsidized Stafford Loan. The Federal Government pays the interest on the Subsidized Stafford Loan while the student is enrolled at least halftime and during the six month grace period prior to repayment. The student is responsible for the interest on the Unsubsidized Stafford Loan while in school and during the grace period. These fees are deducted from each semester s check. MANDATORY loan counseling at org is required before your loan can be disbursed. First time borrowers are required to complete the Master Promissory Note. RETURNING STUDENTS who have previously completed a Federal Stafford Loan Master Promissory Note are not required to complete one this year. You must decline the awarded loan if you do not wish to receive a student loan for the upcoming academic year. 3 NOTE: CENTENARY COLLEGE WILL ELECTRONICALLY CERTIFY YOUR LOAN ACCORDING TO THE AMOUNT OF STAFFORD LOAN AWARDED ON YOUR FINANCIAL AID AWARD LETTER. IF YOU WISH TO DECLINE OR REDUCE ANY LOAN, PLEASE CROSS IT OUT OR INDICATE THE REDUCED LOAN AMOUNT AND INITIAL THE CHANGE. THEN RETURN THE AWARD LETTER TO THE FINANCIAL AID OFFICE. You have the right to cancel all or a portion of your loan prior to disbursement and 14 days after disbursement. FEDERAL PERKINS LOAN is a loan awarded to students with demonstrated need on a first come-first served basis. The amount of the loan is credited to the student s account, after the student signs a Promissory Note in the Bursar s Office and completes mandatory loan counseling. This loan has a 5 percent interest rate that accrues nine months after graduation or when you drop below half-time status. There are deferments and forbearances available should you experience difficulty in repayment of your debt. PARENT LOAN FEDERAL PARENT PLUS LOAN Creditworthy parents may borrow the total cost of education minus any financial aid awarded to the student. As of July 1, 2006, the interest rate is fixed at 8.5%. Parents and students must complete and submit the Parent PLUS loan application. Your Parent PLUS loan must be pre-approved. Pre-approval is available over the telephone at For faster processing, you may complete the PLUS pre-approval and Parent PLUS application online with electronic signature at The Parent PLUS loan is credited directly to the student s account. Repayment of the Parent PLUS loan begins within 60 days of full disbursement. A 3% origination fee is deducted by the lender from the total amount of the loan proceeds. The PLUS Master Promissory Note (MPN) is designed for borrowers to use a multi-year note for each dependent student. With the PLUS MPN process, borrowers will sign a Promissory Note only once. The borrower may obtain additional loans for that dependent based on that same note during the same year or in subsequent years for up to ten years after the date the borrower first signed the original note. EXAMPLE: Fall term loan amount $ % origination fee NET AMOUNT FOR STUDENT BILL $ OTHER LOANS FOR PARENTS OR STUDENTS NJ CLASS LOAN can be used as a supplemental source of funding for balances not covered by other forms of need and no-need-based financial aid. Parents or Students (with a co-borrower) may borrow the total cost of education, minus any financial aid awarded to the student. An application/administrative fee is deducted from the total amount of the loan proceeds. This fee will not exceed 3% of the loan amount. Borrowers/coborrowers must meet established credit requirements.

4 NJCLASS has several options for repayment. For information call NJHESAA at Monday through Friday from 8AM to 5PM, or visit SALLIE MAE SIGNATURE STUDENT LOAN is a supplemental student loan for students who need funding beyond the limits of the Federal loan programs. Students may borrow up to the total cost of education minus any financial aid awarded to the student. The borrower and co-borrower can visit the Sallie Mae website at www. salliemae.com/centenarycollege/apply to learn more about the Signature Student Loan and to complete the pre-approval and application. You can also call to speak to Signature Express Customer Service. OTHER OUTSIDE SCHOLARSHIPS AND GRANTS You must report any financial assistance awarded to you from community or high school organizations or outside foundations to the financial aid office as soon as possible. Scholarships and other outside aid that are not reflected on your award letter may affect loan eligibility and may cause an adjustment to your financial aid award. The Financial Aid Office reserves the right to request verification of any data you submit. Awards are based on the information you provide, and are subject to revisions or cancellation at any time if federal or state regulations change; federal, state or institutional funds allocations change; your Estimated Family Contribution (EFC) changes; or an error is made in the calculation of your eligibility or award, whether by the servicer or by Centenary College. DISBURSING YOUR FINANCIAL AID Your financial aid will not be disbursed until your financial aid file is complete, the Financial Aid Office has a valid Student Aid Report with your official EFC, and your class attendance has been verified. You will be notified in writing when your Stafford Loan has been disbursed to your account. STUDENT REFUND POLICY Students are entitled to a refund of EXCESS financial aid (usually from a student loan) for other educational expenses such as books, supplies, or off-campus housing. It is the policy of the school to issue student refunds in a timely manner after the Financial Aid Office has confirmed the student s aid eligibility, the student s enrollment in class, and the school has received the student s aid funds from the aid source. WHEN A STUDENT WITHDRAWS When you withdraw during a payment period, the amount of financial aid that you have earned up to that point is determined by a specific formula. If you received less assistance than the amount you earned, you will be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned. A withdrawing student must give notice of withdrawal to the Dean of Students Office. THE FUTURE: CIRCUMSTANCES THAT MAY CHANGE YOUR FINANCIAL AID AWARD If you completed your financial aid application (FAFSA) using estimated income and taxes paid figures, a final financial aid award will be made based on actual tax returns and any other requested documents. If your file is selected for verification by the U.S. Department of Education or by New Jersey Higher Education Assistance Authority or by Centenary College, you will receive requests to provide additional information. Please respond to all requests promptly so your financial aid award can be finalized. Centenary College reserves the right to revise any award, or change or cancel all student assistance due to new regulations, revised allocations, and/or additional information gathered concerning the student s financial aid eligibility. All awards are subject to the availability of federal funds and subject to change if you fail to attend class for the term, or if we receive information that changes your eligibility. RENEWING YOUR FINANCIAL AID Each year you must re-apply for financial aid by completing the FAFSA to determine eligibility for need-based financial aid and student loans. Renewal of need-based financial assistance will be based upon your family s income, assets, and siblings attending college. Returning students renewing their NJ TAG award MUST complete their renewal FAFSA BEFORE JUNE 1st of the following year. Renewal awards are based on the availability of funds, demonstration of financial need, and the student having satisfactory academic progress according to federal guidelines and the Centenary College Catalog. Renewal of certain Centenary academic scholarships and grants are subject to maintaining a minimum GPA, campus residency, or completion of hours of community service. Please consult your scholarship award letter from the Dean of Admissions, Centenary College Admissions Department, or contact the Financial Aid Office for a copy of your letter. A FINAL THOUGHT... Your financial aid is based upon the information you have provided. Because the financial aid process is complicated, you may have questions or concerns. We are happy to assist you and your family in any way we can. Please write or call the Financial Aid Office especially if your ability to attend Centenary College is in question. If any information you have provided us for use in determining your financial aid changes, please contact us immediately at (908) , extension 2350 or finaid@centenarycollege.edu. The Financial Aid Working Group meets weekly to review special circumstances. 4

5 The Financial Aid Office Staff Michael Corso, Director... ext Ruth Novello, Associate Director... ext Denise Keller, Financial Aid Counselor/CAPS.. ext Devon Vialva, Loan Counselor... ext Jennifer Pringle, FA Assistant... ext THE FINANCIAL AID OFFICE IS LOCATED IN THE LOWER LEVEL OF THE SEAY BUILDING FINANCIAL AID OFFICE HOURS 8:30 AM TO 4:30 PM (908) EXTENSION 2350 THE ROLE OF THE FINANCIAL AID OFFICE Determine financial need of all applicants Verify application data when required Develop policies and procedures to distribute financial aid Package financial aid from all available sources YEA: go to Answer your questions. GENERAL FINANCIAL AID INFORMATION Financial aid is awarded for legitimate educational expenses. The primary purpose of aid is to provide assistance to students who, without such aid, would not be able to attend college. The family of a student is expected to make a reasonable effort to assist the student with college expenses. First priority in awarding financial aid is given to Student Aid Reports (paper SAR or electronic ISIR) received by the college by April 15th. TERMS AND CONDITIONS OF AWARDS Awards are based on information provided by the applicant and are subject to revisions and/or cancellations at any time if: Federal or state regulations change; federal, state or institutional fund allocations change; your Expected Family Contribution (EFC) changes; student receives other outside scholarship(s); the student receives VA educational benefits; or an error is made in the calculations of the eligibility or award, whether by the Servicer or the Institution. Centenary College reserves the right to correct clerical or computational errors that may result in an over award or under award or to adjust a financial aid award. Financial aid awards will be adjusted for a change to part-time status. New Jersey TAG awards are not made to part-time students. The Office of Financial Aid reserves the right to request verification of any data submitted by parents or applicants. If found to be incorrect, the data will be corrected and the financial aid award revised. If the applicant is determined ineligible for financial aid, the applicant s award can be withdrawn. If there is a change to your financial aid award, the applicant is responsible to the College Business Office for any unpaid balance the change in award may create. Financial aid awards are processed on the basis of fulltime attendance (12 or more credits per semester). Any changes in enrollment status, such as number of 5 credits, or withdrawal may result in a reevaluation of the award(s). The student may then become responsible for the balance of his/her bill and all late fees. If a student officially or unofficially withdraws, the appropriate refund calculations will be performed as required by law and he/she may become responsible for repaying the prorated amount of all financial aid received. You may be responsible for a balance owed to the College. Students who are first-time borrowers of a Federal Stafford Loan must complete an Entrance Interview. All loan recipients withdrawing or graduating from Centenary College must have an Exit Interview to review repayment procedures and obligations. LOAN REFUNDS Loan refund checks for excess funds will not be available until one week after the loan disbursement date. Refund checks are to be picked up in the Business Office. If a student or parent loan is distributed through electronic funds transfer (EFT) you have the right to cancel a portion or all of your Stafford/PLUS loan funds by submitting written notification of such cancellation to the Centenary Business Office 14 days after these funds have been disbursed to the College. However, you would then be responsible to make immediate payment to the College for any unpaid balance the loan cancellation creates. The institution, state, and federal government are absolved of any and all responsibility for funding in the event that a grant and/or loan, or any other financial assistance is based upon fraudulent, inaccurate or misleading information. Centenary College administers federal, state and institutional aid to all eligible students without regard to gender, race, color, handicap, age, or national/ethnic origin. STUDENT ELIGIBILITY To receive financial aid from the student aid programs, the student must: Have financial need as determined by the Student Aid Report, except for certain loan programs. Be a U.S. citizen or eligible non-citizen. Have a high school diploma. Have a valid Social Security number. Be registered with Selective Service, if a male. Be working toward a degree or certificate. Be making Satisfactory Academic Progress toward his or her degree. Not owe a refund on a Federal grant or be in default on a Federal Educational Loan. STUDENT RESPONSIBILITIES Inform the Financial Aid Office if you change your enrollment status from less than full time. Inform the Financial Aid Office if you change your housing status (move off campus). Inform the Financial Aid Office if your enrollment drops to less than six credits per semester. Advise the Financial Aid Office of any additional aid

6 received that is not indicated on your Financial Aid Award Letter. Inform the Financial Aid Office if you are withdrawing. Please refer to the Centenary College Catalog for information regarding the school s refund policy. Inform the Financial Aid Office of a change in your address. Submit to the Financial Aid Office any required documents for verification of financial and other relevant information pertaining to your aid application. Complete a Loan Entrance interview. Complete a Loan Exit interview when leaving the college. File the Free Application for Federal Student Aid (FAFSA)each year. Maintain satisfactory academic progress as outlined in the Centenary College Catalog. SATISFACTORY ACADEMIC PROGRESS POLICY An official review of your academic record will be made at the end of each spring semester, and at that time your eligibility for continued financial aid will be determined. SATISFACTORY ACADEMIC PROGRESS for a full-time student stipulates that you must earn a minimum of 24 credit hours each 12 month period. In addition, a minimum grade point average must be maintained. hours each 12 month period. In addition, a minimum grade point average must be maintained. Total number of credit hours earned 1-12 credits and above Students experiencing academic problems should contact the Academic Support Center at extension 2353 for advice and assistance. WEB SITES Your Electronic Award (YEA) Centenary College... address for Financial Aid... US Department of Education... NJ Higher Education StudentAssistance Authority Financial Aid Application (FAFSA)... Personal US Department of Education PIN... Personal Financial Aid History... Status of Student Loan Application... PLUS Loan pre-approval and application... Minimum cumulative Grade Point Average finaid@centenarycollege.edu centenarycollege/apply centenarycollege/apply 6 Signature Student Loan pre-approval and application... NJ CLASS information and application... Loan Entrance/Exit Interview Selective Service System registration... Scholarship Search... centenarycollege/apply APPLYING FOR FINANCIAL AID NEXT YEAR RENEWAL FAFSA If you applied for federal student aid you may qualify to use a Renewal FAFSA. This application has fewer questions because most of the information on the form will be pre-printed with information from the previous year. You will only have to add some new updated information that has changed since last year. The Renewal FAFSA is available online and on paper. A PIN IS YOUR KEY TO ONLINE FINANCIAL AID The US Department of Education will mail a PIN (personal identification number) to most students who apply for aid. If you do not have a PIN from the Department, you can apply for one at the Department of Education s Web site at Make sure you remember your PIN and don t share it with anyone. PINs don t expire. You can use your PIN to: Review your processed FAFSA and your Student Aid Report (SAR) Correct your FAFSA information. Print a copy of your SAR information. Reapply for financial aid. View information about federal loans and grants you have received. Conduct other important business directly with the US Department of Education at If it has been more than four weeks since you submitted your application and you haven t heard anything back, you can check on your application through FAFSA on the Web, even if you didn t apply using FAFSA on the Web. You can also check on your application by contacting the Federal Student Aid Information Center at WHEN TO APPLY Submit the Renewal FAFSA as soon AFTER JANUARY 1st as possible. You must apply for financial aid each year. The results of your FAFSA will be sent to Centenary College when you provide our FEDERAL SCHOOL CODE: Centenary College s priority deadline for financial aid is April 15th. NEW JERSEY TUITION AID GRANT (TAG) RENEWAL If you received a NEW JERSEY TUITION AID GRANT (TAG), you must file your renewal FAFSA by June 1st. Sallie Mae, OpenNet and Signature Student Loan are registered service marks of Sallie Mae, Inc. Sallie Mae, Inc. is a wholly owned subsidiary of SLM Corporation. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States. Copyright 2007 Sallie Mae, Inc. All rights reserved. CCFAW-207 Printed compliments of