Navigating the Financial Aid Process for Students

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Understanding the steps of the financial aid process is crucial for a smooth transition into accessing grants, work opportunities, EOF awards, and student loans. Key information includes reviewing award letters, utilizing tools like NEST portal, and taking necessary steps for FAFSA applications and state aid submissions to ensure timely financial assistance. Stay proactive by monitoring emails, fulfilling document requests promptly, and planning ahead to cover total costs.


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  1. The Financial Aid Process Understanding the Steps for a Smoother Transition

  2. Notification You should have received your award letter in the mail. Your financial aid awards will also be available to review on your NEST portal We only mail home the initial award letter. Includes lots of helpful information

  3. What is NEST? Montclair State s primary way of contacting students Contains all billing, financial aid, registration, holds, student schedules and grade information It is the student s responsibility to regularly check their NEST portal and Montclair email for any updates. We do not send information to parents.

  4. ~Grants and Work Opportunities Grants (do not need to be paid back) - Federal Pell Grant - NJ Tuition Aid Grant (NJ TAG) - Students must complete the State Questions at www.njgrants.org - This process is required for NJ TAG/EOF recipients Work Study - Based on EFC eligibility and awarded on a first come, first awarded basis - Students must get a job on campus to receive these funds - Paid directly to the student biweekly

  5. ~EOF Awards Commuters - $1,250 per academic year ($625 per semester) Residents - $1,500 per academic year ($750 per semester) *Must meet eligibility requirements each academic year*

  6. ~Student Loans Loans on award Stafford Loans Federal loans for students enrolled at least half-time In the student s name Fixed interest rate Typically most affordable type of student loans Repayment 6 months after student is no longer enrolled at least half- time (Interest rates determined annually. Currently 5.05%) Subsidized - Interest does not accrue while student is enrolled Unsubsidized - Interest does accrue while student is enrolled. Students must go to www.studentloans.gov and sign their master promissory note and complete entrance counseling in order for loans to pay out

  7. So Whats Next?? - At this point, All FAFSA applications and applications for state aid with HESAA should be submitted. - Your bill will be available in July. - If you are living on campus, starting planning how to cover your total costs now (use the estimated bill available 6/21). - Monitor your email and NEST account. Our office may already be requesting documents from you. Please act in a timely manner to prevent loss of financial aid awards.

  8. So Whats Next?? - You may be selected for Federal or State verification - Check NEST and your NJ FAMS portal - Submit required documents to MSU and/or HESAA - Your goal should be to have all required documents submitted before July 13th.

  9. Explanation of Awards Parent PLUS loan Federal loan for parents of dependent undergraduate students to help pay education expenses If PLUS loan is denied, additional unsubsidized loan is applied in student s name To apply visit www.studentloans.gov Credit check required Repayment Options: Immediate monthly repayment Interest only repayment Complete deferment 1. 2. 3.

  10. Explanation of Awards ~Private Loans Loans not on award Private loans Student loan funds that are offered through banks or educational loan lenders Can be borrowed by student and/or parent Students will need a co-signer ELMselect.com will provide you with a list of historical private lenders, while allowing you to access and compare private loan interest rates. Truth in Lending Act requires a number of steps to be taken by the borrower and the lender before a loan can be disbursed Private loans can take up to a month to process

  11. Contacting Financial Aid Email financialaid@montclair.edu Location Red Hawk Central Phone (973) 655-4461 Fax (973) 655 - 7712 *Please have the CWID number available when contacting our office* Visit us on the web! www.montclair.edu/red-hawk-central

  12. Red Hawk Dollars and Books USE REFUNDS WISELY! Excess funds can be moved to Red Hawk Dollars or returned back to the student via check or direct deposit

  13. Questions?

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