FINANCIAL AID

FEDERAL LOANS:

• Federal Direct PLUS Loans if you are a dependent student and still need assistance, your parent can apply for a Direct PLUS Loan. The PLUS loan application process does include a credit check. If you’re approved, he or she may still receive a Direct PLUS Loan by obtaining an endorser (co-signer.) If a parent is unable to secure a PLUS loan, the student may be eligible for additional unsubsidized student loans of up to $4,000 (and sometimes more). 

• Federal Student Loans are made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.  

• Federal Perkins Loans are low-interest federal student loans for undergraduate and graduate students with exceptional financial needs.

• Stafford Loans are low-interest federal loans; there are two types.

  1. Direct Subsidized Stafford Loans are awarded based on a financial need. The federal government pays the interest as long as the student is in school at least half-time.

  2. Direct Unsubsidized Stafford Loans are not awarded on financial need. The interest is charged during all periods of the loan (while the student is in school, during the grace period, and deferments).

• Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single Loan Servicer.

NJ STATE LOANS:

• NJ STARS Program is a New Jersey Student Tuition Assistance Reward Scholarship (STARS) that provides New Jersey's highest achieving students with free tuition* at their home community college RCBC. NJ Students who are ranked in the top 15% qualify for this program. Please see attached for more information on this program. *Cost tuition less and State and/or Federal grants and scholarships for up to five semesters.

• HESAA is the only state authority with the sole mission of providing students and families with the information and resources necessary to attain an education beyond high school. Parents/guardians, guidance counselors, and students are encouraged to visit the HESAA’s website to understand loan options and how much to borrow. 

  1. NJ Class Loans are family loans to help you pay for college costs not already covered by other sources of grants, scholarships, and federal direct loans.

  2. NJFAMS the New Jersey Financial Aid Management System (NJFAMS) is now available for all New Jersey students who apply for NJ State aid for the academic year. Each student will need to log in and set up an NJFAMS account. NJFAMS is a user-friendly, real-time system. To get started, click here.

  3. HESAA Student Loan Guide E-Booklet is a Student Loan Guide that provides general student loan information to assist students and their families in planning and paying for post-secondary education through the use of student loans. 

  4. HESAA Reach Higher College Guide is a step-by-step workbook that will provide you with the confidence and know-how to guide you in determining the right choice for you.

• State of New Jersey Financial Aid Shopping Sheet for Academic Year This worksheet assists you in determining a net price for each individual college or university.  

PRIVATE LOANS:

• Private or Alternative Loans: Some private institutions offer education loans that do not require the FAFSA. While we recommend federal aid first, we realize it does not always cover the cost, especially for pricier schools. These types of loans will almost always require a cosigner and usually have higher fees or interest rates depending on your credit. We encourage you to first ask your financial aid office if they have a list of lenders for you to consider, but not all schools maintain such a list. If not, you can search for lenders on your own, but compare products before making your choice: look at interest rates, fees, repayment terms, creditworthiness requirements, satisfactory academic progress requirements, etc.

• Emergency Advances or Institutional Loans: Sometimes you may have college-related costs, such as housing or other living expenses before your financial aid is disbursed to you. Your school may offer an option to advance your financial aid early or offer a school-based loan program. Ask your financial aid office if this is an option and always make sure you are aware of the terms and conditions (such as interest rates or repayment terms) of your agreement. 

COLLEGE FINANCIAL ASSISTANCE:

• Work-Study Programs: You may have been awarded Federal Work-Study part-time work, which at most schools still requires you to find the work-study position yourself. This can help you cover some costs throughout the semester since these funds are paid as you earn them through work. If you were not awarded work-study funds, most schools have other part-time on-campus positions that can help you with some college costs. Working part-time on campus can be beneficial to your educational experience. Be cautious of working too many hours if you can avoid it. Ask your financial aid office or office of career services how to apply for on-campus positions. 

• Private Loans/Payments Plans/Other Circumstances: Before making any final decisions on how to fill the gap between your aid and your costs, it is always recommended that you meet with a representative in your financial aid office to determine what campus resources might be available before going out on your own. It might also be possible that you still have the time to change some of your choices before the semester begins: 

  • Can you change the type of meal plan you chose? 

  • The type of housing? 

  • The number of classes in which you are enrolled? 

  • Check with campus officials to see if you still have time to select a different, more affordable option.

• Payment Plans: Your college’s billing office sometimes referred to as the bursar’s office or cashier’s office may have payment plans available to help you spread the remaining costs you owe the school over several payments throughout a semester. The payment plan can help you budget the payments rather than paying in one lump sum, possibly helping you avoid costly late fees. 

• Special Circumstances Reevaluation: Sometimes a family’s finances are not accurately reflected on the FAFSA because of Changes That Have Occurred Recently; such as job loss, divorce or separation, or other special circumstances. Schools are not required to consider special circumstances, but those that do have a process by which you can petition for a reevaluation of the information on the FAFSA. This process may require you to submit documentation, and the financial aid office will recalculate your eligibility, possibly resulting in a change of financial aid awards