Guide to Financial Aid How do I apply for financial aid? You must fill out a free Application for Federal Student Aid (FAFSA). You can fill out a paper FAFSA or complete it online at www.fafsa.ed.gov. Our FAFSA code is: 002638.
Are there any key dates or deadlines for Financial Aid that I need to meet?
Common Mistakes Students Make on the FAFSA
YES! • October 1: new applicants submit the FAFSA. The FAFSA for the 2023 school year is open to new students. (NOTE: You will be utilizing 2021 tax information.) Students applying for the 2023–24 academic year will use the 2023–24 FAFSA form.
• You spelled your name wrong. Don’t abbreviate or use a nickname.
• March 1: returning spring students for the upcoming year.
• You wrote down your income wrong. Be careful when transcribing numbers.
• April 15: returning New Jersey residents for the upcoming year.
• You didn’t fill out the FASFA. You can’t receive aid if you don’t apply for it.
• Stafford and NJ Class Loans only: FAFSA and loan applications must be received and certified by the Student Financial Aid Office before the end of the term.
What are the types of Financial Aid? • Grants and scholarships: most often do not have to be paid back but the student may need to meet requirements to continue to be eligible each year (maintain a certain GPA, continue to play a sport, etc.) • Loans: this is borrowed money and must be paid back with certain conditions. • Work Study: this is a job, students are paid for hours they work.
What happens after you apply for Financial Aid? You will receive a Federal Student Aid Report (SAR) electronically to the email address indicated on your application within 2 weeks. This should be reviewed for accuracy.
What will the University receive? We get a copy too. It’s called an Institutional Student Information Record (ISIR). We check it for accuracy and send you a letter to let you know if you need to make corrections and if we need additional information. This is called “verification.”
How many credits must I take to be eligible for financial aid? • 6 credits per semester • Institutional and state funding requires 12 credits per term (full time enrollment)s and federal aid requires at least 1/2 time enrollment or 6 credits per term. • 12 credits per semester to be eligible for TAG. The student must be a NJ resident and enrolled full-time.
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 March 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. Continued on reverse
What is the maximum amount I can borrow? • Freshman $5,500 • Sophomores $6,500 • Juniors/Seniors $7,500
What is the difference between Subsidized and Unsubsidized Stafford Loans? • Subsidized Stafford Loan: this 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. • Unsubsidized Stafford Loan: a non-need based loan. Interest accrues while the student is enrolled, but no payments are made until after the student completes his/her degree.
Do I need to submit a copy of my tax transcript? Only if you receive a letter requesting them. This may happen if you are selected for Federal Verification.
Is there an income level cutoff to qualify for financial aid? No. There are many factors that are used to determine eligibility for need based aid. Family size, number of people in college, assets, and parents’ age, are considered in addition to income.
What if I decide to commute vs. living on campus? Your academic scholarships and grants should remain the same (as long as your total gift aid is not exceeding direct cost) but your Magis (resident grant) will not follow you to off campus housing.
When will I get my award letter? For each academic year, if you are a prospective freshman and upon receipt of your FAFSA, award letters will begin to be mailed out December 15.
Other financing options include Plus loans, Alternative loans or Payment Plans. Plus loans are borrowed by a dependent student’s parent and an alternative loan may require a cosigner for a first time borrower. Payment plans can be arranged with the student accounts department and include 5 payments per term.
What Is an MPN or Master Promissory Note? This is the application to apply for a Federal Student Loan. You promise to begin paying back your loans six months after graduation. You have up to 10 years to pay your loans back. To calculate what you would actually pay in tuition after subtracting any scholarships and grants, see the Net Price Calculator on the Financial Aid website.
Interested in speaking to a counselor about a potential financial aid package? Call Admissions to speak with your counselor at (201) 761-7100 or contact Office of Financial Aid by emailing financialaid@saintpeters.edu. Students are also encouraged to visit saintpeters.edu/financialaid for more information about financial affordability.
Why would my award be reduced? • If there is a change to the information supplied on the FAFSA, it may change the EFC (estimated family contribution). • If the number of family members in college changes, or there is a change in income or assets. Satisfactory Academic Progress: less than full-time enrollment, availability of funds, etc.
What determines eligibility for loans? At least a part-time basis (6 credits) per semester matriculated in a degree. 9/22
Saint Peter’s University was recognized among the top ten for best value institutions as 6th in the Regional Universities North category in the 2023 U.S. News & World Report Best Colleges Rankings.