FINANCIAL AID Financing Your Education at NJCU New Jersey City University believes that money should not be an obstacle to higher education. Our financial aid programs are designed to help students manage the cost of tuition and to make the pursuit of higher education a reality for those who attend NJCU. Currently 85% of our undergraduate students receive financial aid, with NJCU providing more than 20 million in funding annually. Financial aid eligibility, at the time of application, is based upon calculation of financial need. Once enrolled, funding is contingent upon satisfactory academic progress and maintaining a minimum threshold of enrollment.
Paying for College: Start with the Office of Financial Aid! Complete the Free Application for Federal Student Aid (FAFSA) to see if you qualify for state or federal assistance. You may be pleasantly surprised! y Attend NJCU’s financial aid workshops to learn about programs specific to the University. Contact the Financial Aid Office at 201-200-3173 for information on dates and times. Finding money for college can take some work, but it’s worth it! y
Types of Aid NJCU has many options for financing your education from scholarships and grants that do not need to be repaid to loans with affordable repayment options. We can help you find the best financial aid package to fund your education.
Eligibility Based on Enrollment To be eligible for various forms of financial aid, students must be enrolled in a minimum number of credit hours per semester as follows: State Aid
12 credits or more
Pell Grant
Full award
12 credits or more
3/4 award
9-11 credits
1/2 award
6-8 credits
1/4 award
5 credits or less
¹⁄2 - full award
6 credits or more
Summer Pell Grant
Federal Direct Loans 6 credits or more Federal Work Study
6 credits or more
Federal Direct Stafford Loan Program There are two types of Direct Stafford Loans: subsidized and unsubsidized. You must have a valid FAFSA on file, be enrolled at least halftime in a degree granting program and maintaining satisfactory academic progress to receive Stafford loans.
Direct Subsidized Loans: The subsidized loan is need-based, which is determined by the difference between the cost of attendance and your expected family contribution. Students borrowing the subsidized loan do not pay interest on the loan while they are enrolled at least half-time. The U.S. Department of Education pays interest while the borrower is in school and during grace and deferment periods. Direct Unsubsidized Loans: Unsubsidized loans are non-needbased, and students are not required to demonstrate financial need to borrow an unsubsidized loan. Interest is charged during all periods, including while you are in school and during grace and deferment periods. If you choose not to pay the interest during these periods, your interest will accrue and be capitalized (your interest will be added to the principal amount of your loan).
Federal Direct Plus Loan Program Federal PLUS loans are available to parents of dependent undergraduate students who have a valid FAFSA on file, are enrolled at least half-time, and are maintaining satisfactory academic progress. The parent borrower must not have an adverse credit history. If the parent does not pass the credit check, the parent may still receive a loan if someone agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The current interest rate is fixed at 7.54% and borrowers are responsible for all interest on the loan. Repayment begins 60 days after the second disbursement on this loan. The maximum amount that may be borrowed is calculated by subtracting other aid from the cost of attendance.
Federal Direct Grad Plus Loans Graduate and professional degree students are eligible for lowinterest Grad PLUS Loans. A credit check will be performed. Should you choose to complete your application more than 180 days prior to the start of your semester, you may be required to undergo a second credit check. To borrow a Direct PLUS Loan you must be a U.S. citizen or eligible non-citizen, must not be in a default on any federal education loans or owe an overpayment on a federal education grant, must be enrolled in at least 6 credits, and must meet other general eligibility requirements for the federal student aid programs. Repayment begins on the date of the last disbursement of the loan and a current fixed interest rate of 7.54%. Note: For both Parent and Graduate PLUS loans, forbearance and deferments are available if you qualify. To determine if you do, contact the Federal Student Aid Information Center (FSAIC) 1-800-433-3243.
Origination Fee An amount payable by the borrower and deducted from the principal of a loan prior to disbursement to the borrower. For federally-backed loans, the origination fee is paid to the federal government to offset the cost of the interest subsidy to borrowers. The exact amount will be reported to you on the “Disclosure Statement”.
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