You are here
General Financial Aid Information
Felician University recognizes that many families may need assistance in meeting the cost of a university education. The Financial Aid Office is trained to assist students and families in completing the financial aid process and receiving the maximum amount of aid based on eligibility in all the financial aid programs.
- Be accepted by the university for admission to a degree or certificate program, and
- File the Free Application for Federal Student Aid (FAFSA). The application is available on-line at www.fafsa.ed.gov. The Felician University federal code is #002610.
- Additional FAFSA Information
Students applying for financial assistance are considered for every program for which they are eligible. The amount awarded may consist of a combination of grants, loans and employment and is based on the student’s financial need. The Financial Aid Office determines all aid awards based on the Federal Methodology legislated by the federal government. By filing the FAFSA, a student is applying for federal, state and institutional aid. Each FAFSA result is reviewed for completeness and accuracy. The university may request additional information from the family to confirm the information reported on the FAFSA is correct. The FAFSA collects information about the student and student’s family including demographic information (name, address, citizenship status and residency status), the number in the family, the number in university, income, assets, etc. The form requests information from the most recent tax year (for example, for September 2012 applicants, information from the families’ 2011 federal tax return will be required).
Federal Direct Subsidized and/or Unsubsidized Loans are offered as part of a financial aid package. Federal Direct PLUS Loans and/or student educational alternative loans may be recommended to help cover remaining costs including tuition, fees, books and supplies, and on campus room and board, if applicable. Students may request additional loan funds to finance educational expenses up to the cost of attendance, contingent upon federal guidelines and loan approval.
Change in Financial Circumstances
Sometimes a family suffers a change of circumstances in their financial situation. A student or parent should inform the Financial Aid Office if there is a change in the family income as a result of unemployment, retirement, lay-off, separation or divorce, or death of a wage-earner. The Financial Aid Office will collect additional information and determine if the current financial information results in a change in eligibility.
Types of Aid
There are four basic types of financial aid available: grants, scholarships, loans and work-study. Funding sources include federal, state, university and private sources. Our financial aid staff will develop a financial package that includes a combination of these funding sources tailored to the student’s particular situation based on the eligibility formulas.
Grants and Scholarships are funds that do not have to be paid back. Scholarships are usually merit-based aid awarded to students who have a special characteristic, skill, talent or academic ability. In some cases, financial need is also given consideration in awarding scholarships and/or grants.
Loans are borrowed funds that must be repaid with interest, usually after the completion of the university education. Each loan program has different eligibility and application requirements. Felician University currently participates in the Federal Direct Loan Program, the Federal Direct PLUS Program and a variety of alternative loans from several lending institutions.
Jobs are available to students through the Federal Work Study or Felician University Student Employment programs. Students who are offered jobs have the opportunity to work on or off campus to earn money to help pay educational expenses. Additional information may be obtained from the Career Services Office.
Felician University participates in the Federal Title IV and State of New Jersey financial aid programs. Institutional sources of funding are also available.
Federal Aid Programs
Federal Pell Grant: Grants are awarded to needy undergraduate students. Eligibility is based on the Expected Family Contribution (EFC) calculated by filing the FAFSA. Individual award amounts are based on federal appropriations and enrollment status.
Federal Supplemental Educational Opportunity Grant (FSEOG): This grant program is awarded to needy students with the lowest Expected Family Contribution (EFC) levels as determined by filing the FAFSA form. Individual award amounts may range from $100 to $4000 based on federal appropriations, allocations to the university, and enrollment status.
Federal Work-Study Program (FWS): Students with financial need may earn money to pay for university expenses by working at a variety of on- or off-campus jobs. The federal government finances the major portion of a student's earnings, and the university or off-campus employer finances the remainder. Work-Study provides an opportunity for students to learn professional skills while working for financial assistance. Determination of eligibility is made by the Financial Aid Office. Students interested in obtaining employment on campus should contact the Career Services Office.
Federal Direct Loan Program (formerly the Stafford Loan Program): Students must be a U.S. citizen or an eligible non-citizen attending at least half-time to apply for a Federal Direct Loan. Subsidized Federal Direct Loans are based on financial need as determined by federal formula. Interest is paid by the federal government until a student ceases to be enrolled at least half-time. Unsubsidized Federal Direct Loans are available to students who have not established financial need based on the federal formula and the interest is paid by the student while in school.
The Financial Aid Office will determine the amount of a student’s Federal Direct Loan after the results of the FAFSA are received. The amount of the loan is based on the maximum loan limits established by the federal government. Students offered a Federal Direct Loan must complete a Master Promissory Note (MPN) and participate in a loan counseling entrance interview at www.studentloans.gov. The maximum loan limits for each 12 month period of enrollment are as follows:
|Undergraduate Students||Dependent*||Independent (over 24 yrs old|
|Freshman (0 to 29 credits earned)||$5,500||$ 9,500|
|Sophomore (30-59 credits earned)||$6,500||$10,500|
|Junior & Senior (60 or more credits earned)||$7,500||$12,500|
|Graduate Students (all years)||$20,500|
|Teacher Certificate Students||$12,500|
*Dependent Students whose parents are denied a Federal Direct Parent PLUS Loan are eligible for an additional $4,000 or $5,000 Unsubsidized Federal Direct Loan depending on class level.
All Federal Direct Loan borrowers are required to complete an Exit Interview when they leave the university or drop below half-time. The Financial Aid Office will send information about this process when a student leaves the institution due to graduation or withdrawal.
Federal Direct PLUS Loans:Eligible parents of dependent students may borrow up to the cost of education minus any other aid per year for each son or daughter in an approved university. There is no interest subsidy and repayment begins within 60 days of disbursement.
Federal Teach Grant: TEACH (Teacher Education Assistance for university and Higher Education) Grant (loan) is a merit based Federal Title IV program designed to encourage highly qualified teachers to serve in low-income schools in high-need fields. Teaching Obligation: Grant recipients agree to teach for at least four years within eight years of finishing their teacher preparation program and to teach high-need students in designated schools that serve low-income students. If you do not complete the four year teaching obligation, your grant will convert into an unsubsidized loan, which you will have to repay with interest calculated back to the date the funds were originally disbursed. The field you teach in must be a high need field in the state where you teach in order to satisfy your service requirement. According to some estimates, only 20 percent of students who participate in the TEACH Grant Program will be able to use the funds as grants, while many students will see their funds converted to loans with accumulated interest.
All New Jersey State grants require full-time attendance (12 credits minimum per semester). The NJ Tuition Aid Grant (TAG) and Educational Opportunity Fund (EOF) are awards which are made for one year and must be renewed by filing the FAFSA annually. The following types of financial assistance are available to qualified students residing in the State of New Jersey.
New Jersey Grant and Scholarship Programs
Tuition Aid Grants (TAG): Provides grants to New Jersey residents enrolled as full-time undergraduates with demonstrated financial need. Award amounts are determined each year based on state appropriations.
Educational Opportunity Fund (EOF): This state funded program is specifically designed to provide additional academic and economic support to those students who show financial need and require academic support services. Students must be admitted through the EOF Office at Felician University based upon specific income guidelines. For more information, contact the EOF Office at the university.
New Jersey Loan Program
New Jersey Class Loans: The New Jersey College Loans to Assist State Students (NJCLASS) is a loan program intended for families of university undergraduate or graduate students. Under the program, a student, parent, legal guardian, spouse, or relative may borrow up to the student’s cost of education. Loan information and application are available at www.hesaa.org.
Veteran’s Educational Benefits
For detailed information regarding a student’s eligibility for veterans educational benefits contact the United States Department of Veterans Affairs at www.gibill.va.gov or call the toll free number 1-888-GI-BILL-1 (1-888-442-4551) to speak with a Veterans Benefits Counselor.
Montgomery GI Bill: As provided under Chapter 30 of the Montgomery GI Bill, individuals that entered the military after June 30, 1985 may be eligible for educational benefits under this program.
Post-9/11 GI Bill: The Post-9/11 GI Bill (Chapter 33) is for students with at least 90 days of aggregate military service on our after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. The program becomes effective on August 1, 2009 and is limited to those veterans with an honorable discharge. The program provides funding for tuition, fees, books & supplies and a monthly housing allowance.
Yellow Ribbon Program: The Yellow Ribbon GI Educational Enhancement Program is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. Felician University participates in the Yellow Ribbon Program which allows institutions to enter into an agreement with the VA to fund tuition expenses that exceed the amount covered by the Post-9/11 GI Bill (see above). Felician University will match the VA contribution so the total amount available to the student from the Post-9/11 GI Bill and the Yellow Ribbon Program will cover the entire cost of tuition and fees at Felician University.
Other Veterans’ Benefits: Additional Veterans’ Educational benefits for dependents and widows of veterans that died in service-related causes. Individuals in the Selected Reserve (Chapter 1606) and those that contributed to the Veterans Educational Assistance Program (VEEP-Chapter 32) also may be eligible for VA educational benefits. For additional information regarding Veterans’ Educational Benefits, contact the State of New Jersey Department of Military and Veteran Affairs State Approving Agency, PO Box 340, Eggert Crossing Road, Trenton, New Jersey 08625.
Supplemental Assistance Programs
Vocational Rehabilitation Educational Benefits: Funds may be available for students with physical or mental disabilities that result in substantial handicaps to employment. Contact the local Vocational Rehabilitation Services for additional information.
Employee Tuition Reimbursement Program: Many employers will pay tuition for employees who successfully complete course work at Felician University. Please check with the Personnel office at one’s place of employment.
Alternative Loan Programs: Many banks and lending institutions offer credit based loans to students and families to assist with educational expenses. Students may choose any lender of their choice. Additional information is available on the Felician University web site and in the Financial Aid Office.
Financial Aid Policies
- Students receiving financial aid must be making satisfactory academic progress according to the university’s policy. See the academic section of catalog.
- Students who are United States citizens (including U.S. nationals) or permanent residents of the U.S. (possessing an alien registration, Form I-551) may be considered for financial aid. Other individuals who may be eligible for aid are those possessing a conditional permanent resident (I-551C) or an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: “Refugee,” or “Asylum Granted,” or “Parolee” (I-94 confirms paroled for a minimum of one year and status has not expired) or “Cuban-Haitian Entrant.” Students on F1 or F2 student visa, or only a J1 or J2 exchange visitor visa, or a G series visa (pertaining to international organizations) are, by definition, in this country on a temporary basis and are not eligible to receive any assistance. Documentation of permanent residency status may be required prior to the awarding of financial aid.
- Students must not owe a refund to any federal (Pell, FSEOG, ACG, SMART) or state grant (NJ TAG, EOF and/or Distinguished/Urban Scholarship) to receive financial aid.
- Students will not be eligible to receive financial assistance from any source (federal, state and university) if they are in default on a student loan received through any federal program (Federal Perkins Loan, Federal Direct Loans, Federal Direct PLUS Loans, Federal Stafford Loan and/or Federal PLUS Loan).
- Students awarded grants/scholarships from Felician University may not receive total grants/scholarships from all sources (institutional, federal, state and external aid) in excess of the total cost of tuition, comprehensive fees, and room & board, if applicable.
- In no case can a student’s total aid package from all sources (grants/scholarship, loans, and/or Federal Work-Study) exceed the student’s cost of education.
- Undergraduate students in their final semester needing fewer than 12 credits to complete their degree requirements will be considered full-time students. Note: Federal Student Aid Regulations supersede this policy when determining eligibility for federal aid. NJ grants will not be awarded on a full-time basis under this clause if the student was not enrolled full-time in the prior semester.
All students who are selected by the federal, the state agency or Felician University for verification will be required to provide additional documentation which demonstrates the accuracy of the data which was previously reported on a financial aid application (FAFSA). Students will be given approximately one month to provide the information once it is requested. Failure to complete the verification process may result in cancellation of financial aid.
The rights and responsibilities of financial aid recipients are listed below:
- To have complete information regarding fees, payment, and refund policies available to you.
- To have all personal and family financial information treated with sensitivity and confidentiality.
- To have aid awards credited to their account in a timely manner.
- To know the source(s) and amount(s) of aid for which they are eligible.
- To submit an appeal or request a reevaluation if circumstances change.
- To know what portion of your financial aid package must be repaid and what portion does not.
- To request an explanation of the funds in your financial aid package and decline any portion of your award.
- Meet your financial obligations to the university
- Know and comply with the rules governing all financial aid you receive.
- Read and understand all materials sent by the Financial Aid Office.
- Accept responsibility for all agreements signed by you and keep copies of all materials for your records.
- To provide the Financial Aid Office with all verification materials requested within the time frame given.
- Complete the Free Application for Federal Student Aid (FAFSA) each year prior to the university’s established priority deadline.
- Advise the Financial Aid Office if you change your housing status from the original application and/or change your enrollment status at any time.
- Respond promptly to any information requests from external organizations, including the NJ Higher Education Assistance Authority (NJ HESAA)
- Notify the Financial Aid Office immediately if you expect to withdraw or take a leave of absence from the university.
- Advise the Financial Aid Office of any additional aid (outside sources) received which are not indicated on your financial aid award letter.
- Maintain good standing and satisfactory academic progress as defined in the academic section of this catalog.
- Report to the Internal Revenue Service (IRS) any grants and/and scholarships which are in excess of tuition, fees and books which completing your federal tax return.