Grants
New Jersey State Grant.
Full-time
graduate students who are classified as New Jersey residents for
tuition purposes and who demonstrate financial need are eligible to
receive a New Jersey State Grant. Amounts vary from $200 to $1,000 per
year and are dependent upon available funds. Grants are
renewable. Applicants must complete the FAFSA form. EOF grant
recipients are not eligible.
Educational Opportunity Fund (EOF).
New
Jersey residents who are full-time students and who can demonstrate
backgrounds of financial and academic hardship are eligible for EOF
grants ranging from $200 to $2,650. Students who received EOF grants as
undergraduates are presumed eligible if they fall below the maximum
income parameters required for all recipients of this state grant.
Graduate students who did not receive EOF grants as undergraduates, but
feel that they come from backgrounds of financial hardship and wish to
be considered, should contact the Office of Financial Aid for
information. The grants are renewable for the duration of the student's
degree work, subject to continued student eligibility and provided
satisfactory academic progress is made. Applicants must complete the
FAFSA form.
Loans
Federal Perkins Loan.
This
loan is based on need. Annual awards vary according to fund
availability but cannot, by federal regulation, exceed $6,000. Federal
regulation limits the maximum aggregate loan amount for graduate and
professional students to $40,000, including National Direct Student and
Perkins Loans borrowed as an undergraduate student.
Interest at the rate of 5 percent begins nine months after the borrower
ceases to enroll on a half-time basis per term. Repayment extends over
a maximum of 10 years. Monthly payments of at least $40 are required.
Deferment of repayment is permitted for certain kinds of federal
service and cancellation of loans is permitted for certain
public-service positions.
All first-time Federal Perkins
Loan borrowers are required to attend an entrance interview to learn
about their rights and responsibilities regarding the loan. They must
also attend an exit interview before graduation or upon withdrawal from
school.
Details and procedures regarding the repayment of
the Federal Perkins Loan are sent to each student recipient by Rutgers,
The State University of New Jersey, Office of Student Loans, Division
of Student Accounting, Billing, Cashiering and Collections, 65 Davidson
Road, Piscataway, NJ 08854-8094.
William D. Ford Federal Direct Student Loan
.
Federal
Direct Student Loans (Direct Loans) are available to students from the
federal government to pay for educational costs. These loans eliminate
the need for an outside lender, such as a bank. To be considered for a
Direct Loan, students must complete the FAFSA. Subsequently, the award
letter issued by Rutgers will list eligibility for the program.
Money awarded to students will be credited directly to their
accounts. Because Rutgers has chosen to participate in direct lending,
the university cannot accept any Federal Stafford loan applications
from students or their lenders. Since the U.S. Department of Education
is the lender for the Federal Direct Loan Program, borrowers will send
all loan repayments to the department, rather than to several lenders.
In general, to be eligible for a Direct Loan, a student must have a
high school diploma or a General Education Development (GED)
certificate or meet other standards set by the U.S. Department of
Education, provide evidence of U.S. citizenship or be an eligible
noncitizen, be enrolled at least half time per term and be making
satisfactory academic progress, have a valid social security number,
sign a statement of educational purpose, not be in default on prior
loans or owe refunds to a federal grant program, and register with the
U.S. Selective Service, if required.
In addition to these
requirements, all first-time Federal Direct Loan borrowers must attend
an entrance interview in order to learn about rights and
responsibilities regarding the loan.
The aggregate limit
for Federal Direct Loans, including both subsidized and unsubsidized
amounts, is $138,500 for a graduate or professional student (including
loans for undergraduate study).
Federal Direct Subsidized Loan.
This
loan is based on financial need. The government pays the interest on
the loan while the student is attending school. The variable interest
rate is adjusted each year. Effective July 1, 2003, the rate for the
Federal Direct Loan was 3.42 percent. Additionally, borrowers are
charged an origination fee of 1.5 percent. Graduate students may borrow
$8,500 per year. The total debt may not exceed $65,500, including loans
for undergraduate years.
Federal Direct Unsubsidized Loan.
This
loan is not based on financial need and all interest charges must be
paid by the student. The interest rate is the same as that of the
Federal Direct Subsidized Loan. Students may borrow as much as $18,500
per year, less any amount from the subsidized loan program. The total
debt permitted for all subsidized and unsubsidized Direct Loans is
$138,500.
NJCLASS Loan.
The
NJCLASS, initiated by the State of New Jersey and administered by the
New Jersey Higher Education Student Assistance Authority (NJHEAA), is a
program that makes loans available to students regardless of income
level. Students must be permanent New Jersey residents classified as
citizens or eligible noncitizens of the United States for at least six
months prior to filing the NJCLASS application. Students must also
complete the financial aid application procedure to determine the
student`s eligibility for Federal Direct Student Loans and must accept
loan funds from that program before applying for NJCLASS funds. The
interest rate may be either fixed or variable. For more information
about NJCLASS, call the NJHEAA Financial Aid Hotline at 800/792-8670.
Emergency Loan.
Students
experiencing a financial emergency may apply for a university loan of
as much as $500. A simple interest rate of 3 percent is charged.
Loans are awarded as long as funds are available. The applicant must
demonstrate an emergency need and indicate a source of repayment.
Contact the Office of Financial Aid for additional information.
Note: Quoted interest rates may change at any time. Subsequent
program regulations may change the terms of eligibility and repayment.
Employment
Federal Work-Study Program (FWSP).
Federal
work-study employment may be offered as a portion of the financial aid
award. Application for this program is made by filing the FAFSA.
On-campus jobs are available in many departments. Selection for a
particular job is based on the applicant`s skills, job availability,
university needs, and student preference. In assigning students jobs
the program assumes a student will work between 6 and 20 hours a week
during the fall and spring terms. For summer assignments, students may
work as many as 35 hours a week.
Off-campus employment is available. These jobs are paid community-service positions in nonprofit agencies.
No job assignments will be made until financial aid requirements are
met. Any change in work-study jobs must be made through the Student
Employment/Office of Financial Aid.
Other University Employment.
Any
graduate student enrolled at the university may inquire with individual
academic or administrative offices for available non-FWSP
opportunities. All hiring decisions for non-FWSP jobs are made by the
department.
Job Location and Development (JLD) Program.
The
JLD Program is open to all students enrolled in the university. Most
employment opportunities are located outside the university in local
businesses. Information about jobs is available online at http://studentwork.rutgers.edu.
Other Sources of Aid
Veterans Benefits.
The
United States Veterans Administration operates various
education-assistance programs for eligible veterans, war orphans,
surviving spouses or children of any veteran killed while on duty with
the Armed Forces, disabled veterans, and dependents of any veteran with
a service-related total disability. These programs also are available
for certain members of the selected reserve. For information about
eligibility, contact the Veterans Administration office in Newark, NJ
(800/827-1000) or the New Jersey Department of Military and Veterans
Affairs in New Brunswick, NJ (732/937-6347). This information also is
available from the veterans coordinator on each campus. For the New
Brunswick office, the number is 732/445-3557.
When
registering for courses, veterans and others mentioned above who plan
to utilize veterans' education benefits should present the Veterans
Administration Certificate of Eligibility Form(s) and/or discharge
papers (certified copy of the DD214). If applying for other financial
aid with the university, veterans must report to the Office of
Financial Aid that they will receive veterans' education benefits.
Veterans planning to train under Chapter 32 VEAP, Chapter 30 of the New
(Montgomery) GI Bill of 1984, or Chapter 106 for Reservists, are
required by the university to pay cash for tuition, fees, books, and
supplies when these amounts are due. Veterans, in turn, receive an
allowance for each month of schooling based upon credit hours and the
number of dependents.
No veteran may withdraw officially
from a course (or courses) without prior approval from the academic
services and/or dean of students offices. All withdrawals must be
submitted in writing. The date of official withdrawal will be the
determining date for changes in benefits. In addition, students must
report any change in their schedules to the campus Office of Veterans
Affairs. Failure to comply with the official school withdrawal
procedure may affect both past and future benefits.
