Summary of Major Financial Aid Programs

FEDERAL STAFFORD LOAN (FSL)

• Department of Education Title IV Program.
• Interest rate is fixed at 6.00% for undergraduate level loans disbursed after July 1, 2008
• Interest rate is fixed at 6.80% for graduate level loans disbursed after July 1, 2008
• Interest is subsidized‚ and is not accruing while borrower is in school‚ in grace or authorized deferment periods.
• Borrower must complete a Master Promissory Note (MPN).
• Borrower must complete Entrance Counseling Interview.
• Must demonstrate financial need as defined by the federal government.
• The maximum award per year for undergraduate is $3,500 (1st  year), $4‚500 (2nd year)‚ and $5‚500 (3rd year and subsequent years).
• The maximum award is $8‚500 per year‚ for graduate level students.
• The lender may access an origination fee, which cannot exceed three percent of the amount borrowed.

UNSUBSIDIZED FEDERAL STAFFORD LOAN (UFSL)

• Department of Education Title IV Program.
• Interest rate is fixed at 6.80% for loans disbursed after July 1, 2006
• Interest on loan accrues while borrower is in school. Interest and principal may be deferred during that time.
• Borrower must complete a Master Promissory Note (MPN).
• Borrower must complete Entrance Counseling Interview.
• The maximum award per year for dependent undergraduates is  $2,000 per year
• The maximum award per year for independent undergraduates is $6‚000 (1st year), $6‚000 (2nd year), and $7‚000 (3RD and subsequent years).
• The maximum award per year for graduate level students is $12‚000‚ unless otherwise specified by your Office of Student Financial Aid.
• The lender may access an origination fee, which cannot exceed three percent of the amount borrowed.

FEDERAL PERKINS LOAN

• Department of Education Title IV Program.
• Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
• Interest rate is fixed at 5%.
• Must demonstrate financial need as defined by the federal government.

FEDERAL GRADUATE PLUS LOAN

• Department of Education Title IV Program.
• Interest rate is fixed at 8.50%
• Interest on the loan accrues while borrower is in school.
• Borrower must complete a promissory note
• Lender may access an origination fee of up to 3%.
• Borrower must have no adverse credit history
• Loan(s) may be included in a Federal Consolidation Loan program
• Maximum award is up to the cost of attendance, less other financial aid awarded

HEALTH PROFESSIONS STUDENT LOAN (HPSL)

• Department of Health and Human Services Title VII Program.
• Must demonstrate financial need as defined by the federal government.
• Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
• Interest rate is fixed at 5%.
• Parental income information is required.
• Entrance/Exit Interviews are mandatory.
• Only available to NJ Dental School students.

PRIMARY CARE LOAN (PCL)

• Department of Health and Human Services Title VII Program.
• Must demonstrate financial need as defined by Department of Health and Human Services.
• Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
• Interest rate is fixed at 5%.
• Parental income information is required.
• Entrance/Exit Interviews are mandatory.
• Primary Health Care Residency required.
• Practice in Primary Health Care until date of full re–payment is mandatory.
• Available to New Jersey Medical‚ Robert Wood Johnson Medical and School of Osteopathic Medicine students only!

LOAN FOR DISADVANTAGES STUDENTS (LDS)

• Department of Health and Human Services Title VII Program.
• Loan available to students from disadvantaged backgrounds that demostrate “exceptional financial” need as defined by the Department of Health and Human Services.
• Interest is subsidized and is not accruing while enrolled in school, in grace or during authorized deferment periods.
• Interest rate is fixed at 5%.
• Must be full-time student.
• Parental Information is required.
• Available to DENTAL AND MEDICAL STUDENTS ONLY!

FEDERAL WORK STUDY (FWS) PROGRAM/
COMMUNITY SERVICE

• Department of Education Title IV Program.
• Must demonstrate financial need as defined by the federal government.
• A job placement interview is required with the Office of Student Financial Aid.
• Earnings cannot exceed total FWS award. Employment is up to 20 hours per week while classes are in session.
• Students may work up to 35 hours per week during breaks‚ provided they are not in class and are not taking exams.

GRADUATE EDUCATIONAL OPPORTUNITY FUND (EOF)

• A New Jersey state grants program.
• Grants up to $4‚350 per year for graduate level students‚ not to exceed 5 years of eligibility.
• Must be a New Jersey resident for 12 consecutive months prior to the award period.
• Must demonstrate "historical poverty" as defined by EOF guidelines as well as adhere to family size and income cut–off.
• Determined by the Office of Student Financial Aid using information provided on the FAFSA and supporting documents.

MARTIN LUTHER KING PHYSICIAN/DENTIST SCHOLARSHIP (MLK)

• Grants available for disadvantaged students who demonstrate financial need as defined by EOF guidelines‚ and/or former‚ or current EOF recipients.
• Must be a New Jersey resident for at least 2 years.
• Must be a full–time student in an Allopathic‚ Osteopathic or Dental Program.

DISADVANTAGED STUDENT FUND

• A UMDNJ grant program.
• Program is designed to help students from disadvantaged backgrounds or students who demonstrate "exceptional financial need" (as defined by UMDNJ).
• Funds may be used for direct and/or indirect educational expenses.

SCHOLARSHIPS FOR DISADVANTAGED STUDENTS (SDS)

• Department of Health and Human Services Title VII Program.
• Program is designed to help students from disadvantaged backgrounds or students who demonstrate "exceptional financial need"‚ as defined by the Department of Health and Human Services.
• Program offers grants of varying amounts‚ determined by financial need‚ other aid‚ and funds allocated to the school.
• Must be a full–time student.
• Parental information required

ALTERNATIVE/PRIVATE LOANS

• Private loan sources that are made available from a variety of lenders.
• Interest on loan accrues while borrower is in school. Interest and principal may be deferred during that time.
• Interest rate is variable‚ based upon the 91–day Treasury bill‚ plus additional points (varies by lender).
• Maximum award is determined by cost of education minus other aid.
• Loans are credit–based; borrower must have an acceptable credit history‚ as determined by the lender.
• Contact the Office of Financial Aid for more information on private loan options.

PROGRAMS ONLY FOR UNDERGRADUATE STUDENTS AT UMDNJ

NEW JERSEY TUITION AID GRANT (TAG)

• New Jersey State grant program.
• Must be a resident of New Jersey.
• Must demonstrate financial need.
• Must NOT have earned a Bachelor’s degree prior to enrollment at UMDNJ.
• Must be enrolled in an eligible program at UMDNJ-SHRP
• Must be enrolled as a full-time student, taking at least 12 credits.
• Must not be in default or owe a refund on any Title IV programs.
• Tuition Aid Grant awards cannot exceed the tuition charge at UMDNJ-School of Health Related Profession (SHRP)

NEW JERSEY STARS II

• A New Jersey State grant program
• Student must be a NJ Stars recipient during their semester of graduation.
• Must graduate from a NJ county college with an associate degree.
• Graduated with a cumulative grade point average (GPA) of 3.0 or higher.
• Be enrolled in a baccalaureate degree program.
• Be enrolled as a full-time student, taking at least 12 credits.

EDUCATIONAL OPPORTUNITY FUND (EOF)

• A New Jersey State grant program.
• Grants up to $1,150 per year for undergraduate students‚ not to exceed 5 years of eligibility.
• Must be a New Jersey resident for 12 consecutive months prior to the award period.
• Must demonstrate "historical poverty" as defined by EOF guidelines as well as adhere to family size and income cut–off.
• Determined by the Office of Student Financial Aid using information provided on the FAFSA and supporting documents.

FEDERAL PELL GRANT

• Must be an U.S. Citizen or eligible non–citizen.
• May be enrolled less than half time.
• Must demonstrate financial need and have an eligible Expected Family Contribution (EFC).
• Must not be in default on a Federal Perkins Loan‚ Federal Stafford Loan (Subsidized or Unsubsidized) or Federal PLUS Loan.
• Must not owe a refund on a Federal Pell Grant‚ FSEOG‚ or FSSIG received for attendance at any institution.
• Have not borrowed in excess of loan limits‚ under the Title IV Program at any institution.

• Must NOT have earned a Bachelor’s Degree prior to enrollment at UMDNJ.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG):

• Must be an U.S. Citizen or eligible non–citizen.
• Must demonstrate financial need and an eligible Expected Family Contribution (EFC).
• Must not be in default on a Federal Perkins Loan‚ Federal Stafford Loan (Subsidized or Unsubsidized) or Federal PLUS Loan.
• Must not owe a refund on a Federal Pell Grant‚ FSEOG‚ or FSSIG received for attendance at any institution.
• Have not borrowed in excess of loan limits‚ under the Title IV Program at any
• institution.
• Must NOT have earned a Bachelor’s Degree prior to enrollment at UMDNJ–SHRP.

ACADEMIC COMPETITIVENESS GRANT (ACG)

• Must be an U.S. Citizen or eligible non–citizen.
• Must receive a PELL grant for the same academic period.
• Be enrolled full-time in the Dental Hygiene or Respiratory Therapy Programs
• Be enrolled in the first or second academic year of their program.
• First year students must have NO prior college experience.
• Second year students must have completed their first year of study with at least a 3.0 on a 4.0 GPA scale
• Must completed a rigorous secondary school program of study and graduated after January 1, 2006 for first- year and after January 1, 2005 for second-year.