UMDNJ Student Financial Aid

Summary of Major Financial Aid Programs

FEDERAL DIRECT LOAN-UNSUBSIDIZED (Graduate/ Professional)

Department of Education Title IV Program.
All graduate and professional level students are
considered independent.
Unsubsidized loans are not based on financial need; interest is charged from the date of disbursement.
All first-time Direct Loan borrowers must complete a Master Promissory Note.
Entrance and Exit Counseling Interviews are required
Interest rate 6.8% for loans disbursed after July 1, 2010.
The maximum award per academic year for graduate level students click here
Loan origination fee is 1.0%
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

FEDERAL DIRECT LOAN PROGRAM–SUBSIDIZED (Undergraduate Students Only)

Department of Education Title IV Program.
Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charge while a student is in school at least half-time, during the grace period, and during deferment.
All first-time Direct Loan borrowers must complete a Master Promissory Note.
Entrance and Exit Counseling Interviews are required
Interest rate 6.8% for undergraduate loans disbursed after July 1, 2013.
The maximum award per year for undergraduate click here.
Loan origination is 1.0%
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

FEDERAL DIRECT LOAN PROGRAM – UNSUBSIDIZED (Undergraduate Students Only)

Department of Education Title IV Program.
Interest is charged from the date of disbursement
All first-time Direct Loan borrowers must complete a Master Promissory Note.
Entrance and Exit Counseling Interviews are required
Interest rate 6.8% for undergraduate loans disbursed after July 1, 2011.
The maximum award per year for undergraduate click here.
Loan origination is 1%
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

FEDERAL DIRECT GRADUATE PLUS LOAN

Department of Education Title IV Program.
All graduate and professional level students are considered independent.
PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
Interest rate 7.9% for student loans disbursed after July 1, 2010.
Entrance and Exit Counseling Interviews are required
Borrowers must complete a Promissory Note.
When applying for a Direct PLUS, the Department of Education will check your credit history. Eligibility to receive a GRAD PLUS loan is based on credit. If you are determined to have an adverse credit history, you will be required to obtain an endorser who does not have an adverse credit history.
Loan origination fee is 4.0%.
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

FEDERAL DIRECT PARENT PLUS LOAN (Undergraduate Students)

Department of Education Title IV Program.
Parent PLUS loams are unsubsidized loans for the parents of dependent students. Parent PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
All first-time borrowers must complete a Promissory Note.
Entrance and Exit Counseling Interviews are required
Interest rate 7.9% for loans disbursed after July 1, 2010.
Eligibility requirements: You must be the student's biological, adoptive or the student's stepparent, if the biological or adoptive parent has remarried at the time of application and student must be a dependent. For financial aid purposes, a student is considered "dependent" if he or she is under 24, unmarried, and has no legal dependents. If a student is considered dependent, then the income and the assets of the parent have to be reported on the FAFSA.
The yearly limit on a Parent PLUS Loan is equal to the students cost of attendance minus any other financial aid received.
When applying for a Direct Parent PLUS, the Department of Education will check your credit history. Eligibility to receive a GRAD PLUS loan is based on credit. If you are determined to have an adverse credit history, you will be required to obtain an endorser who does not have an adverse credit history.
In the event your parent is denied approval to the Parent Plus Loan due to adverse credit, please contact your Financial Aid Office. Additional loan options may be available with appropriate documentation.
Loan origination is 4 %.
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

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.
All first-time borrowers must complete a Master Promissory Note
Interest rate is fixed at 5%.
Must demonstrate financial need as defined by the federal government.

FEDERAL WORK STUDY (FWS) PROGRAM/FEDERAL COMMUNITY SERVICES

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.

HEALTH PROFESSIONS STUDENT LOAN (HPSL)

(New Jersey Dental School Students Only)

Department of Health and Human Services Title VII Program.
Must demonstrate financial need as defined by the federal government.
Interest is subsidized and fixed at 5%
Parental income information is required.
Entrance and Exit Counseling Interviews are required
Only available to NJ Dental School students.

LOAN FOR DISADVANTAGES STUDENTS (LDS)

Department of Health and Human Services Title VII Program.
Loan available to students from disadvantaged backgrounds that demonstrate “exceptional financial” need as defined by the Department of Health and Human Services.
Interest is subsidized and is fixed at 5%
Parental income Information is required.
Available to dental and medical 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 fixed at 5%
Entrance and Exit Counseling Interviews are required
Primary Health Care Residency required.
Practice in Primary Health Care until date of full re–payment is mandatory.
Available to medical students

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.
Parental income information is required.

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)

A New Jersey state grant program.
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).

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 rates may vary 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.
For additional information on Alternative/Private Loan programs click here

PROGRAMS FOR SCHOOL OF HEALTH RELATED PROFESSIONS (SHRP) Undergraduate Only

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
Must not have earned a Bachelor’s Degree prior to enrollment at UMDNJ–SHRP.

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.

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.