Student Financial Aid UMDNJ Home
News Application Process
Student Financial Aid Home
Mission and Disclaimer
Financial Aid Locations
Banner Web
Entrance and Exit Programs
Financial Aid Publications
Resource Links
Federal Job Bank
Suggestion Box
Search Site Map Contact Us
« BACK TO FINANCIAL AID HANDBOOK 2005– 2006 MAIN PAGE

Mission Statement

Chapter 1

Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12

FINANCIAL AID PUBLICATIONS

Chapter Twelve

CONSUMER INFORMATION FOR FINANCIAL AID APPLICANTS

STUDENT RIGHTS
You have the right to know what financial aid programs are available at your school.

You have the right to know the deadlines for submitting applications for each of the financial aid programs available.

You have the right to know how financial aid will be distributed, how decisions on that distribution are made and the basis for these decisions.

You have the right to know how your financial need was determined. This includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses are considered in your budget.

You have the right to know what resources (such as parental contribution, other financial aid, your assets, etc.) were considered in the calculation of your need. Discussion of parental information with the student may be withheld at the request of the parent.

You have the right to request an explanation of the various programs in your student aid package.

You have the right to know your school's refund policy.

You have the right to know what portion of the aid awarded is loan monies and must be repaid, and what portion is grant. If the aid is a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the payback procedures, the length of time you have to repay the loan, and when repayment is to begin.

You have the right to know how the school determines whether you are making satisfactory academic progress and what happens if you are not.

You have the right to appeal your award package to the Student Financial Aid Office in writing.  Appeals are reviewed on a case by case basis.  Federal guideline compliance is strictly adjered to.

DEFERRAL OF FEDERAL LOANS FOR BORROWERS THAT PERFORM VOLUNTEER SERVICES
In accordance with Public Law 101-610, (The National and Community Service Act of 1990), the following are the terms and conditions under which students receiving a Federal Perkins Loan or a Loan under the Federal Family Education Loan Programs may obtain a deferral of a loan repayment for Volunteer Service.

The borrower may upon making a properly documented written request to the Lending Institution defer repayment for up to 3 years and interest will not accrue while the borrower is;

  • A Peace Corps Volunteer.
  • Volunteer under Title 1-Part A of the Domestic Service Act of 1973 (ACTION Programs).
  • A Full-Time Volunteer in service for a Tax-exempt organization that the Department of Education has determined is comparable to Peace Corps or ACTION.

CANCELLATION OF FEDERAL PERKINS LOAN FOR BORROWERS THAT PERFORM VOLUNTEER SERVICE
For Federal Perkins Loan only, the borrower upon making a properly documented written request to the institution is entitled to cancel up to 70 percent of the amount of this loan plus the interest thereon canceled if the borrower performs the following service:

  • As a volunteer under the Peace Corps Act or Vista.
  • As a volunteer under the Domestic Service Act of 1973.
  • The loan will be canceled at the following rates:

15 percent of the total principal amount of the loan plus interest on the unpaid balance accruing during that year will be canceled for each of the first and second twelve (12) month periods of volunteer service completed.

20 percent of the total principal amount of the loan plus interest on the unpaid balance accruing during that year will be canceled for each of the third and fourth twelve (12) month periods of volunteer service completed.

ALTERNATIVE REPAYMENT PROGRAMS
The National Health Service Corps Loan Repayment Program is available to fully trained Allopathic and Osteopathic physicians with specialties of Family Medicine, General Pediatrics, General Internal Medicine, General Psychiatry, Obstetrics/ Gynecology and Dentists. Primary care services to be provided in a health professional shortage area.

Loan Redemption programs for primary care services in underserved areas are available in many states. For the most up to date listing of these programs visit the Student Financial Aid homepage and click here for Loan Forgiveness Programs.

Home UMDNJ Home Top