Federal Pell Grant
Grants are awarded to needy undergraduate students who are working on their first bachelor’s degree. Eligibility is based on the Student Aid Index (SAI) which is calculated by filing the FAFSA.Individual award amounts are based on federal appropriations and enrollment status. The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This grant program is awarded to needy students with the lowest Student Aid Index (SAI) 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 Office of Student Financial Services. Students interested in obtaining employment on campus should contact the Career Services Office.
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. 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 requirements. 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.
New Jersey State Aid
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 that 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:
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.
Federal Direct Loans
Felician University participates in the William D. Ford Federal Direct Loan Program, where students borrow directly from the federal government. Students must complete FAFSA application to be eligible for Direct Loans. The William D. Ford Federal Direct Loan Program includes:
Federal Direct Loans
- Federal Direct Subsidized Loan – The Federal government subsidizes (pays) the interest on the loan while the student is enrolled at least half-time
- Federal Direct Unsubsidized Loan – Federal Direct unsubsidized loan is not based on financial need. Interest will be charged while the student is enrolled and until the loan is paid in full. Students may pay the interest while they are in school by contacting their Direct Loan Servicer.
- Federal Direct Subsidized/Unsubsidized Loan Process – First-time borrowers must complete loan entrance counseling and the Master Promissory Note (MPN) online.
- Exit Counseling – Title IV Loan Programs – https://studentaid.gov/exit-counseling
Students must complete the exit counseling when you leave school or drop below half-time enrollment. This is required for students to understand their loan obligations and repayment.
Annual Loan Limits
| DEPENDENT STUDENTS* | SUBSIDIZED | UNSUBSIDIZED | TOTAL |
| Freshmen (0 – 29 credits) | $3,500 | $2,000 | $5,500 |
| Sophomore (30 – 61 credits) | $4,500 | $2,000 | $6,500 |
| Junior/Senior (62 and above) | $5,500 | $2,000 | $7,500 |
| INDEPENDENT STUDENTS | SUBSIDIZED | UNSUBSIDIZED | TOTAL |
| Freshmen (0 – 29 credits) | $3,500 | $6,000 | $9,500 |
| Sophomore (30 – 61 credits) | $4,500 | $6,000 | $10,500 |
| Junior/Senior (62 and above) | $5,500 | $7,000 | $12,500 |
| Graduate Certificate | $5,500 | $7,000 | $12,500 |
| Graduate/Professional | $8,500 | $12,000 | $20,500 |
*NOTE: For dependent students whose parents cannot borrow under PLUS program, the amount a student can borrow under the Stafford program is the same as an independent student.
AGGREGATE LOAN LIMITS
- Dependent Undergraduate: $31,000 (no more than $23,000 in subsidized)
- Independent Undergraduate: $57,500 (no more than $23,000 in subsidized)
- Graduate/Professional: $138,000 (no more than $46,000 in subsidized)
The current interest rates (first disbursed on or after July 1, 2023, and before July 1, 2024) for Direct Unsubsidized Loans are 5.50% (Undergraduate Student) and 5.50% (Graduate or Professional Student). The interest rates are fixed for the life of the loan.
Important COVID-19 Interest Announcement – link to: https://studentaid.gov/announcements-events/coronavirus
Federal Direct Parent 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 college. There is no interest subsidy and repayment begins within 60 days of disbursement (Add interest rate and origination fees)
Federal Direct Parent Plus Loan Process
- Secure a PLUS credit decision. Go to studentaid.gov and sign in using your Federal Student Aid ID.
- Click on the “Request PLUS Loan” link on the left side of the screen under the “PLUS Loan Process” heading.
- Select “Parent PLUS” as your loan type and complete the credit check.
- If you are approved, complete your Master Promissory Note (MPN).
- Click the “Complete MPN” link on the left side of the screen and choose the “Parent PLUS option” and you will be guided through the process.
- If you are denied, see your options in the “Credit Check Information” box or complete Federal Direct Parent Plus Loan Request form.
Federal Direct Graduate PLUS Loans
Graduate PLUS Loan is a federal student loan available to students attending graduate school and professional school. Follow these steps to apply:
- Secure a Grad PLUS credit decision. Go to studentaid.gov and sign in using your Federal Student Aid ID
- Click on the “Request PLUS Loan” link on the left side of the screen under the “PLUS Loan Process” heading.
- Select “Graduate PLUS” as your loan type and complete credit check.
- If you are approved, complete your Master Promissory Note (MPN).
- Click the “Complete MPN” link on the left side of the screen and choose the “Graduate PLUS option” and you will be guided through the process.
- If your credit is not approved, you will be notified by the Direct Loan Servicing Center.
- Complete a Graduate Plus Entrance Counseling Session at studentaid.gov if this is your first time applying for a Graduate Plus loan at Felician University
