Introduction to Financial Aid - Berkeley College
Transcript of Introduction to Financial Aid - Berkeley College
Office of Financial Aid
Financial Aid and Berkeley College• How and when to apply for financial aid• Which semesters are covered• Types of financial aid
• Grants and Scholarships• Loans
• How financial aid is disbursed• Costs• Maintaining your financial aid
• Aid Eligibility• Next Steps• Award Notice• Contact Us
Office of Financial Aid
How and when to apply for Financial Aid• Free Application for Federal Student Aid (FAFSA)
• The FAFSA must be submitted to receive federal, state, and select Berkeley College aid
• FAFSA.ED.GOV• Mobile FAFSA for Apple• Mobile FAFSA for Google Play• New year FAFSAs begin October 1. Students must reapply every
year for aid.• Current year 2020/2021 FAFSAs request 2018 income information• Next year 2021/2022 FAFSAs request 2019 income information
Office of Financial Aid
How and when to apply for Financial Aid• Income information is needed for the following:
• Independent students• Student• Spouse (if married)
• Dependent students• Student• Parent(s)
• Contact the Financial Aid office if actual income levels are significantly different than what is on the FAFSA.
• Contact the Financial Aid office if the FAFSA cannot be completed.
Office of Financial Aid
Which semesters are covered• The FAFSA-based aid is typically awarded two semesters at
a time. • After two semesters, the new FAFSA-based aid is awarded.• Your Award Notice will indicate which semesters are covered.• To access your personal Award Notice, click here for instructions.
Office of Financial Aid
Types of Financial Aid• Grants and Scholarships
• Aid that does not have to be paid back• Based mostly on need (FAFSA)• Based on merit• Federal
• Federal Pell Grant• Based on FAFSA• Based on your enrollment and the college’s federal allocation• Limited amounts to receive - 600% or 6 full award years
• 100% = 2 full-time semesters• Read the Pell basics for students
• Federal Supplemental Education Opportunity Grant (SEOG)• Based on FAFSA• Based on enrollment• Read the SEOG basics for students
Office of Financial Aid
• State Grants• NY Tuition Assistance Program (TAP)
• For NY residents attending NY campuses• Residency requirements must be met• Apply for TAP here.• Read about all eligibility requirements for TAP here• Awards based on New York State net taxable income and tuition charges• Deadlines:
• June 30th of the current academic year• Lifetime limits are:
• Associate Degree: 36 points (6 semesters)• Bachelor Degree: 48 points (8 semesters)• 6 points are used each semester
Types of Financial Aid
Office of Financial Aid
• State Grants cont.• NJ Tuition Assistance Grant (TAG)
• For NJ residents attending NJ campuses• Must meet residency requirements• Enrolled full-time• Check TAG status here.• Awards based on NJ Eligibility Index (NJEI)• Deadlines and all eligibility requirements click here• Lifetime limits are:
• Associate Degree: 2.5 years (5 semesters)• Bachelor Degree: 4.5 years (9 semesters)
Types of Financial Aid
Office of Financial Aid
• Berkeley Grants• Click for a list of Berkeley College Grants and Scholarships• Merit-Based• Need-Based• Cohort-Based• Conditional
Types of Financial Aid
Office of Financial Aid
Other Types of Financial Aid• Loans
• Federal Loans• Federal Subsidized Direct Stafford Loan
• Must be repaid• Based on need* (FAFSA results)• Click for current interest rates and Loan fees• Department of Education pays the interest while:
• You attend at least half-time• Grace period during the first 6 months after you leave school• During a period of deferment
• Must be repaid• Read the Direct Loan basics for students
*Need = College Costs of Attendance – Expected Family Contribution = Need (Slide 18)
Office of Financial Aid
Other Types of Financial Aid• Unsubsidized Direct Stafford Loan
• Must be repaid• Non-need based• Click for current interest rates and Loan fees• Interest accumulates during all periods of the Loan• Read the Direct Loan basics for students
• Direct Plus Loan• Must be repaid• Applicable for parents of dependent students• Applicable for graduate students• Credit check required for approval• Click for current interest rates and Loan fees• Read the Direct Loan basics for parents• Click to apply
Office of Financial Aid
Other Types of Financial Aid• Annual and lifetime limits
Loan: Grade Level Dependent Independent
Subsidized:
Grade Level 10-29 credits
$3,500 $3,500
Grade Level 230-59 credits
$4,500 $4,500
Grade Levels 3 / 460+ credits
$5,500 $5,500
Office of Financial Aid
Other Types of Financial Aid• Annual and lifetime limits
Loan: Grade Level Dependent Independent/dependent students whose parent cannot take PLUS
Total Loan LimitSubsidized and Unsubsidized:
Grade Level 10-29 credits
$5,500 $9,500
Grade Level 230-59 credits
$6,500 $10,500
Grade Levels3 / 460+ credits
$7,500 $12,500
Office of Financial Aid
Loan: Dependent Independent/Dependent students whose parent cannot take PLUS
Subsidized: $23,000 $23,000
Total LoansSubsidized and Unsubsidized:
$31,000 $57,500
Other Types of Financial Aid• Annual and lifetime limits
Office of Financial Aid
Other Types of Financial Aid• Federal Work Study
• Offices served by Berkeley’s FWS program include:• Academics• Student Development and Campus Life• Library• Center for Academic Success• Advising and Registration• Financial Aid• Other offices that provide general administrative support
Office of Financial Aid
Other Types of Financial Aid• Federal Work Study cont’d
• Student eligibility for this need-based aid program may change based on:• Complete a FAFSA application each year to determine need• Adjustments to each student’s need calculations• Other sources of aid• Satisfactory academic progress attainment (students must maintain a minimum GPA of 2.0 and
some departments have their own GPA requirement)• Must be enrolled in a degree-seeking program for at least 6 credits• Enrollment status changes• Must be authorized to work within the United States• Therefore, FWS positions are considered temporary positions and individual student placement
in particular positions is not guaranteed.• Click here for more information on the Federal Work Study Program
• To find out if you are eligible, please e-mail [email protected].
Office of Financial Aid
How Financial Aid is DisbursedThe following must occur for financial aid to be disbursed:
• Your file must be reviewed and verified for accuracy• Your enrollment must be verified
• Your aid may change as a result of this process• Aid is disbursed directly to the Office of Student Accounts• Aid is typically disbursed starting Week 5 of the semester• Students have the ability to cancel the Loans up to 30 days
from disbursement. To cancel the Loans, submit a Loan Cancellation request here
Office of Financial Aid
Costs• Direct Cost
• Tuition• Fees• Housing (if applicable)
• Cost of Attendance (COA)• Direct Cost• Indirect Cost
• Transportation• Personal expenses• Room and board (not Berkeley College housing)
• Berkeley College packages to Direct Cost• Award Notice
Office of Financial Aid
Costs• Award Notice
• Award amounts are determined by:• The results of the FAFSA Application• The results of your state analysis of your need• Your course load or enrollment status• Your grade level (1st year, 2nd year, or 3rd or 4th year)• Your GPA
• Award Notices are estimates until aid is disbursed• Berkeley College will inform you via your Berkeley College email if your
aid has changed
Office of Financial Aid
Maintain Your Financial Aid Eligibility• Reapply FAFSA October 1
• Reapply here• Mobile FAFSA for Apple• Mobile FAFSA for Google Play
• Maintain necessary grade point average (GPA)• Click for scholarship requirements
• Maintain Satisfactory Academic Progress (SAP)• Click for SAP requirements
Office of Financial Aid
Next Steps• Hold of Title IV (Click to navigate to Engage self –service)• Any other required docs (Click to navigate to Engage self –service)• To submit non-Berkeley forms via BerkBox click here for instructions
• For Loan borrowers • Master Promissory Note (click here to complete)• Entrance Counseling (click here to complete)• Annual Student Loan Acknowledgment (click here to complete)• Reduction of Loans (Click to complete E-form)
Office of Financial Aid
Award Notice• Sample Award Notice
• Click here to view sample Award Notice
Office of Financial Aid
Contact UsPhone Number:
973-200-1148Email:
For reference please see the Guide to Financial Aid
Always check your Berkeley College email for notifications from the Financial Aid Department.