Federal Financial Aid Programs
There are a variety of need-based federally funded financial aid programs, including Pell and SEOG grants, Perkins and Stafford Loans, Veterans' Educational Benefits, as well as Work Study Programs. To be eligible for any of these programs, students must be matriculated, maintain satisfactory academic progress and file the FAFSA (Free Application for Federal Student Aid) by February 15 every year. Each of the federal programs available at the University is detailed as follows:
Federal Grant Programs
Federal Pell Grant
A Federal Pell Grant is federal gift assistance that does not need to be repaid. Undergraduate students enrolled for a minimum of three credits per semester may be eligible. Eligibility is determined upon data received from the FAFSA application. Grants range from $605 to $5,645 per academic year.
Federal Supplemental Educations Opportunity Grant (FSEOG)
An FSEOG is for undergraduates with exceptional financial need — that is, students with the lowest EFCs — and gives priority to students who receive Federal Pell Grants. An FSEOG doesn’t have to be paid back. A student must be registered for a minimum of six credits per semester. FSEOG awards usually range from $200 to $4,000 per academic year.
Federal TEACH Grant
The TEACH (Teacher Education Assistance for College and Higher Education) Grant is a merit-based federal program designed to encourage highly qualified teachers to serve in low-income areas in high-need fields. Grant recipients agree to teach for at least four (4) years (within eight years of finishng their teacher preparation program) in designated schools that serve low-income students. Teaching must be performed in a high-need field within the state in which the recipient teaches to satisfy the service requirement. The grant converts to an unsubsidized loan for any recipient that does not complete the four (4) year teaching obligation. Interest is calculated to the date funds were originally disbursed, regardless of the date the individual ceases to meet the obligation. Students who apply for the grant must complete and sign an application/agreement in addition to filing the FAFSA.
Federal Work Study
The Federal Work-Study Program (FWS) provides jobs for undergraduate students with financial need, allowing them to earn money to help pay education expenses. Students awarded funds may be assigned positions either on campus or off campus at cooperating nonprofit community service agencies.
Annual awards usually range from $750 to $1,500. Federal Work Study positions are coordinated and processed by the Office of Career Management on each campus.
A Federal Work Study student may not work more than 20 hours per week and no more than seven hours in one day. Students are paid biweekly. Students are required to work with their manager to ensure they have not earned dollars exceeding their annual award. Students who have earned more than 50% of their annual award by the close of the Fall semester are encouraged to modify their hours or consult with their Financial Aid Counselor about the possibility of increasing their FWS award.
Post-9/11 G.I. Bill
The Post-9/11 GI Bill is for individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill. The Post-9/11 GI Bill will become effective for training on or after August 1, 2009. This program will pay eligible individuals:
Tuition and fees directly to the school not to exceed the maximum in-state tuition and fees at a public Institution of Higher Learning.
A monthly housing allowance based on the Basic Allowance for Housing for an E-5 with dependents at the location of the school.
An annual books and supplies stipend of $1,000 paid proportionately based on enrollment.
A one-time rural benefit payment for eligible individuals (see comparison chart for more information).
For more information about the Post-9/11 GI Bill, please visit this website: http://www.gibill.va.gov
Yellow Ribbon Program
Fairleigh Dickinson University is proud to participate in the Post-9/11 GI Bill Yellow Ribbon Program which will allow any eligible veteran to enroll in any FDU undergraduate or graduate program for little or no cost. Only individuals entitled to the maximum benefit rate (based on service requirements) may receive this funding. Therefore, you may be eligible if:
You served an aggregate period of active duty after September 10, 2001, of at least 36 months;
You were honorably discharged from active duty for a service connected disability and you served 30 continuous days after September 10, 2001;
You are a dependent eligible for Transfer of Entitlement under the Post-9/11 GI Bill based on a veteran's service under the eligibility criteria listed above.
For more information about the Yellow Ribbon Program, please visit the websitehttp://www.gibill.va.gov/GI_Bill_Info/CH33/Yellow_Ribbon.htm.
The Montgomery G.I. Bill
As provided under Chapter 30 of the Montgomery GI Bill, students that entered the military after June 30, 1985, are eligible for educational benefits if the elected to reduce their monthly salary by $100 for the first 12 months of active duty. Monthly allowances are paid by the U.S. Department of Veterans Affairs directly to the student/veteran based upon the number of credits for which the student has enrolled during a given semester. Payment for tuition to the University is the responsibility of the student. In addition to the University registration forms, veteran students must complete a Veteran Program Card at the beginning of each semester.
VA Vocational Rehabilitation
The VA Vocational Rehabilitation Bill - Chapter 31 incurs the cost of tuition, fees and books. Eligible veterans must apply directly with Richard Manus of the Department of Veteran's Administration, 20 Washington Place, Second Floor, Newark, NJ 07102.
Other Veterans' Administration Educational Benefits
Additional Veterans' Educational Benefits are available for the dependants and widows of veterans that die of service-related causes. Individuals in the Selected Reserve (Chapter 106) and those that contributed to the Veterans Education Assistance Program (VEAP-Chapter 32) also may be eligible for VA educational benefits. For additional information regarding Veterans' Educational Benefits, contact the State of New Jersey Department of Military and Veteran Affairs State Approving Agency, PO Box 340, Eggert Crossing Road, Trenton, NJ 08625.
Federal Perkins Loans
A Federal Perkins Loan is a low-interest) loan for both undergraduate and graduate students with financial need. The Federal Perkins Loan Program is administered through Fairleigh Dickinson University. Students must be enrolled minimally half-time per semester to be eligible. The average loan offered is $500 to $4,000 per academic year. The principal and interest of the loan is deferred while the student maintains enrollment of at least six credits per semester. Upon graduation (or ceasing enrollment of six or more credits), students have a nine-month grace period before commencing repayment. The interest rate (after the grace period) is 5 percent per year; the minimum quarterly payment is $150. For further detailed information regarding loan repayment, deferment and cancellation provisions, contact the Fairleigh Dickinson University Office of Student Loans and Repayment at 201-692-2082 or 201-692-2083.
Federal Direct Student Loans
Eligibility for a Direct Federal Subsidized or Unsubsidized loan is based upon 'need' as determined by the information submitted on the FAFSA. Undergraduate borrower limits for Federal Direct Loans are as follows:
$3,500.00 Subsidized + $2,000.00 Unsubsidized for Dependent Freshmen
$3,500.00 Subsidized + $6,000.00 Unsubsidized for Independent Freshman
$4,500.00 Subsidized + $2,000.00 for Unsubsidized for Dependent Sophomores
$4,500.00 Subsidized +$6,000.00 for Unsubsidized for Independent Sophomores
$5,500.00 Subsidized + $2,000.00 for Unsubsidized for Dependent Juniors & Seniors
$5,500.00 Subsidized +$6,000.00 for Unsubsidized for Independent Juniors & Seniors
The cumulative aggregate Federal Direct Loan debt an undergraduate dependent student may incur is $31,000.00 - no more than $23,000 may be from the Direct Subsidized Loan program. The cumulative aggregate Federal Direct Loan debt an independent student may incur is $57,500 - no more than $23,000 from the Direct Subsidized Loan program.
Students must complete Loan Entrance Counseling and a Master Promissory Note (MPN) prior to borrowing at www.studentloans.gov. The Loan Entrance Counseling provides required information about a borrower's rights and responsibilities.
Subsidized Federal Direct Loans
"Interest free' while the student is enrolled at least half-time (6 credits). Students are required to begin repayment six months after leaving school or dropping below six credits. The interest rate is fixed at 4.66% and there is a 1.073% loan fee taken at the time of disbursement. New borrowers as of July 1, 2013 may not receive Direct Subsidized Loans for more than 150 percent of the published length of their program (measured in academic years).
Unsubsidized Federal Direct Loans
Available to students who do not qualify for a Subsidized Stafford loan or are eligible for loan funds in addition to their subsidized eligibility. However, students are responsible for the interest on the loan while enrolled in school. Students may choose to have the interest capitalized. The interest rate is fixed at 4.66% and there is a 1.073% loan fee taken at the time of disbursement.
More information about the Federal Direct Loan Program, including repayment plans, calculators and rights and responsibilities may be found online:http://www2.ed.gov/offices/OSFAP/DirectLoan/student.html
Federal PLUS Loan Program
The Federal Direct PLUS Loan is a credit-based loan program for the parent or guardian of the undergraduate student. Parents of matriculated students enrolled at least halftime (6 credits) may borrow up to the cost of education less any other financial aid received by the student per academic year. Repayment of the PLUS Loan begins 60 days after disbursement of the funds to the University. Parents have up to 10 years to repay the loan with a minimum payment of $50 per month.
To be eligible for a Federal Direct PLUS loan, the student must file the FAFSA and the parent (as well as the student) may not be in default on his/her federal student loans. Prequalification can be determined when parent applies via www.studentloans.gov. Credit decisions will expire after 180 days.
The Federal Direct PLUS Loan has a fixed interest rate of 7.21% and a loan fee of 4.288% is taken at the time of disbursement.
In the event a parent is denied a PLUS loan, they may elect to apply with an endorser or the student may receive additional unsubsidized loan proceeds.
NOTE: Loan data for any Federal Perkins and Federal Direct Loan (Subsidized, Unsubsidized and PLUS) is submitted to the National Student Loan Data System (NSLDS) and is then accessible by guarantee agencies, lenders and institutions determined to be authorized users of the system.
The National Student Loan Data System may be accessed at www.nslds.ed.gov.
Federal Nursing Loan Program
Students enrolled as matriculated nursing students with “exceptional financial need” as determined by the information supplied on the FAFSA may apply for a Federal Nursing Loan. The student must maintain at least a half-time enrollment and complete a required promissory note with the Office of Financial Aid. Annual awards range from $500 to $4,000 per academic year. Contact the Fairleigh Dickinson University Office of Student Loan and Repayment (201-692-2082 or 201-692-2083) for further details regarding repayment and deferment of Federal Nursing Loans.