Financial Aid FAQ

• How do I apply for Financial Aid at Ramapo College?
Complete the Free Application for Federal Student Aid using Ramapo's College code (009344). No other forms are required. www.fafsa.ed.gov

• When should I apply for Federal Aid?
After January 1 of each year, and preferably before March 1 of each year.

• Can I file a FAFSA before I or my family complete the tax returns ?
Yes, based on estimated income, but it is not recommended. We advise you to complete your tax return first and use the actual data on the application so as to minimize the possibility of changes in your aid package.

• How often do you need to apply?
Once a year.

• When will I be notified as to what aid I'm eligible to receive?
If you file before March 1, you should receive an award letter from Ramapo College in early April.

• How do I apply for New Jersey state aid?
Complete the Free Application for Federal Student Aid using Ramapo's College code (009344). No other forms are required. If the application shows that you are a NJ resident, the Federal processor will automatically forward the application to the State of New Jersey for consideration for a Tuition Aid Grant (TAG).

• What types of aid are available?
Financial aid consists of grants, loans, and work study. Grants are awards that don't have to be paid back; loans must be paid back, and a work study job provides students with a chance to earn money at a job on or off campus.

• How does one qualify for aid?
When you apply, the information you report is used in a formula established by the U.S. Congress that determines expected family contribution (EFC). The EFC is used to determine whether you're eligible to receive a Federal Pell Grant, and also may be used to determine other types of aid.

•How do I qualify for NJ State aid?
The NJ TAG program is for needy students as defined by the state's own eligibility calculation. Students must also be registered for at least 12 credits to be eligible.

• Is there a filing deadline for NJ State aid?
Yes. For first-time FAFSA filers, it is Oct. 1 for the current academic year.
For continuing students, it's June 1 prior to the start of the Fall semester.

• What factors are considered to determine eligibility for aid?
Income, assets, household size, and the number of students attending college are some of the key determinants.

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• What loans are available?
The major loan in the Federal program is the Stafford Loan. Freshmen can borrow up to $2625, sophomores $3500, and juniors and seniors $5500. There are two types of Stafford loans—a subsidized loan based on need and an unsubsidized loan that is not need-based. The borrowing limits for both are the same. www.ed.gov/prog_info/

• What's the difference between a subsidized Stafford loan and an unsubsidized Stafford loan?
A subsidized loan is based on need; an unsubsidized loan is not need-based. Also, a student with a subsidized loan does not pay interest on that loan while in school. A student with an unsubsidized loan will be charged interest from the time the loan is disbursed. If you allow the interest to accumulate, it will be capitalized, that is, it will be added to the principal amount and additional interest will be based on the higher amount. The borrowing limits for both subsidized and unsubsidized loans are the same.

• Does the interest rate on the Stafford Loan change?
Yes, It changes every June 30.

• When do I have to start repaying the Stafford?
After you graduate, leave school, or drop below half-time enrollment, you have six months to begin repayment. For unsubsidized loan recipients, you may wish to pay interest as it accrues.

• How do I go about getting an outside scholarship credited to my account at Ramapo?
Send your original award letter or letter of intent from the donor to the Bursar's Office with your name, social security number and details (amount, semester of award, etc.). It will then be posted as an estimated credit until such time as the donor sends a check to the Bursar's Office directly.

•Does Ramapo College offer merit scholarships based on academic achievement in high school? How do I apply?
Ramapo College offers a number of scholarships for incoming freshmen based on academic achievement. All freshmen applicants are reviewed for scholarship eligibility.

•Are there other "outside" scholarships available, and how do I apply for them?
There are literally scores of scholarships available from various private sources. Books and websites dedicated to aiding students are good sources of information.