Grants
What is a grant?
Money that doesn't need to be paid back.
What is a bank loan?
Private loan (i.e. Sallie Mae, chase, PNC, etc)
What is a tuition payment plan?
Make installments directly to Ramapo on a monthly basis.
What is a tax transcript?
Verification document that needs to be ordered or picked up from IRS
Will Ramapo deregister me if my bill isn't paid?
YES
What is the PELL grant?
Federal money that does not need to be paid back (usually around $5000)
What is the guaranteed student subsidized loan?
Government pays interest while you are in school (usually around $3500 per year).
If my semester bill states that I have zero balance, should I submit my semester bill?
Nothing to do-be happy.
What is an award letter?
Lists the aid you are receiving to attend Ramapo
What is the difference between a subsidized and unsubsidized loan?
Subsidized – no interest while in school; unsubsidized – must pay interest or defer until you graduate.
What is the TAG grant?
State Tuition Aid Grant; need based and doesn’t need to be repaid (usually around $3000)
What is the guaranteed student unsubsidized loan?
Pay interest while you’re in school or defer until you graduate, but interest continues to accrue.
What is a financial hold?
Something needs to be paid/taken care of or you may have an unpaid ticket.
What grants are administered by HESAA?
TAG & EOF grants (good for 5 years)
How much of a loan do I need to take out my freshmen year?
$3500 subsidized loan.
What is the EOF grant?
$700 per semester; must be full-time student and living on campus
What is the PLUS loan?
Parent takes out; go directly into repayment like credit card payment.
Where is the Ramapo Office of Financial Aid?
E wing
What is a scholarship?
a grant or payment made to support a students education, awarded on the basis of academic or other achievement.
What is federal work study?
Money can be earned through on-campus job.
What is the RCG grant?
Ramapo grant – each first-year student’s bill is covered completely
What is the NJ CLASS loan?
Through the state of NJ/HESSA; need a co-signer.
Where is the Ramapo Office of Student Accounts?
D Wing
What is the deadline for submitting your FAFSA and answering your state questions via the HESAA website?
March 1st
When do the guaranteed student loans go back into repayment?
6 months after you graduate.