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Federal
Programs
Federal Pell Grant
Program
Eligibility for a Pell
Grant is based on the Expected Family Contribution that is calculated from the
information provided on the Free Application for Federal Student Aid (FAFSA).
The Central Processor sends the student a Student Aid Report in response to
the submission of a FAFSA. The Expected Family Contribution is listed on the
Student Aid Report if the FAFSA was properly completely. A Federal Pell
Grant, unlike a loan, does not have to be repaid. Pell Grants are restricted
to students pursuing their first undergraduate degree and are prorated if a
student is enrolled for fewer than 12 credits each semester. A student may
not receive a Pell Grant from more than one college for the same period of
time. Funding for the Pell Grant program is subject to congressional
appropriations. Therefore, the range of specific award amounts may change
each academic year.
Federal Supplemental
Educational Opportunity Grant (FSEOG)
Institutions are given a
restricted amount of SEOG funds each academic year by the U.S. Department of
Education. William
Paterson University
awards undergraduate students SEOG based upon exceptional financial need as
demonstrated through the Free Application for Federal Student Aid (FAFSA).
Priority is given to students who receive Federal Pell Grants. Since funds
are limited, it is important to file the FAFSA by April 1st
Teacher Education Assistance
for College and Higher Education (TEACH) Grant Program
A federal grant of up to
$4000 per year to students who intend to teach in a public or private
elementary or secondary school that serves students from low income families.
If you receive a TEACH grant, but do
not complete the required teaching service, you will be required to repay the
grants as a Federal Unsubsidized Stafford Loan, with the interest charged
from the date of each TEACH Grant disbursement. Students must be admitted
into the Teacher Education program to qualify for the grant. Students seeking
a TEACH Grant must complete a Free Application for Federal Student Aid
(FAFSA) annually. Financial Aid related questions should be sent to FA-TEACH@WPUNJ.EDU.
If you would like to discuss a teaching career, please
contact Dr. Ana Maria Schuhmann, Interim Dean - College of Education,
at schuhmanna@wpunj.edu
or by calling 973-720-2137.
Federal Family
Educational Loan Program (Stafford)
Federal Stafford Loans
are the department's major form of self-help aid and are available through
the Federal Family Education Loan (FFEL) Program. You must have a valid
FAFSA on file, be enrolled at least half-time in a degree granting program
and maintaining satisfactory academic progress to receive Stafford loans. An
Origination Fee may be charged by your lender.
Origination Fee (Reinstated July 1, 2008)
An amount payable by the borrower and deducted from the
principal of a loan prior to disbursement to the borrower. For
federally-backed loans, the origination fee is paid to the federal government
to offset the cost of the interest subsidy to borrowers. This fee may be up
to 2%, which includes a 1% origination fee and a 1% federal default fee. The
exact amount will be reported to you by your lender on their “Disclosure
Statement”.
Loan Limits
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Dependent Students (Except Students Whose Parents Cannot
Borrow PLUS)
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Base amount
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Additional unsubsidized loan amount
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.
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.
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Prior to July 1, 2008
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Effective July 1, 2008
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Freshman
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$3,500
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0
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$2,000
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Sophomore
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$4,500
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0
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$2,000
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Junior or Senior
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$5,500
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0
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$2,000
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Independent Undergraduate Students and Dependent Students
Whose Parents Cannot Borrow a PLUS Loan
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Base amount
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Additional unsubsidized loan amount
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.
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.
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Prior to July 1, 2008
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Effective July 1, 2008
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Freshman
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$3,500
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$4,000
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$6,000
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Sophomore
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$4,500
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$4,000
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$6,000
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Junior or Senior
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$5,500
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$5,000
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$7,000
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Graduate and Professional Students
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Base amount
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Additional unsubsidized loan amount
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.
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$8,500
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Unchanged at $12,000
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Federal Family
Educational Loan Program (Plus)
Federal Plus loans are
available to parents of dependent undergraduate students who have a valid
FAFSA on file, are enrolled at least half-time, and are maintaining
satisfactory academic progress. Parents must be a U.S. Citizen or
eligible non-citizen and must have adverse credit history. The interest rate
is fixed at 8.5% and borrowers are responsible for all interest on the loan.
Please be advised that there is a 3% origination fee on these loans.
Repayment begins 60 days after the second disbursement on this loan.
Federal Perkins Loan
Program (PERK)
A Federal Perkins Loan is
a low-interest (5 percent) loan awarded to students with exceptional
financial need as determined by William
Paterson University.
Priority is given to those that have filed by the priority deadline of April
1, are Pell eligible and are residing in the dorms at William Paterson
University. Your school
is your lender and the loan is made with government funds. You must repay
this loan to your school. The repayment period begins and interest starts to
accrue on the loan beginning at the end of your grace period.
Federal Work Study
Program (FWS)
College Work Study
provides jobs for undergraduate and graduate students with financial need,
allowing them to earn money to help pay education expenses. The program
encourages community service work and work related to the student's course of
study. Visit our Student Employment link from our home page for more
information.
Academic Competitiveness
Grant (ACG)
An Academic
Competitiveness Grant will provide up to $750 for the first year of
undergraduate study and up to $1,300 for the second year of undergraduate
study to full-time students. Students must have completed a rigorous
secondary school program to be eligible. Second year students must maintain a
cumulative grade point average (GPA) of a least 3.0. The Academic
Competitiveness Grant award is in addition to the student’s Pell Grant award.
SMART Grant
The National SMART Grant
will provide up to $4,000 for each of the third and fourth years of
undergraduate study to full-time students. The student must maintain a
cumulative grade point average (GPA) of a least 3.0 in coursework required
for the major and must be pursuing an eligible major in physical, life or
computer sciences engineering, technology, mathematics or a critical-need
foreign language. The National SMART Grant is in addition to the student’s
Pell Grant award.
The Financial Aid Office at William Paterson
University
300 Pompton Road, Wayne, NJ 07470
Tel: 973.720.2202 - Fax: 973.720.3133
http://ww2.wpunj.edu/finaid/famain.htm
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