About Your Monmouth University Financial Aid Award Letter
Financial data provided on the FAFSA will be forwarded electronically to the University, and will be the basis of the creation of your financial aid package. The initial financial aid package will be sent to you via the financial aid award letter.
Accepting your award
You should confirm acceptance of the offer of financial aid by returning to the Financial Aid Office a signed copy of the award letter; a copy is also provided for your records. If a copy is not returned, we will assume that you have accepted all sources of aid and the amounts offered. Students generally accept all grants and scholarships because they do not need to be repaid. Deciding to borrow a student loan requires greater consideration. You may accept the entire loan(s) or choose not to borrow at all. You may also choose to borrow less by simply indicating the amount you plan to borrow on your award letter. If you choose to borrow, you will be required to take additional action to obtain your loan(s); please see the "Loans" section below.
Types of financial aid:
- Grants: Monmouth University awards grant funding to students who have documented financial need. Types of grants include:
- the Federal Pell Grant;
- the Federal Supplemental Educational Opportunity Grant;
- TEACH Grants; and
- the Tuition Aid Grant (funded by the State of New Jersey).
- Scholarships: Monmouth University awards funding to full-time students based on grade point average and standardized test scores. Students with 24 or more transfer credits will be awarded based on their cumulative college grade point average. Academic award recipients receive initial notification of their awards from the University's Office of Undergraduate Admission. Scholarships may have different academic expectations for renewal than federal or state financial aid. Scholarship recipients should refer to their scholarship letters for academic standards required for renewal.
- Loans: A wide range of loans are available, with programs for both students and parents to borrow long-term loans with low interest rates and flexible repayment plans. In most cases, students need to be enrolled at least half-time (6 credit hours) per semester.
Employment
Federal Work Study is funded by the federal government and provides on- and off-campus employment experience to needy students. Monmouth employs students in most departments and students generally work between five and 20 hours per week. Students receive biweekly paychecks, which may be used for personal expenses, books, and other education-related expenses. Find out more about the Federal Work Study program.
Determining Your Balance Due
You can determine your estimated out-of-pocket cost of attending Monmouth University by deducting your total grant, scholarship, and loan aid from your total tuition and fees as shown on your award letter; if you are living on campus you will also need to include your room and board charges. Federal Work Study earnings are paid directly to students for work performed and are not deducted from tuition and fee charges.
Verification
Verification is the federal process of confirming the accuracy of data students supply on the Free Application for Federal Student Aid (FAFSA). Students selected for verification will be contacted by the Financial Aid Office and asked to supply income data (e.g., tax returns, W-2 forms, etc.) and a completed verification worksheet*.
* The worksheet will be available in late January and may be printed from the Financial Aid Forms Web page.
Requested documentation should be returned to the University as soon as possible. Students selected for verification receive tentative awards until the process has been completed, as awards may change based on the outcome of verification. Please note that students may also be selected by the NJ Higher Education Assistance Authority for a separate state verification.
Satisfactory Academic Progress for Maintaining
Financial Aid
Each student must meet University and federal standards for academic progress in order to receive financial aid in subsequent years. Academic standards for financial aid are published in the University Undergraduate Catalog and on the Web site.
Refunds and Financial Aid
A student who withdraws from Monmouth University during a specified time period may be eligible for a refund from the University (see refund policy in the University catalog). The federal government mandates that students who withdraw from all classes may only keep the financial aid they have "earned" up to the time of withdrawal. Title IV funds that have been disbursed in excess of the earned amount must be returned by the University and/or the student to the federal government. Thus the student could owe aid funds to the University, the government, or both. Get more specific information on the refund policy.
