Financial data provided on the FAFSA will be forwarded electronically to the University, and will be the basis for the creation of the student’s financial aid package. The initial financial aid package will be communicated to the student via the financial aid award letter. The student is then expected to confirm his or her 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 the student’s records. If a copy is not returned, we will assume that you have accepted all sources of aid and the amounts offered.
Generally, the initial offer of financial assistance delineated in the award letter is non-negotiable. The financial aid package may be altered as a result of one or more of the following conditions:
- Changes in the student’s enrollment status (i.e., credit hours);
- Lack of satisfactory academic progress;
- Receipt of financial aid from an outside source;
- Changes in the student’s housing status (i.e., on- versus off-campus housing); and/or
- Discrepancies noted as a result of the verification process.
WHAT MAKES A PACKAGE ?
The student’s financial aid package may be comprised of a combination of grant, scholarship, loan, and Federal Work-Study funding.
Grants and scholarships are forms of assistance that do not have to be repaid, while loans must be repaid with interest. (Note: Interest rates and repayment terms vary based on the type of loan secured.)
Use the links below to learn more about the types of funding available at Monmouth University:
Please visit our FAQ section for answers to more of your questions.