Your financial help is coming! – Student services

September 7, 2022

If you are receiving financial aid, the fall 2022 installment begins September 15.

Posted in: Announcements, Featured News, Red Hawk Central, Red Hawk News

If you have financial aid in your NEST account, on Friday, September 15, aid will start flowing (paid) into your student account. The disbursement of aid will be based on the completion of your academic engagement mission, for each of your fall courses.

What do you want to know

The amounts of financial aid depend on the number of credits for which you are registered:

  • Federal Pell and SEOG grants are pro-rated based on credits entered.
  • Federal student loans require part-time enrollment.
    • Six credits for undergraduate students and three credits for graduate students.
  • NJ State Grants require full-time enrollment (for undergraduates – 12 credits).
    • This includes the Garden State Guarantee (undergraduate students only).
  • Montclair Merit and Scholarship Funds require full-time enrollment as per your program contract.

What does that mean?

If you are not enrolled full-time, you may see one or more reduced assistance amounts when assistance is applied to your bill.

Other important things you need to know

Remember: To receive financial aid, students must complete the Academic Commitment assignment in Canvas for each course they attend.

What is the process?

  • Once disbursement begins, your financial aid is applied to your student account. This is a roll-out process, with partial disbursements applied over time.
    • Pell and SEOG start paying with verified class.
    • Subsidized, Unsubsidized, and Parent or Grad PLUS loans will be disbursed with half-time status – six (6) credits for undergraduate students, three (3) credits for graduate students.
  • Disbursements run every night.

What you might see in your student account balance

  • Important clarification: Student Accounts use Estimated Financial Aid first to reduce your balance.
  • When the disbursement process begins, the estimated funds are removed and your balance owing may show an increase.
  • REMEMBER: This is temporary. As disbursements are applied, your balance owing will change.

Will this change my payment plan? Yes!

  • Starting Tuesday, September 13, payment plans will be automatically recalculated weekly.
  • If Estimated Assistance is removed and not paid before your payment plan is recalculated, your monthly payments will increase. This is also temporary.
  • When all of your aid is applied, your payment plan amount should return to approximately the original amount, unless your aid has been revised.

What about refunds?

If your payments, including deposits and aid, exceed your tuition, fees, and room and meal plan costs for the fall semester, you will receive a refund.

  • Student accounts will begin processing student refunds on Tuesday, September 27, 2022 and once a week thereafter.
  • Direct deposit ensures fast and secure delivery of your refund. You must register through NEST. Learn more about direct deposits.

Remember: it’s a process

It takes a little time and we ask for your patience.

If you haven’t yet applied for financial aid, you can still do so for the 2022-23 year – studentaid.gov.