Funding Your Transfer

Federal Student Aid is financial assistance provided by the U.S. federal government to help you pay for college.

There are several types of federal student aid:

1. Grants: Money that typically does not have to be repaid (unless, for example, you withdraw early).
2. Loans: Borrowed money that must be repaid with interest. Types include:
   1. Direct Subsidized Loans – Government pays interest while you are in school at least half-time.
   1. Direct Unsubsidized Loans – Interest accrues while you are in school.
   1. Direct PLUS Loans – For graduate students or parents of dependent undergrads.
3. Work-Study: A program that provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses.

You apply for federal student aid by submitting the FAFSA (Free Application for Federal Student Aid) at studentaid.gov. The application determines your eligibility based on financial need, family income, and other factors.

TIP: If you are transferring to a new school mid-year, you will need to log on to StudentAid.gov to add your new institution.  This step is required to be considered for federal student following transfer.

Specific directions on adding or deleting a school can be found here.

There are both state and federal FAFSA deadlines.  To find the deadlines by academic year, visit FAFSA Application Deadlines website.

TIP: Do not wait to file your application.  Submit the FAFSA as soon as you can.  Colleges have a limited amount of money to award as part of their Federal Work-Study programs and for some grants.  Submitting early ensures you don’t miss out!

The Garden State Guarantee is a New Jersey financial aid program that helps make your last two years at a public, four-year college in New Jersey tuition-free—if you meet the eligibility criteria.

To learn more and to see if you qualify, visit HESAA.org.

Internal scholarships at a university are scholarships that are offered and administered directly by the university itself, rather than by outside organizations or government agencies.

Types of internal scholarships include:

• Leadership or service scholarships
• Merit-based: For high academic achievement (e.g., GPA, test scores)
• Need-based: Based on financial need, usually determined through FAFSA or institutional forms
• Program- or major-specific: Offered by certain departments (e.g., engineering, arts, business)
• Diversity and inclusion scholarships

TIP: Other characteristics to look out for include eligibility criteria, how to apply, application deadlines, and whether it is a one-time award or a renewable scholarship.

Colleges and universities function differently in terms of how they manage financial aid.  Some institutions have a very streamlined process, while others require that you check a few different places.  Review the websites and/or contact the office to determine application processes. 

Admissions Office:
Many colleges manage certain scholarships directly through their admissions office.  Most often these include merit-based scholarships (based on GPA, achievements, etc.) and transfer scholarships. 

Financial Aid Office:
The Financial Aid Office will often manage federal financial aid, state grants and aid, and need-based institutional aid.  

Academic Unit/School (e.g. – School of Business):
Academic units typically oversee awarding major-specific scholarships, scholarships based on research grants, and faculty/department nominated awards.  To find out more, check the website for the program and/or talk to your faculty advisor or the department chair.

Yes, each university has its own deadlines for internal scholarships.  Sometimes the deadlines are the same as the admissions application deadlines and sometimes each type of scholarship has its own specific deadline.

TIP: Pay close attention to each deadline and prioritize by which one is coming up soonest.  Having trouble finding the deadline published online?  Call or email the corresponding office (Admissions, Financial Aid, or the Academic Unit).

An external scholarship is a scholarship awarded by an organization outside of your college or university. These scholarships are typically offered by:

• Private companies
• Nonprofit organizations
• Community groups
• Religious institutions
• Foundations
• Professional associations

External scholarships can be based on a variety of criteria, including academic achievement, financial need, community service, leadership, specific talents, or background (e.g., ethnicity, field of study, or geographic location).

Utilize the following free resources to find and apply for external scholarships:

• Fastweb
• College Board’s Scholarship Search

Yes, each organization has its own deadlines for their scholarships.  Typically, those deadlines can be found on the organization’s website.  Pay close attention to each and prioritize by which one is coming up soonest. 

A private education loan is money you borrow from a bank, credit union, or private lender (not the government) to help pay for college or career school.  You have to apply, get approved (often with a credit check), and agree to pay it back—with interest.

Other things to consider with private loans include:

• You may need a good credit score or a co-signer
• Interest rates vary
• Repayment terms depend on the lender (some may require you start repaying while still in school)

Utilize the following free resource to find and apply for private education loans:

• Elm Select

A financial aid package is the total amount of money a college or university offers to help you pay for your education.  It can include several different types of financial aid such as scholarships, grants, work-study, and loans.

It’s important to note that some aid is renewable from year to year, some is non-renewable or one-time only, and others are conditional (based on factors such as GPA or satisfactory academic progress).

If you do not understand or have questions about your financial aid package/award letter, contact the financial aid office at the four-year institution.