There are four basic types of financial aid available: grants, scholarships, loans and work study. Funding sources include federal, state, college and private sources. Our financial aid staff will develop a financial package that includes a combination of these funding sources which suit your particular situation based on the eligibility formulas.
Grants and Scholarships are funds that do not have to be paid back. Scholarships are usually merit-based aid awarded to students who have a special characteristic, skill, talent or ability. In some cases, financial need is also given consideration in awarding scholarships.
Loans are borrowed funds that must be repaid with interest, usually after you have completed your college education. Each loan program has different eligibility and application requirements. Bloomfield College currently participates in the Federal Family Educational Loan ( Stafford and PLUS) and the NJ CLASS Programs.
Work Study Programs , administered through the Federal Work Study Program, Bloomfield College Student Employment and the Job Locator Programs, give Bloomfield students the opportunity to work on or off campus and earn money to help pay educational expenses.
Bloomfield College participates in the Federal Title IV financial aid programs and all programs offered by the State of New Jersey. Numerous institutional aid sources are also available. Please consult the college catalog for a complete listing of each type of aid available and eligibility requirements.
The following is a list of Federal and State Assistance available:
Educational Opportunity Fund
EOF assists low-income New Jersey residents who are capable and motivated but lack adequate preparation for college study. The amounts of the grants differ in value based on the student’s need and the funds available. Please refer to the EOF link for further information.
Federal Pell Grants
The Federal Pell Grant, unlike a loan, does not have to be repaid. The Pell Grant is awarded to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.
More on Federal Pell Grant
Federal Work-Study
Federal Work-Study (FWS) provides part-time 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 recipient's course of study.
Federal PLUS Loans (FPLUS
Under this program, parents of undergraduate students are permitted to borrow up to the full cost of their child’s education (less any other financial aid received). The interest rate charged is variable. Loans are not based on income but on parents’ creditworthiness.
If you're an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), each year you can borrow up to
- $7,500 if you're a first-year student enrolled in a program of study that is at least a full academic year (no more than $3,500 of this amount may be in subsidized loans)
- $8,500 if you've completed your first year of study and the remainder of your program is at least a full academic year (no more than $4,500 of this amount may be in subsidized loans)
- $10,500 if you've completed two years of study and the remainder of your program is at least a full academic year (no more than $5,500 of this amount may be in subsidized loans)
Federal Stafford Loans (FSLS)
Students borrow these funds directly from banks or other lending institutions. There are 2 types of Stafford Loans: subsidized (which are need based) and unsubsidized (which do not require financial need). The federal government pays the interest on subsidized Stafford loans while the students are in college, but students with unsubsidized loans may be asked to pay interest while in school.
More on Federal Stafford Loans
If you're a dependent undergraduate student, each year you can borrow up to
- $3,500 if you're a first-year student enrolled in a program of study that is at least a full academic year.
- $4,500 if you've completed your first year of study and the remainder of your program is at least a full academic year.
- $5,500 if you've completed two years of study and the remainder of your program is at least a full academic year.
Federal Supplemental Educational Opportunity Grant Program (FSEOG)
Grants are made to undergraduate students with exceptional financial need—those with the lowest Expected Family Contribution are awarded federal Pell Grants. This is a campus-based program. Funds do not need to be repaid.
New Jersey Tuition Aid Grant (TAG)
Provides grants to New Jersey residents who are enrolled full-time as undergraduate in an approved college in New Jersey. The amounts of the grants differ in value based on the student’s need and the funds available.
More on NJ TAG
