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Financial Aid 101 De-Mystifying the Process

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Dean of Enrollment Management ... equal to the out-of-pocket cost of the family Tuition and fees Room and board Books and supplies, equipment, transportation, ... – PowerPoint PPT presentation

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Title: Financial Aid 101 De-Mystifying the Process


1
Financial Aid 101 De-Mystifying the Process
  • John Iacovelli
  • Dean of Enrollment Management
  • Richard Stockton College of New Jersey

2
Goal of Financial Aid
  • Primary goal is to assist students in paying for
    college and is achieved by
  • Evaluating familys ability to pay for
    educational costs
  • Distributing limited resources in an equitable
    manner
  • Providing a balance of gift aid and self-help aid

3
Sources of Aid
  • Federal
  • State
  • The University/College
  • Private
  • Civic organizations (i.e., local Rotary Club,
    parents employer, high school awards, etc.)

4
Types of Financial Aid
  • Scholarships
  • Grants
  • Loans
  • Employment Opportunities

5
Merit-Based Aid vs. Need-Based Aid
  • Merit-Based Aid - aid given to students strictly
    on the basis of merit. May be based on
  • Academic record
  • Special characteristics
  • Skills or talents
  • Involvement
  • Does not have to be repaid may be renewable from
    year to year.
  • Need-Based Aid - aid awarded to students on the
    basis of financial need. Re-evaluated each year
    as financial situations may change.

6
Grants
  • Federal
  • PELL
  • SEOG
  • State
  • TAG
  • EOF
  • Institutional
  • Private Grants and Scholarships

7
Loans
  • Federal Perkins Loan (5)
  • Federal Direct Loan Program
  • Subsidized Loan (4.66)
  • Unsubsidized Loan (4.66)
  • PLUS (7.21)
  • Loan Limits
  • First-year students 3,500
  • Second-year student 4,500
  • All other grade levels remain at 5,500
  • All students eligible for additional 2000 of
    unsubsidized loan.

8
NJ Class Loan
  • NJ Class Supplemental Loan Program
  • Low fixed interest rates beginning with
  • 10 Year Repayment Loan of 5.99
  • Immediate Repayment of Principal Interest Only
  • 15 Year Repayment Loan(s) of 6.95
  • Immediate Repayment of Principal Interest Only
  • Immediate Repayment of Interest Only, while in
    school
  • 20 Year Repayment Loan of 8.4
  • Full deferment until out of school

9
Application Process
  • Submit the Free Application for Federal Student
    Aid (FAFSA) prior to the colleges deadline
  • To ensure maximum consideration for federal,
    state, and institutional aid, check information
    from each college to determine
  • Required application materials
  • Application deadlines

10
Free Application for Student Aid (FAFSA)
  • FAFSA on the Web at www.fafsa.gov
  • Collects familys personal and financial
    information used to calculate the students EFC

11
To Register for a Pin www.pin.ed.gov
12
A FAFSA Must Be Filed on the Web
13
Common Mistakes Made on the FAFSA
  • Correct name, social security , birth date
  • Number of people in the household
  • Divorced/remarried households
  • Taxes paid vs. taxes withheld
  • Parental and student assets
  • Worth of a second home
  • Zero is a number

14
Definition of Need
  • Cost of Attendance (COA)
  • Expected Family Contribution (EFC)
  • Financial Need

15
What is EFC?
  • Basis of financial aid package
  • EFC is determined by a federal formula that
    calculates need via the FAFSA
  • EFC Financial Need are guidelines used by
    schools to determine a financial aid package
  • EFC not necessarily equal to the out-of-pocket
    cost of the family

16
Cost of Attendance
  • Tuition and fees
  • Room and board
  • Books and supplies, equipment, transportation,
    and miscellaneous personal expenses
  • Study abroad costs
  • Dependent care expenses
  • Expenses related to a disability
  • Expenses for cooperative education program

17
Need Varies Based on Cost
18
The Cycle of Financial Aid
  • Jan-March
  • Student /Parents complete FAFSA
  • March-April
  • School sends award letter
  • June-July
  • School sends Fall semester bill

19
HESAA and Federal Student Aid Services
  • HESAA Web Site www.hesaa.org
  • HESAA Financial Aid Hotline
  • 800-792-8670
  • 800 am 800 pm Monday thru Thursday
  • 800 am 500 pm Friday
  • NJBEST College Savings Plan
  • Federal Aid Website and Toll-free
    Number www.studentaid.gov/completefafsa 1-800-433-
    3243

20
Additional Resources
  • Services and Forms
  • Fin Aid! The SmartStudent Guide to Financial
    Aid
  • www.finaid.org
  • USDE Publications
  • www.studentaid.ed.gov/students/publications/FYE/in
    dex.html
  • FastWeb www.fastweb.com
  • FAFSA on the Web www.fafsa.gov
  • U.S. Department of Education PIN
    www.pin.ed.gov Practice FAFSA
    www.fafsa4caster.ed.gov
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