Financial Aid

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Financial Aid - Description

101. De-Mystifying the Process. John . Iacovelli. Dean of Enrollment Management. Richard Stockton College of New Jersey. Goal of Financial Aid. Primary goal is to assist students in paying for college and is achieved by:. ID: 492326 Download Presentation

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Financial Aid




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Presentations text content in Financial Aid

Slide1

Financial Aid 101De-Mystifying the Process

John

Iacovelli

Dean of Enrollment Management

Richard Stockton College of New Jersey

Slide2

Goal of Financial Aid

Primary goal is to assist students in paying for college and is achieved by:

Evaluating family’s ability to pay for educational costs

Distributing limited resources in an equitable manner

Providing a balance of gift aid and self-help aid

Slide3

Sources of Aid

Federal

State

The University/College

Private

Civic organizations (i.e., local Rotary Club, parent’s employer, high school awards, etc.)

Slide4

Types of Financial Aid

Scholarships

Grants

Loans

Employment Opportunities

Slide5

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.

Slide6

Need-Based Aid

Gift Aid

Grants

Self-help

Loans

Employment

Slide7

Grants

Federal

PELL

SEOG

State

TAG

EOF

Institutional

Private Grants and Scholarships

Slide8

Loans

Federal Perkins Loan

Federal Direct Loan Program

Subsidized Stafford Loan (4.50%)

Unsubsidized Stafford Loan (6.80%)

PLUS (7.9%)

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.

NJCLASS Supplemental Loan Program

7.59% - fixed 7.09% with ACH

Slide9

Merit-Based Aid

State ProgramsDistinguished ScholarshipUrban ScholarshipNJ STARS & NJ STARS IIInstitutional AwardsAcademic ScholarshipsAthletic Scholarships

Not funded for Fall 2010

Slide10

Application Process

Submit the Free Application for Federal Student Aid (FAFSA) prior to the college’s deadline

To ensure maximum consideration for federal, state, and institutional aid, check information from each college to determine:

Required application materials

Application deadlines

Slide11

General Eligibility Requirements

Must have a valid Social Security Number

May not be in default on a federal student loan

May not owe repayment of a federal grant

Must be making satisfactory academic progress as defined by the school

Slide12

General Eligibility Requirements

Must be enrolled or accepted for enrollment in an eligible program of study

Must be pursuing a degree, certificate, or other recognized credential

Must be a U.S. citizen or eligible noncitizen

Must be registered with Selective Service

Slide13

Free Application for Student Aid(FAFSA)

FAFSA on the Web at

www.fafsa.ed.gov

Collects family’s personal and financial information used to calculate the student’s EFC

Slide14

To Register for a Pin:www.pin.ed.gov

Slide15

A FAFSA Must Be Filed on the Web

Slide16

Common Mistakes Madeon 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”

Please note: 2009-10 FAFSA expands definition for independent student (emancipated minor).

Slide17

Definition of Need

Cost of Attendance (COA)– Expected Family Contribution (EFC)= Financial Need

Slide18

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

Slide19

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

Slide20

Need Varies Based on Cost

X

Y

Z

Cost of

Attendance

(Variable)

Expected Family

Contribution

(Constant)

Need

(Variable)

1

2

3

EFC

EFC

Slide21

The Cycle of Financial Aid

Jan-March

Student /Parents complete FAFSA

March-April

School sends award letter

June-July

School sends Fall semester bill

Slide22

CAUTION!

Avoid being charged a fee to file the FAFSA

Completing and processing the FAFSA is

FREE

When filing FAFSA, make sure you go directly to:

www.fafsa.ed.gov

Contact the financial aid office if you need help in completing the FAFSA

Slide23

Where Do I Go From Here?

Obtain and review admission and financial aid materials from each school to which you are applying

Meet all application deadlines

Complete FAFSA and any other application materials required by the school (i.e., CSS Profile)

Investigate

ALL

sources of aid

Slide24

HESAA Services

Web Site

www.hesaa.org

Financial Aid Hotline

800-792-8670

8:00 am – 8:00 pm Monday thru Thursday

8:00 am – 5:00 pm Friday

NJBEST

Mapping-Your-Future.org

Slide25

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/index.html

FastWeb

www.fastweb.com

FAFSA on the Web

www.fafsa.ed.gov

U.S. Department of Education PIN

www.pin.ed.gov

Mapping Your Future

www.mapping-your-future.org

Slide26

Additional Resources

EFC Calculators

:

College Board

www.collegeboard.com/paying

Fin Aid! “The 

SmartStudent

Guide to Financial Aid”

www.finaid.org

Organizations and Agencies:

United States Department of

Education

www.ed.gov

National Association of Student Financial Aid Administration (NASFAA)

www.nasfaa.org


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