Presented by: Hayato Suzuki Director of Financial Aid

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1 Presented by: Hayato Suzuki Director of Financial Aid

2 Types and sources of aid When and how to apply Completing the FAFSA How to recognize and avoid scams Other college financing options

3 Determine financial need of all applicants Verify applicant data when required Package aid from all available sources and send award letters Answer your questions

4 My parents make too much money, so I won t qualify for aid Only students with good grades get financial aid You have to be a minority to get financial aid The form is too complicated to fill out

5 Federal Government $ 108 billion (68%) Institutional $ 32 billion (20%) State Government $ 10 billion (6%) Private Organizations $ 160 Billion $ 10 billion (6%)

6 Gift Aid not paid back grants and scholarships Loans paid back with interest student and/or parent may borrow Work-Study earned as wages part-time jobs on or off campus

7 Review College Catalogues procedures, deadlines, special circumstances Know the deadline dates and meet them Correctly complete and submit the right forms Know your file will not be processed until you are ACCEPTED for admission Respond promptly to requests and notices Keep copies of all forms sent and received Apply EACH year for as long as you need aid

8 Personal Identification Number Students and parents can get PINs Electronic signature for FAFSA on the Web PIN delivered to if known Can also be used for: Renewal on the Web Corrections on the Web National Student Loan Database Loan applications

9 A multi-purpose application form One form to apply for all colleges and aid programs federal grants, loans and work-study New Jersey grants most institutional aid One form each year for each student attending college Never pay anyone to complete the form Including your accountant The Office of Financial Aid will help you for free Free local FAFSA filing days

10 Complete and send FAFSA on the internet Access from anywhere No software to install Automatically edits data as you enter it Skip logic: asks only what you must answer

11 Institutional and Campus Based Aid: Priority filing DEADLINE is April 1st, 2015 Additional Form May Be Required New Jersey State Aid (Date Received): New Applicants: October 1, 2015 Spring Only: March 1, 2016 Renewal Applicants:June 1, 2015 Tuition Aid Grant (TAG) N. J. Resident Attending N.J. Institution Must be Enrolled Fulltime Award Range: Up to - $11,958 NOTE: Please File As Soon As Possible

12 Cost of Attendance Minus Expected Family Contribution (EFC) Equals Financial Need

13 Tuition and Fees Direct Cost Room and Board Direct Cost Indirect costs: Books and Supplies Transportation Personal Expenses Costs vary most by: Type of institution (private, state or county)academic programs

14 Formula established by the U. S. Congress Uses information reported on your FAFSA Index for Federal Pell Grant eligibility May be adjusted by your college due to: Verification/correction of your FAFSA data Special circumstances that limit ability to pay

15 Private Colleges most expensive, smaller, more financial aid Public Colleges larger, more variety, subsidized by state Community Colleges subsidized by state and county Career and Technical Schools short term, higher cost, privately owned

16 Community Public Private College University University Budget $9,000 $18,000 $29,000 EFC 10,000* 10,000* 10,000* Need 0 8,000 19,000 *A 10,000** EFC is approximately an household of 4 people with 1 going to college with about $80,000 in income. **There are other factors that play into this number, based on how the FAFSA questions are answered but this is a general estimation for the purpose of this example.

17 Federal Pell Grant Federal Supplemental Educ. Opportunity Grant (SEOG) N. J. Tuition Aid Grant (TAG)-State Institutional Grants Endowment Grants None of the above have to be repaid!!!!

18 Aid based on need Most government grants Subsidized student loans Federal work-study Aid based on merit Academic and athletic scholarships Some government grants Some scholarships require both merit and need

19 Institutional athletic and academic scholarships alumni groups Private sources employers and labor unions religious or community organizations, clubs, and civic groups high schools

20 Federal Stafford Loan (student) Subsidized/Unsubsidized Private Educational Loan or Direct PLUS Loan (parent) Home Equity Loan -borrow up to 80% of Equity -long repayment period -tax deductible Loans against: Life Insurance Policies/ Pension Plans/ 401K Plans

21 Federal Perkins Loans - 5% Direct Stafford Loans (students) % cap Subsidized Loans Interest free while in school and during the grace period Unsubsidized currently 4.66% PLUS Loans (parents) 7.21% Private Educational Loans 3% to 25% (fixed/variable)

22 Annual Stafford Loan Limits- Dependent Undergraduates Freshman (0 to 29 credits)- $ 5,500 Sophomore (30 to 59 credits)- $ 6,500 Junior (60 to 89 credits)- $ 7,500 Senior (90 + credits)- $ 7,500

23 Student Stafford Loan Student Signs In Complete the Entrance Counseling Complete the Master Promissory Note Unsubsidized/Subsidized Parent PLUS Loan Parent Signs in Request A PLUS If Denied- The process is done If Approved Complete the master Promissory Note Direct Parent PLUS

24 Tuition reimbursement from employer. Veterans Administration (apply to VA) Pay out of pocket with a payment plan Play the lottery and Win the lottery!!!

25 Start with tuition, fees room and board Your Direct Cost Subtract grant and scholarship offers only The difference is your net direct cost Always compare net direct cost Never include loans and work-study offers Make sure scholarships are renewable

26 Community Public Private College College University Budget $9,000 $18,000 $29,000 EFC 10,000* 10,000* 10,000* Need 0 8,000 19,000 Grants/Scholarships $3,000 $21,000 Net direct cost: $9,000 $15,000 $8,000 Self help aid: $2,000 (FWS) Work-study $3,500 (sub loan) $3,500 (sub loan) Loans $5,500(unsub loan) $2,000 (unsub loan) $2,000 (unsub loan) Remaining Family Expense: $3,500 $7,500 $2,500 *The average family of 4 with 1 in college with about $80,000 in income

27 Scams net $10 million annually 500,000 students/parents affected Selling what you can get for free Never pay to find a scholarship! Never pay a scholarship provider to apply!

28 A list of scholarships is guaranteed I just need your credit card number Please enclose a $5 processing fee You ve been selected by a group you never heard of You re a finalist in a contest you never entered

29 Watch out for Consultants that will guarantee you $5,500 in financial aid They can, it s called a Freshman Stafford Loan. They will tell you they can get you more money How can they get you more than you can get for yourself? What are they doing? Typically fudging the number There is a Verification process done by the Department of Education and also by many schools. You are left liable not the consultant Never pay for what the Financial Aid Office can do for free.

30 Caldwell College FA webpage Helpful Sites link Library publications High school guidance offices Scholarship Searches Fastweb scholarship search engine The College Board NJ Higher Education Student Assistance Authority

31

32 Unemployment or change in employment Separation or divorce Death of parent Disability of student or parent Loss of benefits Private elementary/secondary school expenses Unreimbursed medical or dental expenses

33 FAFSA is to be completed by the parent who the student is living with more than 50% of the time There are 365 days in a year so one parent has an extra day with the child In a leap year, flip a coin. If the parent has remarried, step parent information must be included on FAFSA Some schools will ask for a Divorced/Separated Supplemental form to be completed on the other parent to determine eligibility for college aid programs

34 Apply Early Apply Annually (By June 1 st at the latest) Respond to School and/or State (NJHESAA) request(s) for information in a timely manner (This would be areas such as Verification of information you provided when filing your FAFSA) Contact Office of Financial Aid if there are changes in family financial circumstances

35 On our website: In our publications By ing us at By phone (973) In person at the Office of Financial Aid hours are Monday, Thursday, Friday 8:30am-4:30pm Tuesday, Wednesday 8:30am 7:00pm

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