F N I ANCIN I G G Y OU O R COL O L L E L GE G EDUCATI T O I N

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1 FINANCING YOUR COLLEGE EDUCATION Award Year 1

2 Overview Types of Assistance Scholarship Information Applying for Need-Based Aid Eligibility Requirements Application Process Award Notification Federal, State and Alternative Programs Resources Next Steps 2

3 Student Aid Philosophy Primary Responsibility of Financing Student s Education: Family Supplemental Sources Federal Government State Government Colleges & Universities Others Community Organizations Student or Parent s Employer Veterans Administration (including dependents) Financial Institutions 3

4 Types of Aid Scholarships Based on Merit Do Not Have to be Repaid Grants Based on Need Do Not Have to be Repaid Loans Must be Repaid!! Subsidized or Unsubsidized Student Employment Part-Time; On or Off-Campus For Stipend, Remission 4

5 Scholarship Sources High School Guidance Department Public Library Community Organizations For-Profit Organizations Examples: Wal-Mart, Gates Foundation Colleges/Universities World Wide Web (ex: Watch out for scams! Mail, Telephone, or Processing fees (check, CC, ABA #) 5

6 Applying for Student Aid Complete Need Analysis Form(s) FAFSA CSS Profile (if applicable) Institutional Application (if applicable) Respond to Request(s) for Additional Info Tax Returns/Transcripts, Citizenship, Etc. Promissory Note (After Award Offer) Re-Apply Each Year: Aid not Renewable 6

7 CSS Profile Used to Award Non-Federal Funds 600 Scholarship Pgms & Private Colleges Customized for College/Program $25 Initial Fee (incl. one College/Program) + $16 per Additional College/Program) Apply Online: 7

8 Student Eligibility Requirements for Federal and State Aid Have a Valid Social Security Number Enrolled in a Degree or Certificate Program at an Eligible Institution U.S. Citizen or Eligible Non-Citizen Registered with Selective Service (if required) Cannot Be in Default on a Federal Student Loan or Owe Repayment on a Federal Grant Maintain Satisfactory Academic Progress as Defined by School Drug-Related Conviction May Result in Denial 8

9 Free Application for Federal Student Aid (FAFSA) Determines Eligibility for Federal Grants, Loans, Student Employment Available in English and Spanish Submission of FAFSA Online: **recommended** Paper (pdf) FAFSA: Available 01/01/2013 9

10 Free!! 10

11 Fee!! 11

12 Personal Identification Number (PIN) Electronic Signature: FAFSA on the Web Can Apply for PIN now: Other Uses E-Sign Master Promissory Note View Financial Aid History Student and Parent must apply for Separate PINs 12

13 Section 1: Student Information Demographic Information Name, Address, Phone, SSN, DOB Driver License Number Address Citizenship Provide ARN if Non-Citizen Marital Status Selective Service Registration (Male Applicants) 13

14 Section 2: Dependency Status Student Must Meet One of the Following Conditions to Be Considered Independent: Born Before January 1, 1990 Married (or Separated but not Divorced) Enrolled in Master s or Doctorate Program Currently Serving Active Duty Other than Training Veteran of U.S. Armed Forces Have Dependents Other Than Spouse Children who receive more than half their support from student Dependent who lives with and receives >1/2 support from student Orphan, in Foster Care, or Ward of the Court at Age

15 Dependency Status (Continued) Emancipated Minor as Determined by a Court in Applicant s State of Legal Residence In Legal Guardianship as Determined by a Court in Applicant s State of Legal Residence On or After 07/01/12, Determined to be Unaccompanied Youth who was Homeless by: Applicant s High School or School District Homeless Liaison; Director of an Emergency Shelter Program funded by the U.S. Department of Housing and Urban Development; or Director of a Runaway or Homeless Youth Basic Center or Transitional Living Program Otherwise, Parents Information Must be Reported 15

16 Definition of a Parent Biological or Adoptive Not Parents for FAFSA Purposes: Grandparents Foster Parents Siblings Legal Guardians, etc. If parents are divorced or separated, report information for custodial parent. If custodial parent has remarried, include stepparent s information. 16

17 Sections 3 & 4: Income & Assets Section 3: Parent(s) Name, SSN, DOB Household Size, Number in College 2012 Income (AGI or Wages) Tax Paid (Tax Filers) Untaxed Income (Except Soc Sec, Welfare, EIC) Assets (In Bank, Investments, Business, Farm) Section 4: Student (& Spouse if Married) 2012 Income & Current Assets (See Above) 17

18 Verification of Tax Data IRS Tax Return Transcript Colleges No Longer Accept Tax Return Online ( Phone, or Form 4506-T Tax Return Transcript, not Tax Account Transcript IRS Data Retrieval Tool - from FAFSA Transfer Tax Data from IRS Database to FAFSA Submit FAFSA (initial or correction) Request for Paper Tax Return Transcript Waived TRT/DRT Not Available if Tax Return Filed Recently

19 Section 5: Colleges to Receive Info List Up to Ten (Four on Paper FAFSA) Housing Plans: On/Off Campus, with Parent Section 6: Review FAFSA, Sign PIN or Print Signature Page (Web Only) Preparer s Information (if Applicable) Section 7: Submit FAFSA Section 7: Submit FAFSA Confirmation Additional Information for NJ Residents College Navigator 19

20

21 Deadline For Submitting FAFSA New Jersey State Aid (Date Received): New Applicants: October 1, 2013 Renewal Applicants: June 1, 2013 Spring Only: March 1, 2014 Institutional and Campus Based Aid: Check with College(s) for Priority Filing Date(s) Additional Form(s) May Be Required Federal Deadline: June 30,

22 FAFSA4caster Simulates FAFSA Process Estimates EFC, Federal Student Aid College Cost Worksheet Time-Saver for Real FAFSA Processing Student Demographics Pre-populated Student & Parent PINs are Valid 22

23 Application Processing Matches with Other Federal Databases: Social Security Administration U.S. Citizenship and Immigration Services (USCIS) Selective Service System Veterans Administration National Student Loan Data System (NSLDS) 23

24 Application Processing (Continued) Results Forwarded to: Applicant: Student Aid Report (SAR) School(s): Institutional Student Info Report (ISIR) State Agency Information on SAR/ISIR Expected Family Contribution (EFC): Student Contribution (SC) + Parent Contribution (PC) Federal Pell Grant Eligibility Problems and Resolution Instructions 24

25 Award Notification from Colleges Federal, State, Institutional Assistance Paper or Electronic Award (+Terms & Conditions) Sent to Admitted Students Response May Be Necessary School and/or State Agency May Request Additional Document(s) Before Awarding Examples: Student s, Parent s Tax Return/Transcript Proof of Citizenship Awards Subject to Change 25

26 Changes in Circumstance Examples Loss of Employment, Income Divorce, Separation, or Death Unable to Obtain Parent s Info Due to Unusual Circumstances (Dependency Override) Contact FA Office for Instructions Forms, Documentation Must File Initial FAFSA with Base Year Income Decisions are Institution-Specific 26

27 Federal Aid Programs Federal Pell Grant Undergraduate Studying for First Bachelor s Degree Award Range: $555-$5,550 (Based on EFC) Federal Campus Based Aid Supplemental Educational Opportunity Grant Perkins Loan Repay School (or Servicer) Interest Rate: 5% Fixed Work-Study (FWS) 27

28 Need Determination for Campus Based Aid Cost of Attendance (COA) h Tuition & Fees h Room & Board h Books & Supplies h Misc. Expenses Estimated Financial Assistance (EFA) h Federal Pell Grant h State Aid h Scholarships/Other Assistance COA - EFC - EFA = Financial Need 28

29 Federal Aid Programs (Cont d) Federal Direct Loan Annual Limits (Freshmen: $5,500) Subsidized and/or Unsubsidized Grace Period for Principal: Six Months After Halftime Enrollment Terminates Interest Rate (Fixed): 3.4% Sub; 6.8% Unsub Before Receiving Loan Funds, Student Must: Complete Entrance Interview Sign Master Promissory Note 29

30 Federal Aid Programs (Cont d) TEACH Grant Intend to Teach in High-Need Field at Low-Income School Academic Requirement: 75% Percentile or GPA > 3.25 Annual Award $4,000; Aggregate $16,000 Undergraduate/Post-Baccalaureate Student must teach 4+ years within 8 years of Program completion; otherwise, grant becomes Unsubsidized Loan. 30

31 State Programs (New Jersey) Tuition Aid Grant (TAG) N.J. Resident, Attending N.J. Institution Must be Enrolled Fulltime (Exception: County College Students, Halftime) Annual Award Ranges $1,092 - $2,534 County Colleges $1,960 - $6,704 State Colleges $2,096 - $9,104 Rutgers/UMDNJ $2,376 - $10,318 NJIT $1,872 - $11,550 Independent Institutions 31

32 State Programs (New Jersey) NJ Student Tuition Assistance Reward Scholarship (NJ STARS) N.J. Resident, Enrolling F/T at N.J. County College Top 15% of HS Graduating Class Complete Rigorous Course of Study Required Score on College Placement Test Award: Tuition Minus Federal & State Grants Renewal: GPA > 3.0 NJ STARS II at NJ College/University Graduate from County College with GPA > 3.25 Family Income < $250,000 32

33 State Programs (New Jersey) Other State Programs Educational Opportunity Fund (EOF) Grant Scholarships: Contingent Upon State Funding NJCLASS (Loan) Based on Creditworthiness Limit: COA - EFA School Must First Determine Stafford Eligibility Interest Rate: % (Fixed) 33

34 Additional Educational Loans Federal Parent Loan for Undergraduate Students (PLUS) Private Educational Loans Truth in Lending (Disclosures) Based on Borrower s Creditworthiness Non-Subsidized Limit: COA EFA Before Applying: Explore FSA and Other Resources Consider Payment Plans with College 34

35 Next Steps: Seniors Obtain and Review Admissions and Financial Aid Materials (Brochures, Web sites) for Each School to Which You are Applying Complete FAFSA and Other Application(s) Required by School or State Agency Gather 2012 Data (Tax forms, Untaxed Income), Current Bank Statements, Asset Info Apply for PIN(s) if filing FAFSA on the Web Meet all Application Deadlines 35

36 Next Steps: All Students Extra Curricular Activities Research College(s): Curriculum, etc. Research Scholarships Parents Research College Costs College Savings Plan (529): NJBEST Underclassmen & Parents FAFSA4caster ( 36

37 Federal and State Government Resources Federal Student Aid Information Center FEDAID ( ) Federal Trade Commission (fraud) FTC-HELP ( ) NJ Higher Education Student Assistance Authority

38 Financial Aid Office Determines Aid Eligibility Packages Aid Based on Availability of Funds Provides Counseling to Students/Parents Financial Planning Special Circumstances Review Loan Entrance/Exit Counseling Provides Information at Outreach Programs Open Houses/Orientation High School Nights College Goal Sunday: February 24, 2013 (except NJIT: February 17, 2013) 38

39 REMEMBER Apply Early Apply Annually Respond to College and/or State Request(s) for Information in a Timely Manner Contact Financial Aid Office if there are Changes in Family Financial Circumstances Watch Out for Scams! QUESTIONS? COMMENTS? 39

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