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Welcome to the Wonderful World of Financial Aid

Learn about the types, sources, and application process for financial aid. Discover eligibility requirements and key terms like EFC and COA.

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Welcome to the Wonderful World of Financial Aid

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  1. Welcome to the Wonderful World of Financial Aid Catherine Boscher-Murphy Associate Director Montclair State University

  2. Topics of Conversation • What is financial aid? • Types and sources of financial aid • How do you apply? Forms? Deadlines? • How is eligibility determined? • What is the Expected Family Contribution? • Cost of Attendance

  3. What is Financial Aid? • Includes all funds made available to students not paid directly by the family • Grants • Scholarships • Student employment (work-study) • Loans

  4. Grants • Gift Aid • Does not have to be repaid • Typically awarded based on need

  5. Scholarships • Gift Aid • Does not have to be repaid • Typically awarded based merit or a skill • Academic achievement • Athletic ability

  6. Student Employment • Offered by college • Part-time job • Paid for hours worked • Not applied to college bill

  7. Loans • Borrowed funds must be repaid • Student loans • Parent loans • Private loans • Interest and repayment plans differ by program • Borrow wisely

  8. Sources of Financial Aid • Federal • State of New Jersey • Institutional • Outside Organizations • Civic organizations (ex.-local Rotary Club) • Parent’s employer • High school awards • Private sources

  9. Am I Eligible to Apply? US Citizen or legal resident HS Diploma or GED Valid Social Security number (student) Male – registered for Selective Service Enrolled in eligible program Degree/certificate program Eligible institution For NJ programs – must be resident of NJ 12 months prior to beginning college

  10. How Do I Apply? FAFSA Free Application for Federal Student Aid 6000+ colleges/schools require State of NJ (HESAA) Additional questions for state grant eligibility College Board CSS Profile About 400 schools require this supplemental form Institutional forms

  11. When Do I Apply? FAFSA – https://fafsa.ed.gov Available 10/1 in fall of high school senior year Priority deadlines vary for each college Meet the earliest deadline NJ HESAA Additional Questions - www.hesaa.org Deadline for completion is early fall after high school CSS Profile www.student.collegeboard.org/profile Varies by school

  12. Three Key Terms EFC – Estimated Family Contribution COA – Cost of Attendance Need – what colleges use to develop award package

  13. EFC (Estimated Family Contribution) Formula produces the EFC Amount the family can reasonable contribute to educational costs Includes contribution from parent(s) and student income and assets EFC Calculator: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator

  14. COA (Cost of Attendance) Direct and indirect expenses Tuition and fees direct Housing and Meals direct or indirect Books and Supplies direct (not billed) Transportation indirect Miscellaneous indirect

  15. Determining Aid Eligibility COA - EFC NEED

  16. Examples of Need

  17. Federal Programs Pell Grant SEOG Grant Federal Work Study Stafford Direct Student Loans TEACH Grant (loan) Parent PLUS loan

  18. State of NJ Programs NJ Tuition Aid Grant (TAG) Educational Opportunity Fund (EOF) NJ Stars and Stars II Governor's Urban Scholarship (GUS) NJ CLASS

  19. Institutional Programs • Need-based • Merit based • Skills based • Availability varies greatly based on type and size of school, foundation funds, etc.

  20. Other Resources • Institutional payment plans • Vary from school to school • Private loans • Various lenders • Interest rates and repayment options vary • Use elmselect.com to compare • 529 plans

  21. Applications

  22. Applications

  23. FAFSA – Get a Log-in first • Fsaid.ed.gov • Log-in and password • Use every year • Use to log into FAFSA, Studentloans.gov, etc. • Student and parent each need their own • use different email addresses

  24. FAFSA – Apply

  25. Don’t Forget the State Aid • Complete FAFSA by NJ State deadline • Given option to link directly to NJ HESAA portal for additional questions • If miss this part, can go directly to HESAA website • Wait at least a week for HESAA to get the FAFSA

  26. NJFAMS at Hesaa.org • HESAA NJFAMS portal • https://njfams.hesaa.org • Student sets up useridand password to access the portal • Receive notification about State verification requirements • Check award status online

  27. NJ Alternative FA Application The NJ Alternative Financial Aid Application allows undocumented students enrolled in eligible NJ colleges to apply for state grants (TAG, EOF, Stars, etc.) If you are NOT a US citizen or eligible noncitizen and meet the following criteria: • Attended a NJ high school for at least three years • Graduated from a NJ high school or received the equivalent of a high school diploma • Registered for Selective Service (if male) • Able to file an affidavit at the college stating you will file an application to legalize your immigration status as soon as you are eligible to do so

  28. General Timeline October – March • Complete college search • Apply for Admissions • Complete the FAFSA • Complete the CSS Profile – if applicable December – April • Acceptance notices sent • Award letters sent June-August • Fall semester term bills sent

  29. Questions?

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