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New Jersey Institute of Technology

2013-2014 Merit Aid Packages and the Financial Aid Process January 15, 2013 Financing Your NJIT Education. New Jersey Institute of Technology. SFAS Location, Hours. Hours: 8:30 a.m.– 4:30 p.m. (Monday, Thursday and Friday) 8:30 a.m.– 6:00 p.m. (Tuesday and Wednesday) Customer Service

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New Jersey Institute of Technology

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  1. 2013-2014 Merit Aid Packages and the Financial Aid Process January 15, 2013 Financing Your NJIT Education New Jersey Institute of Technology

  2. SFAS Location, Hours Hours: 8:30 a.m.– 4:30 p.m. (Monday, Thursday and Friday) 8:30 a.m.– 6:00 p.m. (Tuesday and Wednesday) Customer Service Two counselors available daily to see students

  3. The Value of NJIT • NJIT is New Jersey’s premiere science and technology university • Princeton Review named NJIT as one of the top value colleges in the nation based on academics, affordability and financial aid • Financial Aid Facts • 73% receive financial aid • The average freshman financial aid packages is $16,356 • NJIT awarded over $100 million in need-based and merit-based aid

  4. Merit Offer Package • Offer letter • Other materials • FAFSA To Do List • Information Release Consent Form • Loan Worksheet • Lender List • Viewing Awards on the Web instructions • FA Newsletter • Has the processing calendar with critical dates

  5. Offer Letter • Acceptance due no later than April 2, 2013 or your risk losing the scholarships • Accept them on your Highlander Pipeline Account (my.njit.edu) • Create your University Computing Identification (UCID) at http://directory.njit.edu/ucid • Subsequent communications will be sent to your NJIT Email (primary way of communication) • Failure to set up your NJIT email will result in non-receipt of important communications • Using your UCID, you will have access to NJIT”S Highlander Pipeline portal to view your student records at any time.

  6. Offer Letter, cont’d

  7. Overawards • Faculty Scholarships are tuition-based • Cannot exceed the amount of tuition • If you receive another tuition-based grant or scholarships the combination of both awards CANNOT exceed tuition • Ex: Sally is eligible for a $1,000 Faculty because of her good grades/sat scores and then files a FAFSA and becomes eligible for $7,370NJ Tuition Aid Grant because of her need. Tuition cost is $7,370. Because the combo of both awards exceed tuition, her Faculty award will be cancelled.

  8. Payment Options • Apply for need-based aid (will discuss later) • Apply for a 4, 3, or a 2 installment payment plan • Apply for a low-interest NJHESAA NJCLASS loan at www.hesaa.org • Apply for a Federal Direct Parent PLUS Loan at www.studentloans.gov • Apply for other private loans at njit.edu/private loans(but you should accept your federal loans first as they are cheaper. ) • Apply for external private scholarships with Fastweb at http://www.fastweb.com/ • Apply for other free private scholarships with College Answer, run by student lender Sallie Mae at: http://www.collegeanswer.com/ • Many local organizations offer private scholarships and the competition for these awards are less intense. Such entities include: employers or a community group, or club.

  9. Need- Based Aid ApplicationProcedures • File the FAFSA NO LATER than March 15, 2013 at; • Include NJIT Institutional Code – 002621 - on the FAFSA; • File FAFSA electronically at www.fafsa.ed.gov. • Submit additional verification paperwork no later than April 30th • verification process • Pay bill by August (bills generated late July)Federal

  10. Applying for Financial Aid Electronic FAFSA www.fafsa.ed.gov *Please remember that FAFSA PIN is needed to sign your application* FAFSA PIN www.pin.ed.gov

  11. IRS DATA RETRIEVAL TOOL • Federal Student Aid and the Internal Revenue Service collaborated to develop a solution that simplifies FAFSA completion. • The IRS Data Retrieval tool will allow FAFSA on the Web applicants to request and retrieve their income and tax data from the IRS. • Once the data is retrieved from the IRS, it can be transferred to FOTW.

  12. Using the Data Retrieval Option If you and or your Parent have completed your 2012 tax return at least 2 weeks prior to completing the FAFSA you may utilize this option to ensure that your tax information, obtained from the IRS is inputted into your 2013-2014 FAFSA securely and accurately.

  13. What Is Financial Aid? • Scholarships • Grants • Loans • Work Study 1

  14. Two Categories of Aid • Merit-based • Need-based

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

  16. Cost of Attendance • Tuition and fees; • Room and board; • Books, supplies and equipment; • Transportation; • Miscellaneous personal expenses; • Loan fees (if applicable).

  17. NJIT’s Cost of Attendance 2012-2013 NJ Resident, Freshmen, Living with Parents • Tuition & fees $14740 • Room & board (living expenses) $5500 • Books & supplies $3000 • Transportation $3200 • Miscellaneous $1500 Total $27,940

  18. NJIT’s Cost of Attendance 2012-2013 NJ Resident, Freshmen, Living on Campus • Tuition & fees $14740 • Room & board (living expenses) $11750 • Books & supplies $3000 • Transportation $1200 • Miscellaneous $100 • TOTAL $32190

  19. NJIT’s Cost of Attendance 2012-2013 Out of State, Freshmen, Living with Parents • Tuition & fees $27140 • Room & board (living expenses) $5500 • Books & supplies $3000 • Transportation $3200 • Miscellaneous $1500 Total $40,340

  20. NJIT’s Cost of Attendance 2012-2013 Out of State, Freshmen, Living on Campus • Tuition & fees $27140 • Room & board (living expenses) $11750 • Books & supplies $3000 • Transportation $1200 • Miscellaneous $1500 • TOTAL $44,590

  21. Principles of Need Analysis • To the extent possible, parents have primary responsibility to pay for their dependent children’s education; • Students also have a responsibility to contribute to their educational costs; • Families should be evaluated in their present financial condition; • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and does affect the ability to pay.

  22. Expected Family Contribution for Dependent Student Parent contribution from income and assets (as adjusted if more than one family member in college) + Student contribution from income and assets = EFC

  23. Types of Need-Based Aid • Gift Aid • Self-Help Aid

  24. Gift Aid • Scholarships • Institutional • Faculty • Presidential • Endowed • Annual • Alumni • Private • State • Distinguished • Urban • NJ GEAR Up • Private Grants • Federal • Pell Grant • FSEOG • TEACH Grant • State • NJ TAG • NJ EOF

  25. Self-Help Aid • Employment • Work Study • Federal Work Study • Institutional Work Study Loans • Federal Direct Loan Program • NJ Class • Private Loans

  26. New Jersey State Aid Programs • NJ TAG • Undergraduates; • NJ legal residents (at least 12 months); • 2012-2013 Award Range at NJIT: $2064–$10,618 • NJ EOF • NJ students from background of historical poverty; • Awards at NJIT: $1400 students living on campus; $1150 students living off campus

  27. Federal Grant Programs • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG)

  28. Federal Pell Grant Program • Undergraduates only; • “Foundation” of financial aid package; • Award amount based on enrollment status and EFC; • Annual Pell Award Range: $555-$5550

  29. Federal Supplemental Educational Opportunity Grant (FSEOG) • Eligible Students • Undergraduates pursuing first baccalaureate or professional degree • Federal Pell Grant eligible • Awarded to students with lowest EFCs • Priority given to students who file FAFSA by March 15 • Annual award amounts at NJIT • $200 – With Parents • $500 – Off Campus • $1,000 – On Campus

  30. Student Work Study Programs • Federal Work-Study (FWS) • Based on financial need; • US citizens and eligible non-citizens. • Institutional Work-Study (IWS) • All students

  31. Federal Work-Study • Undergraduate or graduate students; • US Citizens and eligible non-citizens; • Priority given to students who file the FAFSA by March 15; • Awards range from $1500–$3000; • Includes Community Service and Tutoring programs. • Benefits of work-study (not counted as a resource)

  32. Institutional Work-Study • Undergraduate or graduate students are eligible; • US citizens/eligible non-citizens/ international students may qualify.

  33. Loan Programs • Federal Direct Stafford Loan • Subsidized • Unsubsidized • Federal Direct PLUS (Parent Loan for Undergraduate Students) • Federal Direct Grad PLUS

  34. Federal Stafford Loans • Federal Direct Stafford Loan Program (subsidized and unsubsidized) • Federal Direct PLUS Loan Program

  35. Federal Stafford Loans • Subsidized: Must demonstrate “need” • Unsubsidized: Not based on “need” Annual loan limits for dependent undergrad students: Freshmen = $5,500 (max $3500 subsidized) • Sophomores = $6,500 (max $4500 subsidized) • Jr./Sr. = $7,500 (max $5500 subsidized)

  36. Federal Stafford Loans • Annual loan limits for independent undergrad students (and dependent undergrad students whose parents are denied the PLUS Loan): • Freshmen = $9,500 (max $3,500 subsidized) • Sophomores = $10,500 (max $4,500 subsidized) • Jr./Sr. = $12,500 (max $5,500 subsidized

  37. Lifetime Loan Limits • Dependent undergraduate students • $31,000 subsidized and unsubsidized (Maximum $23,000 subsidized)

  38. Costs of Borrowing Federal Loans • 12-13 in-school interest rates: *Undergraduate Subsidized and Unsubsidized– 6.8% • Repayment begins 6 months after the student graduates or upon less than half-time enrollment; • Temporary deferment available.

  39. Federal PLUS Loans • Parents of dependent undergrads can apply for PLUS loan and grad students can apply for GRAD PLUS loans at www.StudentLoans.gov. • Loan limits: • Annual limit: COA minus other aid • Aggregate limit: none • 12-13 fixed interest rate 7.9%; • Parent PLUS loans can now be repaid either 60 days after the loan is fully disbursed, or 6 months after the dependent student ceases to be enrolled on at least half-time basis (interest will accrue).

  40. NJ Class Loan • Through NJ Higher Education Student Assistance Authority (NJHESAA); • Student, parent, legal guardian, spouse, or relative can borrow; • Credit approval; • Flexible repayment options; 11-12 interest rates between 6.6% and 8.0% depending on repayment option. • Application and additional info at www.hesaa.org.

  41. Important Phone Numbers • NJIT Financial Aid Office: (973) 596-3479 • NJIT Admissions Office: (973) 596-3300 • NJIT EOF: (973) 596-3690 • Federal Student Aid Assistance Information: 1-800-433-3243 • NJ Higher Education Student Assistance Authority (NJHESAA): 1-800-792-8670

  42. Important Web Sites • NJIT Financial Aid: www.njit.edu • FAFSA on the Web: www.fafsa.ed.gov • NJHESAA: www.hesaa.org • Tax Programs for Education: http://www.nasfaa.org/students/Tax_Breaks_for_Higher_Education.aspx • Federal aid U.S.D.E. PIN request: www.pin.ed.gov

  43. Scholarship Information • www.finaid.org • www.supercollege.com • http://www.absolutelyscholarships.org/ • www.fastweb.com • http://www.njit.edu/financialaid/docs/schol_app13.pdf • NJIT’S Undergraduate Scholarship Application

  44. Questions

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