The Financial Aid Process

The Financial Aid Process

2020 - 2021 Financial Aid High School Presentation New Jersey Higher Education Student Assistance Authority The Mission The Higher Education Student Assistance Authority is the only State agency with the sole mission of providing students and families with the financial and informational resources to pursue their education beyond high school. Higher Education Student Assistance Authority 2 Financial Aid High School Presentation - 2

Goals of Financial Aid Office Primary goal is to assist students in paying for college and is achieved by: Evaluating familys ability to pay for educational costs Distributing limited resources in an equitable manner Providing a balance of gift aid and self-help aid Implement federal and state regulations for their college/university Higher Education Student Assistance Authority Financial Aid High School Presentation - 3 Types of Aid Help! Sources of Aid

Types of Financial Aid Federal Grants State of New Jersey Scholarships The College/University Loans Outside Organizations Employment

Civic organizations (ex.-local Opportunities Rotary Club), parents employer, high school awards Higher Education Student Assistance Authority Financial Aid High School Presentation - 4 Net Price Calculator All institutions must have a net price calculator posted on their websites. Students will be able to estimate the individual net price per institution.

Based on full-time, first degree/certificateseeking undergraduate students. Higher Education Student Assistance Authority Financial Aid High School Presentation - 5 Types of Aid - Federal Gift Aid - Grants Federal Government 2019 - 2020 Pell $6,195 (max award) SEOG $4,000 (max award) TEACH $3,764 (max award) . 2020 2021 Rates and fees are subject to change

Higher Education Student Assistance Authority Financial Aid High School Presentation - 6 Types of Aid State Grants & Scholarships TAG (Tuition Aid Grant) File FAFSA or New Jersey Alternative Financial Aid Application Demonstrate Financial Need Be a U.S. citizen, eligible non-citizen or NJ Dreamer Must be New Jersey Resident & attend a New Jersey Institution Must be full time at an approved degree program Meet all state deadlines Part-Time TAG for County Colleges Meet all TAG requirements

With the exception of being enrolled for 6-11 credits Higher Education Student Assistance Authority Financial Aid High School Presentation - 7 Types of Aid State Grants & Scholarship EOF (Educational Opportunity Fund) Award ranges from $200 - $2,500 annually depending on type of institution Must demonstrate educational and economically disadvantaged background File FAFSA or New Jersey Alternative Financial Aid Application Governors Urban Scholarship Rank within the top 5% of their class at the end of junior year Attain a 3.0 GPA at the end of the junior year Attend an approved New Jersey college or University and reside in a

designated community File FAFSA or New Jersey Alternative Financial Aid Application Have a New Jersey Eligibility Index below 10,500 Higher Education Student Assistance Authority Financial Aid High School Presentation - 8 Types of Aid State Grants & Scholarship NJ STARS NJ residents who rank in the top 15% of their class at either the end of junior or senior year Achieve the required score on a college placement test to determine college readiness Students must take at least 12 college credits or 6 credits with a qualified doctors note Students must attain a cumulative GPA of 3.0 or higher at the start of the third semester at the county college to remain an NJ STAR File a FAFSA or New Jersey Alternative Financial Aid Application

NJ STARS II Received NJSTARS funding and have a family taxable income of less than $250,000 Must earn an associates degree and graduate with a 3.25 GPA or higher May receive up to $2,500 annually for a public or private 4-year NJ college or university Must take at least 12 college credits or 6 credits with a qualified doctors note File a FAFSA or New Jersey Alternative Financial Aid Application Higher Education Student Assistance Authority Financial Aid High School Presentation - 9 Types of Aid State Grants & Scholarships Governors Industry Vocation Scholarship for Women & Minorities (NJ - GIVS) Up to $2,000 per year for the cost of enrollment at one of New Jerseys 19 County Colleges, Technical / Vocational Schools, some Proprietary Schools

Benefits women and minorities pursuing certificate or degree programs in construction related fields Must be NJ resident File FAFSA or New Jersey Alternative Financial Aid Application Complete separate application online at www.njgrants.org Some of the programs eligible for the scholarship include o Construction Supervision o Solar Energy Technology o Architectural Engineering Technology Higher Education Student Assistance Authority Financial Aid High School Presentation - 10 Types of Aid State (cont.) Community College Opportunity Grant (CCOG)

Tuition and Approved Fees AGI between $0 - $65,000 Must be NJ resident attending county college of residence File FAFSA or New Jersey Alternative Financial Aid Application Minimum 6 credits per semester Make Satisfactory Academic Progress Must have a complete State grant record All other federal or State grants will be deducted prior to CCOG award Higher Education Student Assistance Authority Financial Aid High School Presentation - 11 Self Help Loans & Gap Shortfall Solutions Monthly Payment Plans offered by the college Federal Direct Loan Program (1st year dependent student)

Subsidized Stafford Loan $3,500 need based Unsubsidized Stafford Loan $2,000 additional 2019 - 2020 - Federal Direct Undergraduate Direct Loans are 4.53% plus a 1.059% origination fee 2020 2021 Rates and fees are subject to change Higher Education Student Assistance Authority Financial Aid High School Presentation - 12 Self Help Loans to Cover the Gap borrow up to cost of attendance 2019 - 2020 - NJCLASS Supplemental Loan Program 10 Year Fixed Rate NJCLASS LOAN, starting at 3.99% 15 Year Fixed Rate NJCLASS LOAN is 4.45% 20 Year Fixed Rate NJCLASS LOAN is 6.50% All options have a 3% origination fee

Federal PLUS Program 7.08% with a 4.236% origination fee Origination fee, Parent is the borrower 2020 2021 Rates and fees are subject to change Higher Education Student Assistance Authority Financial Aid High School Presentation - 13 Institutional & Private Scholarships Factors that may influence eligibility: Academics Athletic Ability*

SATs Geographic Diversity AP Courses Legacy (child of alumni) Activities Talent Academic Track Gender/Ethnicity

H.S. Attended Class Rank * Athletic awards offered by NCAA Division I and Division II schools only. Higher Education Student Assistance Authority Financial Aid High School Presentation - 14 Applications to Access Aid student.collegeboard.org/profile fafsa.ed.gov hesaa.org Higher Education Student Assistance Authority

Financial Aid High School Presentation - 15 Application: CSS Profile Nearly 400 Colleges and Organizations use the CSS profile to determine how they will award institutional funds Available 10/1 each year and collects more comprehensive income, asset and household information than the FAFSA (i.e. assets for business owners regardless of number of employees Aligns with the FAFSAs use of prior - prior year income (currently 2018) Register - Complete Application Make payment - Submit Higher Education Student Assistance Authority Financial Aid High School Presentation - 16

CSS Profile Website to apply for profile www.student.collegeboard.org/profile Website to apply for Noncustodial Profile: www.ncprofile.collegeboard.org Customer Service 844-202-0524 [email protected] Higher Education Student Assistance Authority 17 Financial Aid High School Presentation - 17 Application: FAFSA

2020-2021 FAFSA available October 1, 2019 Mobile FAFSA via web browser, mobile phone or tablet FAFSA will use prior prior year income information (20l8) IRS Data Retrieval Tool can be used immediately All prior prior year tax information (2018) is already filed, allowing immediate retrieval. Higher Education Student Assistance Authority Financial Aid High School Presentation - 18 Notification of Which Tax Year to Use Applicants and parents will be instructed to provide financial

information from their 2018 tax return 2018 2018 2018 2018 2018 Higher Education Student Assistance Authority Financial Aid High School Presentation - 19 Application: FAFSA Submit the Free Application for Federal Student Aid (FAFSA) prior to the earliest schools deadline

To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: Required application materials Application deadlines Higher Education Student Assistance Authority Financial Aid High School Presentation - 20 Free Application for Federal Student Aid (FAFSA) Collects familys personal and financial information used to calculate the students Expected Family Contribution File the FAFSA electronically FAFSA on the Web at www.fafsa.gov

Student & Parent must create a Federal Student Aid ID (FSA ID) at fsaid.ed.gov Use the IRS Data Retrieval Tool to populate income & tax information with actual prior - prior year tax information (currently 2018) Higher Education Student Assistance Authority Financial Aid High School Presentation - 21 IRS Data Retrieval Tool The IRS data retrieval tool or (DRT) is used to transfer tax return information into the FAFSA

The DRT will be available beginning October 1st to support early FAFSA Tax filers who file Married filing separately and foreign tax returns cannot use DRT Amended tax returns original tax data will be transferred Higher Education Student Assistance Authority Financial Aid High School Presentation - 22 What is a Federal Student Aid (FSA) ID? In order to enhance security, FAFSA has created a user name and password login at www.fsaid.ed.gov Password resets, retrieval of User ID's and passwords can be accomplished at www.fsaid.ed.gov

If you are a parent of a dependent student, you will need your own FSA ID All parties must be verified by a mobile phone number or email when creating the FSA ID Higher Education Student Assistance Authority Financial Aid High School Presentation - 23 General Highlighted Eligibility Requirements for FAFSA Must have a valid Social Security Number 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 (males are required) Higher Education Student Assistance Authority Financial Aid High School Presentation - 24 Key Components of the FAFSA Student Demographics Full Name Social Security Number Date of Birth NJ applicants must provide an answer to the drivers license questions ALL applicants must indicate their gender

Student Income and Assets IRS Data Retrieval Income earned from work Student Status: Dependent/Independent Parent Demographics-Who is a Parent? Social Security Number Last Name Date of Birth

Higher Education Student Assistance Authority Financial Aid High School Presentation - 25 Key Components of the FAFSA (cont.) Household Size Number in college Parent(s) Income and Assets IRS Data Retrieval Income earned from work Dislocated Worker Federal Means Tested Benefits Medicaid, SSI, SNAP, Free or Reduced Price School Lunch, TANF, WIC

List all colleges of interest (up to 10) Higher Education Student Assistance Authority Financial Aid High School Presentation - 26 Applying for State Aid 2020 - 2021 Once submitted, a copy of the FAFSA is sent to all listed institutions and to HESAA. About a week after submitting the FAFSA, students MUST log into HESAAs NJFAMS portal (New Jersey Financial Aid Management System) to complete any tasks listed on the TO DO list. All tasks must be completed to be considered for Tuition Aid Grant (TAG) and all other State grants and scholarships.

www.njfams.hesaa.org Higher Education Student Assistance Authority Financial Aid High School Presentation - 27 Common Mistakes Made on the FAFSA

Students name as it appears on the social security card, social security number, and date of birth Parent section vs. Student section Number of people in the household Divorced/remarried households Taxes paid vs. taxes withheld Including untaxable social security benefits Parental and student assets Zero is a number College grade level Skipping the gender question Higher Education Student Assistance Authority Financial Aid High School Presentation - 28 Federal & State Verification

Students are randomly selected, however, using the IRS DATA Retrieval Tool will reduce the likelihood of being selected SCHOOL is responsible for verifying information for federal aid except for special circumstances HESAA is responsible for verifying information for State aid School may send request for information by mail or e-mail Always check your school account and NJFAMS account for required tasks Be sure to meet verification deadlines November 1st for Fall and Spring March 1st for Spring only Higher Education Student Assistance Authority Financial Aid High School Presentation - 29 New Jersey Alternative Financial

Aid Application Allows NJ Dreamers enrolled in eligible New Jersey colleges and universities to apply for State financial aid. Who should complete this application? Complete this application if you are not a United States citizen or eligible noncitizen and meet all of the following criteria; Attended a New Jersey high school for at least three (3) years Graduated from a New Jersey high school or received the equivalent of a high school diploma in New Jersey Registered for Selective Service (male students only) Are able to file an affidavit stating that you will file an application to legalize your immigration status or will file an application as soon you are eligible to do so Higher Education Student Assistance Authority Financial Aid High School Presentation - 30

NJFAMS All students must go to NJGRANTS.org Establish an NJFAMS Account by creating a User ID and Password Higher Education Student Assistance Authority Financial Aid High School Presentation - 31 NJFAMS 2019-2020 2018-2019 Higher Education Student Assistance Authority

Financial Aid High School Presentation - 32 Cost of Attendance Tuition and fees Room and board Books and supplies, equipment, transportation, and miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Expenses related to a disability Expenses for cooperative education program Higher Education Student Assistance Authority Financial Aid High School Presentation - 33

Unexpected Costs Remediation Classes: extra 1 2 semesters Change in major: 1 2 years in addition Transferring: possible extra semester Unpaid internships: loss of Summer wages Study Abroad, Spring break, trips home and pledging costs Moving expenses and Summer storage Higher Education Student Assistance Authority 34

Financial Aid High School Presentation - 34 The Cycle of Financial Aid Oct - March Complete FAFSA or New Jersey Alternative Financial Aid application, college search, college application process, and CSS Profile November - May Schools send award letters June - July School sends Fall Semester bill

Higher Education Student Assistance Authority Financial Aid High School Presentation - 35 Where Do I Go From Here? Obtain and review admission, financial aid materials and deadlines from each school to which you are applying Meet all application deadlines CSS Profile if applicable Complete the FAFSA and any other application materials required by the school or your state agency - NJ State deadlines are: TAG Renewal Students April 15, 2020 preceding the academic year for which aid is requested All Other Applicants September 15, 2020 for Fall and Spring term

awards; February 15, 2021 for Spring awards only Higher Education Student Assistance Authority Financial Aid High School Presentation - 36 Other Resources Outside Scholarships Campus Administered Payment Plans Campus Employment Specialized Campus Opportunities Residential Advisors Student Ambassadors

Student Tour Guides Internships/CO-OPS Higher Education Student Assistance Authority Financial Aid High School Presentation - 37 Private Scholarship Search

Institution/college web sites Local library resources Local businesses, civic organizations and churches Parents employer(s) www.hesaa.org www.fastweb.com www.collegeboard.org www.mappingyourfuture.org Higher Education Student Assistance Authority Financial Aid High School Presentation - 38 NJBEST College Savings Plan NJBEST is the only 529 Savings Plan to award a scholarship ranging from $500-$1,500 Must attend a New Jersey Institution Funds must be applied for in the freshmen year

A qualified withdrawal must be taken Funding for NJBEST scholarships comes from HESAA Earnings on the NJBEST Plan are tax free when used to pay for the qualified higher education expenses of an NJBEST beneficiary Limit how much can be contributed annually Higher Education Student Assistance Authority Financial Aid High School Presentation - 39 HESAA Services Web Sites www.hesaa.org www.njgrants.org www.njclass.org https://njfams.hesaa.org

Customer Care Line 609-584-4480 NJBEST MappingYourFuture.org Higher Education Student Assistance Authority Financial Aid High School Presentation - 40 QUESTIONS? Thank you Higher Education Student Assistance Authority

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