Presentation on theme: "New Jersey Institute of Technology 2013-2014 Merit Aid Packages and the Financial Aid Process January 15, 2013 Financing Your NJIT Education."— Presentation transcript:
New Jersey Institute of Technology 2013-2014 Merit Aid Packages and the Financial Aid Process January 15, 2013 Financing Your NJIT Education
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
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
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
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 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.
Offer Letter, cont’d
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.
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.orgwww.hesaa.org Apply for a Federal Direct Parent PLUS Loan at www.studentloans.govwww.studentloans.gov Apply for other private loans at njit.edu/private loans (but you should accept your federal loans first as they are cheaper. )njit.edu/private loans Apply for external private scholarships with Fastweb at http://www.fastweb.com/ http://www.fastweb.com/ Apply for other free private scholarships with College Answer, run by student lender Sallie Mae at: http://www.collegeanswer.com/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.
Need- Based Aid Application Procedures 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.www.fafsa.ed.gov Submit additional verification paperwork no later than April 30 th verification process Pay bill by August (bills generated late July)Federal
Electronic FAFSA www.fafsa.ed.gov *Please remember that FAFSA PIN is needed to sign your application* FAFSA PIN www.pin.ed.gov Applying for Financial Aid
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.
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.
What Is Financial Aid? Scholarships Grants Loans Work Study 1
Two Categories of Aid Merit-based Need-based
Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need
Cost of Attendance Tuition and fees; Room and board; Books, supplies and equipment; Transportation; Miscellaneous personal expenses; Loan fees (if applicable).
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
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
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
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
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.
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
Types of Need-Based Aid Gift Aid Self-Help Aid
Gift Aid Grants Federal Pell Grant FSEOG TEACH Grant State NJ TAG NJ EOF Scholarships Institutional Faculty Presidential Endowed Annual Alumni Private State Distinguished Urban NJ GEAR Up Private
Self-Help Aid Loans Federal Direct Loan Program NJ Class Private LoansEmployment Work Study Federal Work Study Institutional Work Study
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
Federal Grant Programs Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG)
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
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
Student Work Study Programs Federal Work-Study (FWS) Based on financial need; US citizens and eligible non-citizens. Institutional Work-Study (IWS) All students
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)
Institutional Work-Study Undergraduate or graduate students are eligible; US citizens/eligible non-citizens/ international students may qualify.
Loan Programs Federal Direct Stafford Loan Subsidized Unsubsidized Federal Direct PLUS (Parent Loan for Undergraduate Students) Federal Direct Grad PLUS
Federal Stafford Loans Federal Direct Stafford Loan Program (subsidized and unsubsidized) Federal Direct PLUS Loan Program
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)
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
Lifetime Loan Limits Dependent undergraduate students $31,000 subsidized and unsubsidized (Maximum $23,000 subsidized)
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.
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.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).
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.www.hesaa.org
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
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 http://www.nasfaa.org/students/Tax_Breaks_for_Higher_Education.aspx Federal aid U.S.D.E. PIN request: www.pin.ed.govwww.pin.ed.gov