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 9

10. How Do I Apply? FAFSA State of NJ (HESAA) College Board CSS Profile
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 10

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

12. Three Key Terms EFC – Estimated Family Contribution
COA – Cost of Attendance
Need – what colleges use to develop award package
Need will not be what you want it to be

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:

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 COA 6000 25000 45000 EFC 11000 Need 14000 34000
School Type
2 yr. public
4 yr. public
4 yr. private
COA
6000
25000
45000
EFC
11000
Need
14000
34000

17. Federal Programs Pell Grant SEOG Grant Federal Work Study
Stafford Direct Student Loans
TEACH Grant (loan)
Parent PLUS loan
Most programs for half-time/full-time students
Maximum grant for = $5920
SEOG allocation limits funding to neediest students
FWS – allocation
pay rate set by college; minimum wage; 6-10 hours per week
Stafford – sub and unsub
freshmen = $5500 per year
interest rate this year is 4.45% with origination fee
TEACH = grant reverts to loan if do not fulfill requirements
PLUS – 7.0% interest rate/ 4.264% orig. fee
up to COA minus all other aid
parent is the borrower - cannot borrow if no valid SSN

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
In most cases, must be full-time student attending NJ college
TAG awards based on type of school/which school
Awards for this year $528 – 12,686
can be part-time at CC (6-11 credits)
EOF – educationally and economically disadvantaged students
awards $200 to $2500 based on type of institution
NJStars – top 15% of high school class end of jr. or sr. year
maintain GPA 3.0 in college
tuition only
NJStarsII – must have received NJSTARS, received AA degree with 3,25 GPA
up to $2500
GUS – based on high school GPA and rank in class
award = $1000
NJCLASS – private loan for NJ resident or attending NJ college
interest rates from 4.48 – 8.36 based on credit; 3% orig. fee

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 Private loans 529 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 addresses
Ensure maximum consideration for federal, state and institutional aid
Apply for priority deadlines
Earliest one
Complete all questions
Collects family's personal and financial information
File electronically

24. FAFSA – Apply
Ensure maximum consideration for federal, state and institutional aid
Apply for priority deadlines
Earliest one
Complete all questions
Collects family's personal and financial information
File electronically

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 userid and 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 December – April June-August
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
In here, typically once student has decided which school to attend, complete any requirements at the college and/or HESAA

29. Questions?