John IacovelliDean of Enrollment Management

Richard Stockton College of New Jersey

Primary goal is to assist students in paying for college and is achieved by:

Evaluating family’s ability to pay for educational costs

Distributing limited resources in an equitable manner

Providing a balance of gift aid and self-help aid

Federal

State

The University/College

Private◦ Civic organizations (i.e., local Rotary Club,

parent’s employer, high school awards, etc.)

Scholarships

Grants

Loans

Employment Opportunities

Merit-Based Aid - aid given to students strictly on the basis of merit. May be based on: ◦ Academic record◦ Special characteristics◦ Skills or talents◦ Involvement

Does not have to be repaid; may be renewable from year to year.

Need-Based Aid - aid awarded to students on the basis of financial need. Re-evaluated each year as financial situations may change.

Gift Aid◦ Grants

Self-help◦ Loans◦ Employment

Federal◦ PELL◦ SEOG

State◦ TAG◦ EOF

Institutional Private Grants and Scholarships

Federal Perkins Loan

Federal Direct Loan Program◦ Subsidized Loan (6.80%) ◦ Unsubsidized Loan (6.80%) ◦ PLUS (7.9%)

Loan Limits: ◦ First-year students – $3,500◦ Second-year student – $4,500◦ All other grade levels remain at $5,500

All students eligible for additional $2000 of unsubsidized loan.

NJ Class Supplemental Loan Program

Low fixed interest rates beginning with:◦ 10 Year Repayment Loan of 6.15%

Immediate Repayment of Principal & Interest Only

◦ 15 Year Repayment Loan(s) of 7.05% Immediate Repayment of Principal & Interest Only Immediate Repayment of Interest Only, while in school

◦ 20 Year Repayment Loan of 8.05% Full deferment until out of school

Eligibility Requirements◦ Must graduate in the top 15% of class

◦ Must file FAFSA within established State guidelines

◦ Students may be eligible to receive STARS award for up to five semesters

◦ STARS covers tuition only

◦ To be eligible for STARS II, you must graduate with a cumulative GPA of 3.25 or higher

Submit the Free Application for Federal Student Aid (FAFSA) prior to the college’s deadline

To ensure maximum consideration for federal, state, and institutional aid, check information from each college to determine:

◦ Required application materials

◦ Application deadlines

FAFSA on the Web at www.fafsa.gov

Collects family’s personal and financial information used to calculate the student’s EFC

1. Correct name, social security #, birth date

2. Number of people in the household3. Divorced/remarried households4. Taxes paid vs. taxes withheld5. Parental and student assets

a. Worth of a second homeb. “Zero is a number”

Please note: 2013-14 FAFSA expands definition for independent student (emancipated minor).

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

Basis of financial aid package

EFC is determined by a federal formula that calculates need via the FAFSA

EFC & Financial Need are guidelines used by schools to determine a financial aid package

EFC not necessarily equal to the out-of-pocket cost of the family

Tuition and fees Room and board Books and supplies, equipment,

transportation, and miscellaneous personal expenses

Study abroad costs Dependent care expenses Expenses related to a disability Expenses for cooperative education program

X

Y

Z

Cost ofAttendance

(Variable)

Expected Family

Contribution(Constant)

Need(Variable)

1

2

3

EFC EFC

Jan-March

Student /Parents complete FAFSA

March-April

School sends award letter

June-July

School sends Fall semester bill

Avoid being charged a fee to file the FAFSA

◦ Completing and processing the FAFSA is FREE

◦ When filing FAFSA, make sure you go directly to:

www.fafsa.gov

◦ Contact the financial aid office if you need help in completing the FAFSA

Web Site

◦www.hesaa.org

Financial Aid Hotline◦ 800-792-8670

8:00 am – 8:00 pm Monday thru Thursday8:00 am – 5:00 pm Friday

NJBEST

Services and Forms:

Fin Aid! “The SmartStudent Guide to Financial Aid”

www.finaid.org

USDE Publications

www.studentaid.ed.gov/students/publications/FYE/index.html

FastWeb www.fastweb.com

FAFSA on the Web www.fafsa.gov

U.S. Department of Education PIN www.pin.ed.gov

The Higher Education Opportunity Act of 2008 required all post-secondary schools that receive Title IV funding to disclose the actual net price a student would pay to attend an institution.

Provision was designed to increase awareness of the actual cost of college attendance.

Students, families, and consumers are able to view this information on individual institution websites.