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What YouNeed to Know
About Financial Aid
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Topics We Will Discuss Tonight• What is financial aid?• How do you apply? Forms? Deadlines?• How is eligibility determined?• Expected Family Contribution• Need• Types and sources of financial aid• Financial aid packaging; Comparing offers• Special circumstances; Appeals• Consumer issues
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What is Financial Aid??Generally speaking, financial aid includes all
funds made available to students that are not provided by their family
Federal, state, institutional, privateGrants, scholarships, loans, work
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What Forms are Required and When?Free Application for Federal Student Aid
(FAFSA)Institutional aid applicationCollege Board Profile FormVerification (Federal and State)Tax DocumentationBusiness SupplementNon-Custodial Parent informationKNOW YOUR SCHOOL’S REQUIREMENTS!
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Expected Family Contribution (EFC)Amount that a family can be reasonably
expected to contributeIncludes parent and student contributionFederal EFCInstitutional EFCEFC Calculator: Available on College Board
web site
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Deadlines FAFSA can be filed any time on or after
January 1st for the academic year that begins the following September
You MUST pay close attention to each school’s preferred deadline
DO NOT MISS DEADLINES
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FAFSA TipsFile FAFSA on-line; www.fafsa.ed.govEstablish a User Name and PasswordIRS Match; initial application or updateNJHESAA Supplemental QuestionsList a New Jersey school firstStudent Aid Report (SAR)Big changes for the 2017-2018 academic
year: Prior, Prior Year.
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FAFSA – Common ErrorsSocial Security NumbersDivorced/remarried parental informationUntaxed incomeUS taxes paidHousehold sizeNumber of household members in collegeReal estate and investments net worth
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How Eligibility is DeterminedCost of Attendance (COA)Expected Family Contribution (EFC)Federal EFC vs. Institutional EFCDifferences in need assessment, public vs.
private collegesSpecial Circumstances
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Need
Cost of Attendance- Expected Family Contribution= Financial Need
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Types of AidScholarshipsGrantsLoansStudent Employment
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ScholarshipsMoney that does not have to be paid backAwarded on the basis of academic, artistic,
athletic or other merit
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GrantsMoney that does not have to be repaidUsually awarded based on need
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Loans
Must be repaidFederal LoansPrivate LoansTerms vary significantlyBorrow only what is neededEducation is a good investment
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Student EmploymentJob on or off-campusReceive a paycheckTypically cannot be applied to the bill
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Sources of Financial AidFederal governmentState governmentInstitutionalPrivate sources
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Federal GovernmentLargest source of assistanceAid awarded primarily on the basis of needMust apply each academic year by filing the
Free Application for Federal Student Aid (FAFSA)
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Federal ProgramsFederal Pell GrantFederal Stafford Loan ProgramPLUS Loan ProgramCampus-Based Programs
o Federal Supplemental Educational Opportunity Grant (SEOG)
o Federal Perkins Loano Federal Work-Study
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State of New Jersey ProgramsTuition Assistance Grant (TAG)Educational Opportunity Fund (EOF) GrantNJSTARS I and IINJ CLASS Loan Program
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Other SourcesFoundations, businesses, charitable
organizations, employersStart research early; free internet search www.fastweb.comhttps://bigfuture.collegeboard.org/scholarshi
p-searchhttp://www.scholarships.com/High school guidance office
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Financial Aid PackagingEntitlement/formula driven awards
o Pell Grantso Tuition Aid Grants (TAG)
Federal Stafford LoansOther Federal aid programs
o Campus-Based Federal aid programsInstitutional Aid
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Financial Aid PackagingInstitutional grants and scholarships; Need-
Based or Merit-BasedSchools meeting full needDifferential/Preferential aid packagingNeed gapsWhat is your bottom line?Difficult decisions
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Additional ResourcesFederal Parent Loan (PLUS)New Jersey CLASS LoanPrivate lendersPayment plans
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AppealsNeed-based; make your case, remember who
you are speaking withMerit-based; be sure you have a caseDisclosing offers from other schoolsSet the right tone; do not use the word
“negotiate.”
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Consumer IssuesRenewability of awarded aido Need? What happens if need increases after
year one?o GPA requirements?Treatment of outside scholarshipsScholarship scamsUse of consultantsAward Letters
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Where to Start?https://bigfuture.collegeboard.org/college-
search
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Questions