2016/17 Financial Aid High School Presentation Dorothy J Gilliard FASNA LLC Consultant and HESAA Representative
WHAT WE WILL COVER • The Types/Sources of Aid • The Application Process • The Financial Aid Package Higher Education Student Assistance Authority 2
Section I Sources - Types of Aid Types of Financial Aid Sources of Aid • Grants • Federal • Scholarships • State of New Jersey • Loans • The College/University • Employment Opportunities • Outside Organizations – Civic organizations (ex.-local Rotary Club), parent’s employer, high school awards Higher Education Student Assistance Authority 4
Types of Aid - Federal • Federal Government Grants 2016/17 – Pell ($5,915 projected award) – SEOG ($4,000 max award) – TEACH ($3,728 max award) As a condition for receiving a TEACH Grant,student must sign a TEACH Grant Agreement to Serve in which he/she agree to (among other requirements) teach • in a high-need field • at an elementary school, secondary school, or educational service agency that serves students from low-income families • for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant. Higher Education Student Assistance Authority 5
Types of Aid – State • State of New Jersey – TAG (Tuition Aid Grant) 2016 – 2017 • Demonstrate Financial Need • Be a U.S. citizen or eligible non-citizen • 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 2016 -2017 • Meet all TAG requirements • With the exception of being enrolled for 6-11 credits Amounts range from $2,628 - $12,196 (FT) Higher Education Student Assistance Authority 6
Types of Aid – State (cont.) • State of New Jersey – EOF (Educational Opportunity Fund) • Award ranges from $200 - $2,500 • Must be a New Jersey resident 12 consecutive months prior to receiving the award • Must apply and be accepted to a participating New Jersey college or university • Must meet the academic criteria as set by the institution of choice • Must file a Free Application for Federal Student Aid (FAFSA) • Must demonstrate an educationally and economically disadvantaged background – Governor’s 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 • Have a New Jersey Eligibility Index below 10,500 • Award: $1,000 per year Higher Education Student Assistance Authority 7
Types of Aid – State (cont.) • State Scholarships – 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 • 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 • Must file a Free Application for Federal Student Aid (FAFSA) • Covers Tuition only – 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 enroll full time (12 credit hours) • Must file a Free Application for Federal Student Aid (FAFSA) Higher Education Student Assistance Authority 8
Types of Aid – PP/Loans for Students • Monthly Payment Plans – offered by the college/private entities (not a loan) • Federal Direct Undergraduate Direct Loans are 4.29% plus a 1.068% origination fee 2016 – 2017 Rates and fees are subject to change Higher Education Student Assistance Authority 9
Types of Aid – Loans for Students/Parents • Variable Rate NJCLASS LOAN, starting at 4.53% This option has no origination fee • Fixed Rate NJCLASS LOAN, varying repayment options Interest rates range from 4.99% to 7.85% for the 2016 -2017 award year. Students can borrow up to the cost of attendance and must be the borrower. All fixed rate NJCLASS loans have a 3% origination fee • Federal PLUS Program (6.84% & 4.272% Origination fee) Parent is the borrower • Private Educational Loans – Sallie Mae, Wells Fargo, PNC, Etc. 2016 – 2017 Rates and fees are subject to change Higher Education Student Assistance Authority 10
Types of Aid - Institutional & Private Scholarships • Factors that may influence eligibility: Academics AthleticAbility* SAT’s GeographicDiversity APCourses Legacy(childofalumni) Activities Talent AcademicTrack Gender/Ethnicity H.S.Attended ClassRank Athletic awards offered by NCAA Division I and Division II schools only. * Higher Education Student Assistance Authority 11
Section II - Applications Higher Education Student Assistance Authority 12
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 Register - Complete Application – Make payment - Submit Higher Education Student Assistance Authority 13
Application: CSS Profile • If the marital status is divorced or separated the application requires that information be submitted for the non-custodial parent • All assets: Taxable and Non-Taxable are included • A Business/Farm Supplement may be required if one or more of the parents is self-employed • Family can explain special circumstances in detaill Higher Education Student Assistance Authority 13
Application:CSS Profile • Website to complete a Profile Application https://student.collegeboard.org/css-financial-aid-profile Customer Service 305-829-9793 help@cssprofile.org Higher Education Student Assistance Authority 14
Application: FAFSA • Submit the Free Application for Federal Student Aid (FAFSA) prior to the earliest school’s deadline & complete the NJ State Specific Questions • Available January 1st • To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: – Required application materials – Application deadlines • Be sure to answer all optional questions on the FAFSA like “Gender” & “Driver License” to speed up processing Higher Education Student Assistance Authority 15
A Change for 2017-18 • Both the CSS Profile and the FAFSA will have a new Beginning Processing Date for the 2017-18 School Year • October 1, 2016 • Senior HS Students will apply in January, 2016 for September; again in October for 2017-18 • Use same Income Information • Updated Asset Information • Will facilitate the IRS Data Retrieval Process
Free Application for Federal Student Aid (FAFSA) • Collects family’s personal and financial information used to calculate the student’s Expected Family Contribution • File the FAFSA electronically FAFSA on the Web at www.fafsa.ed.gov – – Student & Parent must create a Federal Student Aid ID (FSA ID) at www.fsaid.ed.gov • Estimated income or actual prior year tax information • Use the IRS Data Retrieval Tool to populate income & tax information Higher Education Student Assistance Authority 16
What is a Federal Student Aid (FSA) ID? • In order to enhance security, FAFSA has replaced the PIN number with the FSA ID • If you already have a PIN, you can link your information to your new FSA ID by entering your PIN while registering for your FSA ID PIN number is not necessary to create a FSA ID • If you are a parent of a dependent student , you will need your own FSA ID Higher Education Student Assistance Authority 17
How to Create An FSA ID Higher Education Student Assistance Authority 18
General Highlighted Eligibility Requirements • 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 19
Key Components of the FAFSA • Student Demographics – Last Name – Social Security Number – Date of Birth – NJ applicants must provide an answer to the driver’s license questions. – ALL applicants must indicate their gender. • Student Income and Assets [50/20] – 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 20
Key Components of the FAFSA • Three Important Data Matches • SSA – Social Security Administration • DHS – Department of Homeland Security • Selective Service – for all male students that are 18+ Higher Education Student Assistance Authority 20
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