2020 - 2021 Financial Aid High School Presentation New Jersey Higher Education Student Assistance Authority Presenter – Aisha Hill
Topics We Will Discuss 1. How Do I Apply? 2. How Awards Are Determined? 3. What is Financial Aid? 4. What Happens Next? Higher Education Student Assistance Authority Financial Aid High School Presentation - 2 2
How Do I Apply? Higher Education Student Assistance Authority Financial Aid High School Presentation - p3
NJ HESAA Higher Education Student Assistance Authority Financial Aid High School Presentation - 4
FAFSA The Free Application for Federal Student Aid (FAFSA) is used to ensure maximum consideration for Federal, NJ State, and institutional financial aid. PLEASE NOTE: On September 13, 2015, the U.S. Department of Education announced a change in how & when students complete the FAFSA. Families can begin to complete their FAFSA on October 1st using income from two (base) years prior. The change aligns the financial aid application with the admission’s application. Higher Education Student Assistance Authority Financial Aid High School Presentation - 5
✓ 2020-2021 FAFSA is available October 1, 2019 ✓ The application can be completed on the app for iOS & Android ✓ FSA ID will be used for student & parent to sign electronically ✓ FAFSA will use prior prior (base) year (2018) income information ✓ IRS Data Retrieval Tool is a convenient option ✓ Deadline to complete 2020-2021 FAFSA is June 30, 2021 Higher Education Student Assistance Authority Financial Aid High School Presentation - 6
To Be Eligible, Students Must: 1. Have a Valid Social Security Number 2. Be Enrolled in a Program of Study (Degree, Certificate, or other recognized credential) 3. Be a U.S. Citizen or Eligible Noncitizen 4. Be Registered with Selective Service Administration (males between 18-25 years old) Higher Education Student Assistance Authority Financial Aid High School Presentation - 7
FAFSA Components: 1. Student Demographics 2. Student Income &/or Assets, if applicable 3. Student Status: Dependent or Independent 4. Parent Demographics, if Dependent 5. Household Size 6. Parent(s) Income &/or Assets, if applicable 7. Federal Benefits, if applicable 8. College Choices (up to 10) Once submitted, the U.S. Department of Education will send students an e- mail summary (within 3 days) in a Student Aid Report (SAR). It includes what they submitted on their FAFSA and an estimate of financial aid eligibility. Higher Education Student Assistance Authority Financial Aid High School Presentation - 8
Common FAFSA Mistakes: ✓ Names on Social Security Card ✓ Social Security Number ✓ Date of Birth (Parents) ✓ Parent Section vs. Student Section ✓ Divorced vs. Remarried Households ✓ Parental & Student Assets ✓ Missing Parent Signature, if Dependent ✓ Gender Question Higher Education Student Assistance Authority Financial Aid High School Presentation - 9
NJ HESAA 1. Use the link in the FAFSA confirmation for HESAA 2. Students can also log onto the NJ Financial Aid Management System (NJFAMS) www.njfams.hesaa.org 3. Complete the ‘Additional Data Elements’ for NJ awards 4. HESAA will notify students of their status via e-mail & portal 5. Deadline to complete the 2020-2021 FAFSA for NJ is September 15, 2020 Higher Education Student Assistance Authority Financial Aid High School Presentation - 10
OR Higher Education Student Assistance Authority Financial Aid High School Presentation - 11
All students must have a HESAA NJFAMS (Financial Aid Management System) User ID & Password to access: Their eligibility for NJ Grants & Scholarship programs 1. Notification about verification requirements 2. Students should visit NJFAMS to: ✓ Learn about New Jersey grants & scholarships ✓ Utilize the NJ TAG Estimator ✓ Upload requested documents *Students should always check their award status online before calling Customer Care Higher Education Student Assistance Authority Financial Aid High School Presentation - 12
Under a policy signed into law by Governor Phil Murphy, graduates of New Jersey high schools who do not have documented immigration status may be eligible for financial aid. Higher Education Student Assistance Authority Financial Aid High School Presentation - 13
CSS Profile Nearly 400 Institutions use the College Scholarship Service (CSS) profile to determine how they will award institutional funds. 1. 2020-2021 CSS Profile will be available 10/1/19 2. Collects more comprehensive income, asset & household information than the FAFSA 3. Use of prior prior (base) year income (2018) 4. Payment required *$25 for first profile & $16 for additional profiles 5. Deadline to complete 2020-2021 CSS Profile is February, 15 2020 (12/1/20 for Early Decision I & 1/15/20 for Early Decision II) Higher Education Student Assistance Authority Financial Aid High School Presentation - 14
How Awards Are Determined? Higher Education Student Assistance Authority Financial Aid High School Presentation - p15
Cost of Attendance • Tuition & Fees • Room & Board • Books & Supplies • Transportation • Personal Expenses • Study Abroad Costs • Dependent Care • Disability Equipment/Services Higher Education Student Assistance Authority Financial Aid High School Presentation - 16
Unexpected Costs • Remedial Classes • Change in Major • Transferring Schools • Winter & Spring Breaks • Pledging Costs • Moving Expenses/Storage • Supplies (specific laptops, calculators, etc.) Higher Education Student Assistance Authority Financial Aid High School Presentation - 17 17
Expected Family Contribution ✓ Uses a Federal formula that calculates ‘need’ from the information on the FAFSA ✓ Is the guideline used to determine Federal financial aid awards ✓ EFC is not equal to a family’s out-of-pocket costs Higher Education Student Assistance Authority Financial Aid High School Presentation - 18
Sample EFC • Hayes Family lives in New Jersey • Married Parents • Household Size = 4 (1 child going to college) • Parent’s 2018 Income = $140,000 • Parent’s Assets = $20,000 • Student’s 2018 Income = $0 • Student’s Assets = $0 EFC = $20,830 Higher Education Student Assistance Authority Financial Aid High School Presentation - 19 19
Financial Need for Hayes Family Bergen Rutgers St. Peter’s Community University College University College (Private College) (State College) (County College) COA $5,860 $25,561 $45,676 (Annual) EFC $20,830 $20,830 $20,830 Financial Need $0 $4,731 $24,846 Higher Education Student Assistance Authority Financial Aid High School Presentation - 20 20
Sample EFC • Jones Family lives in New Jersey • Single Parent • Household Size = 2 (1 child going to college) • Parent’s 2018 Income = $32,000 • Parent’s Assets = $0 • Student’s 2018 Income = $2,000 • Student’s Assets = $0 EFC = $0 Higher Education Student Assistance Authority Financial Aid High School Presentation - 21 21
Financial Need for Jones Family Rowan Centenary Ocean County University University College College (County College) (Private College) (State College) COA $5,860 $25,561 $45,676 (Annual) EFC $0 $0 $0 Financial Need $5,860 $25,561 $45,676 Higher Education Student Assistance Authority Financial Aid High School Presentation - 22 22
What is Financial Aid? Higher Education Student Assistance Authority Financial Aid High School Presentation - p23
Types Sources ✓ Grants ✓ U.S. Department of Scholarships ✓ Education (Federal) ✓ Loans ✓ New Jersey (State) ✓ Employment ✓ Institutions ✓ Outside Organizations Higher Education Student Assistance Authority Financial Aid High School Presentation - 24
U.S. Department of Education ➢ Pell Grant ➢ Supplement Educational Opportunity Grant ➢ TEACH Grant ➢ Work Study ➢ Perkins Loan ➢ Direct Loan • Subsidized Stafford Loan (no interest accrued) • Unsubsidized Stafford Loan (interest accrued) ➢ Direct Parent Loan for Undergraduate Students (PLUS) . Higher Education Student Assistance Authority Financial Aid High School Presentation - 25
New Jersey ➢ Tuition Aid Grant (TAG) ➢ Educational Opportunity Fund (EOF) ➢ Governor’s Urban Scholarship ➢ Governor’s Industry Vocation Scholarship ➢ Community College Opportunity Grant (C.C.O.G.) ➢ NJ STARS (Community College) Higher Education Student Assistance Authority Financial Aid High School Presentation - 26
Scholarships Awarded annually based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. They are not required to be paid back. Factors that may influence eligibility: ✓ Academics ✓ Athletic Ability* ✓ SAT’s ✓ Geographic Diversity ✓ AP Courses ✓ Legacy (child of alumni) ✓ Activities ✓ Talent ✓ Academic Track ✓ Gender/Ethnicity ✓ H.S. Attended ✓ Class Rank *Athletic awards offered by NCAA Division I & Division II schools only Higher Education Student Assistance Authority Financial Aid High School Presentation - 27
Recommend
More recommend
