2014-2015 Financial Aid Process Financing Your NJIT Education. New Jersey Institute of Technology. SFAS Location, Hours. Hours: 8:30 AM – 4:30 PM Monday, Tuesday, Thursday and Friday; 8:30 AM– 6:00 PM Wednesday; Customer Service Two counselors available daily to see students.
2014-2015 Financial Aid Process Financing Your NJIT Education New Jersey Institute of Technology
SFAS Location, Hours Hours: 8:30 AM – 4:30 PM Monday, Tuesday, Thursday and Friday; 8:30 AM– 6:00 PM Wednesday; Customer Service Two counselors available daily to see students
NJIT Financial Aid Facts & Figures • Princeton Review named NJIT as one of the “top value” colleges in the nation; • BuzzFeed ranked NJIT as #1 among colleges and universities for higher education value; • Average gift-aid award for incoming Fall 2013 Class was $14,900, which covered 97% of tuition/fees. 1
Merit Offer Package • 2014-2015 Award Offer Postcard mailed to students notifying them of their award offer; • New Admitted Freshmen web page (http://www.njit.edu/financialaid/new/index.php) indicating steps to view Scholarship Offer online. • New Admitted Freshmen web page also includes important information to review, such as: • Steps to Apply for 2014-2015 Need – Based Aid; • Information Release Consent Form; • Financial Aid Podcasts; • Financial Aid Newsletter, which has calendar with important dates; • Information to setup your University Computing Identification (UCID); • NJIT Payment Plan information; • External Private Scholarship Information; • Private Loan Information
Net Price Calculator • NJIT is pleased to provide the Net Price Calculator as a guide to assist in early financial planning for college. This calculator will provide a preliminary estimate of federal, state and institutional aid eligibility, to help families gauge what aid the student may be awarded and make arrangements to cover the cost of attendance • To use the Net Price Calculator go to: https://njit.studentaidcalculator.com/survey.aspx
Overawards • Faculty Scholarships are tuition-based • Cannot exceed the amount of tuition; • If you receive another tuition-based grant or scholarships the combination of both awards CANNOT exceed tuition; • Ex: Sally is eligible for a $1,000 Faculty because of her good grades/sat scores and then files a FAFSA and becomes eligible for $7,370NJ Tuition Aid Grant because of her need. Tuition cost is $7,370. Because the combo of both awards exceed tuition, her Faculty award will be cancelled.
Payment Options • Apply for need-based aid, go to: http://www.njit.edu/financialaid/new/index.php and follow the Steps to Apply for 2014-2015 Need-Based Aid. • Apply for a deferred payment plan with Bursar’s Office; • Apply for a low-interest NJHESAA NJCLASS loan at www.hesaa.org; • Apply for a Federal Direct Parent PLUS Loan at www.studentloans.gov; • Apply for other private loans at http://beta.elmselect.com/link/query?schoolid=356 ; • Many local organizations offer private scholarships and the competition for these awards are less intense. Such entities include: employers or a community group, or club.
Need- Based Aid Application Procedures • File the FAFSA NO LATER than March 15, 2014 at www.fafsa.ed.gov; • Include NJIT Institutional Code – 002621 - on the FAFSA; • Submit additional verification paperwork no later than April 30th; • Bills generated late July/early August; bills generally due late August/early September.
Applying for Financial Aid Electronic FAFSA www.fafsa.ed.gov *Please remember that FAFSA PIN is needed to sign your application* FAFSA PIN www.pin.ed.gov
IRS Data Retrieval Tool • Tax return data is transferred directly from IRS to the FAFSA; • Strongly recommend using the IRS Data Retrieval Tool when completing/updating a FAFSA as it is the easiest way to verify income information; • Additional info. available at: http://www.finaid.org/fafsa/irsdataretrievaltool.phtml
What Is Financial Aid? • Scholarships • Grants • Loans • Work Study 1
Two Categories of Aid • Merit-based • Need-based
Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need
Cost of Attendance • Tuition and fees; • Room and board; • Books, supplies and equipment; • Transportation; • Miscellaneous personal expenses; • Loan fees (if applicable).
NJIT’s Cost of Attendance 2013–2014 NJ Resident, Freshmen, Living with Parents • Tuition & fees $15,218 • Room & board (living expenses) $6,100 • Books & supplies $3,200 • Transportation $3,200 • Miscellaneous $1,500 Total $29,218
NJIT’s Cost of Attendance 2013–2014 NJ Resident, Freshmen, Living on Campus • Tuition & fees $15,218 • Room & board (living expenses) $12,500 • Books & supplies $3,200 • Transportation $1,200 • Miscellaneous $1,500 • TOTAL $33,618
NJIT’s Cost of Attendance 2013–2014 Out of State, Freshmen, Living with Parents • Tuition & fees $28,274 • Room & board (living expenses) $6,100 • Books & supplies $3,200 • Transportation $3,200 • Miscellaneous $1,500 Total $42,274
NJIT’s Cost of Attendance 2013–2014 Out of State, Freshmen, Living on Campus • Tuition & fees $28,274 • Room & board (living expenses) $12,500 • Books & supplies $3,200 • Transportation $1,200 • Miscellaneous $1,500 • TOTAL $46,674
What is Need Analysis • To the extent possible, parents have primary responsibility to pay for their dependent children’s education; • Students also have a responsibility to contribute to their educational costs; • Families should be evaluated in their present financial condition; • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and does affect the ability to pay.
Expected Family Contribution for Dependent Student Parent contribution from income and assets (as adjusted if more than one family member in college) + Student contribution from income and assets = EFC
Types of Need-Based Aid • Gift Aid • Self-Help Aid
Gift Aid • Scholarships • Institutional • Faculty • Presidential • Endowed • Annual • Alumni • Private • State • Distinguished • Urban • NJ GEAR Up • Private Grants • Federal • Pell Grant • FSEOG • TEACH Grant • State • NJ TAG • NJ EOF
Self-Help Aid • Employment • Work Study • Federal Work Study • Institutional Work Study Loans • Federal Direct Loan Program • NJ Class • Private Loans
New Jersey State Aid Programs • NJ TAG • Undergraduates; • NJ legal residents (at least 12 months); • 2013–2014 Award Range at NJIT: $2,396-$10,562 • NJ EOF • NJ students from background of historical poverty; • Awards at NJIT: $1,400 students living on campus; $1,150 students living off campus
Federal Grant Programs • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Pell Grant Program • Undergraduates only; • “Foundation” of financial aid package; • Award amount based on enrollment status and EFC; • 2013-2014 Pell Award Range: $605-$5,645 for full time students.
Federal Supplemental Educational Opportunity Grant (FSEOG) • Eligible Students • Undergraduates pursuing first baccalaureate or professional degree • Federal Pell Grant eligible • Awarded to students with lowest EFCs • Priority given to students who file FAFSA by March 15 • Annual award amounts at NJIT • $200 – With Parents • $500 – Off Campus • $1,000 – On Campus
Student Work Study Programs • Federal Work-Study (FWS) • Based on financial need; • US citizens and eligible non-citizens. • Institutional Work-Study (IWS) • All students
Federal Work-Study • Undergraduate or graduate students; • US Citizens and eligible non-citizens; • Priority given to students who file the FAFSA by March 15; • Awards range from $1500–$3000; • Includes Community Service and Tutoring programs. • Benefits of work-study (not counted as a resource)
Institutional Work-Study • Undergraduate or graduate students are eligible; • US citizens/eligible non-citizens/ international students may qualify.
Loan Programs • Federal Direct Stafford Loan • Subsidized • Unsubsidized • Federal Direct PLUS (Parent Loan for Undergraduate Students) • Federal Direct Grad PLUS
Federal Stafford Loans • Federal Direct Stafford Loan Program (subsidized and unsubsidized) • Federal Direct PLUS Loan Program
Federal Stafford Loans • Subsidized: Must demonstrate “need” • Unsubsidized: Not based on “need” Annual loan limits for dependent undergrad students: Freshmen = $5,500 (max $3500 subsidized) • Sophomores = $6,500 (max $4500 subsidized) • Jr./Sr. = $7,500 (max $5500 subsidized)
Federal Stafford Loans • Annual loan limits for independent undergrad students (and dependent undergrad students whose parents are denied the PLUS Loan): • Freshmen = $9,500 (max $3,500 subsidized) • Sophomores = $10,500 (max $4,500 subsidized) • Jr./Sr. = $12,500 (max $5,500 subsidized
Lifetime Loan Limits • Dependent undergraduate students • $31,000 subsidized and unsubsidized (Maximum $23,000 subsidized) • Independent undergraduate students • $57,500 subsidized and unsubsidized (Maximum $23,000 subsidized) • As of 7/1/13, first time Direct Loan borrowers may not receive Direct subsidized loans for more than 150% of the published length of program (6 years if enrolled in a 4 year program).
Costs of Borrowing Federal Loans • 13-14 interest rates: • *Undergraduate Subsidized – 3.86% *Undergraduate Unsubsidized – 3.86% • Graduate Unsubsidized – 5.41% • Repayment begins 6 months after the student graduates or upon less than half-time enrollment; • Temporary deferment available
Federal PLUS Loans • Parents of dependent undergrads can apply for PLUS loan and grad students can apply for GRAD PLUS loans at www.StudentLoans.gov. • Loan limits: • Annual limit: COA minus other aid • Aggregate limit: none • 13-14 fixed interest rate 6.41%; • Parent PLUS loans can now be repaid either 60 days after the loan is fully disbursed, or 6 months after the dependent student ceases to be enrolled on at least half-time basis (interest will accrue).
NJ Class Loan • Through NJ Higher Education Student Assistance Authority (NJHESAA); • Student, parent, legal guardian, spouse, or relative can borrow; • Credit approval; • Flexible repayment options; 13-14 interest rates between 5.49% and 8.05% depending on repayment option. • Application and additional info at www.hesaa.org.
Important Phone Numbers • NJIT Financial Aid Office: (973) 596-3479 • NJIT Admissions Office: (973) 596-3300 • NJIT EOF: (973) 596-3690 • Federal Student Aid Assistance Information: 1-800-433-3243 • NJ Higher Education Student Assistance Authority (NJHESAA): 1-800-792-8670
Important Web Sites • NJIT Financial Aid: www.njit.edu/financialaid • FAFSA on the Web: www.fafsa.ed.gov • NJHESAA: www.hesaa.org • Tax Programs for Education: http://www.nasfaa.org/students/Tax_Breaks_for_Higher_Education.aspx • Federal Aid U.S.D.E. PIN request: www.pin.ed.gov
Scholarship Information • http://www.fastweb.com/ • www.finaid.org • www.supercollege.com • http://www.collegexpress.com/