Presented by F. Shawn O’Neill Director of Financial Aid Stevens Institute of Technology

 Types and sources of aid  How financial need is determined  When and how to apply  Completing CSS Profile  Completing the FAFSA  What to expect in the Financial Aid Process  How to recognize and avoid scams  Other college financing options

 Help make college affordable  Determine financial need of all applicants  Develop policies and procedures to distribute aid  Develop an individualized finanical aid package/award for each student  Answer your questions and provide guidance

 My parents make too much money, so I won’t qualify for aid  Only students with good grades get financial aid  You have to be a minority to get financial aid  The forms are too hard to fill out

 Federal Government: $51 billion (68%)  Colleges and Schools: $15 billion (20%)  State Government: $4 billion (6%)  Private Organizations: $ 4 billion (6%)

 Aid based on financial need 1. Most government grants 2. Subsidized student loans 3. Federal Work-Study  Aid based on merit 1. Academic and athletic scholarships 2. Some government grants  Some scholarships such as endowments require merit and need

Cost of Attendance (COA) Minus Expected Family Contribution (EFC) Equals Financial Need

 Tuition and fees  Books and supplies  Room and board  Transportation  Personal expenses  Cost vary based on type of college and Academic program

 Formula established by the U.S. Congress  Uses information reported on your FAFSA  Establishes index used to determine Federal and State Grant eligibility  EFC may adjusted by your college due to:  Verification/correction of your FAFSA data  Special circumstances that limit your ability to pay

 Gift Aid: Does not have to be paid back  Grants and scholarships  Loans: paid back with interest  Student and /or parent may borrow  Work-Study: earned as wages  Part-time jobs on or off campus

 Review college website for procedures and deadlines  Know the forms you need to complete  Understand your file will not be processed until you are ACCEPTED for Admission  Respond promptly to requests and notices  Keep copies of all forms sent and received  Re-apply each year

 An additional application used to help determine eligibility for additional Institutional based Merit scholarships.  Must completed to be considered for early decision process.  Special Circumstance Section  Non-custodial parents 

 A multi-purpose application form  One form to apply for all colleges  One form to apply for all aid programs  Federal grants, loans and work-study  New jersey grants  Most college aid  One form each year for each student

  Access from anywhere  No software to install  Automatically edits data as you enter it  Skip logic: asks only what you must answer

 Personal Identification Number  Students and Parents can get PINs  Electronic signature for your FAFSA and Loans  PIN delivered through  Sign: Renewal applications, Corrections and obtain access to the National Student Loan Database

Community College State UniversityPrivate University Budget$7,500$15,500$25,500 EFC (-)$10,000 Need0$5,500$15,500 Financial$5,500 (unsub loan)$3,500 (Sub loan)$18,000 (grant) Aid$2,000 (Unsub Loan)$5,500 (Unsub Loan) Net Tuition:$2,000$10,000$2,000

 Federal Pell Grant  Federal Supplemental Education Opportunity Grant  N.J Tuition Aid Grant  College Grants None of the above have to be repaid!!!!

 Colleges  Athletic and academic scholarships  Endowed funds and alumni groups  Private sources  Employers and labor unions  Religious or community organizations, clubs and civic groups  High schools  Veterans Administration (apply to VA)

 Federal Perkins Loans: 5.00%  Direct Subsidized loans: 3.86%  The Perkins Loan and the Direct Subsidized loan do not accrue interest while the student is in school.  Direct Unsubsidized loans: 6.80%  Parent Plus Loans: 7.9%  Alternative/Private student loans: Fixed rate 6.9% and Variable 4.25%

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