John Iacovelli Dean of Enrollment Management Richard Stockton College of New Jersey

Primary goal is to assist students in paying for college and is achieved by:  Evaluating family’s ability to pay for educational costs  Distributing limited resources in an equitable manner  Providing a balance of gift aid and self-help aid

 Federal  State  The University/College  Private ◦ Civic organizations (i.e., local Rotary Club, parent’s employer, high school awards, etc.)

 Scholarships  Grants  Loans  Employment Opportunities

 Merit-Based Aid - aid given to students strictly on the basis of merit. May be based on: ◦ Academic record ◦ Special characteristics ◦ Skills or talents ◦ Involvement  Does not have to be repaid; may be renewable from year to year.  Need-Based Aid - aid awarded to students on the basis of financial need. Re-evaluated each year as financial situations may change.

 Gift Aid ◦ Grants  Self-help ◦ Loans ◦ Employment

 Federal ◦ PELL ◦ SEOG  State ◦ TAG ◦ EOF  Institutional  Private Grants and Scholarships

 Federal Perkins Loan  Federal Direct Loan Program ◦ Subsidized Stafford Loan (4.50%) ◦ Unsubsidized Stafford Loan (6.80%) ◦ PLUS (7.9%)  Loan Limits: ◦ First-year students – $3,500 ◦ Second-year student – $4,500 ◦ All other grade levels remain at $5,500  All students eligible for additional $2000 of unsubsidized loan.  NJCLASS Supplemental Loan Program 7.59% - fixed 7.09% with ACH

 State Programs ◦ Distinguished Scholarship ◦ Urban Scholarship ◦ NJ STARS & NJ STARS II  Institutional Awards ◦ Academic Scholarships ◦ Athletic Scholarships Not funded for Fall 2010

 Submit the Free Application for Federal Student Aid (FAFSA) prior to the college’s deadline  To ensure maximum consideration for federal, state, and institutional aid, check information from each college to determine: ◦ Required application materials ◦ Application deadlines

 Must have a valid Social Security Number  May not be in default on a federal student loan  May not owe repayment of a federal grant  Must be making satisfactory academic progress as defined by the school

 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

 FAFSA on the Web at  Collects family’s personal and financial information used to calculate the student’s EFC

1. Correct name, social security #, birth date 2. Number of people in the household 3. Divorced/remarried households 4. Taxes paid vs. taxes withheld 5. Parental and student assets a.Worth of a second home b.“Zero is a number” Please note: FAFSA expands definition for independent student (emancipated minor).

Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

 Basis of financial aid package  EFC is determined by a federal formula that calculates need via the FAFSA  EFC & Financial Need are guidelines used by schools to determine a financial aid package  EFC not necessarily equal to the out-of- pocket cost of the family

 Tuition and fees  Room and board  Books and supplies, equipment, transportation, and miscellaneous personal expenses  Study abroad costs  Dependent care expenses  Expenses related to a disability  Expenses for cooperative education program

X Y Z Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable) EFC

Jan-March  Student /Parents complete FAFSA March-April  School sends award letter June-July  School sends Fall semester bill

 Avoid being charged a fee to file the FAFSA ◦ Completing and processing the FAFSA is FREE ◦ When filing FAFSA, make sure you go directly to: ◦ Contact the financial aid office if you need help in completing the FAFSA

 Obtain and review admission and financial aid materials from each school to which you are applying  Meet all application deadlines ◦ Complete FAFSA and any other application materials required by the school (i.e., CSS Profile)  Investigate ALL sources of aid

 Web Site ◦  Financial Aid Hotline ◦ :00 am – 8:00 pm Monday thru Thursday 8:00 am – 5:00 pm Friday  NJBEST  Mapping-Your-Future.org

 Services and Forms: Fin Aid! “The SmartStudent Guide to Financial Aid” USDE Publications x.html x.html FastWeb FAFSA on the Web U.S. Department of Education PIN Mapping Your Future future.org future.org

 EFC Calculators : College Board Fin Aid! “The SmartStudent Guide to Financial Aid”  Organizations and Agencies: United States Department of Education National Association of Student Financial Aid Administration (NASFAA)