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

2. 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

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

4.  Scholarships  Grants  Loans  Employment Opportunities

5.  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.

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

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

8.  Federal Perkins Loan  Federal Direct Loan Program ◦ Subsidized Loan (3.86%) ◦ Unsubsidized Loan (3.86%) ◦ PLUS (6.41%)  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.

9.  NJ Class Supplemental Loan Program  Low fixed interest rates beginning with: ◦ 10 Year Repayment Loan of 5.49%  Immediate Repayment of Principal & Interest Only ◦ 15 Year Repayment Loan(s) of 6.65%  Immediate Repayment of Principal & Interest Only  Immediate Repayment of Interest Only, while in school ◦ 20 Year Repayment Loan of 8.05%  Full deferment until out of school

10.  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

11.  FAFSA on the Web at www.fafsa.gov www.fafsa.gov  Collects family’s personal and financial information used to calculate the student’s EFC

14. 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: 2014-15 FAFSA expands definition for independent student (emancipated minor).

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

16.  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

17.  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

18. X Y Z Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable) 1 2 3 EFC

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

20.  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: www.fafsa.gov www.fafsa.gov ◦ Contact the financial aid office if you need help in completing the FAFSA

21.  HESAA Web Site www.hesaa.org www.hesaa.org  HESAA Financial Aid Hotline ◦ 800-792-8670 8:00 am – 8:00 pm Monday thru Thursday 8:00 am – 5:00 pm Friday  NJBEST – College Savings Plan  Federal Aid Website and Toll-free Number www.studentaid.gov/completefafsa 1-800-433-3243 www.studentaid.gov/completefafsa

22.  Services and Forms: Fin Aid! “The SmartStudent Guide to Financial Aid”: www.finaid.org USDE Publications : www.studentaid.ed.gov/students/publications/FYE/index.html FastWeb www.fastweb.comwww.fastweb.com FAFSA on the Web: www.fafsa.govwww.fafsa.gov U.S. Department of Education PIN: www.pin.ed.gov “Practice” FAFSA: www.fafsa4caster.ed.govwww.pin.ed.gov www.fafsa4caster.ed.gov

23.  The Higher Education Opportunity Act of 2008 required all post-secondary schools that receive Title IV funding to disclose the actual net price a student would pay to attend an institution.  Provision was designed to increase awareness of the actual cost of college attendance.  Students, families, and consumers are able to view this information on individual institution websites.