Transcript www.lrhsd.org

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:

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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.)
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Scholarships
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Grants
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Loans
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Employment Opportunities
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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.
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Gift Aid
◦ Grants

Self-help
◦ Loans
◦ Employment

Federal
◦ PELL
◦ SEOG

State
◦ TAG
◦ EOF
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Institutional
Private Grants and Scholarships
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Federal Perkins Loan
Federal Direct Loan Program
◦ Subsidized Stafford Loan (4.50%)
◦ Unsubsidized Stafford Loan (6.80%)
◦ PLUS (7.9%)
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Loan Limits:
◦ First-year students – $3,500
◦ Second-year student – $4,500
◦ All other grade levels remain at $5,500
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All students eligible for additional $2000 of
unsubsidized loan.
NJCLASS Supplemental Loan Program
7.59% - fixed
7.09% with ACH
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State Programs
◦ Distinguished Scholarship
◦ Urban Scholarship
◦ NJ STARS & NJ STARS II

Institutional Awards
◦ Academic Scholarships
◦ Athletic Scholarships
Not funded for Fall 2010
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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
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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
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Must be enrolled or accepted for enrollment
in an eligible program of study
Must be pursuing a degree, certificate, or
other recognized credential
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Must be a U.S. citizen or eligible noncitizen
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Must be registered with Selective Service
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FAFSA on the Web at www.fafsa.ed.gov
Collects family’s personal and financial
information used to calculate the student’s
EFC
1.
2.
3.
4.
5.
Correct name, social security #, birth date
Number of people in the household
Divorced/remarried households
Taxes paid vs. taxes withheld
Parental and student assets
a. Worth of a second home
b. “Zero is a number”
Please note: 2009-10 FAFSA expands definition for independent
student (emancipated minor).
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
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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-ofpocket cost of the family
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Tuition and fees
Room and board
Books and supplies, equipment,
transportation, and miscellaneous
personal expenses
Study abroad costs
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Dependent care expenses
Expenses related to a disability
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Expenses for cooperative education program
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1
X
2
Y
3
Z
EFC
Cost of
Attendance
(Variable)
Expected
Family
Contribution
(Constant)
EFC
Need
(Variable)
Jan-March
 Student /Parents complete FAFSA
March-April
 School sends award letter
June-July
 School sends Fall semester bill
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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.ed.gov
◦ Contact the financial aid office if you need help in
completing the FAFSA
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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)
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Investigate ALL sources of aid

Web Site
◦ www.hesaa.org

Financial Aid Hotline
◦ 800-792-8670
8:00 am – 8:00 pm Monday thru Thursday
8:00 am – 5:00 pm Friday
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NJBEST
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Mapping-Your-Future.org
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Services and Forms:
Fin Aid! “The SmartStudent Guide to Financial Aid”
www.finaid.org
USDE Publications
www.studentaid.ed.gov/students/publications/FYE/inde
x.html
FastWeb www.fastweb.com
FAFSA on the Web www.fafsa.ed.gov
U.S. Department of Education PIN www.pin.ed.gov
Mapping Your Future www.mapping-your-
future.org
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EFC Calculators:
College Board www.collegeboard.com/paying
Fin Aid! “The SmartStudent Guide to Financial Aid”
www.finaid.org

Organizations and Agencies:
United States Department of Education www.ed.gov
National Association of Student Financial Aid
Administration (NASFAA) www.nasfaa.org