New Jersey Institute of Technology

2013-2014 Merit Aid Packages and the

Financial Aid Process

January 15, 2013

Financing Your NJIT Education

SFAS Location, HoursHours:8:30 a.m.– 4:30 p.m. (Monday, Thursday and Friday)8:30 a.m.– 6:00 p.m. (Tuesday and Wednesday)-Customer Service

-Two counselors available daily to see students

The Value of NJITNJIT is New Jersey’s premiere science and

technology universityPrinceton Review named NJIT as one of the

top value colleges in the nation based on academics, affordability and financial aid

Financial Aid Facts73% receive financial aidThe average freshman financial aid packages is

$16,356NJIT awarded over $100 million in need-based

and merit-based aid

Merit Offer PackageOffer letterOther materials

FAFSA To Do ListInformation Release Consent FormLoan WorksheetLender ListViewing Awards on the Web instructionsFA Newsletter

Has the processing calendar with critical dates

Offer LetterAcceptance due no later than April 2, 2013 or your

risk losing the scholarshipsAccept them on your Highlander Pipeline Account

(my.njit.edu)

Create your University Computing Identification (UCID) at http://directory.njit.edu/ucid Subsequent communications will be sent to your NJIT Email

(primary way of communication) Failure to set up your NJIT email will result in non-receipt of

important communications Using your UCID, you will have access to NJIT”S Highlander

Pipeline portal to view your student records at any time.

Offer Letter, cont’d

OverawardsFaculty Scholarships are tuition-based

Cannot exceed the amount of tuitionIf 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 OptionsApply for need-based aid (will discuss later)Apply for a 4, 3, or a 2 installment payment plan Apply for a low-interest NJHESAA NJCLASS loan at

www.hesaa.orgApply for a Federal Direct Parent PLUS Loan at

www.studentloans.gov Apply for other private loans at njit.edu/private loans (but you

should accept your federal loans first as they are cheaper. )Apply for external private scholarships with Fastweb at

http://www.fastweb.com/ Apply for other free private scholarships with College Answer, run

by student lender Sallie Mae at: http://www.collegeanswer.com/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, 2013 at;

Include NJIT Institutional Code – 002621 - on the FAFSA;

File FAFSA electronically at www.fafsa.ed.gov. Submit additional verification paperwork no

later than April 30th

verification processPay bill by August (bills generated late

July)Federal

Electronic FAFSA www.fafsa.ed.gov

*Please remember thatFAFSA PIN is needed to sign your application*

FAFSA PINwww.pin.ed.gov

Applying for Financial Aid

IRS DATA RETRIEVAL TOOL Federal Student Aid and the

Internal Revenue Service collaborated to develop a solution that simplifies FAFSA completion.

The IRS Data Retrieval tool will allow FAFSA on the Web applicants to request and retrieve their income and tax data from the IRS.

Once the data is retrieved from the IRS, it can be transferred to FOTW.

Using the Data Retrieval OptionIf you and or your Parent have completed your 2012 tax return at least 2 weeks prior to completing the FAFSA you may utilize this option to ensure that your tax information, obtained from the IRS is inputted into your 2013-2014 FAFSA securely and accurately.

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 Attendance2012-2013

NJ Resident, Freshmen, Living with Parents

Tuition & fees$14740

Room & board (living expenses) $5500

Books & supplies $3000Transportation $3200Miscellaneous $1500

Total $27,940

NJIT’s Cost of Attendance2012-2013

NJ Resident, Freshmen, Living on Campus

Tuition & fees$14740

Room & board (living expenses) $11750

Books & supplies $3000Transportation $1200Miscellaneous $100

TOTAL$32190

NJIT’s Cost of Attendance2012-2013

Out of State, Freshmen, Living with Parents

Tuition & fees $27140Room & board (living expenses)

$5500Books & supplies $3000Transportation $3200Miscellaneous $1500

Total $40,340

NJIT’s Cost of Attendance2012-2013

Out of State, Freshmen, Living on Campus

Tuition & fees $27140Room & board (living expenses)

$11750Books & supplies $3000Transportation $1200Miscellaneous $1500

TOTAL$44,590

Principles of Need AnalysisTo 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

GrantsFederal

Pell GrantFSEOGTEACH Grant

StateNJ TAGNJ EOF

Scholarships Institutional

• Faculty• Presidential• Endowed• Annual• Alumni• Private

State Distinguished Urban NJ GEAR Up

Private

Self-Help Aid

LoansFederal Direct

Loan ProgramNJ ClassPrivate Loans

Employment Work Study

• Federal Work Study

• Institutional Work Study

New Jersey State Aid Programs

NJ TAGUndergraduates;NJ legal residents (at least 12 months);2012-2013 Award Range at NJIT: $2064–

$10,618NJ EOF

NJ students from background of historical poverty;

Awards at NJIT: $1400 students living on campus; $1150 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;

Annual Pell Award Range: $555-$5550

Federal Supplemental Educational Opportunity Grant (FSEOG)

Eligible Students Undergraduates pursuing first baccalaureate or

professional degree Federal Pell Grant eligible

Awarded to students with lowest EFCsPriority given to students who file FAFSA

by March 15Annual 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-StudyUndergraduate or graduate students

are eligible;US citizens/eligible non-citizens/

international students may qualify.

Loan Programs

Federal Direct Stafford LoanSubsidizedUnsubsidized

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 LoansSubsidized: 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 LoansAnnual 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)

Costs of Borrowing Federal Loans

12-13 in-school interest rates: *Undergraduate Subsidized and Unsubsidized– 6.8%

Repayment begins 6 months after the student graduates or upon less than half-time enrollment;

Temporary deferment available.

Federal PLUS LoansParents 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 aidAggregate limit: none

12-13 fixed interest rate 7.9%; 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; 11-12 interest

rates between 6.6% and 8.0% 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) 596-3300NJIT EOF: (973) 596-3690Federal Student Aid Assistance Information:

1-800-433-3243NJ Higher Education Student Assistance

Authority (NJHESAA): 1-800-792-8670

Important Web Sites

NJIT Financial Aid: www.njit.eduFAFSA on the Web: www.fafsa.ed.gov NJHESAA: www.hesaa.orgTax 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

www.finaid.orgwww.supercollege.comhttp://www.absolutelyscholarships.org/ www.fastweb.comhttp://www.njit.edu/financialaid/docs/schol_ap

p13.pdf NJIT’S Undergraduate Scholarship

Application

Questions