2024 - 2025 Financial Aid �Presentation – High School�

Presented by: Wil Casaine, Executive Director of Financial Aid - The College of New Jersey (TCNJ)

​

On Behalf of:

The New Jersey Higher Education Student

Assistance Authority

​

​

​

​

WHAT WE WILL COVER

Higher Education Student Assistance Authority

2

• The Types/Sources of Aid
• The Application Process
• The Financial Aid Award
• Useful Topics

Financial Aid High School Presentation - 2

Section I - Types of Aid

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 3

The FAFSA Simplification Act was enacted into law in 2021. 

There will be significant changes to the FAFSA for 2024/2025.

• The eligibility formula is changing.
• Federal tax information will be automatically transferred to the form (no longer an option to opt out).
• All assets, including small businesses, must be reported.
• Definition of family size is changing*
• Number of children in college no longer a factor in the formula
• The parent whose income information goes on the FAFSA will change (Divorced/Separated parents)*

* Guidance due in October

​

Types of Aid

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 4

Need-based aid: Income/Assets

​

Merit-based aid: Academics/Talent

Section I - Types of Aid

FAFSA Sent To:

• Federal Processor
• State of New Jersey
• Colleges/Universities

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 5

• Grants
• Scholarships
• Loans
• Employment Opportunities

Types of Financial Aid

Sources of Aid

One application (FAFSA – Free Application for Federal Student Aid) is all you need to apply for aid.

Types of Aid - Federal

Need-based Grants

​

• Federal Government 2023 - 2024
• Pell $7,395 (max award)
• SEOG $4,000 (max award – neediest students only)
• TEACH $3,772 (max award – teaching majors only – select schools)

​

2024-2025 Award amounts are subject to change. Minimum Pell award will be 10% of the maximum award.

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 6

Types of Aid �State Grants & Scholarships�Need and Merit based�

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 7

Types of Aid �State Grants & Scholarships�

TAG (Tuition Aid Grant) - need based

• File FAFSA or New Jersey Alternative Financial Aid Application
• Demonstrate Financial Need
• Be a U.S. citizen, eligible non-citizen or NJ Dreamer
• Must be New Jersey Resident & attend a New Jersey Institution
• Must be full time at an approved degree program
• Meet all state deadlines
• Part-Time TAG for County Colleges
• Meet all TAG requirements
• With the exception of being enrolled for 6-11 credits

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 8

Types of Aid �State Grants & Scholarship

Summer TAG (Tuition Aid Grant) – need based

• Received TAG in the prior Fall or Spring semester
• Award range dependent upon enrollment status
• Full-time, Three Quarter-time, or Half-time

EOF (Educational Opportunity Fund) - need based

• Award ranges from $200 - $3,050 annually depending on type of institution
• Must demonstrate educational and economically disadvantaged background
• File FAFSA or New Jersey Alternative Financial Aid Application�

Governor’s Urban Scholarship – need and merit based

• Rank within the top 5% of their class at the end of junior year
• Attain a 3.0 GPA at the end of the junior year
• Attend an approved New Jersey college or University and reside in a designated community
• File FAFSA or New Jersey Alternative Financial Aid Application
• Have a New Jersey Eligibility Index below 10,500

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 9

Types of Aid �State Grants & Scholarship

NJ STARS – merit based

• NJ residents who rank in the top 15% of their class at either the end of junior or senior year
• Students must attain a cumulative GPA of 3.0 or higher at the start of the third semester at the county college to remain an NJ STAR
• File a FAFSA or New Jersey Alternative Financial Aid Application

​

NJ STARS II – need and merit based

• Received NJSTARS funding and have a family taxable income of less than $250,000
• Must earn an associates degree and graduate with a 3.25 GPA or higher
• May receive up to $2,500 annually for a public or private 4-year NJ college or university
• Must take at least 12 college credits or 6 credits with a qualified doctors note
• File a FAFSA or New Jersey Alternative Financial Aid Application

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 10

Types of Aid �State Grants & Scholarships

​

Governor’s Industry Vocation Scholarship for Women & Minorities (NJ - GIVS) – need and career based

• Up to $2,000 per year for the cost of enrollment at one of New Jersey’s 18 County Colleges, Technical / Vocational Schools, some Proprietary Schools
• Benefits women and minorities pursuing certificate or degree programs in construction – related fields
• Must be NJ resident and have AGI < $60,000
• File FAFSA or New Jersey Alternative Financial Aid Application
• Complete separate application online at www.njgrants.org
• Some of the programs eligible for the scholarship include
• Construction Supervision
• Solar Energy Technology
• Architectural Engineering Technology

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 11

Types of Aid – State (cont.)

Community College Opportunity Grant (CCOG) – need based

​

• Covers tuition and fees minus all other grants and scholarships
• AGI between $0 - $65,000 for maximum award
• AGI between $65,001 - $80,000 pays up to 50% of the maximum CCOG award
• AGI between $80,001 - $100,000 pays up to 33% of the maximum CCOG award
• Must be NJ resident attending a county college
• File FAFSA or New Jersey Alternative Financial Aid Application
• Minimum 6 credits per semester
• Make Satisfactory Academic Progress as defined for CCOG
• Must have a complete State grant record

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 12

Types of Aid - Garden State Guarantee

New Jersey State Colleges and Universities – need based

• Available for students in their third and fourth years of enrollment
• Tuition and Approved Fees free for AGI between $0 - $65,000
• Students with AGI’s between $65,001 - $80,000 will pay a discounted net price of no more than $7,500 for tuition and fees
• Students with AGI’s between $80,001 - $100,000 will pay a discounted net price of no more than $10,000 for tuition and fees
• Guaranteed pricing structure for all students throughout their academic program
• Must be NJ resident attending a New Jersey public college or university
• File FAFSA or New Jersey Alternative Financial Aid Application
• Make Satisfactory Academic Progress

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 13

Types of Aid - Student Loans

Federal Direct Loan Program (4.99%) are loans only for the student with no credit check, the student qualifies regardless of the household income reported on the FAFSA and repayment begins 6 months after they graduate.

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 14

Dependent student - $27,000 total over 4 years – 10 years to repay.

Types of Aid - Student and Parent Loans – Credit Based Loans

Parent and/or Student can borrow on private educational loans

• Sallie Mae, PNC, Well Fargo, others…
• Interest rates and repayments vary by lender

State of NJ and Federal Parent Loan Programs

​

​

​

​

​

​

​

​

​

​

Note: Interest rates are subject to change in 23/24 and you can borrow up to the full year cost of college after other aid is applied

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 15

Types of Aid - Institutional – can be merit, need and talent based

• Factors that may influence eligibility: �

�

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 16

​

* Athletic awards offered by NCAA Division I and Division II schools only.

Determination of eligibility done during the admissions application cycle. If eligible, the awards are included with other aid awards.

​

Each school determines their eligibility conditions

Section II - Applications

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 17

DREAMER Application - HESAA.org

Available December 2023

FAFSA - studentaid.gov

Available – December 2023

CSS Profile

student.collegeboard.org/profile

Available October 1, 2023

New Jersey Dreamers

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 18

• All students must go to HESAA.org
• Register for your account by creating a User ID and Password
• Log in to complete the application by established deadlines
• Limited to certain NJ State aid programs

CSS Profile

• Approximately 400 Colleges and Organizations use the CSS profile to determine how they will award institutional funds
• Available 10/1 and collects more comprehensive income, asset and household information than the FAFSA (i.e. primary home value, retirement plan values, assets for business owners regardless of number of employees)
• Aligns with the FAFSA’s use of prior - prior year income (2022 for 2024-2025)

​

Register - Complete Application – Make payment – Submit

No payment for reported income under $100,000

All others, $25 for first college and $16 for each additional

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 19

CSS Profile

Website to apply for profile

​

https://cssprofile.collegeboard.org/

​

Website to apply for Noncustodial Profile:

https://www.proprofs.com/training/course/?title=202223-completing-the-css-profile-for-noncustodial-parent_610a90e612320

​

Customer Support

844-202-0524

Live Chat Available

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 20

20

Free Application for Federal �Student Aid (FAFSA)

​

• 2024-2025 FAFSA available December 2023
• Collects family’s personal and financial information used to calculate the Student Aid index (SAI)
• File the FAFSA electronically via FAFSA on the Web at www.studentaid.gov
• FAFSA Uses prior-prior year income information (2022)
• All contributors on the application must provide consent to the IRS to obtain Federal Tax Information (FTI) to populate income & tax information with actual prior - prior year tax information
• All prior-prior year tax information (2022) is already filed, allowing immediate retrieval.

​

​

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 21

Federal Student Aid ID

Used to provide consent to obtain Federal Tax Information, sign the FAFSA.

​

• Student and all information contributors must create a Federal Student Aid ID (FSA ID) at www.studentaid.gov by clicking on ‘create account

​

• Student Identifies who the information contributor(s) are and invites them to contribute to the FAFSA. Each contributor must have an FSA ID and password.

​

• Parental Contributors include: Biological Parent, Stepparent, and Adoptive Parent
• One parent if parents filed jointly
• Parent who provided more financial support in the last 12 months (Divorced/Separated parents)
• If married or unmarried/living together but did not file taxes jointly, then both contributors will need an FSA ID

​

All contributors must be verified by individual email when creating the FSA ID

​

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 22

2024-2025 Federal Student Aid ID for Undocumented contributors

​

• Information Contributors with an ITIN number must use the ITIN number to create their FSA ID and will have to verify identity.

​

• Information Contributors who do not have a SSN will register with all zeros and will have to verify identity through a knowledge based verification process.

​

• All contributors must be verified by individual email when creating the FSA ID

​

• Information Contributors who cannot verify identity must contact FSA to submit documentation and if still cannot verify identify must complete a paper FAFSA

​

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 23

Federal Student Aid ID

Creating the FSA ID - simplest way, in my opinion:

https://www.youtube.com/watch?v=iTb7hMVtzco&t=4s

​

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 24

FAFSA Information

For 24/25, there are approximately 39 questions on the FAFSA.

​

How long does it take to complete the FAFSA:

​

According to a Department of Education spokesperson, it takes dependent students 63 minutes on average to complete a new form and 41 minutes to complete a renewal; the average completion time among independent students is 24 minutes for a new form and 19 minutes for a renewal form.

​

Take your time!

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 25

General Highlighted Eligibility �Requirements for FAFSA

The Student:

• Must have a valid Social Security Number

​

• Must be a U.S. citizen or eligible noncitizen

​

• Must be enrolled or accepted for enrollment in an eligible program of study and pursuing a degree, certificate, or other recognized credential

​

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 26

Key Components of the FAFSA

• Student Demographics
• Full Name
• Social Security Number
• Date of Birth
• Email address

�

• Student Income and Assets
• From IRS (FTI)�
• Student Status: Dependent/Independent�
• Parent (Contributor)
• Social Security Number
• Last Name
• Date of Birth
• Email Address

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 27

Key Components of the FAFSA (cont.)

• Household Size
• From IRS (tax return FTI)
• Parent(s) Income and Assets
• From IRS (FTI)
• Income earned from work
• Federal Means Tested Benefits
• Medicaid, SSI, SNAP, Free or Reduced Price School Lunch, TANF, WIC
• List all colleges of interest (up to 20)

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 28

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 29

FAFSA Submission Summary

Additional Documents - Federal

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 30

For federal aid, each school acts on behalf of the federal government

​

Each school will reach out to you directly if more information is needed

Additional Documents - State

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 31

For State financial aid (HESAA) will reach out to you directly.

​

All notifications will be sent to the student, via email, to the address listed on the FAFSA

Section III – The Awards

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 32

Cost of Attendance – Step 1

• Tuition and fees
• Room and board
• Books and supplies, equipment, transportation, �and miscellaneous personal expenses
• Loan fees
• Study abroad costs
• Health insurance – offered by school

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 33

The FAFSA Results – Step 2

What is the Student Aid Index (SAI) ?

• SAI is determined by a federal formula that calculates need using the information you supplied on the FAFSA
• SAI is used to create your financial aid package
• SAI & Financial Need are guidelines used by �schools to determine an aid package
• SAI measures the family’s financial strength

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 34

Sample SAI for Smith Family

• Family lives in New Jersey
• Married parents
• Household size of 4
• 2022 adjusted gross income = $94,002
• Assets = $0
• Student income / assets = $50 / 213

SAI = 8667

Student is not eligible for a Pell grant

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 35

35

Financial Need – Step 3

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 36

36

Award Notice - Sample

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 37

• Format may vary by institution

​

• Available in hard copy or on-line

​

• Available after FAFSA filed and student is accepted

​

• Used to compare aid packages

Award Notice - Beware

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 38

• Conditions for institutional aid/scholarships
• GPA, credit requirements
• Evaluated every year, or fixed for 4 years?

​

• Will outside scholarships impact institutional aid

​

• Are scholarships front loaded?

​

​

Award Notice - Beware

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 39

• Does the school package to need?

​

​

• Does the school award merit aid? Need based aid? Both?

​

• Does the school package with Parent loans?

​

​

​

​

College Financing Plan

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 40

The Shopping Sheet standardizes award letters, making it easier to comparison shop and provide students with key information including:

​

• How much one year of school will cost.
• Financial aid options to pay this cost, with a clear differentiation between grants and scholarships, which do not have to be repaid, and loans, which do.
• The net costs after grants and scholarships are taken into account.

​

This is a required Award Notice in NJ but a voluntary notice at out of state schools.

​

​

​

Section IV – Useful Topics

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 41

The application cycle: Be aware of timelines/deadline

​

October to February – Review deadlines, complete FAFSA application, college searches, college application process, and CSS Profile�

February to April - Schools send award letters (Delayed next year?)

​

May 1 – Decision Day (Traditionally at 4 year schools)

​

June to August – Fall class schedules, orientation, Fall Semester bill due

Special Circumstances

In certain cases the Financial Aid Office can adjust the income used on the FAFSA to recalculate eligibility. This re-evaluation is done on a case-by-case basis and can vary by institution. Some acceptable conditions are:

​

• Unemployment
• Reduction in Income
• Disability
• Retirement
• Death of a parent
• Separation/Divorce (after FAFSA is filed)
• Loss of untaxed income or unemployment benefits
• Loss of child support and/or alimony

​

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 42

Other Resources

• Outside Scholarships
• Campus Administered Payment Plans
• Campus Employment
• Specialized Campus Opportunities
• Residential Advisors
• Student Ambassadors
• Student Tour Guides
• Internships/CO-OP’S

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 43

Private Scholarship Search

• Institution/college web sites
• Local library resources
• Local businesses, civic organizations and churches
• Check with your High School guidance office
• Parent’s employer(s)
• www.hesaa.org
• www.fastweb.com
• www.collegeboard.org
• www.mappingyourfuture.org

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 44

State Aid Workshops & Webinars

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 45

HESAA Services

• Customer Care Center - CustomerCare@hesaa.org
• Customer Care Line

609-584-4480

Monday – Thursday 8:30 – 8 and Friday 8:30 – 5:00

​

• Web Sites

www.hesaa.org

www.njgrants.org

www.njclass.org

https://njfams.hesaa.org

​

• NJBEST.org
• MappingYourFuture.org

Higher Education Student Assistance Authority

Financial Aid High School Presentation - 46

Higher Education Student Assistance Authority

QUESTIONS?

​

​

​

Thank you