2025 - 2026 Financial Aid �Presentation – High School�

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

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On Behalf of:

The New Jersey Higher Education Student

Assistance Authority

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WHAT WE WILL COVER

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

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Section I - Types of Aid

FAFSA Sent To:

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

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• 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.

Section I - Types of Aid

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There were significant changes to the FAFSA in 2024/2025 that will continue for 2025/2026.

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• The eligibility formula changed.
• Federal tax information is automatically transferred to the form
• If you do not give consent – no financial aid
• All assets, including small businesses, must be reported.
• The FAFSA instructions will tell you what asset(s) to report
• Number of children in college no longer a factor in the formula
• For Divorced/Separated parents only - The parent whose income information goes on the FAFSA changed.
• Changed from a custodial test to a support test

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Section I - Types of Aid

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Types of aid – Who determines it?

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Need Based Aid (Grants, work-study, loans) – The application(s) will determine eligibility and it is income based.

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Merit Based Aid (scholarships) – The College/University will determine eligibility, usually the Admissions Office and it is based on the student’s academic record.

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Talent Based Aid (scholarships) – The College/University will determine eligibility, usually a coach (athletics) or a department (music/art).

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Types of Aid

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Current Income Guidelines for Grants - 2024/2025

Types of Aid - Federal

Need Based

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• Federal Government 2024 - 2025
• Pell $7,395 (projected max award)
• SEOG $4,000 (max award – neediest students only)

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2025-2026 Award amounts are subject to change. Minimum Pell award is $740 per year.

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Types of Aid�State Grants & Scholarships - Need and Merit Based Aid

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Types of Aid - State

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

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Types of Aid - State

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 (Traditionally, under $200,000)

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Types of Aid - State

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
• Covers full tuition for 2.5 years

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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

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Types of Aid - State

Governor’s Industry Vocation Scholarship for Women & Minorities (NJ - GIVS) – Need and Career Based

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• 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

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Types of Aid – State�Need Based

Community College Opportunity Grant (CCOG) – need based

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• 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

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Types of Aid – State�Need Based

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

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Types of Aid - Student Loans

Federal Direct Loan Program (5.5%) 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.

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Dependent student - $31,000 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 (NJCLASS) and Federal Parent Loan Program (PLUS):

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Types of Aid - Institutional �Merit, Need and Talent Based

• Factors that may influence eligibility: �

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* 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.

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Each school determines their eligibility conditions

Section II - Applications

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DREAMER Application - HESAA.org

Available December 1, 2024

FAFSA - studentaid.gov

Available – December 1, 2024

CSS Profile

student.collegeboard.org/profile

Available October 1, 2024

New Jersey Dreamer Application – for UNDOCUMENTED students only.

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• 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 (2023 for 2025-2026)

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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

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CSS Profile

Website to apply for profile

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https://cssprofile.collegeboard.org/

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Website to apply for Noncustodial Profile:

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

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Customer Support

844-202-0524

Live Chat Available

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Free Application for Federal �Student Aid (FAFSA)

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• Required of all high school Seniors in NJ – Waiver available
• 2025-2026 FAFSA available December 1, 2024
• 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 (2023)
• 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 (2023) is already filed, allowing immediate retrieval.

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Federal Student Aid ID

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

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

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• 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.

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• 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

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

Undocumented parents will also need to create an FSA ID

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Federal Student Aid ID

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

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

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FAFSA Information

There are approximately 39 questions on the FAFSA.

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How long does it take to complete the FAFSA: The estimate is less than 1 hour.

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The form is split into 2 sections, once started, if not completed within 45 days it will be deleted.

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General Highlighted Eligibility �Requirements for FAFSA

The Student:

• Must have a valid Social Security Number

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

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

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Key Components of the FAFSA

• Student/ Parent Demographic Information
• Full Name
• Social Security Number
• Date of Birth
• Email address

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• Student/Parent Income and Assets
• Income directly from IRS
• Assets self reported

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• List all colleges of interest (up to 20) even if you have NOT applied to those schools!

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FAFSA Submission Summary

Additional Documents - Federal

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

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

Additional Documents - State

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

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

Section III – The Award Notice

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The Award Notice

When will I receive the Award Notice?

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You will need to be Admitted to the College/University before you receive an Award Notice.

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Traditionally, Award Notices are sent from January through April.

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The Award Notice

What information is considered when preparing an Award Notice?

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1. The Cost of Attendance at the College/University
2. The results of the FAFSA (or CSS Profile), specifically the SAI – Student Aid Index from the FAFSA
3. Financial Need

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Financial Need

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Award Notice – Be Aware

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• Format may vary by institution
• hard copy or on-line

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

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• Will outside scholarships impact institutional aid

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• Are scholarships front loaded?

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Award Notice - Beware

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• Does the school package to need?

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

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• Does the school package with Parent loans?

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College Financing Plan/NJ Shopping Sheet

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

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• 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.

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

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Section IV – Useful Topics

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The application cycle: Be aware of timelines/deadline

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October to February – Review deadlines, complete FAFSA application, college searches, college application process, and CSS Profile (if needed).�

February to April - Schools send award letters

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

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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:

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• 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

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Other Resources

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

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Private Scholarship Search

• University/college web sites
• Civic organizations and churches
• Check with your High School guidance office - Naviance
• Parent’s employer(s)
• www.hesaa.org
• www.fastweb.com
• www.collegeboard.org
• www.mappingyourfuture.org

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State Aid Workshops & Webinars

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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

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• Web Sites

www.hesaa.org

www.njgrants.org

www.njclass.org

https://njfams.hesaa.org

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• NJBEST.org
• MappingYourFuture.org

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QUESTIONS?

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Thank you