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�Financial Aid 101�Simplifying the Process��2026-2027 Academic Year

John Iacovelli

Former Dean of Enrollment

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The Mission

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Higher Education Student Assistance Authority

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The Higher Education Student Assistance Authority is the only State agency with the sole mission of providing students and families with the financial and informational resources to pursue their education beyond high school.

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Financial Aid Application Graduation Requirement:��FAFSA, or if applicable�NJ Alternative App for NJ DREAMERS or an Approved Waiver

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New Jersey high school graduation requirement for students in the graduating classes of 2025,2026 and 2027:

Builds awareness of financial aid resources for New Jersey students to pursue a postsecondary education
Determines eligibility for both federal and state financial aid
Empowers students to make informed decisions about the college selection process
Emphasizes that a college degree is both accessible and affordable for many NJ residents

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Goals of Financial Aid Office

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Higher Education Student Assistance Authority

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 grants/scholarships and other funds from the family’s own resources, such as savings or wages from school-sponsored student employment.
Implementing federal and state regulations for their college/university

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Higher Education Student Assistance Authority

Sources of Aid

The College/University
Federal
State of New Jersey
Private Scholarships

Types of Financial Aid

Grants
Scholarships
Loans
Campus employment/work study

Factors that influence scholarships�

Academics
Athletic Ability
SAT or ACT
Geographic Diversity

Sources & Types of Aid

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Types of Aid - Federal

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Grants

Federal Student Aid for Award Year 2025 -26

Pell $7,395 (max award)
SEOG $4,000 (max award)
TEACH $3,772 (max award)

. * 2026-27 award amounts subject to change

Speaker Notes

PELL- SEOG

Named after senator Pell of Rhode Island, Pell is covered under the Higher Education Act of 1965
Pell is need based and all those with an EFC low enough are eligible so long as he or she has not received a first bachelor’s degree yet or are enrolled in a post baccalaureate program that leads to a teacher’s certification or licensure
Currently, the maximum amount is $5,920 and for 17 - 18. The amount of the award will depend on financial need, cost of attendance, and full time or part time status
The limit on Pell is 12 semesters in duration (roughly 6 years)
SEOG can range from $100 to $4000 – funding is provided by the US Department of Education to institutions to manage. Goes to most needy first and are very limited.

The TEACH Grant As a condition for receiving a TEACH Grant, you must sign a TEACH Grant Agreement to Serve in which you agree to (among other requirements) teach

in a high-need field
at an elementary school, secondary school, or educational service agency that serves students from low-income families
for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant.

Iraq and Afghanistan Service Grants

The Iraq and Afghanistan Service Grant is provided to certain students whose parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11. May not be eligible for a federal PELL Grant but must meet remaining eligibility requirements.

Max award for 17-18 after 10.1.17 is $5,529.28

https://studentaid.ed.gov/sa/about/announcements/sequestration#iraq-afghanistan

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Higher Education Student Assistance Authority

New Jersey State Grants 2025-26 Academic Year
Award Type	Award Amounts
Full-Time TAG	$1,280 - $14,404
Part-Time TAG (community college only)	$320-$1,097
EOF (Educational Opportunity Fund)	Up to $3,050 includes college success support
NJ STARS (top 15.0% of high school class junior or senior year)	Tuition Only - community college only
NJ STARS II	Up to $2,500 per year – any NJ 4-year college
Governor’s Urban Scholarship (for top 5.0% of high school junior year)	Up to $1,000
NJ-GIVS (women and minorities)	Up to $2,000 - building trades only
Community College Opportunity Grant (CCOG)	Up to full tuition and approved fees --AGI between $0 and $65,000
Garden State Guarantee (GSG)	Up to full tuition and approved fees --AGI between $0 and $65,000
Summer TAG	75% of the Fall or Spring Award

2025-2026

Award Amounts

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State Grants & Scholarship Requirements

Students must have a complete Application for TAG (Tuition Aid Grant) and all other state programs. Students must:

File a FAFSA or New Jersey Alternative Financial Aid Application
Be a U.S. citizen, eligible non-citizen or qualify as an NJ Dreamer
Be a New Jersey resident and attend a New Jersey institution
Be enrolled full-time* in an approved degree program
Demonstrate financial need
Meet all state deadlines for application and document submission

*Part-Time TAG, CCOG, and EOF awards are available for county college students enrolled in 6-11 credits per semester.

EOF (excellent program for financially and economically disadvantaged students)

EOF supports a wide array of campus-based outreach and support services to help program participants succeed and graduate

Benefits

Students enrolled in an EOF program receive financial assistance through semester grants ranging from $299 to $1,024. Family must have a documented history of financial and economic disadvantage - Some schools require that you are a first generation college student.

The amount of the grant varies depending upon financial need, cost of attendance and available funding.�Awards are renewable annually based on continued eligibility.

Tuition Equity Law: DACA & Undocumented students - Complete the NJ Alternative Application if you are not a United States citizen or eligible noncitizen and meet all of the following criteria;

Attended a New Jersey high school for at least three (3) years
Graduated from a New Jersey high school or received the equivalent of a high school diploma in New Jersey
Registered for Selective Service (male students only)
Are able to file an affidavit stating that you will file an application to legalize your immigration status or will file an application as soon you are eligible to do so

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Higher Education Student Assistance Authority

Types of Aid:�State Grants & Scholarships

EOF (Educational Opportunity Fund)

Award ranges from $200 - $3,050 annually depending on institution
EOF is a campus-based and award amounts vary
Must demonstrate educational and economically disadvantaged background
Complete all required EOF tasks with campus EOF Office

EOF (excellent program for financially and economically disadvantaged students)

EOF supports a wide array of campus-based outreach and support services to help program participants succeed and graduate

Benefits

Students enrolled in an EOF program receive financial assistance through semester grants ranging from $299 to $1,024. Family must have a documented history of financial and economic disadvantage - Some schools require that you are a first generation college student.

The amount of the grant varies depending upon financial need, cost of attendance and available funding.�Awards are renewable annually based on continued eligibility.

Tuition Equity Law: DACA & Undocumented students - Complete the NJ Alternative Application if you are not a United States citizen or eligible noncitizen and meet all of the following criteria;

Attended a New Jersey high school for at least three (3) years
Graduated from a New Jersey high school or received the equivalent of a high school diploma in New Jersey
Registered for Selective Service (male students only)
Are able to file an affidavit stating that you will file an application to legalize your immigration status or will file an application as soon you are eligible to do so

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NJ STARS

NJ residents who rank in the top 15.0% of their class at either the end of junior or senior year of high school
Students must attain a cumulative GPA of 3.0 or higher at the start of the third semester at the county college to remain eligible for NJ STARS

NJ STARS II

Received NJ STARS funding and have a family taxable income of less than $250,000
Must earn an associate 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

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Higher Education Student Assistance Authority

Types of Aid:�State Grants & Scholarships

Governor Christie signed Public Law 2012, Chapter 8 (PL 2012, c.8) into law on May 2, 2012 amending the NJ STARS and NJ STARS II Programs to make them more sustainable.

Limits the amount of the NJ STARS scholarship to tuition only. Budgetary footnote language has limited NJ STARS awards to tuition only since fall 2010 for new program participants.

Eligibility requirements are unchanged.

Must graduate in the top 15.0% of their high school graduating class.

NJ STARS-eligible students must file a FAFSA and complete the State grant record within established State deadlines.

Students may be eligible to receive NJ STARS awards for up to five semesters. Funds are not available to cover summer payments.

NJ STARS-eligible high school graduates may receive awards based on tuition only, after deducting any other federal and/or State grants and scholarships.

Students must attain a minimum cumulative grade point average (GPA) of 3.0 or higher at the start of the third semester of county college enrollment to remain eligible for NJ STARS. Summer courses are included in determining the cumulative GPA.�

Students must maintain continuous full-time enrollment unless on a medical leave that is approved by the county college prior to the completion of the semester for which the leave is being granted.

NJSTARS II

Eligibility Requirements as follows:

Earn an associate degree from their home New Jersey county college as an NJ STARS recipient. Must graduate with a cumulative GPA of 3.25 or higher.

Family income (taxable and untaxed income) must be less than $250,000 as derived by the FAFSA

Meet all other program eligibility requirements, including admission into a baccalaureate program at a New Jersey four-year public or private college or university that participates in the TAG program

Complete a FAFSA and the State grant record within established State deadlines

NJ STARS II benefits for non-renewal students were changed by Bill PL 2012, c.8

Non-renewal NJ STARS II students may receive up to $1,250 per semester, paid completely by the State, after all other sources of federal and State grants and scholarships are applied to tuition charges.

Open to all four-year TAG-participating institutions-public or private

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Community College Opportunity Grant (CCOG)

Pays for all or part of the cost of Tuition and Approved fees at a NJ county college

Must take a minimum of six credits per semester
Must make satisfactory academic progress

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Higher Education Student Assistance Authority

Types of Aid:�State Grants & Scholarships

AGI $0 - $65,000 for maximum award: Tuition & Approved Fees

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Higher Education Student Assistance Authority

Garden State Guarantee

Pays for all or part of the cost of tuition and approved fees at a NJ state college

New Jersey State Colleges and Universities
Must make Satisfactory Academic Progress
Available for students in their third and fourth year of enrollment at a public 4-year institution

Types of Aid:�State Grants & Scholarships

AGI $0 - $65,000 for maximum award: Tuition & Approved Fees

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Student enrolls in a bonafide 3 + 1 major/degree program
Student completes the first two years at the community college and earns an associate degree
Pays community college tuition and fees for the associate degree and the third year of their bachelor’s degree program
Attends and pays the four-year institution's tuition �and fees in the final year of their bachelor’s degree
Must have a complete TAG record to be potentially

eligible for TAG, NJSTARS, and/or CCOG

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Higher Education Student Assistance Authority

3 + 1 Degree Completion Programs

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Loans & Financing Shortfall Solutions

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Higher Education Student Assistance Authority

Monthly Payment Plans – offered by the college
Federal Direct Loan Program (1^st year dependent student)

Subsidized Loan $3,500 need based
Unsubsidized Loan $2,000 additional

2025 - 2026 - Federal Undergraduate Direct Loan interest rates�are 6.39%, plus a 1.057% origination fee

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Higher Education Student Assistance Authority

Other Loan Options to Cover the Gap�Borrow up to cost of attendance less other aid

We also offer consolidation programs & a ReFi program that
Consolidation extends the repayment term to 25 – 30 depending on loan balance and takes the weighted average of the loans minus a tiny percentage
The ReFi program is a 10 year repayment term and is based on income, credit score and debt to income ratio (depending on credit score the APR will range from 4.90% to 6.90%
HESAA also now has a Repayment Assistance Program (RAP), which is designed to provide payment relief when all parties of the loan are facing financial hardship
During the RAP period, a payment on eligible NJCLASS loan shall be reduced to 10% fo the total of the household income of all of the parties to the loan that exceeds 150& of the federal poverty guidelines for their family size, with a minimum monthly payment of $5 per eligible loan
Interest that accrues during RAP will be paid by HESAA
RAP is available for NJCLASS loans with applications that were received on or after June 1, 2017 or are to be used for an academic term that begins on or after August 1, 2017
HESAA now also discharges the loan obligation for all parties to a NJCLASS loan in the event of death or total and permanent disability of the student beneficiary

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Higher Education Student Assistance Authority

HESAA.org

NJ Dreamer

Available by October 1, 2025

studentaid.gov

FAFSA

Available by October 1, 2025

student.collegeboard.org/profile

CSS Profile

Available October 1, 2025

Applications to Access Aid

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Approximately 400 colleges and organizations use the CSS profile to determine how they will award institutional (school-funded) aid
Available 10/1 each year and collects more comprehensive income, asset, and household information than the FAFSA
Uses prior-prior year income (2024 for 2026-2027)
Mostly used by independent (private) colleges and universities

Register – Complete Application – Make payment – Submit

No application fee for income under $100,000
All others, $25 for first application and $16 for each additional

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Higher Education Student Assistance Authority

Application: CSS Profile

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Website to apply for profile

https://cssprofile.collegeboard.org/

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Website to apply for Noncustodial Profile:

https://cssprofile.collegeboard.org/profile-for-parents

Participating CSS Institutions:

https://cssprofile.collegeboard.org/profile/ppi/participatingInstitutions.aspx

Higher Education Student Assistance Authority

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Customer Support - 844-202-0524 | Live Chat Available

CSS Profile

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The 2026-2027 FAFSA is available by October 1, 2025
Collects family’s personal and financial information used to calculate the student’s Student Aid Index (SAI). The SAI determines eligibility for federal student aid
File the FAFSA electronically via FAFSA on the Web at www.studentaid.gov
FAFSA uses prior-prior year income information (2024 for award year 2026-27)
All contributors on the application (student and parent(s)) must provide consent to the IRS to obtain Federal Tax Information (FTI) to populate income and tax information with actual prior-prior year tax information

All prior-prior year tax information (2024) is already filed, allowing immediate retrieval.

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Higher Education Student Assistance Authority

Free Application for Federal �Student Aid (FAFSA)

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Used to provide consent to obtain Federal Tax Information and digitally 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 their own separate FSA ID and password.

Information Contributors include: Biological Parent, Stepparent, and Adoptive Parent

Who Needs an FSA ID?

If there are two parents who filed taxes jointly, only one parent
If the parents are divorced/separated, the parent who provided more financial support in the last 12 months
If married or unmarried/living together but did not file taxes jointly, then each parent will need an FSA ID

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Higher Education Student Assistance Authority

2026-2027 Federal Student Aid ID

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Information Contributors who do not have an SSN will register with their name, date of birth, permanent address, email address 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 will be able to complete the process of creating their FSA ID account and complete the FAFSA

FSA will send a case number with information to submit documentation to verify identity via email

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Higher Education Student Assistance Authority

2026-2027 Federal Student Aid ID for Undocumented Contributors�

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Information Contributors will be instructed to provide Federal Tax �Information from their 2024 tax return to be used to determine

the student's eligibility for federal student aid for Award Year 2026-27

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Higher Education Student Assistance Authority

2022

Get your 2024 tax return information for the

2026-27 form.

Federal Tax Information Consent

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The student must have a valid Social Security Number
Must be enrolled or accepted for enrollment in an eligible program of study
Must be pursuing a degree, certificate, or other recognized postsecondary credential
Must be a U.S. citizen or eligible noncitizen
New Jersey students who are undocumented and meet the NJ Dreamer qualifications should complete the NJ Alternative Financial Aid Application for state-funded financial aid

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Higher Education Student Assistance Authority

Key Eligibility �Requirements for FAFSA

If you are an eligible noncitizen, write in your eight- or nine-digit Alien Registration Number. Generally, you are an eligible noncitizen if you are (1) a permanent U.S. resident with a Permanent Resident Card (I-551); (2) a conditional permanent resident with a Conditional Green Card (I-551C); (3) the holder of an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: “Refugee,” “Asylum Granted,” “Parolee” (I-94 confirms that you were paroled for a minimum of one year and status has not expired), T-Visa holder (T-1, T-2, T-3, etc.) or “Cuban-Haitian Entrant;” or (4) the holder of a valid certification or eligibility letter from the Department of Health and Human Services showing a designation of “Victim of human trafficking.”

If you are in the U.S. on an F1 or F2 student visa, a J1 or J2 exchange visitor visa, or a G series visa (pertaining to international organizations), select “No, I am not a citizen or eligible noncitizen.” You will not be eligible for federal student aid. If you have a Social Security Number but are not a citizen or an eligible noncitizen, you should still complete the FAFSA because you may be eligible for state or college aid.

The Selective Service System and the registration requirement for your men, preserves America’s ability to provide manpower in an emergency to the US armed forces Almost all men ages 18 to 25 must register. For more information please visit 222.sss.gov

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Key Components of the FAFSA �

Student Contributor Section
Full Name and address
Social Security Number or ITIN Number
Date of Birth
Mobile phone number (optional)
Email address
College/Career plans – 20 Colleges

Student Consent and Assets
FTI (Federal Tax Information)

Student Status: Personal Circumstances
Dependent or Independent Determination
Student Special Circumstances
Student Unusual Circumstances
Social Security Number
Parent Contributor Section
Last Name
Date of Birth
Email address
Family size – FTI
Income and Assets
Federal Means-tested benefits

Medicaid, SSI, SNAP,
Free or Reduced Lunch
TANF, WIC, WITC QHP

Business and Farm will be considered as assets in the calculation of the SAI
Child Support received is an asset

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Higher Education Student Assistance Authority

WHO IS THE PARENT

If your parent was never married and does not live with your other legal parent, or if your parent is widowed or not remarried, answer the questions about that parent.

• If your legal parents (biological and/or adoptive) are not married to each other and live together, select “Unmarried and both parents living together” and provide information about both of them regardless of their gender. Do not include any person who is not married to your parent and who is not a legal or biological parent. Contact 1-800-433-3243 for assistance in completing questions 80-94.

• If your parents are married, select “Married or remarried.” Consistent with the Supreme Court decision holding Section 3 of the Defense of Marriage Act (DOMA) unconstitutional, same-sex couples must report their marital status as married if they were legally married in a state or other jurisdiction (foreign country) that permits same-sex marriage, without regard to where the couple resides. If your legal parents are divorced but living together, select “Unmarried and both parents living together.” If your legal parents are separated but living together, select “Married or remarried,” not “Divorced or separated.”

• If your parents are divorced or separated, answer the questions about the parent you lived with more during the past 12 months. (If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months or during the most recent year that you actually received support from a parent.) If this parent is remarried as of today, answer the questions about that parent and your stepparent.

• If your widowed parent is remarried as of today, answer the questions about that parent and your stepparent.

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Higher Education Student Assistance Authority

Applicants are instructed to log into “NJFAMS.HESAA.org” to create a user ID and password. In 3-5 business days, students can their check awards and eligibility status and complete any outstanding items on their “To Do” list (There is no separate State Application, only a To-Do List in the state’s NJFAMS system).

Please note, all notifications will be sent to the student email address listed on the FAFSA.

FAFSA Submission Summary

All Information Contributors will receive an individual

FAFSA Submission Summary

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Federal & State Verification

School is responsible for verifying information �for federal aid except for special circumstances
HESAA is responsible for verifying information for �State aid
Schools may send request for information by mail �or e-mail
Always check your school account and NJFAMS �account for required tasks
Be sure to meet verification deadlines

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Higher Education Student Assistance Authority

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Higher Education Student Assistance Authority

All students must go to “NJGRANTS.org”
Establish an NJFAMS Account by creating a User ID and Password
Track the status of your State-funded student aid and respond to required tasks on the To-Do List

New Jersey

Financial Aid

Management

System - NJFAMS

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Cost of Attendance

Tuition and fees
Food and housing
Books and supplies, equipment, transportation, �and miscellaneous personal expenses
Medical Insurance
Federal Loan Fees
Study abroad costs
Dependent care expenses
Expenses related to a disability
Expenses for cooperative education program

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Higher Education Student Assistance Authority

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SAI is determined by a federal formula that calculates federal Pell grant eligibility and is used to determine further financial need using the information you supplied on the FAFSA
SAI and Financial Need are guidelines used by �schools to determine student aid offers

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Higher Education Student Assistance Authority

What Is The Student Aid Index �(SAI)?

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Higher Education Student Assistance Authority

College	Community College	State College or University	Private College or University
COA	$8,000	$30,000	$60,000
SAI Other Financial Aid	8,667 1,000	8,667 1,000	8,667 1,000
Unmet Financial Need	$0	$20,333	$50,333

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Financial Need for Smith Family

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Higher Education Student Assistance Authority

October - March	Complete FAFSA, college search, college application process, and CSS profile
February - May	Schools send financial aid offers
June - July	Schools send Fall semester bills
August	Bills are due

The Cycle of Financial Aid

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The College Financing Plan�New Jersey Shopping Sheet

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Higher Education Student Assistance Authority

Help families with net cost transparency
Separates the Cost of Attendance listing the direct and indirect costs
Grants and Scholarships (no repayment required, “free money”)
Student Net Costs in center box
College coordinated work-study employment
Federal Student Loans
If necessary, alternate loans

Aid Offer must replicate the Shopping Sheet

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Other Resources

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Higher Education Student Assistance Authority

Outside Scholarships
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
Campus-Administered Payment Plans

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HESAA awards a one-time scholarship ranging from �$2,000 - $6,000 to NJBEST beneficiaries who enroll in a New Jersey institution after making contributions to an account for at least 4 years
NJBEST offers a matching grant up to $750 for new accounts
State tax deduction for up to $10,000 in annual contributions to an account��To Learn More: https://www.hesaa.org/pages/NJBESTHome.aspx

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Higher Education Student Assistance Authority

NJBEST 529 College Savings Plan

Resource

www.njbest.com

Speaker Notes

A 529 is a tax advantaged investment plan created for American families to encourage saving for the future higher education expenses of a designated beneficiary
Scholarship is awarded within the first year
Investments grow federal income tax free and withdrawals for qualified higher education expenses are free from federal income taxes
Qualified withdrawals made by New Jersey residents are not subject to New Jersey State Income tax
A 529 can affect the student’s federal financial aid award, however, a maximum of 5.64% of parental assets can have an impact on determining financial aid eligibility where as it is 20% (up to) for students
If a dependent student is the account owner (after July 1, 2009), the available balance is treated as a parental asset
Anything above $25,000 is considered in determining eligibility for State scholarship or grant

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Apply for State Aid Workshops �& Webinars��HESAA.org -�Apply for State Aid�

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Higher Education Student Assistance Authority

Live Webinars

The 2026-2027 Free Application for Federal Student Aid (FAFSA ^®) opens by October 1, 2025.

�Most colleges and universities provide FAFSA^® Completion Workshops to assist families with completing the FAFSA^® application. For FAFSA^® Virtual Workshops dates please check your local high school or college. You are also invited to join one of HESAA’s virtual events.�

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HESAA Services

Customer Care Center

CustomerCare@hesaa.org

609-584-4480

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

Online Resources

www.hesaa.org

www.njgrants.org

www.njclass.org

https://njfams.hesaa.org

www.hesaa.org/pages/financialaidhub

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Higher Education Student Assistance Authority

QUESTIONS?

Thank you