Welcome to Parent OrientationStudent Financial Aid Services

(SFAS)

Free Application for Federal Student Aid (FAFSA)

• Complete annually; available at www.fafsa.ed.gov after January 1st each year. Students can still apply for 2015-2016!– March 15 NJIT Priority Deadline;– June 1st State Aid Deadline;– NJIT School Code: 002621.

• Use IRS Data Retrieval Tool:– Used to transfer data from tax returns directly to FAFSA;– Minimizes the verification selection process and reduces delays;– Additional info available at:

http://www.finaid.org/fafsa/irsdataretrievaltool.phtml

Information Release Consent Form

• The Family Educational Rights and Privacy Act (FERPA) is a Federal law that protects the privacy of student education records. FERPA gives parents certain rights with respect to their children's education records. These rights transfer to the student when he or she reaches the age of 18 or attends a school beyond the high school level. Generally, schools must have written permission from the student in order to release any information from a student's education record.

• http://www5.njit.edu/sites/financialaid/files/lcms/docs/info_rc.pdf

Financial Aid Award Packages

• Awards are estimated until all requested paperwork is received;• If there are any changes to family income be sure to notify

SFAS for possible aid recalculation;• Utilize Federal Loans before applying for Private Loans; interest

rates for 2015-2016 are:

Subsidized Federal Direct Loan - 4.29%;

Unsubsidized Federal Direct Loan – 4.29%

Parent Loans for Undergraduate Students (PLUS) – 6.84%

Award Adjustments

• Awards not final until all paperwork received and reviewed;• Why did my Financial Aid Award change?

– State or Federal Verification; please note that if verified by State (NJHESAA) there is a 14 day deadline to respond. Failure to do so may result in loss of aid.

– Scholarship funds unavailable ;– Enrollment changes; – Correction of an over-award due to an outside scholarship.

• NJ Tuition Aid Grant and Faculty Scholarship (tuition-based scholarships) – if receiving both total cannot exceed cost of tuition.

FA Paperwork/Documentation

• Check Highlander Pipeline account and email regularly;• Respond to paperwork requests within 14 days;• If documentation is requested by NJHESAA, be sure to send

directly to NJHESAA as well;• IRS Transcript Requirement for selected for verification

students:• To obtain a transcript please visit www.irs.gov. ;• For additional information/questions students can call 800-

829-1040 or visit www.irs.gov.

Financial Aid Information for First Year Students

• For detailed information on financial aid geared specifically to First Year Students, we encourage you to visit:

http://www5.njit.edu/financialaid/new/

Costs – NJ Resident Commuter

2014–2015

NJ Resident, Freshmen, Living with Parents• Tuition & fees $15,648• Room & board (living expenses)

$7,000• Books & supplies

$3,200• Transportation $3,200• Miscellaneous $1,500 Total $30,548

Costs – NJ Resident Living on Campus2014–2015

NJ Resident, Freshmen, Living on Campus• Tuition & fees $15,648• Room & board (living expenses)

$13,280• Books & supplies

$3,200• Transportation $1,200• Miscellaneous $1,500• TOTAL

$34,828

Costs – Non-NJ Resident Commuter

2014–2015Out of State, Freshmen, Living with Parents

• Tuition & fees $29,288• Room & board (living expenses)

$7,000• Books & supplies

$3,200• Transportation $3,200• Miscellaneous $1,500 Total $44,188

Costs – Non-NJ Resident Living on Campus2014–2015

Out of State, Freshmen, Living on Campus• Tuition & fees $29,288• Room & board (living expenses) $13,280• Books & supplies $3,200• Transportation $1,200• Miscellaneous $1,500• TOTAL $48,468

Additional Funding Sources

• In addition to grants, scholarships, work-study and federal loans, students/families can utilize alternative loans such as NJ Class, Sallie Mae, StuFund and Wells Fargo. Additional information can be found at:

http://www.njit.edu/financialaid/typesofaid/educationloans/privateloans.php

Finding Private Scholarship Money

• Finding private scholarships:www.Fastweb.com;

www.CollegeScholarships.org;

www.Scholarships.com;

www.finaid.org ;

www.supercollege.com ;

www.collegexpress.com ;

www.NASFAA.org.

Work-Study Positions

• Students interested in working on-campus should visit mynjit.edu and log in using NJIT UCID; after logging in, click on Student Services tab; under Other Resources, click On-Campus Employment.

• Students are limited to 20 hours per week and are paid bi-weekly.

Satisfactory Academic Progress (SAP)

• SAP is calculated annually, after Spring semester grades are posted; all first year students are considered to be making SAP throughout first year at NJIT!

• In order to make SAP for sophomore year, students must have 2.0 GPA and completed 67% of attempted hours/credits.

• If not making SAP, students may appeal; if appeal is approved, student will be able to receive aid during Fall of sophomore year. Must fulfill academic plan during Fall to qualify for aid for following Spring!

Academic Progress and Scholarships

• Although SAP requires a 2.0 GPA, most NJIT scholarships require:– Minimum cumulative 2.5 GPA (3.0 GPA for others);– Full-time continuous enrollment;– 4 years of maximum eligibility.

• Scholarship appeals:– One- time only appeal;– Approved only under documented extenuating circumstances.

Enrollment and Financial Aid

• Aid Types/Enrollment Requirements:

Aid Type Enrollment Requirement

Loans Half-time (6 credits)

State Grants Full-time (at least 12 credits)

Federal Grants Minimum 3 credits

Scholarships Full-time (12 or more credits)

Dates to Remember

July 2015• Tuition/Fees, Room/Board Rates announced late July.

August 2015• Tuition bills sent to registered students in early August;• Bills are due Wednesday August 26!

September 2015• Fall 2015 semester classes begin Tuesday September 1.

November 2015• Students register for Spring 2016 classes.

Dates to Remember (continued)

January 2016• File 2016-2017 Free Application for Federal Student Aid

(FAFSA) as soon as possible after January 1, 2016.

March 2016• March 15, 2016 is NJIT priority FAFSA filing deadline.

April 2016• Students can register for Summer 2016/Fall 2016 classes;• Summer 2016 financial aid applications available.

Dates to Remember (continued)

May 2016• Submit all required financial aid paperwork by May 15 to

ensure that financial aid is processed by start of Fall 2016 classes;

• SAP will be calculated after Spring 2016 grades are posted.

June 2016• NJ TAG prior-year recipients must have FAFSA received by

Federal Processor by June 1 for 2016-2017 academic year;• Returning student financial aid awarding begins for Fall 2016.

Who is my Financial Aid Counselor?Students are assigned an FA Counselor based on the first letter of

their last name:

• Ms. Aurora Castellano: A-E (973) 596-3475• Ms. Maggie Moya: F-K (973) 596-3671• Ms. Asia Taj: L-O (973) 596-3474• Ms. Tracy Harrison: P, V-Z (973) 642-4872• Ms. Samantha Kennedy: Q-U (973) 596-3473

Counselors available to speak with students daily on a walk-in basis; no appointment needed.

Student Financial Aid Services Information

• Located in the Student Mall (Parking Deck);• Phone: (973) 596-3479;• Fax: (973) 596-6471;• Email: finaid@njit.edu;• Hours (Academic Year):

8:30-4:30 – Monday, Tuesday, Thursday and Friday;

8:30-6:00 –Wednesday.

Hours (Summer – early June through mid August):

8:30-5:00 – Monday through Friday.

Contact Information

• NJIT Admissions: (973) 596-3300• NJIT Bursar’s Office: (973) 596-2877; bursar@njit.edu.• Federal Student Aid Assistance: (800) 433-3243• NJ Higher Ed. Assistance Authority: (800) 792-8670

Questions?

• FA Staff is available to speak with you today one-on-one from 11:30-4:30 in Kupfrian Hall, Rooms 100 D, E, F and G.

• Additionally, staff is available to answer questions at the SFAS Office, located in the Student Mall.