Financial Aid
FAFSA
Congratulations! You applied and have been accepted to college. Now that you know where you are going, you will need to figure out how to pay for it. Understanding the financial aid process and your options doesn't have to be complicated when you take it one step at a time.
Step 1: Complete the Free Application for Federal Student Aid (FAFSA)
It is important to complete the FAFSA each year even if you do not think you will qualify for financial aid. Colleges use the information supplied on the FAFSA to determine your eligibility for grants, scholarships, work-study awards and federal student loans. Submit your FAFSA as early as October 1 and remember that some schools award funds on a first-come, first-serve basis.
You and your parent will need to register for a FAFSA ID.
Step 2: Review Your Student Aid Report (SAR)
Once you complete the FAFSA, the Department of Education will send you a SAR. This report summrizes the information you provided on your FAFSA and estimates your Expected Family Contribution (EFC). If your EFC is lower than the college's cost of attendance, you will likely qualify for financial aid.
Step 3: Compare Your Financial Aid Packages
Each school listed on your FAFSA will receive a copy of your SAR and use the information to prepare a financial aid package for you. Your financial aid package, known as your Award Letter, will list the grants, scholarships and work study funds the school is allocating to you, along with your eligibility for federal student loans.
Tip: Compare your financial aid packages to understand the difference between the costs of the colleges you want to attend and the financial aid offered at each.
Step 4: Maximize Grants and Scholarships Before Applying for Student Loans
When applying for financial aid, remember to research grants and scholarships available through the government and private organizations. Many schools automatically consider you for grants and scholarships when you apply for admissions.
For those not offered by your college, you can visit:
Tip: Some schools award only need based scholarships, so it's important to search other sources for scholarships based on academic or other achievements.
Step 5: Compare Federal and Private Student Loans
After you maximize grants, scholarships and other free financial aid, you may find you have remaining costs to cover. If you need to borrow, compare federal and private student loans to find the loans that best fit your needs.
Tip: When evaluating loan options, consider origination fees, interest rates, monthly payment and the total cost of the loan.
FAFSA NIGHT- WEDNESDAY, OCTOBER 12, 2022 (6:00 PM to 6:45 PM) or (7:00 PM to 7:45 PM)
NJFAMS
Students will need to create a NJFAMS account if they plan to attend New Jersey Colleges. Students must wait 3 days after filing the FAFSA to create this account
Educational opportunity fund (EOF)
The New Jersey Educational Opportunity Fund (EOF) provides financial assistance and support services (e.g. counseling, tutoring, and developmental course work) to students from educationally and economically disadvantaged backgrounds who attend participating institutions of higher education in the State of New Jersey.
As noted earlier, admission into EOF is conducted at the campus level. Candidates interested in applying for EOF should contact the appropriate EOF Campus Program Director to discuss the specific eligibility requirements and application process of their respective institution.
Undergraduate Eligibility:
Must demonstrate an educationally and economically disadvantaged background
Must be a New Jersey resident 12 consecutive months prior to receiving the award
Must apply and be accepted to a participating New Jersey college or university
Must meet the academic criteria as set by the institution of choice
Must file a Free Application for Federal Student Aid (FAFSA) or the New Jersey Alternative Financial Aid Application.
Gross income and assets must fall within the criteria shown below.