Financial Aid Resources
Types of Aid
Scholarships - awarded based on merit only (academic, atheltic, talent) - not need based. Scholarships do not have to be paid back. These may come from the college or outside organizations.
Need-Based Grants - awarded based on demonstrated financial need. Grants may come from the federal govemernment, state &/or the individual college. Grants do not need to be paid back.
Work-Study Programs - based on financial need, provides part-time job opportunities on campus where students earn money in the form of a paycheck.
Loans:
Unsubsidized Student Loan - loans made to eligible students who demonstrate financial need to help cover costs of higher education. The government pays the interest of the loan while the student is in school.
Subsidized Student Loan - loans made to eligible students, but eligibility is not based on financial need. Students pay interest quarterly or defer interest to the priniciple balance.
Parent PLUS loans - loans made available to parents with good credit history to cover the cost of attendance. The maximum PLUS loan amount is the cost of attendance minus any other financial assistance the student received. The cost of attendance is determined by each school.
APPLYING FOR AID
To be eligible for grants, loans and work-study programs, students/parents must complete the FAFSA (Free Application for Federal Student Aid). Additionally, some colleges also require students/parents to complete the CSS Profile. Both of these forms are available October 1.
OPENS OCTOBER 1st
Free Application for Federal Student Aid
Based on 2020 & 2021 tax year
Yes, 2020 - FAFSA uses prior-prior tax year
Calculates student need based on Cost of Attendance (COA) vs Estimated Family Contribution (EFC) to determine eligibility for grants, loans and work-study opportunities at each college
OPENS OCTOBER 1st
An application for nonfederal student financial aid. This application is typically used in addition to the FAFSA.
Based on 2020 & 2021 tax documents
Used by 400+ colleges (mostly private) and scholarship programs to award institutional grant money.
Allows students to have access to additonal funding that FAFSA might not provide.
Solution Prep hosted a Virtual College Financial Aid Night on October 11th.
Their presentation will help you financially plan for paying for college and guide you through filling out the FAFSA & CSS Profile.
Solution Prep hosted a Virtual Presentation on March 2 on how to Negotiate with Colleges.
Their presentation will help you compare financial aid awards from colleges and understand the true cost of attendance.
FAFSA WALKthrough
This video walks families through creating their FSA IDs, filing their FAFSAs, and creating their NJ FAMS accounts.
SCHOLARSHIP OPPORTUNITIES
A merit-based undergraduate scholarship that usually covers tuition, mandatory fees, and room and board for four years of study. Scholars also receive enrichment funds which can be used for studying abroad or internships.
NJ STARS program is an initiative created by the State of New Jersey that provides New Jersey’s highest achieving students with free tuition at their home county colleges.
The largest collection of scholarships on the web.
Sign up to receive scholarship announcements
Earn scholarship money for your accomplishments.
Most deadlines are the same as the college's application deadline.
LOCAL SCHOLARSHIPS
As the SJV counseling office receives local scholarships, students are notified through email.