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Types of Aid
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
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 of your senior year.
OPENS OCTOBER 1st
Free Application for Federal Student Aid
FAFSA uses prior-prior tax year
(ex. Class of 2024 students will use 2022 taxes)
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 prior-year and prior-prior year tax documents
(ex. Class of 2024 will use 2022 & 2023 taxes)
Used by 400+ colleges (mostly private) and scholarship programs to award institutional grant money.
Allows students to have access to additional funding that FAFSA might not provide.
Solution Prep hosted a Virtual College Financial Aid Night on October 11, 2022.
Their presentation will help you financially plan for paying for college and guide you through filling out the FAFSA & CSS Profile.
Solution Prep will host a Financial Aid night again in October 2023.
SCHOLARSHIP OPPORTUNITIES
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.
Start filling this out as early as freshmen year of high school and update it each year.
As the SJV counseling office receives local scholarships, students are notified through email and a spreadsheet is maintained that is available on the SJV Guidance Page.
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