- Request financial aid information from each school that you are applying to for admission.
- Check the website of each college you are applying to – often, there will be financial aid information as well as links to other financial aid sites or sources.
-
At
this time, do not eliminate any college based on cost – often, higher
cost schools have institutional funding which can help students meet the
expense of attending that school.
Where can I get the financial aid applications?
- The Free Application for Federal Student Aid (FAFSA) is usually available in your high school guidance office in November or December or from the college financial aid office near the end of the year. You can submit this form after January 1 for the coming September.
- Check with each college to determine if they require an institutional application for financial aid – this is often requested in addition to the FAFSA.
When should I file for financial aid?
The deadline dates for filing the financial aid application(s) at each school will differ from the admission application deadlines – make sure you know what they are and that you apply to meet the earliest deadline date.
The Priority deadline for completing and submitting the FAFSA (Free Application For Federal Student Aid) for Fall 2008 is March 15th.
What do I send in with the application?
If a college financial aid office requests tax documentation, make sure you submit exactly what they are requesting (e.g. tax returns, W-2’s, letters from agencies, etc.) This information goes directly to the college – do not send this paperwork with the FAFSA.
Bloomfield requires complete signed copies of the Federal 1040 Tax Returns for the most recent tax year for both the student and parent(s) and for independent student, student and spouse's or documentation of other sources of income from the agency providing the support.
- Financial aid can include grants, scholarships, loans and Federal Work Study.
- Grants and scholarships normally do not have to be paid back but the student may have to meet certain criteria to continue to be eligible for these each year (maintain a certain GPA, continue to play a sport). Loans are borrowed funds and must be paid back under the conditions of the loan program. Work is a job – students are paid for hours they work.
Where does financial aid come from?
- Sources of aid include the federal government, the State of NJ, the institution you are applying to, and any other private source. Outside (private) sources can include scholarship foundations, places of employment (yours and your parent(s)), civic organizations, etc.
- Loans are available from a variety of sources: the Federal Government, the state of NJ, your or your parent’s for independent student, student and spouse's place of employment and several alternative loan programs available from various lenders. The amount that can be borrowed is based on many factors and the specifics of the particular program. Check with each college to determine which loan programs are available.
- Work programs are available at most colleges. The jobs, hours, and pay rates vary from school to school – check with the colleges you are applying to.
What information goes on a financial aid application?
The FAFSA collects information about you and your/your parent’s family including demographic information (name, address, citizenship status, residency), the number in the family, the number in college, income, assets, etc. The form collects information from the most recent tax year (for example, for September 2006, you will include information from the 2005 tax returns).
I am over 18 and am Independent…
For 2007-2008, you can only be considered as an independent student for financial aid purposes if you are:
a. born before January 1, 1984,
b. working on a degree beyond the bachelor’s degree,
c. married or separated,
d. an orphan or ward of the court,
e. a veteran of the U.S. Armed Forces,
OR
f. you have dependents (other than a spouse) who receive more than half of their support from you.
If you have other extenuating circumstances which you think make you an independent student, contact the Financial Aid Office at the college(s).
- You must apply for aid every year. Very few kinds of aid are renewable without going through the application process again.
- Make sure you know what the total costs will be at the colleges you are looking at – tuition is only one part of the cost and you will have other expenses to take care of. This information is available at the Admission Office of each school.
- If you compare financial aid packages, be aware of how much you are expected to pay out of your pocket – a college offering less in a financial aid package may actually cost a lot less and you would end up paying less out of your pocket.
Where can I get more information?
Visit one or all of the following websites:
Financial Aid sites:
State/Federal sites:
Or call the Financial Aid Office.
Although the formula to determine eligibility for financial aid is standard for all applicants, there is some flexibility in recalculating eligibility resulting from special circumstances.
For example, if you or your family has experienced an income reduction because of unemployment, disability, divorce, or death, your financial aid eligibility may be recalculated using the updated information. Other circumstances include loss of nontaxable income (such as child support or Social Security benefits).
In all cases, these circumstances must be fully documented with tax returns, death certificates, court documentation, or letters from appropriate agencies, individuals, or employers.
Contact Student Financial Aid Services as soon as possible if you or your family is affected by any special circumstances that might change the amount you are able to contribute toward your education.
