2021 22 Financial Aid High School Presentation U

2021 -22 Financial Aid High School Presentation U. S Department of education’s Finding Money for College Basics of Financial Aid and the FAFSA Presented By: Robert D. Traitz CFP®, AIF® Cell: 201 -566 -3013 bobtraitz@gmail. com

Seniors- Applications Timelines are now aligned - Application & Financial Aid • October: Begin college search & application. Begin FAFSA and CSS Profile • December: Early acceptance letters. Begin Regular applications • February : Confirmation of college application receipts of processing. Student Aid Report and regular acceptance letters • May: Decision time. May 1 st decision deadline Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

What we’ll talk about: • • Federal student aid State student aid Student aid from colleges Scholarships from other sources Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

What we’ll answer: • • • What is financial aid? Who can get it? How much can I get? How do I apply? What happens next? Where can I get more info? Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

What is financial aid? • Money to pay for college or career school • Grants • Work-study • Loans • Scholarships Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Applying for federal student aid Gather the documents needed Review Checklist “The FAFSA Process” Student. Aid. gov/resources#fafsa-process-graphic Preview FAFSA questions: FAFSA on the Web Worksheet Student. Aid. gov/resources#worksheet Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

FAFSA Free Application for Federal Student Aid – FAFSA on the Web at: www. fafsa. ed. gov – FSA ID & Password - Student & Parent must create a Federal Student Aid ID (FSA ID) at: www. fsaid. ed. gov – The Data Retrieval Tool (DRT) will populate the FAFSA’s income & tax information fields using “prior” year’s tax information (2019) Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

FAFSA. ED. GOV Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

MAY 123 MAIN STREET Robert D. Traitz CFP®, AIF® 201 -566 -3013 1234

Expected Family Contribution EFC • Product of the Needs Analysis formula • Based on Income & Savings / Investments • What you’re expected to pay for 1 year You must file FAFSA Free Application for Federal Student Aid Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

2019 Tax Return John & Suzie Q. • • • New Jersey Residents 2 Kids / one in College Ages: 50 years old AGI: $100, 000. 00 Savings: $50, 000. 00 Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

2019 Tax Return John & Suzie Q. • • • New Jersey Residents 2 Kids / one in College Ages: 50 years old AGI: $100, 000. 00 Savings: $50, 000. 00 Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Cost of Attendance - Total Cost - ALL IN! • Tuition and fees • Room and board • Books and supplies, transportation, personal expenses • Fees • ETC. Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Example of an EFC of $25, 000 • Custodial Household • Family of 4, and 1 attending college • Custodial parents are married • Both are age 50 • Adjusted Gross Income, AGI = $100, 000. • Savings and Investments = $50, 000. • Student’s income $3, 000 • Student’s Savings = -0 Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Determining federal aid It is based on Financial Need. • Need determined by subtracting EFC from COA • EFC – from income and savings as reported on FAFSA® (Free Application for Federal Student Aid) • COA = tuition, fees, room & board, transportation, etc. COA – EFC = financial need Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Need when EFC = $25, 000 Comm. College State College COA $5, 000 $26, 000 $50, 000 $60, 000 -EFC $25, 000 -0 - $1, 000 $25, 000 $35, 000 Need Private College Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013 Elite College

Who is eligible? • • • U. S. citizen or permanent resident High school graduate/GED holder Eligible degree/certificate program Valid Social Security number Males registered for Selective Service Satisfactory academic progress in college/career school Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

What is Financial aid? Free Money, Loans, & Employment • • Federal State College private scholarships Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Federal Financial Aid Dependent freshman for 2020 -21: – Federal Pell Grant: $6, 345 – SEOG $4, 000 max – TEACH $3, 728 max – Federal Work-Study: school budgeted – Direct Subsidized Stafford Loan $3, 500 – Direct Unsubsidized Stafford Loan $2, 000 Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Self Help to cover the Gap – HELOC – Home Equity borrowing – PLUS Loan (Parent) –origination fee of 4. 72% 10 - 25 Years Fixed or Graduated - 5. 30% – Monthly Payment Plans – offered through the colleges • NJCLASS Loan Program - 3% origination fee – 10 Year Fixed Rate - 3. 70% / 4. 45% APR – 15 Year Fixed Rate - 4. 25% / 4. 96% APR » Interest only payments available for 15 year option while in school – 20 Year Fixed Rate – 5. 10% / 5. 51% APR Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

FSA ID & Password Your electronic signature • FSA IDs & Passwords have replaced PIN Numbers • They are more secure • IDs & PWs are needed for both student and parent • Creating IDs & PWs is easy www. fsaid. ed. gov – Click on - Create An FSA ID – verified email address required – Receive Secure Code via email Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

The CSS Profile Form Institutional fin. aid form Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com Robert D. Traitz 201 -566 -3013 CFP®

CSS Profile Customer Service 305 -829 -9793 - help@cssprofile. org Required by about 10% of colleges & universities • Available through Collegeboard. org » Custodial Profile www. student. collegeboard. org/profile » Non-custodial Profile www. ncprofile. collegeboard. org Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

New Jersey State Aid • File the FAFSA by State deadline - June 1 st • On confirmation page, select: “Start your state application – Click here” link to the HESAA to be considered for TAG, NJ STARS II and other state programs. Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

State of New Jersey Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Tuition Aid Grant - TAG • State of New Jersey – TAG (Tuition Aid Grant) 2021 -22 • Demonstrate Financial Need • Be a U. S. citizen or eligible non-citizen • NJ Resident & attend a NJ Institution • Full time in an approved degree program Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

TAG awards for 2020 -2021 Approximate maximum full-time : Ranges from $2, 680 to $12, 438 • County Colleges $2, 680 • State Colleges $7, 096 • Independent Colleges $12, 438 Rowan $8, 080 – Rutgers $9, 468 NJIT $10, 986 Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

NJ STARS - NJ STARS II State Scholarships t – NJ STARS • Rank - top 15% end of junior or senior year • Take at least 12 college credits • Attain a cumulative GPA of 3. 0 or higher – NJ STARS II • Family income of less than $250, 000 • Associates & graduate with a 3. 25 GPA Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

529 College Savings Plans • • • Contribution limits range from $200 K to $400 K Account owner - Parent or Grandparent Beneficiary (can change) - is the Student Grows tax deferred CAN be federally tax free, – if used for qualified postsecondary expenses. tuition, fees, books, supplies, and equipment needed for course of study NOT cost of room and board • Publication 970 – Tax Benefits for Education Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

The financial aid office. • Compare schools & financial aid packages • Accept the school that meets your needs • Communicate with the financial aid office. Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Scholarship Private & Institutional • • Institution/college web sites Local library resources Local businesses, civic organizations www. hesaa. org www. fastweb. com www. collegeboard. org www. mappingyourfuture. org Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Applying for federal student aid FSA ID Create username & password • www. fsaid. ed. gov or www. student. Aid. gov/fsaid • Student & parent must each create own FSA ID. • Provide an email address your FSA ID is unique to each email • Don’t tell anyone your FSA ID! Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Applying for federal student aid • • • Fill out your FAFSA at fafsa. gov. Apply on or after October 1 State deadlines are at fafsa. gov. School deadlines are listed on schools’ websites. Help: FAFSA live chat or call 1 -800 -4 -FED-AID. DTR automatically import tax info from the IRS into your FAFSA: Student. Aid. gov/irsdrt. Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Applying for federal student aid • Watch for response by email or by mail, confirming that your FAFSA was processed. • Double-check that your info is correct by logging on at the FAFSA site and reviewing your data. • Correct any mistakes and submit the corrected info. • Don’t update info that was correct on the day you signed your FAFSA. Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Applying for federal student aid Watch for emails or letters from the schools you are considering. • Give the schools any additional paperwork they ask for. • Meet all deadlines or you could miss out on aid! Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Where can I get more info? • Student. Aid. gov – Info about aid programs – Links to free scholarship and college searches • 1 -800 -4 -FED-AID – Info about aid programs – Help with FAFSA Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Questions Robert D. Traitz CFP®, AIF® bobtraitz@ gmail. com 201 -566 -3013

Thanks for coming 2021 -22 Financial Aid High School Presentation U. S Department of education’s Finding Money for College Contact information: Robert D. Traitz CFP®, AIF® Phone: 201 -566 -3013 bobraitz@gmail. com

1, 2, 7, 8, 10, 15, 19, 21, 22, 27, 28, 29, 30, 31, 33, 3 4, 36, 44 Robert D. Traitz CFP®, AIF® bobtraitz@gmail. com 201 -566 -3013