Financing Your Education

Brookdale Community College

Current Cost of Brookdale Per Semester – Fall 2004

Tuition and Fees $ 1,380 Books and Supplies 500 Transportation 821 Personal Expenses (lunch) 425TOTAL $ 3,126 Semester

Brookdale is currently $ 106.15 a credit($ 87.75 per credit –tuition, $ 18.40 per credit – fee)Tuition/Fees based on 13 credits

New Jersey College Cost Comparison Per Academic Year

Brookdale CC $ 6,252 Public four-year college $ 15,000 Private four-year college $ 26,000

* Includes tuition, room and board

Getting There Starts HereTwo + Two

4 years at a private university $104,000 2 at Brookdale + 2 at above $ 64,256 Savings $ 39,744

4 years at a public university $60,000 2 at Brookdale + 2 at above $42,256 Savings $17,744

Financial Aid Process

You complete the applications!!!!!– FAFSA (Get a PIN and Apply On-Line)– On-line BCC Confidential

There are Eligibility Formulas

– Federal Methodology/NJ Tuition Aid Grant Formula

You provide information to college

– Verification documents such as tax returns

Receive a letter (award) from college– May contain up to 3 types of financial aid

http://financialaid.brookdalecc.edu

•The PIN serves as your identifier to let you access your personal information in various U.S. Department of Education systems.

•Your PIN serves as your electronic signature.

•Both students and parents should apply for a PIN.

www.pin.ed.gov

www.fafsa.ed.gov•Ability to file FAFSA on-line expedites the process and is less error prone

•Provides access for students to check their application status or make corrections on-line.

•Provides tools to aid in gathering information used to complete the FAFSA.

Sources of Financial Aid

Federal Government State Government College-BCC Foundation Private Organizations

Types of Financial Aid

Gift aid – Not paid back

» Grants and scholarships

Loans – Paid back with interest

» Student and/or parent may borrow

Work-study – Earned as wages

» Part-time jobs on or off campus

Financial Need

Cost of attendance

- Expected Family Contribution (EFC)

= Financial need

Where are the Scholarships? Institutional Scholarships

– Brookdale Community College Foundation Outside Scholarships

– NJ STARS– online searches (www.finaid.org)– High School guidance counselor– local organizations– parent’s and student’s employer– church or synagogue– local hospitals, 4-H, Rotary Club, etc.

What is NJ STARS ?

Merit Scholarship for Degree seeking students attending a community college who graduated in the top 20% of their high school graduating class

Covers Tuition and Fees (up to 15 non-remedial credits), and Equipment Costs but not health insurance fees

May receive NJ STARS scholarship for 5 semesters provided student maintains full time enrollment

www.finaid.org

•Offers various calculators, ranging from cost projectors, EFC estimators & loan payment

•Covers FAQ’s about applying for aid & eligibility, along with a glossary of terms.

•Information about federal, parent and private loan programs, including interest rates, repayment, and borrowing limits.

•Provides general information about various scholarship search options

Loan Programs at BCC

Federal Stafford Loans (variable rate, 8.25% cap) currently 2.77%

Subsidized: need based/interest subsidy

Unsubsidized: no need/no interest subsidy

$2,625 Freshman

$3,500 SophomoreParent Loans

(PLUS-4.17% or NJCLASS-5.25 %)