john iacovelli dean of enrollment management stockton university
TRANSCRIPT
![Page 1: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/1.jpg)
John IacovelliDean of Enrollment Management
Stockton University
![Page 2: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/2.jpg)
Primary goal is to assist students in paying for college and is achieved by:
Evaluating family’s ability to pay for educational costs
Distributing limited resources in an equitable manner
Providing a balance of gift aid and self-help aid
![Page 3: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/3.jpg)
Federal
State
The University/College
Private◦ Civic organizations (i.e., local Rotary Club,
parent’s employer, high school awards, etc.)
![Page 4: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/4.jpg)
Scholarships
Grants
Loans
Employment Opportunities
![Page 5: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/5.jpg)
Merit-Based Aid - aid given to students strictly on the basis of merit. May be based on: ◦ Academic record◦ Special characteristics◦ Skills or talents◦ Involvement
Does not have to be repaid; may be renewable from year to year.
Need-Based Aid - aid awarded to students on the basis of financial need. Re-evaluated each year as financial situations may change.
![Page 6: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/6.jpg)
Federal◦ PELL◦ SEOG
State◦ TAG◦ EOF
Institutional Private Grants and Scholarships
![Page 7: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/7.jpg)
Federal Direct Loan Program◦ Subsidized Loan (4.29%) ◦ Unsubsidized Loan (4.29%) ◦ PLUS (6.84%)
Loan Limits: ◦ First-year students – $3,500◦ Second-year student – $4,500◦ All other grade levels remain at $5,500
All students eligible for additional $2000 of unsubsidized loan.
![Page 8: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/8.jpg)
NJ Class Supplemental Loan Program
Low fixed interest rates beginning with:◦ 10 Year Repayment Loan of 4.99%
Immediate Repayment of Principal & Interest Only
◦ 15 Year Repayment Loan(s) of 7.85% Immediate Repayment of Principal & Interest Only Immediate Repayment of Interest Only, while in school
◦ 20 Year Repayment Loan of 7.85% Full deferment until out of school
![Page 9: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/9.jpg)
Submit the Free Application for Federal Student Aid (FAFSA) prior to the college’s deadline
To ensure maximum consideration for federal, state, and institutional aid, check information from each college to determine:
◦ Required application materials
◦ Application deadlines
![Page 10: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/10.jpg)
FAFSA on the Web at www.fafsa.gov
Collects family’s personal and financial information used to calculate the student’s EFC
![Page 11: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/11.jpg)
![Page 12: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/12.jpg)
1. Correct name, social security #, birth date
2. Number of people in the household
3. Divorced/remarried households
4. Taxes paid vs. taxes withheld
5. Parental and student assetsa. Worth of a second home
b. “Zero is a number”
Please note: for parents who complete a FAFSA from a completed tax return, the IRS Data Retrieval Tool (DRT) will avoid income mistakes.
![Page 13: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/13.jpg)
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
![Page 14: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/14.jpg)
Basis of financial aid package
EFC is determined by a federal formula that calculates need via the FAFSA
EFC & Financial Need are guidelines used by schools to determine a financial aid package
EFC not necessarily equal to the out-of-pocket cost of the family
![Page 15: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/15.jpg)
Tuition and fees Room and board Books and supplies, equipment,
transportation, and miscellaneous personal expenses
Study abroad costs Dependent care expenses Expenses related to a disability Expenses for cooperative education program
![Page 16: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/16.jpg)
X
Y
Z
Cost ofAttendance
(Variable)
Expected Family
Contribution(Constant)
Need(Variable)
1
2
3
EFC EFC
![Page 17: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/17.jpg)
Jan-March
Student /Parents complete FAFSA
March-April
School sends award letter
June-July
School sends Fall semester bill
![Page 18: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/18.jpg)
HESAA Web Site www.hesaa.org HESAA Financial Aid Hotline
◦ 800-792-86708:00 am – 8:00 pm Monday thru Thursday8:00 am – 5:00 pm Friday
NJBEST – College Savings Plan
Federal Aid Website and Toll-free Numberwww.studentaid.gov/completefafsa1-800-433-3243
![Page 19: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/19.jpg)
Services and Forms:
Fin Aid! “The SmartStudent Guide to Financial Aid”:
www.finaid.org
USDE Publications :
www.studentaid.ed.gov/students/publications/FYE/index.html
FastWeb www.fastweb.com
FAFSA on the Web: www.fafsa.gov
“Practice” FAFSA: www.fafsa4caster.ed.gov
![Page 20: John Iacovelli Dean of Enrollment Management Stockton University](https://reader035.vdocuments.mx/reader035/viewer/2022062805/5697bfc81a28abf838ca88a2/html5/thumbnails/20.jpg)
Student Loan Debt = $1.2 TRILLION