HESAA’s Tips and Tricks to Effective Studying

College is a big investment. Even with scholarships and grants, most students end up needing to take out either federal or private student loans. With such a large amount of money invested, there is a lot of pressure for students to do well in school. To help you succeed academically, HESAA has gathered some tips and tricks to make you a studying whiz!

Tip # 1: Get Enough Sleep

Getting enough sleep each night is the single best tip for any student looking to improve their studying habits. Why? Countless studies have shown that most students aren’t catching enough zzz’s to study effectively. Being tired makes it harder to focus and retain information. No amount of coffee or energy drinks can compensate for a full night of sleep, so make sleep a priority.

Tip # 2: Find Your Perfect Study Spot

It may not seem like a big deal, but where you study can really impact the quality of your studying. Find a location that is free from distractions and allows you to focus. For some, it may be at the library while for others it may be outside under a shady tree. Some people can effectively study through nearby noises and distractions while others need quiet and seclusion. You may have to try out several different locations until you find the spot that works best for you.

Tip # 3: Figure out what time of day you study best

Just like finding your perfect study spot, you also need to figure out the time of day that you are most effective when studying. While most students find themselves studying during the day or pulling a late-night cram session, it’s worth getting up early to study once or twice to see if you’re more productive in the morning. You may find that you’re more alert and can better focus after you’ve gotten some sleep.

Tip # 4: Put away your cell phone

Your cell phone is your worst studying companion. Checking your phone constantly will not only break your concentration and focus, but it will make your study session longer than it should be. Consider keeping your phone on silent and putting it out of your sight while studying.

Tip # 5: Take Small Breaks

When studying for long periods of time, it’s important to give your brain a short break every once in a while. Use this time to give your brain a rest. You can do things like take a walk, eat a healthy snack, check your phone, or do some simple stretches. These breaks don’t need to be long; we suggest keeping them around 5-10 minutes.

Tip # 6: Say It In Your Own Words

When trying to grasp difficult concepts, study the material until you can put the concepts and ideas into your own words. When you can do this, you’ll know you have a thorough understanding of the material. If it helps, pretend that you are the teacher and explain it like you would to a class full of students. You can also try writing down the information on paper. Writing things down helps commit them to your long term memory so the concepts will be easier to recall during an exam.

Tip # 7: Use Mnemonic Devices

Some subjects require a lot of memorization. Instead of studying for hours and hours to simply memorize the information, try using mnemonic devices to help you. Mnemonic devices are simple tricks to help your brain connect pieces of information so you can more easily remember them. For example, if I was trying to remember the order of the planets, I could learn the phrase “My Very Excited Mother Just Served Us Nine Pies.” The first letter from each word would correlate to a planet, so it would be easy to know that the order is Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, Neptune, and Pluto. There are hundreds of mnemonic devices out there. Try a few out to see if they help you!

Follow these tips and you’ll be a studying like a pro before you know it!

HESAA Gives Back: The Law Enforcement Officer Memorial Scholarship

There are approximately 900,000 law enforcement officers now serving in the United States. These officers risk their lives to help keep our communities safe. Some officers end up giving the ultimate sacrifice in the line of duty. In the past 10 years, 1,439 officers have died in the line of duty; that’s an average of 144 deaths per year or one death every 61 hours. These officers often leave behind a spouse and children. In addition to the grief and heartbreak that comes from the death of a loved one, there can also be a huge financial impact for the surviving family. This is why the Higher Education Student Assistance Authority (HESAA) of New Jersey created a special scholarship called the Law Enforcement Officer Memorial scholarship. With the cost of education rising, we wanted to make sure that the spouse and children of these fallen officers have the opportunity to pursue an education. Below you will find the details regarding what the scholarship covers, who is eligible to apply and the application process.

Benefits

The Law Enforcement Officer Memorial scholarship covers up to the cost of attendance, less other scholarships, grants, benefits and other assistance awarded under HESAA statute. What’s especially great is that these awards are renewable for up to four years! Students must attend an approved New Jersey college, university or degree-granting proprietary school. You can view the list of approved schools on the New Jersey Grants and Scholarships page at HESAA.

Eligibility

Students must:

• Be a dependent child of a New Jersey law enforcement officer killed in the line of duty
• Be a U.S. citizen or an eligible non-citizen
• Be enrolled full-time in an undergraduate degree program at an approved New Jersey college, university or degree-granting proprietary school
• Be registered with Selective Service (if required)
• Maintain satisfactory academic progress
• Students who have received the maximum number of payments are not eligible

Application Process

Applying for the Law Enforcement Officer Memorial Scholarship is simple. Visit the New Jersey Grants and Scholarships page on HESAA’s website where you will find the application. Make sure you get your application submitted before the deadlines below:

• Fall 2016 & Spring 2017 semester Deadlines: October 1, 2016
• Spring 2017 Semester Deadline: March 1, 2017

We encourage you to share this information with anyone that you feel may be eligible for this special scholarship. We want to make sure that these individuals know that HESAA is here to support them should they decide that they want to pursue an education. We are glad for these opportunities to support members of the New Jersey community.

Source: http://www.nleomf.org/facts/enforcement/

How a Degree Can Impact Your Life

Going to college and obtaining a degree is one of the best time and money investments you can make in your lifetime. While the road to getting accepted to school, financing your education, and actually attending school and earning a degree is long and difficult at times, having a college degree sets you up for success for your future. Today we are going to look at some of the ways having a degree can impact your life.

Better pay

Simply put, statistics show that you’ll earn more money with a college degree than without. For perspective, let’s take a look at some numbers from the U.S. Bureau of Labor Statistics. Listed below are the weekly earnings from 2015 for each education level.

• Less than a high school diploma: $493
• High school diploma: $678
• Some college; no degree: $738
• Associate’s degree: $798
• Bachelor’s degree: $1,137
• Master’s degree: $1,341
• Doctoral degree: $1,623

You can easily see that there is a large jump between the weekly earnings of someone with only a high school diploma and someone with a bachelor’s degree. This is one of the main reasons why we, at HESAA, talk so much about how you should look at college as an investment in your future. The cost of higher education can be high but there are so many ways of making college more affordable through financial aid options like student loans, grants, scholarships, and private loans. Visit HESAA to learn more about these options for New Jersey residents and those looking to attend school in New Jersey.

More Job Opportunities

This one may seem obvious, but it’s worth remembering that not having a college degree really limits your career options. Think about all of the different jobs that require a college degree: teacher, doctor, lawyer, accountant, engineer, professional actor, scientist, journalist, and so many more. It would probably be easier to list jobs that don’t require a college degree than to list those that do. It’s worth taking the time to research the education required for your dream jobs. In most cases you’ll find that they require a minimum of a bachelor’s degree. Even if they don’t require a degree, you might find yourself competing for the same job with those that do have a college degree and that might give them a better chance at receiving a job offer.

Better Benefits

When you have more job opportunities you can shop around for a job with better benefits. Many companies attract workers with an excellent benefit package. When you have a degree and skill set that employers are seeking you’ll be able to find a job with benefits that appeal to you. You’ll want to consider things like the coverage options of their health insurance, how many vacation and sick days you’ll receive, what retirement plans they offer, and any other special perks that set them apart from other companies.

Personal Satisfaction and Happiness

Getting a college degree is a major achievement! You will feel a great amount of personal satisfaction and fulfillment when you find yourself celebrating your graduation in your cap and gown. Luckily, the satisfaction and happiness doesn’t have to end upon graduation. Hopefully, you’ve chosen a major that will take you down a career path that will lead you to a job that you will enjoy and that will bring you daily fulfillment and personal growth.

At HESAA, we hope you will keep these things in mind when deciding whether or not to pursue a degree in higher education. We know that it’s a lot of work and can be an expensive endeavor, but that doesn’t mean that it is out of reach. Visit HESAA to learn more about the different ways you can finance your education.

You Can Qualify! HESAA Offers New Jersey Students Financial Aid

Getting an education is one of the best decisions a person can make. If you are a resident of New Jersey or are planning on attending school in New Jersey then look no further than the Higher Education Student Assistance Authority (HESAA) for information about financing your education. Our website it full of information about state and federal financial aid, state-sponsored scholarships and grants, supplemental loans and more.

Qualifying for financial aid is within your reach! Let’s take a look at the steps you should take to financing your education.

Apply for Federal Aid

Filling out the Free Application for Federal Student Aid (FAFSA) should be the first thing you do when looking to finance your education. Federal Student Aid is a part of the U.S. Department of Education. They are the largest provider of student financial aid in the nation. Each year they provide more than $150 billion in federal grants, loans, and work-study funds each year to more than 13 million students paying for college or career school. If you don’t end up qualifying for a federal grant, taking out a federal student loan may be a good option for you. These student loans typically offer lower interest rates than private student loans.

Apply for New Jersey Grants and Scholarships

New Jersey is proud to offer one the most generous need-based programs in the nation, the New Jersey Tuition Aid Grant (NJ TAG). In fact, one-third of all full-time students attending school in New Jersey receive grants through the NJ TAG. In addition to our need-based programs, New Jersey also has many scholarships. These scholarships vary in amount and qualifications. Visit HESAA to learn more about our grants and scholarships. Remember, grants and scholarships are free money! You’ll want to apply for these early to give yourself the best chance for receiving an award.

Apply for Private Grants and Scholarships

In addition to applying for state-based funding, look into private grants and scholarships. A high school counselor is a great resource for any student looking to learn more about private scholarships and grants.

Consider Supplementing with a Private Student Loan

After you’ve applied for federal, state, and private funding you may find that you still don’t have enough money to cover the cost of attending college. After all, college is expensive. Listed below are the average costs of yearly tuition and fees according to The College Board:

Public Two-Year College (in-district students):          $3,440
Public Four-Year College (in-state students):             $9,410
Public Four-Year College (out-of-state students):      $23,890
Private Four-Year College:                                         $32,410

Considering these amounts, it’s easy to see how you may need extra help paying for school. At HESAA, we offer New Jersey College Loans to Assist State Students (NJCLASS Loans). These supplemental loans were established in 1990 and offer a choice of repayment options. We offer options to start repaying your loan while in school or you can wait until after you graduate. Most repayment plans offer lower interest rates than the Federal PLUS Loan. We offer both undergraduate and graduate/professional loans. Additionally, there are no prepayment penalties for paying off NJCLASS loans early, so borrowers can save even more money on student loan debt interest by paying more than their minimum payment each month. For those looking to attend school in New Jersey, the NJCLASS loan can be a great option if you need to take out a private student loan. As always, you want to make sure you borrow wisely with a plan for how you will repay your loan.

In conclusion, we hope that you realize that you can qualify for some of these student financial aid options. Visit HESAA to learn more about financing your education in New Jersey.

What to do When the Primary Signer Defaults on a Student Loan

Agreeing to be a cosigner for a student loan is a huge responsibility. Hopefully, if you have already cosigned for a loan you did it with someone you trust. Open communication is crucial when agreeing to cosign for a loan. However, sometimes payments don’t get made and as the cosigner, you may not know what’s happening until it’s too late and you are dealing with a loan default.

The Road to Loan Default

First, let’s talk about what it means to default on a student loan. When the primary signer misses a payment, the loan is considered delinquent. During the delinquency it’s crucial to keep communicating with your lender. If help is sought in the early stages of delinquency there may be options such as deferment or forbearance to assist borrowers. However, if payments continue to be missed and the delinquency goes on for many weeks the loan defaults.

Repercussions of a Defaulted Loan

Once a loan has defaulted, borrowers will be immediately responsible for the entire amount of the loan including all accrued interest. A defaulted loan is no longer eligible for deferment, forbearance, or repayment plans. The loan will be shifted to a collections agency and the default will be noted on the borrowers’ credit scores. Collection agencies will then use other means to recoup the money including garnishing wages, repossessing vehicles, and even putting a lien on your home. Because students typically don’t have as many assets as the cosigner, it’s more likely that you as the cosigner will feel the impact.

Communicate With the Primary Signer

Now that you know what happens when a student loan defaults, talking to the primary signer is critical. Discuss what the defaulted loan means for you and them. Remind them of their responsibility. Together, create a plan for how you will pay off the loan in full.

Consider Your Options

There’s no easy way of dealing with a defaulted loan. Most of the simple solutions happen long before a loan has even become delinquent. Nevertheless, let’s talk about a few options for you to consider.

• Contact the lender – It’s unlikely that the lender will be able to provide many options once the loan has defaulted, but it’s still worth contacting them to see if they can do anything to help. At HESAA, we have resources for those that are having trouble making payments on our supplemental loans.
• Primary signer takes out a third party loan – While the chances of them finding a lender are slim, the primary signer may be able to take out a third party loan large enough to pay off the student loan (remember that once a student loan is defaulted borrowers owe the entire amount of the loan plus interest immediately). This would completely absolve you of any further responsibility for the student loan.
• You take out a third party loan – If the primary signer does not qualify or is unwilling to take out a third party loan, this may be your best option if you don’t have the savings to pay the full amount of the student loan upfront. A third party loan is likely to have a high interest rate but would allow you to make payments.
• Contact friends and family – See if any friends and family would be willing to make a financial contribution to help pay off the student loan. If enough people help out it could make the amount you have to pay attainable without needing a third party loan.
• Talk with a financial planner – A financial planner won’t make the student loan responsibility go away but he/she may be able to help you find the best way to pay off the loan and to start the process of getting your credit score and personal finances back to where they need to be.

Hopefully, as a cosigner you understood that there was the possibility that you would be responsible for either partially or entirely paying off this loan, and as such you have sufficient funds in place to do so. If not, we hope that this article will help you consider what other options are available to you.

Grant, Scholarship, or Loan: What’s the Difference?

At HESAA, we know that there are lots of terms that we use when talking about student financial aid. In this article we are going to take a closer look at three of the most common types of financial aid—grants, scholarships, and student loans.

What is a Grant?

A grant is a certain amount of money that is given to a person by an organization or the government. Recipients of grants are not limited to just students, but for the purposes this article we will be talking specifically about student grants. One of the great things about receiving a grant is that the recipient does not need to repay the grant—in other words, it’s free money. Student grants can help pay for tuition, housing, food, books, and other school-related expenses. People often confuse grants with scholarships. After all, they are both free money, right? The difference is that grants are typically need-based while scholarships are merit-based.

One of the most common grants you might hear about is called a Federal Pell Grant. This grant is awarded through the federal government and is for undergraduate students who have not earned a bachelor’s or professional degree. Students can apply for a Pell Grant by filling out the Free Application for Federal Student Aid (FAFSA). The award amount varies based on your financial need, the cost of attendance at your school, whether you are a part-time or full-time student, and a few other variables. Some fail to fill out their FAFSA because they think it is too hard. HESAA has gathered some helpful tips to get started. You can also check the current maximum award amounts at the Federal Student Aid website.

What defines a Scholarship?

Scholarships are a certain amount of money that is given to a person for educational purposes based on academic or some other type of achievement. This is an instance where getting good grades can really help you pay for school. In addition to academic scholarships, there are also athletic and artistic scholarships available.

Scholarships come from a variety of places. Some come directly from universities while others come from organizations. There are even state sponsored scholarships like New Jersey’s Governor’s Urban Scholarship. To learn more about scholarship opportunities in New Jersey, visit HESAA.

You may have heard people talking about full-ride scholarships. These scholarships often cover tuition, books, fees, and even room and board. It’s easy to see why these sought-after scholarships are so competitive. With so many scholarships out there, it can be difficult to know where to start looking. We suggest working with your high school guidance counselor to identify scholarship possibilities that may be right for you based on your grades, interests, and experience. In addition to your high school counselor, consider using one of the many scholarship locating websites or asking a mentor or parent to assist you in finding scholarship opportunities.

What makes Student Loans different?

Student loans are money that you borrow from either the government or a private institution to help you pay for school. Student loans often have a lower interest rate than other types of loans, and you typically don’t have to start repaying the loan until after you graduate. Even if you end up receiving scholarships and grants, you still may not have enough money to cover the cost of attending school. Most students looking to get a student loan get one through the federal government. If a federal student loan still doesn’t cover your expenses, you can consider taking out a supplemental student loan such as an NJCLASS loan. These student loans can make your dream of attending college a reality.

HESAA Gives Back: The NJ World Trade Center Scholarship Fund

The tragic events of September 11, 2001 are forever a part of American history. Nearly 3,000 people lost their lives as a result of the attack. Some of those victims were residents of New Jersey. To honor those that lost their lives in the attack and to help take care of their families, the Higher Education Student Assistance Authority (HESAA) created a special New Jersey World Trade Center Scholarship Fund.

This unique scholarship from HESAA benefits a surviving spouse and dependent children of New Jersey residents who were killed or died as a result of injuries sustained by the terrorist attacks.

Benefits

Scholarship recipients may attend any Title IV eligible college or university in New Jersey or out-of-state. The average amount recipients receive is $6,500, and this scholarship is renewable each semester as long as recipients continue to meet the eligibility requirements. The scholarship amount cannot exceed the actual tuition, fees, room and board charged. Scholarship amounts may change as a result of changes in program funding and student’s other available financial assistance.

Eligibility

Listed below are the eligibility requirements for this HESAA scholarship:

• Be a child or spouse of an individual who was a NJ resident on September 11, 2001 who was:
• Killed in the terrorist attacks against the United States on September 11, 2001
• Died as a result of injuries received in the attack
• Died as a result of illness caused by exposure to the attack sites
• Declared missing and officially presumed dead as a result of the attack
• Be a U.S. citizen or eligible non-citizen
• Be a full-time, undergraduate student
• Eligibility to apply is limited to eight years from the date of the child’s high school graduation and eight years from the date of death for the spouse.
• Maintain satisfactory academic progress
• Not have received the maximum allowable number of payments. For example: eight semesters of payment for a regular four-year degree program; five semesters of payment for a regular two-year degree program.

Application Process

Applying for the WTC Scholarship is easy. Visit the New Jersey Grants and Scholarships page on HESAA’s website where you will find the application. Make sure you get your application submitted before the deadlines below:

Fall 2016 Semester Deadline: October 1, 2016
Spring 2017 Semester Deadline: March 1, 2017

When you apply you will be asked to provide the following document to verify your eligibility:

• Proof that the deceased was a New Jersey resident on September 11, 2001
• An original or certified copy of the death certificate, or an accurate and complete photocopy of the original or certified copy of the death certificate
• A letter from the deceased’s physician stating the cause of death
• Proof that the deceased was registered with an appropriate state or federal registry, including, but not limited to:
• The Victim’s Compensation Fund
• The World Trade Center Medical Monitoring & Treatment Program
• The World Trade Center Health Effects Treatment

At HESAA, we are proud to offer the NJ World Trade Center Scholarship Fund. Recipients of this scholarship deserve our continual love and support. We hope that this financial assistance will make getting an education a reality and that a college degree will make for a brighter future. This scholarship is a small way we are giving back and offering support to the wonderful citizens of New Jersey.

There’s Still Time! Applying Through HESAA for Financial Aid in New Jersey

Don’t worry, there is still time left to apply for state-based financial aid in New Jersey. HESAA, the New Jersey Higher Education Student Assistance Authority, has compiled a list of deadlines for you to use as a reference. We encourage you to familiarize yourself with the deadline dates below to make sure you don’t miss out on the possibility of receiving New Jersey state or federally funded student financial aid. We have included dates for the upcoming 2016-2017 school year, and we have also listed the deadlines for the 2017-2018 school year for those looking to plan ahead. You can always visit HESAA for more information on these programs and deadlines.

HESAA's FAFSA Filing Deadlines

The FAFSA must be RECEIVED by the Federal processor (not postmarked) by the dates below to be considered for the Tuition Aid Grant (TAG), Governor’s Urban Scholarship, NJ STARS and NJ STARS II programs:

2016-2017 Academic Year

All applicants (Fall 2016 and Spring 2017)	October 1, 2016
All applicants (Spring 2017 only)	March 1, 2017

2017-2018 Academic Year

2016-2017 TAG renewal applicants	April 15, 2017
All other applicants  (Fall 2017 and Spring 2018)	September 15, 2017
All other applicants (Spring 2018  only)	February 15, 2018

HESAA's Deadlines for completing State grant records (Applicant Information Requests (AIR), State verification, corrections, college code changes, etc.):

2016-2017 Academic Year

All applicants (Fall 2016 and Spring 2017)	November 15, 2016
All applicants (Spring 2017 only)	March 15, 2017

2017-2018 Academic Year

2016-2017 TAG renewal applicants (Fall 2017 and Spring 2018)	September 15, 2017
2016-2017 TAG renewal applicants (Spring 2018 only)	November 1, 2017
All other applicants (Fall 2017 and Spring 2018)	November 1, 2017
All other applicants (Spring 2018 only)	March 1, 2018

Here at HESAA, we want you to succeed both financially and academically. We hope you will write these deadlines down somewhere that you will see them frequently. Applying early is your best option for not missing a deadline, but you can also ask a family member to help you remember, write it down in a planner or calendar, or you can even set some reminders on your cell phone. There are lots of ways to make sure you get considered for these great New Jersey student financial aid options.

New Jersey Programs Quick Reference

Here is a list of the programs mentioned above. We have included a quick summary of each program. Besides the FAFSA, all of these are New Jersey based programs.

FAFSA – Free Application of Federal Student Aid

FAFSA is a government sponsored program that the largest provider of student financial aid in the nation. It provides student financial aid in the form of grants, student loans and a work-study program.

NJ TAG – New Jersey Tuition Aid Grant

NJ TAG is a state sponsored need-based program that awards grants covering up to the full cost of tuition to those attending select schools in New Jersey. One-third of all full-time students attending school in New Jersey receive grants through the NJ TAG.

Governor’s Urban Scholarship

The Governor’s Urban Scholarship Program, launched by New Jersey Governor Chris Christie in 2012, is a merit-based scholarship program that benefits students in New Jersey’s economically challenged communities.

NJ STARS – New Jersey Student Tuition Assistance Reward Scholarship

The NJ STARS program was created by the State of New Jersey in 2004 to help provide financial aid for New Jersey’s highest achieving students.

NJ STARS II – New Jersey Student Tuition Assistance Reward Scholarship II

The NJ STARS II program provides funding for successful NJ STARS scholars who transfer to a New Jersey four-year public or private college or university to earn a bachelor’s degree.

Common Mistakes Students Make When Applying for Financial Aid

Figuring out how to finance your education can be overwhelming. Not only do you have to figure out all of the different types of aid available, but you also have to juggle applications and deadlines at the same time. Here at the Higher Education Student Assistance Authority (HESAA) we want to help make the process as smooth as possible for you, so we are going to talk about five common mistakes students make when applying for financial aid.

Mistake # 1 – Not Applying at All

This one may seem obvious, but it’s really easy to count yourself out for financial aid simply because you think you won’t qualify. In reality, you have nothing to lose and everything to gain from applying for all different types of financial aid. While you may not qualify for certain types of funding, you might be the perfect candidate for others. Complete the FAFSA form to get started!

Mistake # 2 – Not Applying Soon Enough

Sometimes we fall into the trap of thinking that as long as we apply by the deadline that we have as good of a chance at getting financial aid, grants, and scholarships as those that applied early. However, this isn’t always the case. Financial aid is often awarded as applicants apply and so there may not be as much money left for those that apply right before the deadline. While you can’t guarantee that you’ll receive funding, you can guarantee that applications are submitted early enough for top consideration.

Mistake # 3 – Not Knowing Your Options

Finding success in paying for school comes from knowing the different types of aid available to you. Students often finance their education through a number of different ways including

• Personal savings
• Family assistance
• Federal aid, scholarships, grants, and loans
• Private grants and scholarships
• Supplemental loans
• Working part-time while attending school

Here at HESAA, we encourage you to take some time to research all of the ways you can finance your education.

Mistake # 4 – Not Asking for Help

There are so many people that can help you apply for financial aid. A parent or caregiver is often your closest and best resource, but you should also consider asking your High School guidance counselors, siblings, teachers or other helpful mentors in your life. You may find that specific mentors are best suited to assist you with certain types of financial aid. For example, your parents will be a great help when filling out the Free Application for Federal Student Aid (FAFSA) and may also help you by co-signing for a supplemental loan. In contrast, your High School guidance counselor is one of the best resources for learning about local and national scholarships and grants. Regardless of those you choose to ask for help, the important thing is that you don’t try to go through the application process alone.

Mistake # 5 – Not Having a Contingency Plan

Even if you’ve done everything in your power to get yourself financially prepared for college by saving money, filling out the FAFSA and applying for grants and scholarships you still won’t have a guarantee that you will receive enough funding to cover the cost of college. In these cases, many students will also apply for a federal student loan and/or supplemental loans like the New Jersey College Loans to make ends meet. While nothing is better than free money, these loans still make attending college a possibility.

What is the New Jersey Tuition Aid Grant (TAG)?

At HESAA, our mission is to provide students and their families with financial information and resources to help those wishing to pursue education beyond high school. We have lots of information about different types of student financial aid options on our website, but today we are going to share information about the New Jersey Tuition Aid Grant (New Jersey TAG) program. This need-based grant is one of the most generous programs in the nation, and the program is also one of the most popular. One-third of all full-time students attending school in New Jersey receive grants through the New Jersey TAG.

Support through New Jersey TAG isn’t limited to just full-time students either. Part-time students attending a county school taking between 6-11 credits are also eligible for an award.

What You Should Know About TAG:

NJ TAG Benefits

Awarded grants through New Jersey’s TAG program may cover up to the full cost of tuition. The amount that you receive is based on several things including the cost of attendance, your financial need, and the availability of funds.

Another great benefit is that the grant may be renewed annually as long as you continue to meet the eligibility requirements.

To give you an idea of what the maximum grant awards are for 2016-2017 take a look at the list below:

• County Colleges - $2,680
• State Colleges & Universities - $7,096
• Independent Colleges & Universities - $12,438
• Rowan - $8,080
• Rutgers - $9,468
• NJIT - $10,986

Verify Your Eligibility

Before you apply, make sure you read through the following requirements to make sure you are eligible to receive a grant:

• Have a high school diploma or recognized equivalent
• Demonstrate financial need
• Be a U.S. citizen or an eligible non-citizen
• Be a legal resident of New Jersey for at least 12 consecutive months immediately prior to enrollment
• Be registered with Selective Service (if required)
• Maintain satisfactory academic progress
• Be a full-time undergraduate student enrolled in an approved degree or certificate program

In addition the eligibility requirements, there are a few things that disqualify you from receiving a grant. Take a look at the reasons below and make sure you are eligible before applying.

• You have a bachelor degree or associate degree if enrolled at a two-year college
• You received the maximum allowable number of grant payments
• You owe a refund of a Federal or State grant
• You are in default on a Federal or State loan
• You are enrolled in a program leading to a degree in theology or divinity

Know the Deadlines

The Federal Application for Free Student Aid (FAFSA) must be received (not postmarked) by the federal processor by the dates indicated below to be considered for TAG:

2017 - 2018 Academic Year

• Renewal TAG recipients - April 15, 2017
• All other applicants (fall semester or full academic year) - September 15, 2017
• All other applicants (spring semester only) - February 15, 2018

Apply through HESAA

Applying for the New Jersey TAG is easy. Once you’ve filled out your FAFSA, simply register for an account at HESAA and submit the additional New Jersey questions before the deadline. We’ve done our best to make the application process easy. In fact, we even have an online estimator that will help you estimate your potential TAG award. We encourage you to use this financial planning tool early to assist in your financial preparations.

We hope you have a better understanding of what the New Jersey TAG program is about and what it can potentially offer you. We encourage all qualified students interested in attending school in New Jersey at one of our participating institutions to apply for this grant. If you end up not qualifying for a New Jersey TAG grant, visit HESAA to see what other student financial aid options might work for you.

Student Financial Aid from New Jersey’s HESAA

Getting ready for school? Wondering what is available for Student Financial Aid in New Jersey? The New Jersey Higher Education Student Assistance Authority (HESAA) helps students like you find the financial aid that they need in order to get a higher education. With their mission of “Providing students and families with financial and informational resources for students to pursue their education beyond high school,” HESAA seeks to provide opportunities for that might not otherwise be available through student loans, scholarships and grants.

As you can see in the infographic above, HESAA provides financial aid through many different channels. If you are looking for programs to help you save for college, you may consider looking into the NJBEST program, which helps families plan and save for college.

A popular program used by about ⅓ of New Jersey’s college undergraduates, the Tuition Aid Grant (TAG) program is a need-based grant that may cover up to the cost of tuition based on financial need, cost of attendance, and available funding.

If you are looking for Scholarships, and were part of the top 15% of your class during Junior or Senior year, the NJ STARS program can help you. Created with New Jersey’s highest achieving students in mind, the NJ STARS award can cover the cost of tuition for up to 5 semesters of continuous full-time enrollment in a degree program.

For help getting started, or just to learn more, visit HESAA.org.

Where to Apply for Student Financial Aid

Financing your education can seem like a daunting task. You already know that you should look into financial aid options, but you aren’t sure about where to start. Here at the Higher Education Student Assistance Authority (HESAA) we are here to help you know where to apply for student financial aid. Follow these easy steps and you’ll be on your way to financing your education:

1. Apply for Federal Aid

Complete the Free Application for Federal Student Aid (FAFSA). Federal Student Aid is the largest provider of student financial aid in the nation. It provides financial assistance in the form of grants, loans and a work-study program. There is no age limit to receiving assistance; you simply need to meet all of the eligibility requirements. The FAFSA application is available online and the earlier you fill it out the better. Be sure to visit their website and familiarize yourself with the current deadlines. They even have an Early Estimator Calculator that can help you get a rough idea of an early estimate of your eligibility for federal student aid. They recommend juniors in high school or even those in middle school to use this calculator. Having an idea of the funding that may be available to you early on will help you create a successful strategy for paying for school.

2. Apply for State-funded Grants and Scholarships

Make sure you are also considered for state assistance. When submitting your FAFSA, check to see if your state offers state funded grants and scholarships. Applying for state funding in New Jersey is easy and convenient. After you’ve submitted your FAFSA online, simply register for an account through the HESAA website and answer the New Jersey grant questions. The New Jersey Tuition and Grant Program (TAG) is one of the most generous need-based financial aid programs in the nation. It offers funding for full and part-time students attending select schools in New Jersey. The TAG program also offers an online NJ TAG Estimator to help you see what types of funding may be offered to you. New Jersey also has merit-based scholarships available through the New Jersey Student Tuition Assistance Reward Scholarship (NJ STAR). These scholarships are eligible to those who rank in the top 15% of their class at the end of their junior or senior year of high school who plan on attending select county colleges in New Jersey. In addition to these two programs, there is information about many more state funded grants and scholarships available through HESAA.

3. Look into Supplemental Student Loans

Consider investing in a student loan. There are times when college savings, scholarships, grants and federal loans just aren’t enough. Federally funded student loans, both subsidized and unsubsidized, tend to be the best and most affordable options. However, you may not qualify for these student loans, or you may not qualify for a loan large enough to cover all of your costs. When this is the case, students and their families can begin looking at private & supplemental loans like New Jersey College Loans to Assist State Students (NJCLASS) available through HESAA. HESAA will help you determine if you are eligible for NJCLASS loans. These supplemental student loans are offered to those New Jersey residents who plan to attend an eligible in-state or out-of-state school and to out-of-state students attending an eligible school in New Jersey.

Knowing the types of financial aid available to you can help you start your financial planning early. Having a plan on how you will pay for school is one of the first steps in setting yourself up for success. Following these easy steps will help you make one of the smartest investments in your future.

How to Receive the NJ STARS Scholarship

NJ STARS: New Jersey Student Tuition Assistance Reward Scholarship

Here at HESAA, we understand that it can be financially difficult for families to send their children to college, even if those children are exceptional students. However, Grants and Scholarships (i.e. financial aid that does not need to be repaid) can make that dream much more attainable. The New Jersey Student Tuition Assistance Reward Scholarship (NJ STARS) program was created by the State of New Jersey in 2004 to help provide financial aid for New Jersey’s highest achieving students.

The NJ STARS award can be used to cover the cost of tuition (minus any State and/or Federal grants and scholarships) for up to eighteen credit hours per semester. This blog article should help you understand the basics of the NJ STARS scholarship.

NJ STARS Eligibility

In order to be considered for an NJ STARS scholarship, students must meet the following criteria:

• Be a Resident of the State of New Jersey — The student must be a U.S. citizen or eligible non-citizen who is a legal resident of the State of New Jersey for at least 12 consecutive months immediately prior to high school graduation
• Rank in the Top 15% of Their Class at the end of either their junior or senior year of high school
• Complete a Rigorous Course of Study at the high school level
• Plan on Attending the New Jersey County College in Their Home County — If the student’s desired program of study is not offered at the county college where they reside or is oversubscribed for at least one year, they may attend another New Jersey county college
• Achieve an Acceptable Score on a College Placement Test, Demonstrating College Readiness — If remediation is required, the student must demonstrate college readiness by September 1st of the year following their high school graduation.

For up-to-date eligibility requirements, please refer to the NJ STARS Fact Sheet for the applicable year.

NJ STARS Application

To apply for the NJ STARS award, you will need to:

• Meet All Eligibility Requirements
• Apply for Admission to Your Home County College
• File Your Free Application for Federal Student Aid (FAFSA) Within State Deadlines (see deadlines for the 2017-2018 school year here)

Once these steps have been completed, you will receive notification regarding your NJ STARS eligibility from your home county college.

NJ STARS Renewal Requirements

Qualifying students may receive an NJ STARS award for up to five semesters of continuous, full-time enrollment in a degree program. However, they must meet additional eligibility requirements to continue receiving the scholarship. They must

• Maintain Continuous, Full-Time Enrollment in an Associate Program at Their Home County College
• Take at Least Twelve College-Level Credits per Semester
• File an Annual FAFSA Within State Deadlines
• Attain a Cumulative Grade Point Average (GPA) of 3.0 or Higher by the Start of Their Second Year of Enrollment

Successful NJ STARS scholars who wish to transfer to a New Jersey four-year public or private university or college in pursuit of a bachelor’s degree may be eligible to receive the NJ STARS II award.

When Should I Start Saving for My Child's College Education?

If you’ve ever looked at How Much College Actually Costs, you probably wonder just how early you should begin saving for your child’s college education. Here at HESAA, we wanted to help you answer that question. The truth is that the short answer is:

Start Saving for College as Soon as Possible.

That being said, let’s look at the long answer. Your ability to save for your child’s future education has a lot of influencing factors. First, before looking at saving for college, you need to be taking care of your current financial obligations, including all of your livings expenses and your current debt payments.

Next, you need to determine which savings goals matter most to you.

For example, you may want to figure out if you think it is more important for you to save for your child’s college education or for your own retirement. For many, saving for retirement takes precedence over college savings because they don’t want to become a financial burden on their children later in life and there are other financial opportunities that can help pay for college that are not available for retirees. Many financial advisors also suggest that you have a “rainy day” fund with 3-6 months worth of income in it and an emergency fund for large, unexpected occurrences like car repairs or medical bills.

You can, of course, start saving in each of these areas, because saving for one does not preclude saving for the others. However, determining your priorities will help you decide how much you can put into each savings category.

Why Should I Start Saving Early?

It is our opinion, however, that you should begin saving for your child’s education while they are still young. You may not be able to save enough money to pay for college outright, but anything you are able to save doesn’t have to be made up later using Grants, Scholarships, or Expensive Student Loans.

Interest Rates Make a BIG Difference.

Another reason to start saving early is that the length of your investment, coupled with compound interest adds up. Looking at a few savings examples will help illustrate why saving early can pay off.

If you start saving for college when your child is born and save $100 per month in an account that receives 1% compound interest, by the time your child turned 18, you would have invested $21,600, resulting in nearly $23,800 after interest.

On the other hand, if you wait until your child is 5 years old to start saving and put the same $100 per month away with the same 1% interest rate, you will have invested $15,600, resulting in close to $16,800 after interest.

In these examples, saving sooner resulted in much higher investment levels, of course, but the additional interest also resulted in an extra $1,000. If you are able to find a higher yielding investment, that difference grows exponentially. If we look at the same $100 per month investment at a 3% interest rate, it would result in over $28,800 over 18 years or just over $19,200 over 13 years.

As you can see, starting to save for your child’s education early can make a big difference in how much you can help them pay for college. Here at HESAA, we want to help you Plan for Your Child's Future. If you’re ready to start saving for you child’s future, you may want to look into qualified tuition plans like NJBEST, New Jersey’s 529 College Savings Plan.

How Cosigning a Student Loan Works

Between rising tuition costs and higher prices on everything from housing to books, many — if not most — college students find that student loans are their last hope for acquiring a higher education. Those students who find that borrowing money is necessary, even after College Savings Plans, Grants, and Scholarships, should look into ways to Minimize Their Student Loan Debt.

Additionally, if student loans are necessary, Federal Student Loans should be used as the student’s primary borrowing source. Federally backed loans typically don’t require a cosigner and provide additional benefits like lower interest rates, payment deferral while in school, tax deductible interest, and the possibility of deferral or forbearance during repayment.

Private and Supplemental Student Loans Often Require a Cosigner

There are times, however, when college savings, scholarships, grants, and federal loans just aren’t enough. Under these circumstances, students and their families can begin looking at private & supplemental loans like New Jersey College Loans to Assist State Students (NJCLASS) available through HESAA.

Because most college students either don’t have a good credit score or don’t have an established credit history, many private and supplemental lenders require a cosigner on student loans, but Cosigning a Student Loan Can Be Risky. Understanding how cosigning works is critical in this situation.

Why Is a Cosigner Needed?

Private and supplemental student loans are termed as unsecured consumer loans. That means that they are not backed by the government and they aren’t secured by a tangible asset like a house or a car, making them riskier investments because there is nothing to repossess if the loan defaults. When a student doesn’t have a good credit score or an established credit history, financial institutions will also see them as a risky investment because there isn’t any historic data indicating that this person is likely to pay back the loan. This typically results either in high interest rates, low borrowing limits, or both. It can even result in being turned down for a loan altogether.

However, many lenders will consider extending a loan with better terms if somebody is willing to cosign the loan with the primary borrower. The credit score and history of the cosigner will be taken into account and allow the lender to offer better interest rates, borrowing limits, and loan terms. While most student loan cosigners are the student’s parents, a cosigner doesn’t have to be related to the borrower.

What Does Cosigning Mean?

A cosigner — as the name indicates — signs the loan in tandem with the primary borrower. In essence, they guarantee that they will cover the debt if the primary borrower fails to pay back the borrowed money. Even though they don’t receive any money from the loan, the cosigner takes on equal responsibility for repaying the debt.

It’s important to note that any cosigned loans will show on the cosigner’s credit rating and credit history, and any late payments on those loans can and will affect their ability to borrow money themselves. If the primary borrower fails to make payments or defaults on the loan, the cosigner can be held responsible for repayment of the debt.

Cosigning a Student Loan Is a Big Responsibility

In many ways, cosigning a loan isn’t that different from taking out a loan yourself. Until the loan is paid back, you are financially responsible for its repayment. Before agreeing to cosign a student loan, you should carefully consider how doing so will affect you and your credit. You will need to be sure that you are willing and able to repay the loan if the primary borrower fails to make payments on the loan for any reason.

If you choose to cosign a student loan, you should carefully consider all aspects of the loan including the loan’s interest rate, term, repayment schedule, and penalties. Then, you should make sure that the primary borrower fully understands the risk you are taking on for them and how their action or inaction can and will affect your financial position.

What Are NJCLASS Student Loans?

Paying for College

Paying for college isn’t always easy, and with rising tuition fees, it can sometimes seem almost impossible. When college costs are looming, it can be easy to lose sight of the different ways you can meet these financial obligations, which is why HESAA is here to help. Generally speaking, there are three main sources of funding that can be used to pay for school. First and foremost, educational savings put aside by the student or their family can be a great advantage in attending school affordably.

Second, prospective and current students should always look into eligibility requirements for Grants and Scholarships. Choosing not to look into these types of funding can be a big mistake. Because they don’t have to be repaid, both grants and scholarships are, in essence, free money.

Student Loans

When educational savings, grants and scholarships aren’t enough, it’s time to start looking at student loans. Federally funded student loans, both subsidized and unsubsidized, tend to be the best and most affordable options. However, there are times that students and/or their families make too much money to qualify for these low-interest loans or they don’t qualify for high enough loan amounts to fully cover college costs. When this occurs, private or supplemental student loans may need to be considered.

Private student loans tend to have the highest interest rates of any loans available for education, and should typically only be considered as a last resort. Supplemental student loans, on the other hand, are available from various sources, including the U.S. Department of Education and various state agencies. For example, Direct PLUS Loans are offered to parents of dependent undergraduate students and to graduate or professional students through the U.S. Department of Education.

NJCLASS Student Loans

Students who are from New Jersey or who plan on attending college in New Jersey should determine if they are eligible for NJCLASS student loans, supplemental loans available through New Jersey’s Higher Education Student Assistance Authority (HESAA). New Jersey College Loans to Assist State Students (NJCLASS) are supplemental student loans offered to two specific groups of college students:

New Jersey Residents Who Plan to Attend an Eligible In-State or Out-Of-State School
Out-Of-State Students Attending a School in New Jersey

These loans can help you pay for college costs that are not covered by other sources of funding like savings, grants, and scholarships. The program was established in 1990 and most repayment plans offer lower fees and interest rates than Federal PLUS Loans. Like PLUS Loans, NJCLASS loans can be utilized by undergraduate students’ families and by Graduate and Professional students. NJCLASS loans are also available for consolidation of student debt.

For New Jersey college students and their families, NJCLASS loans are often a better choice than PLUS Loans because they tend to offer lower fees and interest rates than their federal counterpart. Most borrowers have a choice of repayment options and can begin repayment while they are still in school or after graduation. Additionally, there are no prepayment penalties for paying off NJCLASS loans early, so borrowers can save even more money on student loan debt interest by paying more than their minimum payment each month.

In conclusion, NJCLASS loans can be a great option for those seeking a college education in New Jersey. However, you should always remember that if you need to borrow money for a college education, you need to Borrow Wisely.

About NJBEST: New Jersey’s 529 College Savings Plan

What Are 529 Plans?

Originally created in 1996, Qualified Tuition Plans — commonly referred to as 529 plans or 529 college savings plans — are tax-advantaged savings plans designed to make it easier to save for college or other post-secondary training. The moniker of “529 Plans” refers to section 529 of the Internal Revenue Service (IRS) code, which provided for the establishment of these plans.

There are two different types of 529 plans, but each must be set up with a designated beneficiary. The first type, a prepaid tuition plan, can generally be used to purchase credits or other approved units at participating colleges and universities. When the student begins attending school, they can use these prepaid credits toward tuition and fees. These plans can be beneficial because they lock in tuition prices at eligible schools. However, they are limited on what they can be used for and where they can be used. Many also have restrictions on the age or grade of the beneficiary.

College Savings Plans, on the other hand, tend to be more flexible. Tuition rates are not locked in because the funds are not designated for specific schools. There are no age limits on who they can be opened for and they can be used to cover all “qualified higher education expenses,” including:

• Tuition and Fees
• Room and Board
• Required Books and Computers

If you are interested in using a 529 plan to save money for college, make sure you look carefully into the pros and cons of each type of plan and pick the one that best fits the needs of you and your future student.

NJBEST: The New Jersey 529 College Savings Plan

The New Jersey Better Educational Savings Trust, NJBEST for short, is a 529 College Savings Plan created by the state of New Jersey. It has the flexibility of all 529 College Savings Plans, but also offers some exclusive benefits just for New Jersey residents.

Flexible Savings

First, you don’t have to worry about your savings being wasted. You, as the plan owner, get to decide how and when your assets are spent on higher education expenses. In fact, if your chosen beneficiary chooses not to pursue higher education, you have the ability to use the funds to educate another family member (read the Investor Handbook for details). And, since the funds can be used at any accredited college, you don’t have to worry about what school the student chooses to attend.

Potential Scholarship of up to $1,500

In addition to your savings, the NJBEST program offers students the potential of receiving a college scholarship of up to $1,500. This tax-free scholarship is available to many students at New Jersey colleges and universities. The value of the scholarship increases with the time and investment of your NJBEST savings plan.

Limited Interference with New Jersey Financial Aid Eligibility

One key feature of the NJBEST 529 College Savings Plan is that there is limited interference with other New Jersey Financial Aid. The plan is structured so that the first $25,000 in savings is excluded from the criteria used to determine financial aid eligibility in the state of New Jersey.

Low Minimum Contribution - High Contribution Limits

You don’t have to be able to save a lot to get started. In fact, you can start your NJBEST savings plan with as little as $25. Once started, you can continue to make contributions to your college savings plan until the plan’s value reaches $305,000, making sure that you can save plenty of money for your future student’s education.

Tax Advantages

Your NJBEST savings plan grows free from federal income tax and New Jersey state income tax. Qualified withdrawals are not typically subject to these taxes either. If others wish to make a large contribution to your beneficiary’s 529 savings plan, there is often special gift and estate tax treatment. A single-year contribution of up to $70,000 ($140,000 if given by a married couple) is generally excluded from federal gift and estate taxes. However, the contributor can make no further gifts to the beneficiary for five years under these circumstances.

College is expense and the rising cost of tuition means that it will only get more so. You can invest in your child’s future by opening a 529 Plan.

Sources:

https://www.sec.gov/investor/pubs/intro529.htm
https://www.irs.gov/uac/529-plans-questions-and-answers

1. Investing in NJBEST savings plans does not guarantee admission to any college, either in New Jersey or elsewhere.
2. NJBEST scholarships are awarded during a beneficiary’s first year of college.
3. Tax benefits are conditioned upon meeting certain requirements. Nonqualified withdrawals and particular circumstances may not result in tax benefits. Always consult a tax advisor before investing.
4. As with any investment, 529 plans have risks associated with them that can cause investment return and principal to fluctuate.
5. Please read the Investor Handbook for more information on NJBEST College Savings Plans.