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.
