Financial Aid 101

Last Updated: 01/19/2024

Where to Start

The Free Application for Federal Student Aid (FAFSA) is an application for a variety of financial aid sources - grants, loans, scholarships, and work-study - to help you pay for college or career school. It's a key step in figuring out what you're eligible for, but it is a detailed application, and it requires you to have access to important documents and to understand a few key things.

NJ Dreamers should fill out the NJ Alternative Financial Aid Application. Who are Dreamers? These are residents who are not eligible for the FAFSA but may be eligible for State financial aid if they meet applicable criteria.

Key Resources

In terms of documents, you'll need:

Your Social Security #
Your parent(s)' or guardian(s)' Social Security numbers if you are a dependent student
Your driver's license number (if applicable) or Alien Registration number if you are not a U.S. citizen
Federal tax information, tax documents, or tax returns for you (and your spouse, if you are married), and for your parents if you are a dependent student: IRS W-2, IRS 1040, Foreign tax return or IRS 1040NR, Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
Records of your untaxed income, such as child support received, interest income, and veterans non-education benefits, for you, and for your parents if you are a dependent student
Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate; and business and farm assets for you, and for your parents if you are a dependent student

Want some help filling out your FAFSA?

Check out the Higher Education Student Assistance Authority (HESAA). It has free FAFSA workshops and other resources (including additional grants or loans). Call 609-584-4480 or 800-792-8670 (English and Español) for more information. They also have a "Financial Aid Shopping Sheet," which allows you to estimate educational expenses, scholarships, loans, and other funds needed to cover the cost of attending school.

New Jersey Financial Aid Monitoring System (NJFAMS). Once students complete their FAFSA or the NJ Alternative Financial Aid Application, they will need to create an NJFAMS account or log in to their existing account and monitor their 'To Do List.' This list will show if there are any more documents or information the State needs from a student before they can view their available financial aid. Once that process is complete, students will be able to view and monitor their State financial aid in their NJFAMS account.

Tuition Aid Grants (TAG). Offer need-based assistance to New Jersey students enrolled at approved New Jersey colleges and universities. TAG awards are based on factors such as family income level and the type of institution at which a student enrolls. TAG awards cover a significant portion of tuition for nearly one-third of all full-time undergraduate students.

See other grants and scholarships offered in New Jersey.

New Jersey College Promise

The New Jersey College Promise offers an affordable pathway to a college degree. Together, the Community College Opportunity Grant (CCOG) and the Garden State Guarantee (GSG) programs promise transparent, predictable pricing for up to four years of college here in New Jersey. CCOG and GSG are both last-dollar programs, which means they cover the cost of tuition and fees that are not already covered by federal and state financial aid or scholarships.

Community College Opportunity Grant (CCOG):

Pays for the cost of tuition and approved educational fees for New Jersey residents with an annual adjusted gross income (AGI) between $0 and $65,000.
For residents with AGIs between $65,001 and $80,000, CCOG will pay up to 50% of the maximum CCOG award available at their local community college.
For residents with AGIs between $80,001 and $100,000, CCOG will pay up to one-third of the maximum CCOG award available at a college.

To be eligible for a Community College Opportunity Grant, students must:

Be a New Jersey resident with an AGI between $0 - $100,000
Complete the FAFSA or NJ Alternative Financial Aid Application by applicable state deadlines
Enroll in at least six (6) credits per semester at one of New Jersey's community colleges
Have not yet earned a college degree
Make satisfactory academic progress

Garden State Guarantee (GSG):

Pays for the cost of tuition and approved educational fees for New Jersey residents who attend a New Jersey four-year public institution of higher education and have an annual AGI between $0 and $65,000 will attend tuition-free during their third (60-89 credits) and fourth (90-126 credits) years of study.
For students with AGIs between $65,001and $80,000, GSG will pay a discounted net price of no more than $7,500 for tuition and fees per year.
Students with an AGI between $80,001 and $100,000 will pay a net price of no more than $10,000 for tuition and fees per year.

To be eligible for the Garden State Guarantee, students must:

Be a New Jersey resident with an AGI between $0 - $100,000
Complete the FAFSA or NJ Alternative Financial Aid Application by applicable state deadlines
Enroll full-time (at least 12 credits per semester) at a New Jersey public four-year college or university
Have not yet earned a Bachelor's degree
Make satisfactory academic progress

Learn more at https://www.hesaa.org/Pages/NJCollegePromise.aspx.

Additional Resources

Educational Opportunity Fund. This program is administered at a campus level and provides financial assistance and support services (e.g. counseling, tutoring, and developmental course work) to students from educationally and economically disadvantaged backgrounds who attend participating institutions of higher education in the State of New Jersey. Undergraduate grants range from $200 annually to $3,050 annually depending on the type of institution and financial need. These grants are renewable based upon continued eligibility. Here is information on how to apply.