Financial Aid Services

   

Campus Resources

If you are interested in applying for any outside scholarships, please be sure to work with the organization issuing the scholarship so that it is not tuition specific and can be applied toward books, supplies, etc. in order to maximize your benefits.

Please note:

  • Tuition specific aid must be applied to your account before any VA payments can be applied. 

Loan Counseling

  • Financial Aid 
    Financial aid is funding for your college education that comes from sources outside your family, such as the federal government or an institution. Gift aid, which comes in the form of scholarships and grants, does not have to be repaid. Self-help aid, such as loans and work-study, is either repaid or earned, respectively. See financial aid Eligibility Requirements and Types of Financial Aid. To apply for financial aid, complete a FAFSA. 

  • Differences Between Federal and Private Student Loans 
    The federal government funds Federal Student loans. Whereas, private student loans are from a lender such as a bank, credit union, state agency, or a school.

Types of Federal Loans

If you need to borrow a loan for educational purposes, first borrow the federal loans as these loans generally have better terms and conditions and provide more flexibility in repayment plans. 

Federal Student Loans are:
Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans
Federal Direct Graduate PLUS Loans (for graduate and professional students)

Federal Parent Loans are:
Federal Direct Parent PLUS Loans. Parents borrow these loans for their undergraduate dependent students and are fully responsible for paying these loans.

Federal and Private Student Loan Comparison
Please see the chart for key differences between the federal and private loans: https://studentaid.gov/understand-aid/types/loans/federal-vs-private 

        

*Private loans differ by lender and by type of loan. Be sure you understand the terms of your loan, and keep in touch with your lender about any questions you may have.

  • Cohort Default Rate
    A Cohort Default Rate is the percentage of a school's borrowers who enter repayment on federal loans during October 1 to September 30, and default or meet other specified conditions prior to the end of the following second fiscal year. To see NJIT’s official Cohort Default Rate, click here and search for New Jersey Institute of Technology. For the national average Cohort Default Rate, click here. Also, see the percentage of students who borrow federal student loans. 

  • Flexibility in Accepting Loan Amounts
    Students have the flexibility to decline federal student loans offered to them or accept less than the maximum student loan amount offered in the financial aid package. 

 

Consumer Information and Planning Tools

We are providing key consumer information and planning tools so that prospective students can compare schools and make an informed decision using data. 

The College Scorecard is a planning tool that helps students and families compare schools and programs of study. The Scorecard also provides statistics on costs, graduation & retention rates, average salary after completing a field of study, median loan debt after graduation, estimated monthly loan repayment amount, student body composition based on race/ethnicity, enrollment status full time or part time and average test scores and acceptance rates. 

The College Navigator is a federal tool that provides statistics for higher education institutions. Students can use this tool to compare different schools. Using this link, students learn about tuition and fees and cost of attendance, total and average aid received by the students, student population breakdown based on race, male/female, in-state/out of state etc., retention and graduation rates, crime and campus safety statistics and cohort default rates.

The College Financing Plan provides transparent and consistent information about scholarships, grants, loans and work-study. The College Financing Plan educates students about out-of-pocket expenses, keeping loans separate from gift awards. Students can compare on-campus and off-campus cost differences and are provided with a clear distinction between loans that must be repaid and grants and scholarships that do not need to be paid back. Students see the detailed information pertaining to loan interest rate and repayment terms. Financial Aid Financing Plan Offer is provided to all students to ensure transparency. 

The Paying for College web page allows prospective students to better understand their financial aid offer and learn about repaying loans and managing student debt. 

Net Price Calculator serves as a guide to assist in early financial planning for college. This calculator provides a preliminary estimate of federal, state and institutional aid eligibility, to help families gauge what aid the student may be awarded and make arrangements to cover the cost of attendance.

Cohort Default Rate
A cohort default rate is the percentage of a school's borrowers who enter repayment on federal loans during October 1 to September 30, and default or meet other specified conditions prior to the end of the following second fiscal year. To see NJIT’s official Cohort Default Rate, click here and search for New Jersey Institute of Technology. For the national average Cohort Default Rate, click here. Also see the percentage of students who borrow federal student loans.

 

Important Financial Aid Websites

Apply for Financial Aid
Federal Student Aid
Scholarships
Scholarship Universe
Student Consumer Information
Student Financial Aid Services (NJIT)