College education has become increasingly expensive, leaving many students and families struggling to finance their higher education journeys. NJIT (New Jersey Institute of Technology) understands this financial burden and offers a wide range of financial aid options to help make your dreams of a higher education a reality.
Understanding Financial Aid at NJIT
Financial aid at NJIT is designed to bridge the gap between the cost of attendance and your family’s financial contribution. It is awarded based on financial need, academic merit, and other factors.
The types of financial aid available at NJIT include:
- Grants: Free money that does not have to be repaid
- Scholarships: Merit-based awards based on academic achievement or other criteria
- Loans: Money that must be repaid with interest
How to Apply for Financial Aid
To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). NJIT’s school code is 002612.
The FAFSA collects information about your family’s financial situation, including income, assets, and expenses. This information is used to determine your Expected Family Contribution (EFC), which is the amount of money your family is expected to contribute towards your education.
After completing the FAFSA, you will receive an award letter from NJIT outlining the types and amounts of financial aid you have been awarded.
Tips for Maximizing Your Financial Aid
- Apply early: The FAFSA opens on October 1st each year. Apply as soon as possible to increase your chances of receiving the maximum amount of aid.
- Be accurate: Complete the FAFSA carefully and accurately. Errors can delay your application or result in a lower award amount.
- Explore all options: Research different types of financial aid and scholarships. Don’t limit yourself to just one source of funding.
- Consider outside scholarships: There are many scholarships available from outside sources, such as corporations, foundations, and community organizations.
- Negotiate with the financial aid office: If you have extenuating circumstances, such as a change in financial situation, you may be able to negotiate a higher award amount.
Types of Financial Aid Available at NJIT
Grants
- Federal Pell Grant: Up to $6,895 per year for students with exceptional financial need
- Federal Supplemental Educational Opportunity Grant (FSEOG): Up to $4,000 per year for students with the greatest financial need
Scholarships
- NJIT President’s Scholarship: Up to full tuition for students with outstanding academic achievement and leadership skills
- NJIT Provost’s Scholarship: Up to $10,000 per year for students with exceptional academic performance
- NJIT Alumni Scholarship: Up to $5,000 per year for students who are children of NJIT alumni
Loans
- Federal Direct Subsidized Loan: Up to $3,500 for first-year students, $4,500 for second-year students, and $5,500 for third-and fourth-year students
- Federal Direct Unsubsidized Loan: Up to $5,500 for first-and second-year students, and $7,500 for third-and fourth-year students
- NJIT Institutional Loan: Up to $10,000 per year for students who have exhausted all other financial aid options
NJIT Financial Aid in Numbers
- Average financial aid package: $17,000
- Percentage of students receiving financial aid: 85%
- Top 5 sources of financial aid: Federal Pell Grant, Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan, NJIT President’s Scholarship, NJIT Provost’s Scholarship
Conclusion
Financial aid at NJIT is essential to help students and families bridge the gap between the cost
