Do You Know that Federal Government Sequestration May Impact Your Financial Aid?
Due to not reaching a budgetary agreement with Congress, President Obama signed an order officially instituting across-the board spending cuts including Financial Aid programs. The U.S. Education Department issued guidance on what the automatic budget cuts would mean for federal financial aid programs. The Pell Grant is exempt from the mandatory cuts in 2013. But loan origination fees will increase immediately for new loans disbursed after March 1, 2013, by about 0.05 percentage points on subsidized and unsubsidized Stafford loans, from 1 percent to 1.05 percent, and by about 0.2 percentage points, from 4 percent to 4.2 percent, on Parent PLUS and Grad PLUS loans. The first disbursements of some grants — the TEACH Grant and Iraq-Afghanistan Service Grant — are also subject to cuts.
Funding will be reduced for the federal work-study program and for the Supplemental Educational Opportunity Grant (SEOG) beginning in the fall 2013 semester if sequestration remains in effect.
Rest assured that NJIT will closely monitor the new developments and share it with you.
Click here to access a daily status report on the topic.
Student Financial Aid Services (SFAS) at NJIT is committed to providing you with every opportunity to obtain funding to support your undergraduate educational costs at NJIT.
From scholarships and grants—which never need to be repaid—to borrowed money, our generous undergraduate financial aid packages put an NJIT education within even closer reach than ever. More than 73 percent of incoming undergrads receive financial aid, and, for the 2010–2011 academic year, awards ranged from $500 to $31,000, with the average undergraduate financial aid package totaling close to $16,356. (For information about graduate financial support, click here.) The Office of Student Financial Aid Services awards approximately $100 million in financial aid to undergraduate, graduate, and professional students.
Visit the links on the left-hand side of this page to learn more, or review our policies and procedures (below) for specifics. If you still have questions, our Student Financial Aid Services staff is here to help.
2012-2013 Policies & Procedures Guide (PDF, 682 KB)
2013-2014 Policies & Procedures Guide (PDF, 819 KB)
2012-2013 Cost of Attendance (PDF, 163 KB)