HESAA’s 2019 Annual Report
ME CH DIPRE NLOAC TORS MAHHIPINSUNIV PIRACO N ER EMM CIA SDST UNL AIDITYREUDITYARNINNENGOALE LSTEAFINUR TOECO VAT CEIONNCOOMLYNGEATIOPIDE ONETE ERRM SINETA USHIPSTA REGDUATELSNASIOSUGRSSAR SL NARLASSCO SLKEIALLDERSEDVTEEACRHTEFULETER BESMIN TEDCCERNTSANGRINSTARHOJCDE WINNCC G ERSDI OG hening New JerseyOne Student at a Time:HESAA’s 2019 Annual ReportExpanding Access to Opportunity through Higher Education
Message from NJ Governor Philip D. MurphyI am pleased to recognize the New Jersey Higher Education Student AssistanceAuthority (HESAA) for its pivotal role in providing financial aid resources andinformation to prepare the students and families of New Jersey for success inboth their lives and careers. This work will help achieve the “65 by 25” goal setin our State Plan for Higher Education: 65 percent of working-age adults with aquality postsecondary credential by 2025.Several of HESAA’s initiatives designed to meet the needs of students and makecollege more affordable are also included in our government-wide JobsNJstrategy to develop the talent that businesses need to grow and thrive in theGarden State. In 2019, HESAA’s programs to reduce students’ financial barriers topostsecondary education empowered more New Jerseyans than ever beforeto build these important skills and pursue career opportunities – boosting thetalent-driven success of our state’s economy.The Tuition Aid Grant (TAG) program is a vital part of New Jersey’s efforts to make a college education accessible and affordable. Last year, TAG ranked as the top need-based financial aid program in the nation in terms of dollars awarded per studentenrolled. Nearly one-third of all full-time undergraduates in New Jersey received TAG awards, laying the foundation for ourstate’s complementary efforts to support student success, including the Educational Opportunity Fund.I also salute HESAA for the successful launch of the Community College Opportunity Grant (CCOG) program, offering tuitionfree scholarships that have already made community college more affordable for thousands of students. In partnership withSecretary of Higher Education, Dr. Zakiya Smith Ellis, and New Jersey’s 18 county colleges, HESAA successfully launched thisbrand-new financial aid program in 2019. We will continue this momentum and build on the initial success of CCOG toguarantee affordable, predictable college prices to even more New Jersey students.In April 2019, I was proud to sign two laws to address student loan debt by making HESAA’s recent reforms to the NJCLASSloan program permanent. These new programs offer affordable repayment options to borrowers facing economic hardship,as well as manageable installment plans enabling those with defaulted loans to repair their credit scores. We also enacted anew law to improve the transparency of college tuition and fees, by providing students clear information on net costs andexpected debt levels on a financial aid “shopping sheet.” Having this information available and accessible will help studentborrowers make better informed decisions.Through JobsNJ and the State Plan for Higher Education, we are putting the promise of postsecondary education in reach forall New Jersey residents, and delivering the highly skilled and educated workforce that our economy needs.Sincerely,Philip D. MurphyGovernor3 - 2019 Annual Report
Message from Executive Director David J. SocolowIt is my pleasure to present this 2019 Annual Report on the work of theNew Jersey Higher Education Student Assistance Authority (HESAA).Building on Where Opportunity Meets Innovation: A Student-CenteredVision for New Jersey Higher Education,” Governor Murphy’sstudent-centered State Plan for Higher Education announced last year, HESAA’sinitiatives helped more New Jersey students and families overcome financialobstacles to achieving a postsecondary degree by improving college access,equity, and affordability. As detailed in this report, we began innovative projectsin collaboration with Secretary of Higher Education Dr. Zakiya Smith Ellis and incoordination with several other state agencies. And we strengthened ourcontinuing partnerships with the dedicated financial aid teams at the collegesand universities in our state, as well as secondary schools counselors andcommunity-based organizations.Last year, we launched the Community College Opportunity Grant (CCOG) program to make community collegetuition- and fee-free for students with family adjusted gross incomes from 0 to 65,000, through “last-dollar” scholarshipsthat cover tuition and approved educational fees by filling any gaps remaining after students receive all other grants andscholarships. CCOG eliminates these students’ need to borrow student loans, allowing them to attempt more credits persemester, reduce their time to degree completion, and boost their prospects for success.HESAA also reformed the NJCLASS family loan program through lower interest rates, new low-cost refinance loan options,and discounts for automatic monthly payments. With the support of HESAA’s Board, we also kicked off a project to designand develop a new back-end servicing technology system for NJCLASS loans. This new system is being customized to servethe needs of NJCLASS borrowers and HESAA’s in-house loan servicing and finance teams; implementation isscheduled for mid-2020.On December 31, 2019, HESAA ended its role as a guaranty agency for the Federal Family Education Loan Program (FFELP).As no new FFELP loan has been originated since 2010 when this federal loan program was discontinued, HESAA hasguaranteed and serviced a dwindling portfolio of FFELP loans over the past decade. Our team worked tirelessly on the datamigration and other tasks needed to transfer the FFELP portfolio to a successor guarantor. Thanks to this successful project,HESAA will free up resources to address our core operations: providing grants and scholarships, NJCLASS loans, collegesavings options, and financial aid counseling to New Jersey students and families.Thanks to the team at HESAA and all our partners for making students the center of all we do.Sincerely,David J. SocolowExecutive Director4 - 2019 Annual Report
Table of ContentsImplementing the Student-Centered State Plan for Higher Education6-7Expanding Community College Opportunity Grants to Reach More Students8-9“Shopping Sheets” Clarify the Net Costs of College for Students and Families10Tuition Aid Grants: Continuing the State’s Commitment to Need-Based Financial Aid11Other Financial Aid Grants and Scholarships Administered by HESAA12-13NJCLASS Family Loan Program: Enhanced Options and Lower Interest Rates14-15New Consumer Protections for Student Loan Borrowers16NJBEST 529 College Savings Plan and NJBEST Scholarship Program17Loan Redemption Programs 18Reaching Students and Families Across New Jersey with Valuable Information19HESAA Board Members 20HESAA Executive and Senior Staff 21New Jersey Advisory Committee on Student Aid22Student Advisory Committee 23Ensuring Compliance through Institutional Management Reviews24Audited Financial Statements 25-26Financial Aid Awarded in Academic Year 2018-19 by Program and Sector27Executive Order #37 Certification 285 - 2019 Annual Report
Implementing the Student-Centered State Planfor Higher EducationIn March 2019, Governor Phil Murphyleader in the innovationand Secretary of Higher Educationeconomy and effectivelyZakiya Smith Ellis announced theprepare students for successrelease of “Where Opportunity Meetsafter college.Innovation: A Student-Centered Visioneducation meets student needs andListening to the Voices ofStudents on the Garden StateGraduation Tourbolsters New Jersey’s innovationIn the spring of 2019, we visited nineeconomy.campuses across New Jersey to meetfor New Jersey Higher Education,”a new state plan to ensure higherwith students and hear their diverse,The state plan commits to a vision thatreal-life stories of triumph as well asevery New Jerseyan, regardless of life circumstances,the challenges they face in pursuing higher education.should have the opportunity to obtain a high-qualityAt each stop along this Garden State Graduation Tour,credential that prepares them for life after college.Secretary of Higher Education Zakiya Smith Ellis andThe plan outlines the strategies needed to reach theHESAA’s Executive Director David J. Socolow hostedstate’s overarching goal of achieving 65 percenta panel discussion to hear directly from dozens ofpostsecondary attainment among New Jerseystudents, who spoke candidly about their day-to-dayworking-age adults by 2025. These strategies forrealities of not only paying for tuition but also for theaction are organized among five maincost of books, childcare, transportation, and food.objectives:Many students described how financial aid made a Expose students to postsecondarycrucial difference in their ability to work toward theirpathways through enhanceddegree, including the positive impact of the State’spartnerships and access to fee-freecollege-preparatory programs; Ensure college access and affordabilityby examining new partnerships betweenthe state and institutions to meaningfullyreduce higher education costs forstudents and their families; Build support systems necessary tomake sure students thrive in college andget across the graduation stage; Ensure students feel safe, supported,and included in their chosen learningenvironments; and Cultivate research, innovation, and talentto deepen and recapture our place as a6 - 2019 Annual ReportStudents at Hudson County Community College gather with the collegePresident Christopher Reber (second from left) during the Garden StateGraduation Tour. Students shared their personal stories about access andaffordability of higher education in New Jersey.
674238511. Hudson County Community College2. Mercer County Community College3. Rowan College at Burlington County Proposing a outcomes-based model for statefunding of higher education that prioritizes4. Middlesex County College5. Fairleigh Dickinson Universitydegree completion and equity in serving6. Montclair State Universitytraditionally underserved populations7. Essex County College98.Atlantic Cape Community College9. Stockton UniversityStudent Success: Exploring and recommending alternatives todevelopmental education Identifying creative strategies that canaccelerate students’ progress to a degree andStops along the Garden State Graduation Tour, April-May 2019reduce the impact of students’ financialgrants, scholarships, and other supports, while othersoffered valuable insights on remaining unmet needs.challenges Exploring opportunities to expand andStudents’ voices remain at the center of thestandardize college credit for prior learningongoing dialogue about implementing the StatemodelsPlan and improving access and affordability of higherInvestigating evidence-based multi-interventioneducation in New Jersey.models to boost college completion and close equityState Plan Working Groups on CollegeAffordability and Student SuccessIn the next phase of the state plan’s implementation,HESAA supported the Office of the Secretary ofHigher Education (OSHE) in coordinating workinggroups tasked with addressing two of the five topicsabove: college affordability and student success.These working groups brought together students,college leaders, financial aid professionals, faculty,gaps in student successAfter meeting throughout the spring, summer, and fall,the working groups concluded their work at the end“Every New Jerseyan, regardless oflife circumstances, should have theopportunity to obtain a high-qualitycredential that prepares themfor life after college.”community-based organizations and others todevelop practical recommendations as follows:of 2019, and the deliverables are available here.Higher education stakeholders made great progressMaking College Affordable: over the past year in defining solutions to theseIdentifying best practices and creating a guidechallenges, and we will continue to follow this roadfor dealing with non-tuition costs faced bymap to expand access and ensure that all New Jerseystudents, such as costs of books, food, housing,students can afford to pursue and successfullychild care, and other material needscomplete high-quality postsecondary degreeDeveloping options for affordable, predictableprograms.pricing guarantees to make the net costs ofcollege more transparent for prospective andcontinuing students7 - 2019 Annual Report
Expanding Community College OpportunityGrants to Reach More StudentsTo work toward Governor Murphy’s promise ofOpportunity Grants to 5,445 students with familytuition-free community college, the Fiscal Year 2019adjusted gross incomes from 0 to 45,000, whichbudget included start-up funds to pilot a newcovered any remaining tuition and approvedCommunity College Opportunity Grant (CCOG)educational fees after all other grants and scholarshipsprogram in the spring semester of 2019, and thewere applied to these students’ accounts. The publicityprogram was expanded into the fall 2019 and springaround tuition-free college also encouraged other2020 semesters through additional funding in thestudents to apply for federal and state financial aidFiscal Year 2020 budget.grants, causing a ripple effect for many more whowere found eligible for other grants that fully coveredtuition and fees.With the Governor’s recommendation to expandCCOG, the Fiscal Year 2020 Appropriations Actprovided additional funding for Academic YearThe initial trial of CCOG met significant financial needs2019-2020 to increase eligibility to students fromfor thousands of county college students. Manyfamilies with adjusted gross incomes from 0 tolower-income students who qualified for some 65,000. In the fall 2019 semester, 7,610 countyFree Community Collegefederal or state grants struggled to afford theNow Availableremaining tuition and fees that were not fullycollege students received CCOG awards. Once again,due to the heightened awareness of this support,click aidherecovered by other financialresources. Last spring,thousands more students had their entire tuition andat all 18 of New Jersey’s county colleges, HESAAfees covered without needing CCOG.awarded need-based, last-dollar Community CollegeIn May 2019, GovernorPhil Murphy and HESAAExecutive Director DavidSocolow visited the campus of Rowan Collegeat Burlington County(RCBC) in Mount Laurel,NJ to review thesuccessful tuition-freeCommunity CollegeOpportunity Grant pilot,joined by Secretary ofHigher Education ZakiyaSmith Ellis, BurlingtonCounty FreeholderDirector Tom Pullion, andRCBC student Erin Finter,whose college goals aremore affordable thanksto CCOG.8 - 2019 Annual Report
CCOG assists the county college students facing theOSHE and HESAA also raised awareness among highgreatest economic challenges, from part-time studentsschool counselors, college financial aid officers,to full-time students, and both dependent andcommunity-based organizations, churches, youthindependent students. Working adult students makegroups, and families through a series of CCOGup more than 55% of the students receiving CCOG,workshops and webinars, as well as digitalhelping those striving to earn a degree and improvemarketing on the web. And thanks to outreachtheir career while juggling full-time jobs, part-timepartnerships with other state agencies includingcollege coursework, and family obligations. ByNew Jersey Transit and the Departments of Humanenabling students to borrow less in student loans,Services and Labor and Workforce Development,the program encourages them to enroll in additionalmany additional unemployed, underemployed, andcourses each semester, reduce the number ofstruggling families heard about this opportunity.semesters required to complete their degree, andincrease their chances of success.Passaic County Community College studentsgathered with David Socolow on the GardenState Tour in Paterson, NJ, and explainedhow the financial support of the CommunityCollege Opportunity Grant allowed them tofocus on their studies.While better financial aid improves college accessand opportunity, it is not all that is needed to fosteracademic success. To complement HESAA’s CCOGawards to students, the Office of the Secretary ofHigher Education (OSHE) provided grants to countycolleges in 2018-19 and 2019-20 for outreach,recruitment, and student success initiatives such asmentorship programs; events to assist students andfamilies with financial aid applications; and efforts toaddress students’ material hardships, including lack ofaccess to food, medical care, housing, child care, andtransportation.9 - 2019 Annual Report
“Shopping Sheets” Clarify the Net Costs ofCollege for Students and FamiliesTo provide students and families with clear andState of New JerseyFinancial Aid Shopping Sheet for Academic Year 2020-2021comprehensible financial information about thenet cost of college, New Jersey now requires eachinstitution to provide students a “Financial AidShopping Sheet.” This measure was signed into law onJuly 30, 2019 by Acting Governor Sheila Oliver./ /Total Cost of AttendanceExpected Family Contribution (EFC) Direct Costs (what you will be billed)Indirect ExpensesTuition: Books & Supplies: Fees: Transportation: Food & Housing:(if you live in campus housing)Food & Housing: (if you live off campus)Loan Fees:Total Direct Costs: Dependent Care: Total Indirect Expenses: Total Cost of Attendance (Direct Costs and Indirect Expenses combined):Additional information withinthis section can be found at:https://collegescorecard.ed.gov/ Graduation RatePercentage of full-timestudents who graduate within 150%Grants and Scholarships to Pay for CollegeStudents and their families can now compare college/yrFederal calculation of student andfamily financial resources used todefine need for financial alculatedof normal time to degreeMerit-Based ScholarshipsScholarships from your school Scholarships from your state Other scholarships This Institution - %Federal Pell Grants Sheet template illustrates both the total cost of collegeGrants from your school Repayment RateState Grants Other forms of grant aidand the net cost which families have to pay (or borrowEmployer Paid Tuition Benefits costs on an “apples-to-apples” basis. The Shoppingin student loans) after all other financial aid has beenapplied, so students and their families can betterNeed-Based Grant AidNational Average for a Student Seekinga Associate Degree - 31.6%Percentage of borrowersentering into repayment within 3 yearsof leaving schoolThis Institution - % /yrDirect Net Cost (Direct costs minus total grants and scholarships) /yrand scholarships) /yrTotal Grants and Scholarships (aid that does not have to be paid back)What Will You Pay for CollegeTotal Net Cost (Total Cost of Attendance minus total grantsMedian BorrowingStudents who borrow at this institutiontypically take out inFederal loans for their undergraduatestudy. The Federal loan paymentover 10 years for this amount isapproximately per month.Your borrowing may be different.Options to Pay Net Costsunderstand the real price of attending college andWork Optionscan more easily compare financial aid package offersFederal Student Loan Options* (Must be repaid)Work-Study (Federal, state, or institutional)Work-Study Estimated earnings from working.Federal Direct Subsidized Loan (For current interest rates click here)Federal Direct Unsubsidized Loan (For current interest rates click here) /yrStudent Loan Default RatePercentage of borrowers /yrNational Average - 10.8% /yrThis Institution - %* You must repay loans, plus interest and fees. Note that the amounts listed above are the maximum available to you – you areallowed and encouraged to borrow less than the maximum amount.Other Loa
7. Essex County College 4. Middlesex County College 6. Montclair State University 5. Fairleigh Dickinson University 2. Mercer County Community College 3. Rowan College at Burlington County 1. Hudson County Community College 9. Stockton University 8.Atlantic Cape Community College
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Annual Report 2020 compared to our 2019 Annual Report. The total carbon footprint for printing CIMB Annual Report 2020 was 11,588kgCO2e, compared to 14,987kgCO2e for our 2019 annual report. The carbon footprint for the 3 books of CIMB Annual Report 2020 is 14.485kgCO2e. We are committed to reducing the environmental impact of our annual report .
and Meeting Schedules: 6: Annual Report Workgroup Next Steps: Next steps for FY18 report development: 1. HITAC full committee reviews report . FY18 Annual Report Draft discussed: March 1, 2019. FY18 Annual Report Draft discussed: Winter/Spring 2019. FY18 Annual Report completed as needed:
The repayment period for a Direct PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, a graduate student PLUS Loan borrower (as well as a parent PLUS borrower who is also a student) can defer repayment while the borrower is enrolled at least half-time,
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