Your Financial Aid Questions Answered

More than 95% of Stevens students receive financial aid. That means nearly every undergraduate will interact with the Office of Financial Aid, especially during the application process. In this season of college applications, we asked Vicky Ocasio, Stevens' assistant vice president for financial aid, to answer some of the most common questions about the process.

Q: How and when should students who are applying to Stevens apply for financial aid?

A: To be considered for all available financial aid - including institutional, federal and state aid - students must complete both the College Scholarship Service (CSS) Profile and the Free Application for Federal Student Aid (FAFSA). The CSS Profile for the 2025 class will be available by October 1, 2024. The FAFSA will start a phased rollout on October 1 and be fully available by December 1. Completing both forms by the admissions deadlines ensures financial aid offers coincide with admissions decisions. All applicants are automatically considered for merit-based aid, determined at admission.

Q: What should incoming students and their parents know about financial aid when applying? 

A: Students and families should file the FAFSA even if they think they won't qualify for aid. Completing the FAFSA can open opportunities for federal and state grants, scholarships, work-study and loans. Grants and scholarships, which can be based on need or merit, are free money that doesn't need to be repaid.

Meeting deadlines is crucial for financial aid. Strict deadlines set by the Department of Education, state agencies and colleges impact aid eligibility and funding. Ensure the FAFSA and CSS Profile are completed on time to receive a financial aid package with your admission decision. 

Q: What types of financial aid are available, and what are the requirements and deadlines for each type? 

A: Stevens Institute of Technology offers a variety of financial aid options, including federal, state and institutional aid, with both merit-based and need-based options available. Merit-based aid is awarded based on a holistic review of the application, while need-based aid requires the completion of both the FAFSA and the CSS Profile.

The deadlines for financial aid applications are as follows:

• Early Decision I: The CSS Profile must be completed by November 15. The FAFSA for the 2025-2026 academic year will start rolling out on October 1 and be fully available by December 1, with a deadline of December 6, 2024. If Stevens does not receive your FAFSA in time for aid packaging, institutional aid will be based initially on the CSS Profile, but your aid package will be updated once the FAFSA is submitted. Early Decision I applicants will not be disadvantaged by FAFSA delays.

• Early Action: Both the CSS Profile and FAFSA must be completed by December 15, 2024.

• Early Decision II: Both the CSS Profile and FAFSA must be completed by January 15, 2025.

• Regular Decision: Both the CSS Profile and FAFSA must be completed by February 1, 2025.

(For a complete list of application deadlines, review the Admissions Timeline.)

Q: What lessons did Stevens learn from last year's FAFSA delays, and what steps were taken, or are planned to address similar issues in the future?

A: Last year, the Department of Education introduced a simplified FAFSA with fewer and clearer questions and aimed to increase Pell Grant eligibility. Despite delays by the Department of Education in releasing FAFSA information until late March, Stevens used the CSS Profile to determine need-based aid and was able to provide estimated financial aid awards alongside admission decisions, unlike many universities that had to delay the release of awards past the national decision day deadline of May 1.

Q: What is Stevens doing to help with any FAFSA delays this year? 

A: The Department of Education will roll out the 2025-2026 FAFSA in phases, starting October 1 for a limited number of students and available to all by December 1. We're continuing last year's approach and preparing for both in-person and virtual financial aid events for prospective Stevens students. Check our events calendar for updates.

The Office of Financial Aid is ready to assist. If you'd like a presentation on the financial aid process or a FAFSA step-by-step guide for your seniors, please email [email protected] with these requests.

Q:Where can students go for assistance with applying for aid? 

A: The Office of Financial Aid is here to help with any aid application questions. Contact us at 201.216.3400 or [email protected]. Join us for a webinar on "Unlocking Success: A Guide for Counselors on Navigating Applications and Financial Aid with Confidence" on Tuesday, October 15, at noon and 3 p.m. EST. This session, which is specifically for high school guidance counselors, will cover the application process, admissions timeline, financial aid details and more.

Q: What advice do you have for students and parents applying for aid? 

A: Utilize your resources! Students and families need to know that the whole financial aid process is manageable and that it all begins here at Stevens by completing the FAFSA and CSS Profile. Even though the FAFSA won't be available until December 1, students and their parents should start by creating a Federal Student Aid ID (FSA ID) now, as this is necessary to complete the FAFSA. Having the FSA ID ready before December 1 will make the FAFSA process much smoother. Please direct students and parents to the site to create their FSA ID.

Applying for external scholarships can make college more affordable. The more scholarships you secure, the less you'll pay. 

Our financial aid administrators are here to help. The process might seem overwhelming, but it doesn't have to be. 

(See our Outside Scholarships page for scholarship search engines.)