College what it costs and how to pay Understanding The Financial aid process

Where would you like to go to college? College or University in everyone’s price range Don’t be distracted by brand names Fit Academic, Social and Financial Great Resource – BigFuture https://bigfuture.collegeboard.org/college-search

You are going to have to fill out some forms FAFSA Free Required at all Schools CSS Profile Fee and Fee Waivers Utilized to award Institutional Aid at more selective private institutions Institutional Form

What do “they” do with my data? Process for assessing a family’s ability to contribute toward post secondary education is called: Needs Analysis Begins with completing the FAFSA Results in an EFC Income Assets Family Size Age of the Older Parent Number of Dependent Children enrolled in College

How does a school determine my costs? Direct Cost Charged typically by the College: Tuition & Fees + Dorm Charges + Meals Indirect Cost that may not be Charged by the College: Books & Supplies + Personal Expenses + Transportation

What’s my financial need? Total Cost of Attendance Expected Family Contribution (EFC) Financial Need

Examples of Financial Need Public College Cost $ 24,610 EFC -$10,000 Need $ 14,610 Source: The College Board Average Estimated Budgets, 2016-17 Private College Cost $49,320 EFC -$10,000 Need $39,320

What happens after I file the FAFSA? Your information is sent to the colleges you select (up to 10 at a time) Once you are admitted to a college and the college has your FAFSA information, the college will send you a financial aid award Remember FAFSA Doesn’t award financial aid to you – the schools you apply to will award financial aid Your financial aid award might include any or all of the following types of financial aid Scholarships Grants Student Employment Loans

Who doesn’t like free money? Scholarships – Merit Based Academic Talent Athletic Service ROTC

More free money Grants - Need-based Federal Grants Pell SEOG TEACH State Grants Wisconsin Grant Institutional Grants

Earning money for college Employment – there are two types: Federal Work Study Regular Campus Employment Can be used for personal expenses Does not adversely affect grades

Borrowing money for college Federal Stafford Subsidized Unsubsidized (anyone can borrow) Freshmen - $3500 Sophomores - $4500 Juniors/Seniors - $5500 Additional Unsub $2000/year 6 month Grace Period 10 year Standard Repayment

Other Options Parent PLUS Loan Student Alternative Loans – Private Lenders Private Scholarships Must be reported to the school Payment Plan Tax Credits 529 Plans

Resources Net Price Calculators Websites Early Financial Aid Estimation Tool On every College Website Cost –Grants & Scholarships=Net Price Websites General Information www.StudentAid.gov http://www.consumerfinance.gov/paying-for-college https://bigfuture.collegeboard.org Scholarship Search Engines www.Fastweb.com www.Thesalliemaefund.org/financial-aid/scholarships/search www.Bigfuture.collegeboard.org/college-search

Additional Information Marquette University Office of Student Financial Aid 414.288.4000 marquettecentral@marquette.edu Website: www.marquette.edu/mucentral