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

2. 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

3. 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

4. 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

5. 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

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

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

8. 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

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

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

11. 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

12. 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

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

14. Resources Net Price Calculators Websites
Early Financial Aid Estimation Tool
On every College Website
Cost –Grants & Scholarships=Net Price
Websites
General Information
Scholarship Search Engines

15. Additional Information
Marquette University
Office of Student Financial Aid
Website: