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College what it costs and how to pay

Learn about the cost of college and how to pay for it, including the financial aid process and resources available. Find the right college within your price range and avoid being distracted by brand names.

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College what it costs and how to pay

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  1. Collegewhat 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 https://bigfuture.collegeboard.org/college-search

  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?

  7. 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

  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 • 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

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

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