Principles of Financial AidKey ConceptsCompleting the FAFSATypes of Aid AvailableComparing Aid Offers & Net Price Calculators

The family is primarily responsible for college

Families with like circumstances will be treated in a similar manner

Federal Methodology (FM) formula is not a cash flow analysis

Family contribution from FM assumes a “three-legged stool” concept (savings, current income, future income)

Tuition Fees Room & Board Books & Supplies Personal/Miscellaneous Travel

Determined by filing the FAFSA - Free Application for Federal Student Aid

Indicator of your family’s financial strength

Income Assets Family size Number of children in

college Age of the older parent

Financial Need is a simple equation:

COA-EFC

=Need

Public College

Cost $ 22,826EFC -$10,000

Need$12,826

Source: The College BoardAverage Estimated Budgets, 2013-

14

Private College

Cost $44,750EFC -$10,000Need $34,750

To complete the FAFSA you will need to: Gather your and your parent’s 2014 tax

information File your taxes electronically and use the IRS Data Retrieval Tool

Apply for a Personal Identification Number (PIN) Changing to the FSA ID in Spring 2015

Parent must have his/her own PIN. PIN serves as electronic signatures for the

FAFSA and promissory notes

www.pin.ed.gov

www.FAFSA.gov The FAFSA is student specific. Select the appropriate school year Complete all sections about you, your school

plans and the financial information (use the IRS Data Retrieval Tool).

List your school code(s). You may list up to 10 schools on the electronic FAFSA.

Provide electronic signatures (PINs/FSA IDs) Submit your information Keep copies for your records

The earliest you may file the FAFSA for the 2015-2016 school year – January 1, 2015.

Check with the colleges where you plan to apply for deadlines and institutional requirements (i.e.CSS Profile or institutional application).

You do not need to wait until tax returns are filed; It is o.k. to estimate.

Dependency Status Who is considered a parent? You must re-apply for aid every year.

Here’s what happens after you file: Your EFC is calculated Results are sent electronically to the college(s)

you selected. You will receive a Student Aid Report (SAR). If you have extraordinary circumstances notify

the Financial Aid Office. After you are admitted to a college, a financial

aid award will be sent to you. You may be required to verify the information

submitted on your FAFSA (use the IRS Data Retrieval Tool).

Gift Scholarships Grants

Self-help Employment Loans

Academic - merit basedTalentServiceROTCPrivate

www.fastweb.comwww.thesalliemaefund.orghttps://bigfuture.collegeboard.org/college-search

Need-basedFederal Grants

PellSEOGTEACH

State GrantsWisconsin Grant

Institutional Grants

Two types:Federal Work StudyRegular Campus Employment

Can be used for personal expenses Does not adversely affect grades

Federal StaffordSubsidized

Unsubsidized(anyone can borrow)

Interest Rate – 4.66%Loan fee – 1.073%

Freshmen - $3500Sophomores - $4500

Juniors/Seniors - $5500Additional Unsub $2000/year

6 month grace period10 year repayment

Federal PerkinsInterest Rate – 5%

No loan fee

interest deferred while in school

Available Funding determines loan amount

at each institution

9 month grace period10 year repayment

*Program set to expire 2015

Parent PLUS Loan Student Alternative Loans – Private Lenders Private Scholarship

MUST be reported to the school Payment Plan Tax Credits 529 Plans

School Information Public (In State)

Public (Out of State)

Private (FAFSA and

CSS PROFILE meets need)

Private (FAFSA

only – does not meet

need)

Total Cost of Attendance $28,204 $41,126 $59,855 $33,550

EFC (Family Share)

FAFSA $4,496 $4,496 $4,496 $4,496

CSS PROFILE - - $4,956 -

Grants and Scholarships

Federal Pell Grant $1,100 $1,100 $1,100 $1,100

Other Federal & State Grants

$4,720 $0 $1,800 $500

University Scholarships & Grants

$2,478 $5,500 $49,200 $10,000

Total Gift Aid $8,298 $6,600 $52,100 $11,600

Net Price $19,906 $34,526 $7,755 $21,950

Comparison, continued Public (In State)

Public (Out of State)

Private (FAFSA and

CSS PROFILE meets need)

Private (FAFSA

only – does not meet

need)

Net Price $19,906 $34,526 $7,755 $21,950

Loan Options (Borrowed)

Federal Perkins Loan $2,000 $2,000 $0 $1,000

Federal Direct Loan (subsidized)

$3,500 $3,500 $3,259 $3,500

Federal Direct Loan (unsubsidized)

$2,000 $2,000 $2,241 $2,000

Total Loans $7,500 $7,500 $5,500 $6,500

Student’s Out of Pocket Cost

(Net Price less Total Loans)$12,406 $27,026 $2,255 $15,450

Early financial aid estimation tool

The average yearly price actually charged to full-time, first-year undergraduate students receiving student aid at an institution of higher education.

Estimate net price=COA - grants & scholarships

Not all NPCs are built equally

General Information www.StudentAid.gov http://www.consumerfinance.gov/paying-for-

college http://nces.ed.gov/collegenavigator/?

s=all&ct=2&ic=1 Scholarship Search Engines

www.Fastweb.com www.Thesalliemaefund.org www.Bigfuture.collegeboard.org/college-

search

College Goal Wisconsin is a Statewide event that will offer free assistance to families in completing the FAFSA

Four consecutive Saturdays beginning on February 7, 2015 and Wednesday, February 25, 2015

Assistance with paper and online FAFSAs Scheduled at 32 sites throughout Wisconsin

http://www.collegegoalwi.org/

Marquette UniversityOffice of Student Financial Aid

(414) 288-4000

marquettecentral@marquette.eduwebsite: www.marquette.edu/mucentral