Fina nc ing Your Educ a t ion D r . J o h n B a w o r o w s k y - PowerPoint PPT Presentation

Fina nc ing Your Educ a t ion D r . J o h n B a w o r o w s k y V i c e P r o v o s t f o r E n r o l l m e n t M a n a g e m e n t

Four Types of financial aid  Scholarships  Grants  Loans  Work

Scholarships  Free Money awarded on talent.  Offered by a university or any number of agencies.

Grants  Free money awarded based on need.  Offered by the federal government, state government, and universities.

Grants  Pell Grant – up to $5,920  Wisconsin Grant - $1,000 - $2,900  SEOG – $400 - $4,000  Marquette Grant - varies

Loans  Money you have to pay back.  Subsidized vs. unsubsidized.

Loans  Subsidized:  Federal Direct - $3,500 first year of study  Unsubsidized:  Additional $2,000 first year of study  Alternative student loans

Campus Work  Government-funded work program  Based on need  MU has a work program too.

Marquette Pere Marquette Award  Applicants automatically considered  Over 90% of the class of 2017 qualified  Other talent scholarships offered as well

HOW DO I APPLY FOR CLICK TO EDIT MASTER TITLE STYLE FINANCIAL AID?

Marquette Uses…  FAFSA Free Application for Federal Student Aid  Apply at www.fafsa.gov

When should I file the FAFSA?  After October 1 st of your senior year of high school.  January 15 Marquette filing deadline.  Awards will be mailed starting November 15.

 Use data from your 2016 taxes for fall 2018 study.  Complete a FAFSA for each year you are in college.  Each student in the family completes a FAFSA.

What does the FAFSA do?  It computes your expected family contribution (EFC)  The EFC is constant for all schools that use the FAFSA

Watch your email for your SAR.  The EFC is reported to you on the Student Aid Report (SAR)  Sent immediately via email  Corrections can be made

THE MATH Total Cost of School The EFC is subtracted CLICK TO EDIT MASTER TITLE STYLE from your total cost to - Expected Family Contribution arrive at your need CALCULATED FINANCIAL NEED

THE MATH Total Cost $52,000 Total Cost $35,000 Total Cost $3,000 CLICK TO EDIT MASTER TITLE STYLE - EFC $11,700 - EFC $11,700 - EFC $11,700 NEED $40,300 NEED $23,300 NEED $0

Each school will prepare a financial aid award based on your talents and your need.

With financial aid offers in hand…  Subtract College A College B scholarships and Tuition, Fees, Room & Board $52,200 $54,600 grants from the total Grants & cost Scholarships $27,500 $21,000  Compare net price Out of Pocket $21,700 $23,600 Loans $5,500 $5,500  Then consider loans and work Annual Balance $19,200 $28,100

Tax Breaks for Families American Opportunity Credit o First two years of study - $2,500 tax credit Lifetime Learning Tax Credit o Juniors, seniors, graduate students - Up to $2,000 based on $20% of the first $10,000 in tuition expense Tuition & Fees Deduction o Deduct qualified tuition and fees up to $4,000

Getting the most aid…  Make your AGI on your 1040 as small as possible.  Maximize retirement contributions.  Retake the ACT or SAT  Have more than one student in school at the same time  If you have hope of financial aid, never put money in your child’s name

Where can I get scholarship information?

Remember …  Check with each university regarding requirements and deadlines.  Don’t be afraid to ask for help  Keep copies of everything

Dr. John M. Baworowsky Vice Provost for Enrollment Management John.baworowsky@marquette.edu