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
• n 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.

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

Grants

Loans

• Money you have to pay

back.

• Subsidized vs.

unsubsidized.

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

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
• ffered as well

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HOW DO I APPLY FOR FINANCIAL AID?

Marquette Uses…

• FAFSA Free Application

for Federal Student Aid

• Apply at www.fafsa.gov

When should I file the FAFSA?

• After October 1st 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

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THE MATH

The EFC is subtracted from your total cost to arrive at your need

Total Cost of School

• Expected Family Contribution

CALCULATED FINANCIAL NEED

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THE MATH

Total Cost $52,000

• EFC

$11,700 NEED $40,300 Total Cost $35,000

• EFC

$11,700 NEED $23,300 Total Cost $3,000

• EFC

$11,700 NEED $0

Each school will prepare a financial aid award based

• n your talents

and your need.

With financial aid offers in hand…

• Subtract

scholarships and grants from the total cost

• Compare net price
• Then consider loans

and work

College A College B Tuition, Fees, Room & Board $52,200 $54,600 Grants & Scholarships $27,500 $21,000 Out of Pocket $21,700 $23,600 Loans $5,500 $5,500 Annual Balance $19,200 $28,100

Tax Breaks for Families

American Opportunity Credit

• First two years of study - $2,500 tax credit

Lifetime Learning Tax Credit

• Juniors, seniors, graduate students - Up to $2,000

based on $20% of the first $10,000 in tuition expense Tuition & Fees Deduction

• 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