2008-2009 Adult Undergraduate Financial Aid Guide
Affording
Marist
Student Financial Services Guide to Affording a Marist Education
The Investment of a Lifetime
Note: Information subject to change. Refer to our Web site for updated information regarding
institutional, state and federal student aid programs.
Dear Student,
Thank you for your interest in Marist
College. Finding the best way to finance
a college education is a matter of great
concern for all students. At Marist, providing financial aid assistance is a priority.
The College is committed to making a
Marist education available to all qualified
students by assisting them in meeting their
educational expenses.
Marist College offers payment plans and
financing options to enable you to more
comfortably manage college costs. This
guide discusses the various aid programs
and student financial services offered by the College, explains the process by which you
apply for financial aid, and reviews the types of aid available for adult students.
The Free Application for Federal Student Aid (FAFSA) is required for financial aid
consideration. Complete details on the aid application process can be found on page 10.
On behalf of the Office of Student Financial Services, we look forward to working with
you to make Marist an affordable option for you.
Sincerely,
Joseph R. Weglarz
Executive Director, Student Financial Services
Helpful Web Site Addresses
www.marist.edu/sfs
Marist College Office of Student Financial Services
www.studentaid.ed.gov
Federal Student Aid Programs
www.fafsa.ed.gov
Free Application for Federal Student Aid (FAFSA)
www.hesc.com
New York State TAP (Tuition Assistance Program)
www.irs.gov
Hope and Lifetime Learning Tax Credits
Value
the
of an Education
An education is an investment that requires
patience, planning—and perhaps some
sacrifice. But it is an investment that will
reward you with a lifetime of intelligent
living, responsible citizenship, and a higher
standard of opportunity for career and
social success.
Individuals with a bachelor's degree have
better job opportunities, earn more money
and develop skills and knowledge that are
in high demand.
A Marist education unlocks doors to
economic and career opportunities. Marist
College has developed extensive research
partnerships with leaders in today’s
science, information technology and
business industries, meaning you’ll have
the opportunity to work hands-on with
some of the most advanced technologies and applications in the world, and be
introduced to the companies and people
who are making their mark on today’s
workplace.
Marist offers programs designed with
professionals in mind that build skills,
increase earning potential, and strengthen
your marketability. Marist College has a
longstanding commitment to providing
educational opportunities that accommodate the unique needs of working professionals including schedules, flexibility,
online and on campus delivery as well as
various locations.
Students must carefully consider the commitment it demands, but a Marist College
education is the investment of a lifetime.
Median Income by Education Level
Professional Degree
Doctoral Degree
Master's Degree
Bachelor's Degree
Associate Degree
Some College, No Degree
High School Graduate
Not a High School Graduate
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Sources: U.S. Census Bureau, 2006; Internal Revenue Service, 2006 McIntyre et al., 2003
4
the
Marist
Degree
The Princeton Review named Marist one of
the best 368 colleges in the country, one
of the 25 most connected campuses, and
the School of Management one of the best
290 in the world. U.S. News & World Report consistently places Marist in its top
tier. Barron’s calls us one of the
nation’s 247 best buys in
college education. Yahoo!
Internet Life magazine
selected Marist for its
list of the 100 most
wired campuses in
the nation. The John
Templeton Foundation placed Marist
on its elite honor roll
of only 100 academic
institutions noted for
teaching character development. Careers and Colleges magazine picked Marist
as one of 14 “schools that rule,” providing
“strong academic programs, terrific professors, a vibrant student life, (and) other opportunities for personal development.”
Marist takes great pride in the quality of
its academic programs and is equally
proud of the value-oriented educational
environment that supplements the formal
classroom experience. The Marist College degree is increasingly recognized
throughout the country and the
world, and with good reason: the academic profile
of the student body
is one of the most
competitive in higher
education. Students
applying for graduate and professional
schools are accepted
at high rates and
continue their education at some of our
country’s finest schools.
The employment rate, starting salaries, level of community
service, leadership roles, and long list of
successful careers enjoyed by the majority
of Marist’s alumni all provide evidence of
the value of the Marist degree.
Located on a scenic stretch of the Hudson River that continues
to play a vital role in the history, culture, and economy of
our country, Marist College offers opportunities that exist
at no other campus in America.
5
Financial Aid
Programs
Financing is a major concern for many people, but there are several options available. In addition to traditional sources, including personal income, savings, and family/employer assistance, several programs are available to assist both full and part
time students in meeting the cost of their education. For eligibility, students must be
matriculated in a program at Marist College and maintain Satisfactory Academic
Progress each semester. For information on the Satisfactory Academic Progress policy,
please refer to www.marist.edu.sfs/sap.
Returning Adult Undergraduate students who wish to be considered for financial aid
must complete and submit the Renewal FAFSA, preferably no later than April 1.
Annual renewal of financial aid requires completion of the FAFSA, Satisfactory
Academic Progress, and a completed registration.
Students can access their financial aid information online at www.marist.edu/sfs.
Adult Undergraduate
Grants
Adult Learner Grant
The Adult Learner Grant may be awarded
annually to full-time adult students enrolled
at Marist’s Poughkeepsie Campus. Grants
are awarded upon the recommendation
of the Dean of Graduate and Adult Enrollment and are based on financial need
and academic performance. Preference
is given to students who do not qualify for
traditional need-based aid resources. The
Adult Learner Grant may also be awarded
to part-time students taking 9 credits.
Federal Grants
Federal Pell Grant
The Federal Pell Grant program provides
financial assistance to students otherwise
6
unable to afford an undergraduate education. Pell grants provide a foundation of
financial aid to which other aid may be
added. To find out if you qualify for this
grant, the Free Application for Federal
Student Aid (FAFSA) must be filed.
State Grants
New York State Tuition Assistance
Grant (TAP)
New York Residents Only
The TAP Grant is awarded to eligible New
York residents with financial need. The
amount awarded ranges from $500 to
$5,000 per year. You don’t have to apply
for it if you file the FAFSA—your FAFSA
information is automatically used to determine eligibility for TAP. Please refer to
www.hesc.org for more information.
Part-time Tuition Assistance
Program (TAP)
Available in 2008-2009 for students meeting requirements in 2006-2007, part-time
TAP helps eligible New York residents attending in-state post-secondary institutions
on a part-time basis. TAP is a grant and
does not have to be paid back. To apply
for a TAP grant students must complete
and submit the FAFSA.
Aid for Part-Time Study
Program (APTS)
New York State Residents Only
If you are a New York State resident (for
at least the past 12 months) you may be
eligible for this state grant. You must be
matriculated and take at least 3 credits
and no more than 11 credits per semester.
APTS is a grant awarded at the discretion
of Marist College in conjunction with State
guidelines and does not have to be paid
back. For additional information, visit our
website www.marist.edu/sfs.
Award amounts range from $250 to
$1000 per semester. Maximum New York
State limit is $2000 for the fall and spring
semesters. Awards are determined by the
Office of Student Financial Services. Students can download the APTS application
online and return the completed application along with a copy of their NYS tax returns (and a parent tax return if dependent)
to the Office of Student Financial Services
for processing. Application deadlines for
Fall semester are September 15th and
Spring semester is January 30th. A student
must apply every year.
Marist Scholarships
Marist Scholarship for
Academic Excellence
The Marist Scholarship for Academic
Excellence is awarded to full-time adult
students enrolled at Marist’s Poughkeepsie
Campus. Students must have achieved a
cumulative GPA of 3.0 or higher at their
prior institution and must have completed
60 credits, or have a two-year degree and
a GPA of 2.85 or higher. Students must
maintain a minimum cumulative GPA of
3.0 to retain eligibility for this scholarship.
Scholarships are awarded upon the recommendation of the Dean of Graduate and
Adult Enrollment.
Marist Endowed Scholarships
Marist full-time continuing adult students at
the Poughkeepsie Campus may apply for
scholarships during the months of March,
April and May. To apply online go to www.
marist.edu.financialaid/endow.html.
Harold and Anne Miller
Scholarships for Adult Students
The Harold and Anne Miller Scholarships
are awarded to students who have
completed at least 30 credits toward their
baccalaureate degree. The scholarships
are awarded upon the recommendation of
the Dean of Graduate & Adult
Enrollment and are based on student
academic achievement.
7
Marguerite Feinstein Memorial
Scholarships for Adult Students
Established in memory of Marguerite Feinstein, a labor union leader in the State of
New York, who earned an undergraduate
and graduate degree from Marist College.
This award provides assistance to working
mothers enrolled in the School of Continuing Education. Financial need is a criterion.
Debra Sue Levantrosser Women
of Marist College Scholarship for
Adult Students
Established by Frederick and Barbara Levantrosser in honor of their daughter, who
received her Master’s of Public Administration degree from Marist in 1996. The
scholarship is awarded to a female junior,
senior or graduate student majoring in
management, business, political science or
public administration, with special consideration for those pursuing an international
focus in their studies and career aspirations. Recipients must exhibit an entrepreneurial spirit and creativity, as well as high
integrity, motivation to succeed, and extraordinary potential for personal growth.
The Martin S. Burgess Business
Scholarship for Adult Students
Established with gifts made in memory of
Martin Burgess ’74 an IBMer who attended
Marist College as an adult student, this
scholarship assists adult students who are
highly motivated to achieve their college
degrees, and have completed at least 60
credits toward their bachelor’s in business or the OLC degree and are working
full-time or part-time. The scholarship is
intended to lessen financial obstacles for
recipients and inspire them to achieve their
educational goals. Candidates will be
identified by the Dean of Graduate and
Adult Enrollment.
8
Private Scholarships
Websites for private scholarship searches
are found on the Internet. Many of these
sites offer legitimate free search opportunities for students seeking additional financial resources to meet their educational
costs. We support student use of these
services; however, there are a few items
you should be aware of when completing
private scholarship searches:
1. The private scholarship will never
replace the opportunities a student
receives by completing the regular
financial aid application process in a
timely manner.
2. Outside scholarships may affect other
types of financial aid, due to various
program requirements and private
donor specifications. If a private
scholarship is received, contact the
Office of Student Financial Services as
early as possible to help maximize what
is received from all sources.
The Marist College Office of Student Financial Services web page (www.marist.
edu.sfs) has links to various legitimate
scholarship search pages.
Additional Sources
of Aid
Tuition Employer Deferment
Students eligible for tuition deferment from
their employers may, with the appropriate
documentation, defer payment until after
the conclusion of the semester. Students
must supply the Office of Student Financial
Services with documentation from their
employers verifying deferment eligibility.
Upon completion of an Employer Tuition
Deferment Application, students are required to pay the greater of $300 or the
balance of tuition not covered by the employer. Returning students have the option
of full tuition deferment if the employer is
covering the total balance. Any charge not
covered by the employer must be paid by
the student. Applications are required
each semester.
Marist Student
Employment Program
College student employment is funded
through Marist College’s Campus Employment Program. There are opportunities for
employment with various academic and
administrative offices within the college.
Students are not allowed to work more
than 20 hours per week during the regular
academic term and 40 hours per week
during vacation periods. Visit our website:
www.marist.edu/sfs/studentemployment for additional information regarding
student employment.
Things to Remember...
It is important to keep the following points in mind as you familiarize yourself with
the financial aid process:
• It is recommended that you file for aid before you are accepted by Marist.
• File the necessary forms: do not assume you are ineligible.
• File the FAFSA as early as you can (but not before January 1), even if you must
estimate your income (use prior year if similar, or current pay stubs).
• Send written documentation to the Office of Student Financial Services if there
are unusual financial circumstances.
• Meet all deadlines.
9
Applying
for Financial Aid
1. FAFSA:
The first step to applying for financial aid is
to fill out the Free Application for Federal
Student Aid (FAFSA), which is available
online at www.fafsa.ed.gov. Please
remember to use the Marist College school
code. To electronically sign the FAFSA, apply online for a PIN at www.pin.ed.gov.
Marist College’s Federal School
Code is 002765
2. Student Aid Report:
Within serveral weeks, the student will
receive a Student Aid Report (SAR). The
SAR will give information regarding eligibility for financial aid based on the Expected
Family Contribution and Cost of Attendance. The SAR will also indicate if there
is any additional information that needs to
be submitted. If the Department of Education selects the student for verification, the
student and spouse, if applicable must
provide a signed copy of their prior year
tax returns and all W-2s. A selected student
is also required to complete a Marist Application for Financial Aid. The application
is available online at www.marist.edu/
SFS under forms.
10
3. Financial Aid Award and
Aid Eligibility:
The Office of Student Financial Services
will send an award notification to each
student based on his/her eligibility and
anticipated enrollment. Marist College
determines aid eligibility using the Federal
Needs Analysis System established by the
Federal Government. The formula that the
Federal Government uses to determine
eligibility is:
What is "Financial Need"?
College Cost
— Family Contribution (EFC)
= Financial Need
The Cost of Attendance consists of educational expenses such as tuition, fees, living
expenses, books and supplies, transportation and other related expenses. The Expected Family Contribution is the amount
that the government determines the student
can contribute toward their education.
This amount is determined with a standard
formula that uses the financial information
supplied by the student, and is provided on
the SAR.
Payment/Loan
Federal Stafford Loan
Federal Stafford Loans (subsidized and
unsubsidized) are low-interest, long-term
loans available for undergraduate and
graduate students. Both subsidized and
unsubsidized Federal Stafford loans have
the same terms and conditions, with one
exception: Unsubsidized loan borrowers
are responsible for interest that accrues
during all in-school, grace, and deferment
periods; for subsidized loans, the federal
government pays the interest on behalf of
the borrower. Additional terms, subject to
revision by federal law, include:
• Interest Rate: Interest rates on new
student loans will be set at a fixed rate
of 6.0 percent for subsidized and 6.8
percent for unsubsidized
• Processing Fee: A 1% origination fee
may be deducted from the loan.
• Guarantee Fee: A guarantee fee of up
to 1% may be deducted from each loan
disbursement, and is paid to the loan
guaranty agency.
• Repayment: Repayment of your loan will
begin 6 months after you graduate,
leave school or drop below half-time
status. If you choose to attend
graduate school and enroll at least halftime (6 credits), you may defer the
repayment of your loan.
options
Fifth-Year Undergraduate Loan
Program – For Prerequisite
Undergraduate Classes
A student may apply for a Stafford Loan
for up to 12 months of course work taken
in a single consecutive 12-month period
if the school has documented that the
course work is necessary in order for students to enroll in a graduate or professional program. This category of students
may borrow at the fifth-year undergraduate loan level, and the loan limit is not
prorated if the program is less than an
academic year.
Master Promissory Note (MPN) and
Entrance Counseling
A first time borrower at Marist College
who is interested in applying for federal
student loans must complete the Stafford
Master Promissory Note (MPN) and
entrance counseling. These documents
may be completed online at www.marist.
edu/sfs.
Please Note: You have the option of
choosing your own lender. This decision
requires you to obtain a loan application with the lender’s mailing address for
approval and/or guarantee. Refer to the
lender/servicer selected regarding
their benefits.
11
Please mail the completed application to
our office at:
Marist College
Student Financial Services
3399 North Rd
Poughkeepsie NY 12601
Students may apply at www.marist.edu/
sfs/loan to complete the loan process
online and electronically sign the Master
Promissory Note (MPN).
Tuition Paysm Monthly
Payment Plan
The Tuition Pay Plan, administered by Sallie
Mae, is a convenient alternative to lump-sum
semester payments.
Features:
• 10 monthly payments
• No interest charges
• Low cost—only a $55 application fee
• No credit review
• Payment by direct debit, check or
credit card
Easy to apply and renew
Both the first-time application and annual
renewal are fast, simple and can be easily
completed online at www.marist.edu/financialaid/tuitionpay.
Any student at Marist College is eligible for
the Tuition Pay Monthly Payment Plan. Upon
receipt of your application and fee, Sallie
Mae will establish your account and notify
Marist College of your participation in
the plan.
12
Alternative Loan Programs
Alternative financing is available to assist families with educational expenses,
and eligibility for alternative loans is not
based on need. However, Marist College
policy does not allow the certification of
any alternative loan for more than the
cost of attendance, minus any other aid.
Please also note that time is required to
obtain and review credit reports, obtain
enrollment certification from the College
and for processing of the disbursements.
For additional information, please refer to
www.marist.edu/sfs/loans. Click on the
Alternative Loans link.
What Will the Monthly
Payment Be?
Did you know that $20,000 in loans can
be paid off in monthly installments as low
as $225? To see a loan payment schedule
and get an idea of monthly costs, go to
www.marist.edu/sfs/studentloan.
Tax Incentives for Education
Students should be aware that there are
federal education tax credits available. The
Hope Tax Credit provides credits of up to
$1500 per year per student for the first two
years of college attendance; the Lifetime
Learning Credit provides a credit of up to
$1000 per year per student beyond the
first two years of college attendance. There
are income limits and limits based on the
actual amount of tuition and fees paid to
the college. Detailed information is available from the IRS website: www.irs.ustreas.gov, or from your tax professional.
Students who have loans in repayment
may be able to deduct their student loan
interest from their income as well. Income
limitations apply, so students should contact the IRS or their tax preparer to see if
they qualify.
Student Debt Management
If you have any concerns, we advise you
to speak with a financial aid counselor
regarding debt management. If you have
incurred significant debt, please speak with
us before you consider additional borrowing. Loans may be your only choice, but
you should clearly understand the total
aggregate loan limitations and repayment
schedules. Call the Office of Student
Financial Services 845.575.3230 to
speak with a Financial Aid Counselor.
Student Billing
The Office of Student Financial Services is
responsible for administering all transactions related to a student’s financial account at Marist College. Student Financial
Services issues billing statements, processes payments, credits, refunds and charges
that students may incur during their enrollment at Marist.
count. We also accept American Express,
Discover, and Master Card however a
2% convenience fee is assessed. The fall
semester billing statement is available in
mid-July and payment is due early August;
the spring semester billing statement is
available in December and payment is due
early January. These statements list basic
semester charges for tuition and fees. Additional statements are issued for miscellaneous charges during the semester. Currently, in addition to the eBill, statements
are mailed to the student’s permanent
home address.
Student Financial Services staff members
are available to discuss aid opportunities,
payment options and financing plans. If
you have any questions or would like to
come in for an individual meeting,
just call 845.575.3230 or
800.436.5483 to schedule an appointment. Office hours are 8:30 a.m. to 5:00
p.m. Monday through Friday.
Marist College provides electronic billing
and payment services. Students may enroll
in eBill at www.marist.edu/sfs. Marist
College accepts payment via ACH (direct
debit) from your checking or savings ac-
13
Payment/Loan Summary
Program
Limits
Fee
In-School
Interest
Repayment Grace
Interest
Period
Repayment
Period
Tuition Pay
Full cost of tuition minus
Monthly
student aid
Payment Plan
$55
(Annual)
0
0
None
10 months
Subsidized
Stafford
and/or
Unsubsidized
Stafford
Up to 2%
(may be
waived)
0
Fixed rate
6%
6 months
10 years
Up to 2%
(may be
waived)
Fixed rate
6.8%
Fixed rate
6.8%
6 months
10 years
Dependent
Undergraduate Student
FR $3,500 + additional
$2,000 unsubsidized loans
SO $4,500 + additional
$2,000 unsubsidized loans
JR/SR $5,500 + additional
$2,000 unsubsidized loans
Lifetime Loan Limit $31,000No more than $23,000
of this amount may be in
subsidized loans
Independent
Undergraduate Student
FR $9,500-No more than
$3,500 of this amount may
be in subsidized loans
SO $10,500-No more than
$4,500 of this amount may
be in subsidized loans
JR/SR $12,500-No more
than $5,500 of this amount
may be in subsidized loans
Lifetime Loan Limit $57,500No more than $23,000
of this amount may be in
subsidized loans
Perkins
$4,000
Lifetime Loan Limit $20,000
0
0
5%
9 months
10 years
PLUS Loan
for Parents
Full cost of tuition minus
student aid
Up to 4%
Fixed rate
8.5%
Fixed rate
8.5%
None
10 years
Did You Know?
A key measure of student success, the student loan default rate, is significantly lower for Marist College than the rate for peer institutions. The 2005 cohort-default
rate, the most recent available, was 0.4% for Marist College, compared with an
average rate of 2.3% for all private, four-year colleges and universities nationally.
14
Federal Stafford Loan Suggested Lender List
Citibank
Citizens
Edamerica
Sallie Mae Education Trust
http://www.marist.edu/sfs/stafford.html
Please Note: you have the option of selecting your own lender. This decision
requires you to obtain a loan application with the lender’s mailing address for
approval and/or guarantee. A Master Promissory Note is also available online.
Refer to the lender/servicer selected regarding their benefits.
Please mail the completed application to our office at:
Marist College
The Office of Student Financial Services
3399 North Rd
Poughkeepsie NY 12601
If you have any questions in selecting your own lender, or with the Stafford Loan
process, please contact our office or send an email to:
studentfinancialservices@marist.edu
MARIST
Marist College
Student Financial Services
3399 North Rd
Poughkeepsie NY 12601
Telephone:
800.436.5483
Web site:
www.marist.edu/sfs
Email:
studentfinancialservices@marist.edu
Marist College
The Office of Student Financial Services
3399 North Road
Poughkeepsie, NY 12601
Non-Profit Org.
U.S. Postage
PAID
Permit No. 34
Poughkeepsie, NY