 Principles of Financial Aid
 Key Concepts
 Completing the FAFSA
 Types of Aid Available
 Comparing Aid Offers & Net Price Calculators
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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)
Savings
Current
Income
Loans
 Tuition
 Fees
 Room
& Board
 Books & Supplies
 Personal/Miscellaneous
 Travel

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Determined by filing the FAFSA - Free
Application for Federal Student Aid
Indicator of your family’s financial strength
Income
Income is primary
determinant of
financial strength
Goal of NA is to
determine
recurring sources
of income
All sources of
taxed and
untaxed income
need to be
analyzed
Assets
Assets allow
more choice
Assets help
families plan for
expenditures
•Retirement
•Emergencies
•Other educational
expenses
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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
Private College
Cost $ 22,826
EFC -$10,000
Need$12,826
Cost $44,750
EFC -$10,000
Need $34,750
Source: The College Board
Average Estimated Budgets, 2013-14
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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

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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 20152016 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 based
Talent
Service
ROTC
Private
www.fastweb.com
www.thesalliemaefund.org
https://bigfuture.collegeboard.org/college-search
Need-based
Federal Grants
Pell
SEOG
TEACH
State Grants
Wisconsin Grant
Institutional Grants
 Two
types:
Federal Work Study
Regular Campus Employment
 Can
be used for personal expenses
 Does not adversely affect grades
Federal Stafford
Subsidized
Unsubsidized
Federal Perkins
Interest Rate – 5%
No loan fee
(anyone can borrow)
Interest Rate – 4.66%
Loan fee – 1.073%
Freshmen - $3500
Sophomores - $4500
Juniors/Seniors - $5500
Additional Unsub $2000/year
6 month grace period
10 year repayment
interest deferred while in school
Available Funding determines
loan amount at each
institution
9 month grace period
10 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
Private
Private
(In State)
Public
(Out of State)
(FAFSA and
CSS PROFILE
meets need)
(FAFSA only –
does not meet
need)
$28,204
$41,126
$59,855
$33,550
$4,496
$4,496
$4,496
$4,496
-
-
$4,956
-
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
$8,298
$6,600
$52,100
$11,600
$19,906
$34,526
$7,755
$21,950
School Information
Total Cost of Attendance
Public
EFC (Family Share)
FAFSA
CSS PROFILE
Grants and Scholarships
Total Gift Aid
Net Price
Comparison, continued
Net Price
Public
Private
Private
(In State)
Public
(Out of State)
(FAFSA and
CSS PROFILE
meets need)
(FAFSA only –
does not meet
need)
$19,906
$34,526
$7,755
$21,950
$2,000
$2,000
$0
$1,000
$3,500
$3,500
$3,259
$3,500
$2,000
$2,000
$2,241
$2,000
$7,500
$7,500
$5,500
$6,500
$12,406
$27,026
$2,255
$15,450
Loan Options (Borrowed)
Federal Perkins Loan
Federal Direct Loan
(subsidized)
Federal Direct Loan
(unsubsidized)
Total Loans
Student’s Out of Pocket Cost
(Net Price less Total Loans)

Early financial aid estimation tool

The average yearly price actually charged to fulltime, first-year undergraduate students receiving
student aid at an institution of higher education.

Estimate net price=COA - grants & scholarships
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Not all NPCs are built equally
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General Information
 www.StudentAid.gov
 http://www.consumerfinance.gov/paying-for-
college
 http://nces.ed.gov/collegenavigator/?s=all&ct=2&i
c=1

Scholarship Search Engines
 www.Fastweb.com
 www.Thesalliemaefund.org
 www.Bigfuture.collegeboard.org/college-search
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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 University
Office of Student Financial Aid
(414) 288-4000
marquettecentral@marquette.edu
website: www.marquette.edu/mucentral