NICOLE JOHNSON, FINANCIAL AID COUNSELOR

Financial Aid Introduction

What is Financial Aid?

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• Money to help bridge the gap between the cost of education and what the family can pay.

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• Sources of Financial Aid include:
• U.S. Federal Government
• State where you live
• Colleges and Universities
• Private Organizations

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Types of Aid

• Merit-Based
• Awarded to students who demonstrate a high level of achievement in: academics, athletics, arts, leadership
• Family financial information not taken into consideration

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• Need-Based
• Awarded to students based on their demonstrated financial need.
• Financial need is determined based on student and parent financial information from one or possibly two forms.
• FAFSA
• CSS Profile

CSS Profile

• Submitted by the custodial and some schools require non-custodial parent
• $25 application fee for the first school and $16 for each additional school
• Fee Waivers are available
• Calculates an Estimated Contribution
• Used to determine eligibility for institutional aid only
• Unlike the FAFSA it does ask for debt
• Varies by school; annually or first year only
• Mostly used by selective private schools; UW-Madison requires it
• Done in addition to the FAFSA

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FAFSA

• 2027-28 FAFSA
• Uses 2025 tax information
• If starting college in fall 2027, need this one
• Beta version is available now, officially available October 1, 2026

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• Set up FSA-ID at https://studentaid.gov/fsa-id/create-account/launch

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• The FAFSA is student-specific

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• Students must re-apply for aid every year

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• Dependency Status, studentaid.gov/apply-for-aid/fafsa/filling-out/dependency

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• Student may list up to 20 schools

Whose Financial Information is required?

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• For dependent students both the student and their parent(s) are contributors

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• Their parent(s) who provided the most financial support in the previous 12 months
• Married parents filing joint return – 1 parent contributor
• Married filing separately – both parents are contributors
• Not married but both biological parents are living together – both parents are contributors
• https://studentaid.gov/fafsa-apply/parents

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• Everyone must provide consent for the FAFSA to be valid
• Non-filers must also provide consent
• If consent is not provided, the FAFSA can be completed but the student will not be eligible for Federal Student Aid.

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What Financial Information is required?

• For the 2027-28 Academic Year the FAFSA will pull information from your 2025 federal tax return

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• You will manually the following information, if applicable:
• Child Support Received for all children - most recently completed calendar year
• Cash, Savings, Checking - day FAFSA filed
• Net Worth of Business and/or Farm – day FAFSA filed
• Investment Net Worth – day FAFSA filed

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What happens after the FAFSA is filed?

• The Student Aid Index (SAI) is calculated

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• Results are sent electronically to the selected college(s)
• Expect delays with schools receiving information

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• The applicant will receive a FAFSA Submission Summary

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• If you have extraordinary circumstances, notify the Financial Aid Office(s)

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• You may be required to verify the information submitted on the FAFSA

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Determining Eligibility for Need-based Aid

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• Need is a simple equation

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• Need-based aid includes some scholarships, grants, and the subsidized loan.

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Total Cost of Attendance

Student Aid Index

(SAI)

Financial Need

Examples of the “Math”

Public College

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Cost $ 27,330

SAI -$10,000

Need $ 17,330

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Private College

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Cost $55,800

• SAI -$10,000
• Need $45,800

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The Financial Aid Offer

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• Will be comprised of assistance from one or more these categories depending upon their eligibility:

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Scholarships and Grant

(Free Money)

Student Employment

(Earned Money)

Student Loans

(Borrowed Money)

Other Options

• Parent PLUS Loan
• https://studentaid.gov/plus-app/parent/landing
• Parent can borrow up to $20,000 per year for each dependent student
• Up to an aggregate of $65,000 per dependent student
• Student Alternative Loans – Private Lenders
• Private Scholarships
• Must be reported to the school
• Payment Plan
• 529 Plans

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Net Cost

• Don’t just focus on the total amount of aid offered
• Look at the remaining cost after aid

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Cost

Financial

Aid

Net

Cost

Resources

• Net Price Calculators
• Early Financial Aid Estimation Tool
• On every College Website
• Cost – Grants & Scholarships = Net Price

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• Websites
• studentaid.gov
• consumerfinance.gov/paying-for-college/
• bigfuture.collegeboard.org/pay-for-college

College Goal Wisconsin

• collegegoalwi.org

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• Get help filing the 2027-28 FAFSA

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• In-person and virtual events: collegegoalwi.org/calendar-of-upcoming-events/

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• Register online

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• View required documents

Additional Information

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Marquette Central

Office of Student Financial Aid

Marquette University 

phone:  414.288.4000

email: marquettecentral@marquette.edu

Website: marquette.edu/central/financial-aid

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