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Common Ways to Pay for Higher Ed

Financial Aid

Parent PLUS Loan

Alternative / Private Lenders

Private Scholarships

Payment Plan

529 Plans

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529 Plans

EdVest

Get a billing statement from the school and send to the plan to request payment

If parent who owns the plan is on the FAFSA amount of student’s plan must be reported

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Alternative / Private Loans

Through a bank, credit union, or other lending institution

Can be in parent’s, student’s, or other person’s name

Students usually need a credit-worthy cosigner; there are loans with the option to release the cosigner after a certain number of payments.

Parents may find a better rate for these loans than a Parent PLUS loan.

Not required to complete the FAFSA

Some schools have a preferred lender list. If they do not, they are not allowed to recommend a lender.

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Private Scholarships

Through employer, parent’s employer, clubs, groups, volunteer organizations, outside companies.
Most schools take outside scholarships to apply to balance.
Make sure you report scholarships received to school
Many different requirements and ways to apply
Avoid giving out SSN/Bank Info in application

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Payment Plans

If you need to spread remaining balance over the semester

Check the school’s website or call the Bursar/Student Accounts office

If the school uses a 3^rd party for the payment plan you will need to enter in the balance you need to pay

Will look different between schools

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What is Financial Aid?

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

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 is not taken into consideration.

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

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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
Varies by school; annually or first year only
Mostly used by selective private schools but UW-Madison recently started requiring it
College Scholarship Service Profile

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FAFSA

FAFSA is based on prior, prior year taxes

2026-27 FAFSA is based on 2024 taxes

The FAFSA is student-specific

Students must re-apply for aid every year

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

Student may list up to 20 schools

Generates SAI, Student Aid Index

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Whose Financial Information is required?

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

Their parent(s) who provides the most financial support

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

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.

Must complete the process within 45 days or start over

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What Financial Information is required?

For the 2026-27 Academic Year the FAFSA will pull information from your 2024 federal tax return

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 Investment 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

Results are sent electronically to the selected college(s)

Expect delays with schools receiving information

The applicant will receive a FAFSA Submission Summary

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

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

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Determining Eligibility for Need-based Aid

Need is a simple equation

Total Cost of Attendance

Student Aid Index

(SAI)

Financial Need

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Examples of the “Math”

Public College

Cost $ 27,330

SAI -$10,000

Need $ 17,330

Private College

Cost $55,800

SAI -$10,000
Need $45,800

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The Financial Aid Award

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

Scholarships and Grant

(Free Money)

Student Employment

(Earned Money)

Student Loans

(Borrowed Money)

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Parent PLUS Loan

Loan is in biological or adoptive parent’s name

Student must have filed FAFSA

Parent taking loan does not have to be the parent on the FAFSA

https://studentaid.gov/plus-app/parent/landing

Parent can borrow up to $20,000 per year for each dependent student, up to aggregate of $65,000 per dependent student

For the 2025-26 school year interest is 9.08% and the origination fee is 4.228%

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Net Cost

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

Cost

Financial

Aid

Net

Cost

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Resources

Net Price Calculators

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

Websites

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College Goal Wisconsin

collegegoalwi.org

Get help filing the 2026-27 FAFSA

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

View required documents

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Additional Information

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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