UNDERSTANDING THE FINANCIAL AID PROCESS

College Cost

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

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

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Need-based

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• 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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How to apply for Merit-base Aid

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• Merit-based application process varies by college or university:

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• Automatic consideration just by applying for admission

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• Separate application (watch for different timelines and deadlines)

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• Both

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How to apply for Need-base Aid

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• File the FAFSA form
• Available October 2025 for the 2026-27 academic year
• Required of all schools where a student wants to be considered for need-based aid
• Must be completed for every year a student will be attending college or university
• The number of the family in college is not included in the calculation

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• Some schools may also require the CSS Profile
• Utilized to award institutional aid at more selective private institutions

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• Some schools may have an institutional form

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Financial Aid Applications

FAFSA

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• Submitted by the parent(s) who provide the most financial support
• Free
• Both Student and Parent(s) must set up a Federal Student Aid User Name and Password (FSAID)
• Calculates the student’s SAI
• Used to determine eligibility for federal, state, and institutional aid
• Submitted annually

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CSS Profile

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• 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

Completing the FAFSA – FSA ID

• Apply for a FSA ID (Username and password)
• Every contributor will need a FSA ID
• Email addresses associated with FSA ID accounts must be unique
• Contributors include everyone required to provide information on the FAFSA: Student, Student’s spouse, Biological or Adoptive Parent, Parent’s spouse or partner
• If parents filed taxes separately, both parents are contributors

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• Parent(s) must have their own FSA ID

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• Parents who do not have SSN can get FSA ID

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• FSA ID serves as electronic signatures for the FAFSA and Promissory notes

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• https://studentaid.gov/fsa-id/create-account/launch

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Completing the FAFSA

• FAFSA is based on prior, prior year taxes
• 2026-27 FAFSA is based on 2024 taxes

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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

FAFSA Landing Page�studentaid.gov/h/apply-for-aid/fafsa

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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 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

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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.
• 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

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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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• Costs Attendance is comprised of these six categories

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Personal Expenses

Tuition

Course materials, Supplies & Equipment

Travel

Food & Housing

Fees

Determining Eligibility for Need-based Aid

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• Need is a simple equation

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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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Your student’s Financial Aid Award

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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)

Grants

• Need-based

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• Federal Grants
• Pell
• SEOG
• TEACH

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• State Grants

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• Institutional Grants

Student Employment

• Two Types:
• Federal Work Study
• Regular Campus Employment

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• Can be used for personal expenses

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• Working should not adversely affect grades

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Federal Direct Student Loans

• Subsidized = Need-based

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• Unsubsidized = Anyone can borrow

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• Annual amounts
• Freshmen: $5500
• Up to $3500 subsidized
• Sophomores: $6500
• Up to $4500 subsidized
• Juniors/Seniors: $7500
• Up to $5500 subsidized

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• 6-month Grace Period

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• 10-year Standard Repayment

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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 aggregate of $65,000 per dependent student
• Student Alternative Loans – Private Lenders
• Private Scholarships
• Must be reported to the school
• Payment Plan
• Tax Credits
• 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 2026-27 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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