Open House Powerpoint

FINANCIAL AID 101

Taking the mystery out of the

financial aid process

Est. 1853

INTRODUCTION

How to pay for college is one of the most important decisions a student and family can make. Applying for Financial Aid is a key step in pursuing a degree. It should not be overlooked even if you don’t believe you’ll be eligible for financial aid.

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What makes Mount Aloysius College

affordable?

Our tuition and fees are deliberately lower than you will find at other comprehensive private colleges. Our scholarships often result in a bottom line cost that’s less than other private colleges and universities and often

on par with public colleges and universities– and our students graduate on-time! More than 90% of students receive scholarships and financial aid.

The average aid package based on grants and scholarships is approximately $10,000.

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Sticker Price vs. Actual Price

When calculating the cost of attending Mount Aloysius College, it is important to remember that through tuition discounting, no student pays the full sticker price. Through generous grant/scholarship programs, the actual price paid is lower than the published sticker price. Students can qualify for a maximum of up to $17,000 in institutional aid alone.

Basic types of financial aid

Grants & Scholarship – money you do not have to repay

Loans – money that must be repaid upon graduation

Work-Study - on/off campus employment opportunities

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Mount Aloysius Participates In…

Federal Pell grant

PHEAA state grant

FSEOG (Federal Supplemental Educational Opportunity Grant)

Perkins/Nursing Loans

Federal Work-Study Program

Federal Direct Stafford & PLUS Loan 4

Mount Aloysius Institutional Aid Programs…

Mercy Presidential Scholarship ($12,000/yr. or $48,000) Mount Aloysius Merit Grants/Scholarships ($2,000 to $8,000/yr.) Mount Aloysius Commuter & Residential Grants ($1,000 - $1,500/yr.) Honors Fellowship ($1,000/yr.) English Fellowship ($1,000/yr.) Heritage Scholarship ($1,000/yr.) Vox Nova and Theater Scholarships ($1,000/yr.) History/Political Science Fellowship ($1,000/yr.) FBLA Scholarship ($1,000/yr.) Biology Fellowship ($1,000/yr.) Family Tuition Grant ($1,000/yr.) Saint Aloysius Grant ($1,500/yr.) International Student Grant ($10,000/yr. on campus; $6,000/year off campus) Mary Cypher Madden Scholarship Endowed Scholarships (over 75 Scholarships in various amounts) 5

Tuition Exchange (for students whose parents work at participating

colleges/universities)

Mount Aloysius College is a member institution of the tuition exchange programs offered through the Tuition Exchange (TE), Inc. and the Council of Independent Colleges (CIC). Through participation in these national programs, the College provides scholarship opportunities for its employees’ dependents at other participating colleges and universities.

Tuition exchange scholarships are offered on a competitive basis and are not guaranteed to any applicant at any time. The tuition exchange scholarship is NOT an automatic benefit of employment like health insurance or vacation time. Therefore, the tuition exchange program is not considered an employee benefit program.

Scholarships are awarded by the importing institution based on criteria established solely by that college or university. Most scholarships cover full tuition and exclude fees, course overloads and room and board charges. However, the value of the award is determined by the importing institution. The Tuition Exchange, Inc. program is a pooled reciprocal scholarship program not a one-to-one exchange. As a member institution, the College is obligated to maintain a balance between the numbers of student “exports and imports.” Therefore, the number of students the College is able to sponsor each year will vary depending upon the number of renewals and new student imports received from other participating institutions.

The College’s TE balance is based on an import/export formula using data from the most recent five (5) year period with the goal that a zero balance be maintained. For this reason, the College reserves the right to limit the number of applications accepted and/or submitted for a given academic year to maintain the integrity of the program. In addition, Mount Aloysius College generally limits the number of new TE import students to three (3) each year.

Mount Aloysius College recognizes that paying for a quality, private liberal arts education is a concern for most parents and students. Over the years, to help keep your college costs reasonable, Mount Aloysius has developed a wide variety of grants, scholarships, and loan programs to help offset the cost of college. Below are some examples of aid packages of students at Mount Aloysius College.

Student #1 – Freshman Residential Student from a Pennsylvania Catholic High School

Student #2 – Freshman Residential Student from Pennsylvania

HS GPA = 3.2

SAT = 1100

EFC (Expected Family Contribution) - $0

Federal Pell Grant $5,730

PHEAA State Grant $3,670

MAC Academic Scholarship $7,000

MAC Residential Grant $1,500

Heritage Scholarship $1,000

TOTAL AID BEFORE LOANS: $18,900

HS GPA = 3.6

SAT = 1200

EFC (Expected Family Contribution) - $10,000

PHEAA State Grant $1,800

MAC Academic Scholarship $8,000

MAC Residential Grant $1,500

TOTAL AID BEFORE LOANS: $11,300

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More examples Student #3 – Freshman Commuter Student from

Pennsylvania HS GPA = 3.5 SAT = 1000 EFC (Expected Family Contribution) - $0 Federal Pell Grant $5,730 PHEAA State Grant $3,670 MAC Academic Grant $4,000 MAC Commuter Grant $1,000 TOTAL AID BEFORE LOANS: $14,400

Student #4 – Freshman Commuter Student from Pennsylvania

HS GPA = 3.5 SAT = 1100 EFC (Expected Family Contribution) - $5,882 PHEAA State Grant $3,670 MAC Academic Scholarship $4,500 MAC Commuter Grant $1,000 Mercy Grant $1,000 TOTAL AID BEFORE LOANS: $10,170

HS GPA = 3.8 SAT = 1250 EFC (Expected Family Contribution) = $7,242 Ohio State Grant $600 MAC Academic Scholarship $8,000 MAC Residential Grant $1,500 Mercy Grant $1,000 St. Aloysius Grant $1,500 TOTAL AID BEFORE LOANS: $12,600

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Student #5 – Residential Student from Ohio

How Do I Get Financial Aid?

To make the process of applying for financial aid as easy as possible, Mount Aloysius College only requires one aid application, the Free Application for Federal Student Aid (FAFSA). This one form is used to determine your eligibility for all the aid sources we offer.

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Deadline Dates

FAFSA- file as soon after January 1st as possible

The Pennsylvania State Grant deadline is May 1 each year

Our priority deadline date is April 1st

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Preparation for filing the FAFSA

Copies of both the student’s and parents’ Federal income tax returns

Copies of both the student’s and parents’ W-2 forms for all jobs worked

Documentation of untaxed income like welfare benefits, workmen’s compensation, child support, social security benefits, etc.

Documentation regarding investments and real estate (excluding your home)

Balances of cash, savings and checking accounts

Documentation of net worth of businesses and investment farms

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HOW TO FILE FIRST: Go to www.pin.ed.gov and

request a PIN number. The student and one parent should request this PIN number so both can electronically sign the FAFSA form.

SECOND: Go to www.fafsa.gov to file the form.

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AFTER YOU FILE THE FAFSA WHAT TO EXPECT

Once the student completes and submits the FAFSA on-line, the information is processed by the Department of Education and sent to the school or schools listed on the college section of the FAFSA form. Essentially the same information submitted on-line is sent to each school along with the EFC (Expected Family Contribution). The EFC is the figure used by schools to determine eligibility for financial aid.

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AFTER YOU FILE THE FAFSA WHAT TO EXPECT

Once the FAFSA is received by the school they will inform the student if any other information is needed to complete their file. It is to their advantage to submit requested information promptly.

The school will also notify the student of what financial aid he/she will be eligible to receive. This is called the financial aid package or award letter.

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Additional Scholarship Information

www.fastweb.com www.collegeanswer.com www.schoolsoup.com

These websites will make easy work of finding

other scholarships that are available throughout the United States from different organizations and groups.

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Contact Us

FINANCIAL AID OFFICE

1-888-823-2220 or 814-886-6357

[email protected]

www.mtaloy.edu

***This presentation can be found on the college

website under Financial Aid.

We Are Here to Help…

The financial aid office is here to help you make a private, liberal arts education

affordable.

If you are willing to work with us in applying for all grants and loans possible, we can

help you so that you will only have to pay for books and incidentals out of pocket.