How to Pay for College
WE CARE ABOUT YOU AND YOUR AID OPTIONS Menlo College is deeply committed to preparing students for leadership positions in a wide variety of career fields. With this in mind, our financial aid programs are designed to provide future leaders access to an outstanding educational experience.
FEDERAL STUDENT AID The Free Application for Federal Student Aid (FAFSA) - Menlo school code 001236, is available every October 1st. Federal education assistance comes in the form of grants for those who qualify and low-cost education loans. While loans have to be repaid, you are offered deferred payments as a student enrolled at least half time. Student loans and other federal assistance can help to cover any gaps between your offered Menlo scholarships and the cost to attend. Apply here: fafsa.gov
So much has changed since the onset of the pandemic, which is why Menlo has remained committed to equitably balanced financial aid programs, both vertically and horizontally. You are not just a number to us! We take pride in getting to know you, and the resources you need to make coming to Menlo a reality. As you continue to make college plans, we welcome you to learn more about the various financial aid and scholarship resources available to you at Menlo. We are driven to attract and retain a diverse population of students, and an equally diverse amount of resources to support them. Take Care, Christopher Simpson Director of Financial Aid
WHAT IS THE ANNUAL COST OF ATTENDANCE?
Your financial aid budget or cost of attendance is based on several components of estimated expenses you may incur as a student. Think of Direct Costs as what you can expect to pay directly to the college for tuition, fees, room and meals, and health insurance. *Direct Costs usually make up your yearly estimated bill. **Indirect Costs include estimated amounts for books, personal and travel expenses, you should plan for, but do not pay directly to the college. The total cost of attendance is what the school will work from when determining the amount you and your family will be expected to contribute toward the cost of attending.
2021 - 2022 MENLO ANNUAL COSTS
APPLYING FOR MENLO NEED BASED AID
Tuition $46,625 Student Fee
You may need to complete a CSS profile in $800 order to be considered for need based financial aid. We encourage all students On Campus Room & Meals Options $13,040 Standard Triple regardless of your family's resources to $15,990 Standard Double apply for need based aid by completing the $16,540 Large Double CSS profile. $20,740 Standard Single Apply here: cssprofile.org
90%
Indirect Costs Books and Supplies $1,000 Transportation $300 Personal Expenses $2,000 Health Insurance Fee *All students are required to have health coverage. If you have your own health plan, you may submit a waiver request form before the deadline. $2,300
In 2019, Menlo students of Menlo students receive Menlo awards over $20 received more than million in scholarships annually financial aid and $150,000 in outside scholarships scholarships
As of 2020, Menlo has awarded over $1 million in full tuition scholarships to Valedictorians
In 2019, Menlo provided more than $3 million in international student scholarships
FINANCIAL AID AT MENLO COLLEGE SAMPLE FINANCIAL AID AWARD LETTER
Based on a California high school graduate with a GPA of 3.0 or higher, and a FAFSA EFC of $0, and not a recruited athlete.
MENLO GRANTS AND SCHOLARSHIPS
In the award sample above, the student received enough in grants and loans to cover their tuition, student body fee, on campus standard three person room, and campus meal plan. You always have the option to decline loans. In not taking out loans, you could sign up for a monthly payment plan, or pay your semester balance in full.
FINANCIAL AID OPTIONS MERIT AND INTERNATIONAL SCHOLARSHIPS The Office of Admissions personally reviews and determines the amount of merit or international student scholarships that students receive. Here are some common reasons you may qualify for Menlo grants and scholarships:
Academic performance Financial need Affinity Affiliation Menlo Legacy Transferring to Menlo
California Grant recipients Being an International Student Being a Hawaii resident High Talent or Athletic Ability
ATHLETIC SCHOLARSHIPS Athletic scholarships are awarded by the coach of the Menlo sport. Athletic scholarships can not be combined with Menlo academic or need based aid. It is important to know that if you initially received an academic or need based financial aid offer, and then become an athletic recruit, your athletic aid offer supersedes your previous offer of assistance. Questions regarding athletic awards should be addressed to the appropriate coach.
FEDERAL AND STATE GRANTS After completing a FAFSA or Dream Act application, you may qualify for the federal Pell grant or California Grant A or B. The maximum Pell grant in 2020 was $6345, California Grant A $9084, and California Grant B $10,740 at a private college.
MENLO NEED BASED GRANTS If your merit scholarship and other aid/resources is not enough to cover your expected costs, you may apply for need based Menlo grants by completing a CSS Profile. The maximum need based grant is $16,000 in addition to your other financial assistance.
OUTSIDE SCHOLARSHIPS It's never too early to start your scholarship search. Starting your scholarship search as early as possible can produce great results in the long run. Here are just one of Menlo student's most frequented resources: careeronestop.org/Toolkit/Training/find-scholarships.aspx
VETERAN EDUCATION BENEFITS
We proudly support and thank veteran families for their service. MenloCollege accepts all VA education benefits, including dependent education assistance, federal and state vocational rehabilitation benefits, and we participate in the matching of Yellow Ribbon.
FEDERAL WORK-STUDY The Federal Work-Study (FWS) program provides jobs for fulltime students with financial need, allowing them to earn money to help pay education expenses.
SEMESTER PAYMENT PLAN Menlo College offers a payment plan that allows families to settle their current semester balances in (5) monthly installments; commencing on, or before, July 1st, for the Fall Semester, and December 1st, for the Spring Semester. Late fees are not incurred while enrolled in the plan; however, per semester enrollment, associated fees do apply, and the first installment is due at the time of enrollment.
FEDERAL DIRECT SUBSIDIZED STUDENT LOANS
FAFSA eligible students qualify for low-cost federal student loans, as long as you have not exceeded the lifetime limits, have not defaulted on repayment of federal loans, and are enrolled at least half time. Subsidized loans do not have interest while you are in school.
FEDERAL DIRECT UNSUBSIDIZED STUDENT LOANS FAFSA eligible students qualify for low-cost federal student loans, as long as you have not exceeded the lifetime limits, have not defaulted on repayment of federal loans, and are enrolled at least half time. Unsubsidized, means interest will be charged while you are in school.
FEDERAL DIRECT PARENT PLUS LOANS Parents of FAFSA eligible dependent students qualify for lowcost federal PLUS loans if the parent has not defaulted on repayment of federal loans, and the student is enrolled at least half time. PLUS loans are charged interest while the student is in school, but the parent may decide to defer payment until the student is no longer in school. Learn more and apply here: studentloans.gov
PRIVATE EDUCATION LOANS Private education loans help qualified domestic and international or non-resident students cover their educational costs. Menlo students have applied through MPower, Sallie Mae, and College Ave in previous years. Other lender options do exist. We encourage you to consider other options before applying.
SPECIAL CIRCUMSTANCES At Menlo, we understand that every family dynamic is different and some students may have unique circumstances or situations beyond their control. Please connect with the financial aid office if you are not able to complete the FAFSA, or need help navigating the process.
WHAT IS NET PRICE? One of the best tips to helping you unpack what college will cost is knowing how to calculate your net price. Net price is the actual amount you can expect to pay to attend college after your grants and scholarships. WHAT ARE YOUR DIRECT COSTS To arrive at the most accurate net price for college, you will need to first identify the costs that you are expected to pay directly to the school. For example, you will be charged tuition, student fees, and if you plan to live on campus, on campus room and meals. WHAT'S THE FORMULA? Use the chart below to identify how much your direct costs are for your top 4 schools. Once you receive your aid offer, add up all of your grants and scholarships. Subtract your direct cost from your grants and scholarships to arrive at your net price. Here's an example- Direct Costs ($45,000) - Grants & Scholarships ($35,000) = $10,000 ( Net price) WHAT TO DO NEXT Once you calculate your net price, you can decided if you and/or your family have the resources to pay the net price, or if you need to search for additional scholarships, sign up for a payment plan, or take out low cost student loans. Should you need help deciding which option makes sense for you, contact the school's financial aid office to inquire about more information on covering your net price. SCHOOL 2 SCHOOL 1 DIRECT COSTS (A)
FINANCIAL AID JOURNEY 1 File a FAFSA/CSS Profile
2 Check FAFSA SAR
3 Review Offer of Financial Aid
4 Submit your Deposit by May 1
5 Accept your Financial Aid
Tuition Dorm & Meals Student Fees/other
6
TOTAL GRANTS/SCHOLARSHIPS (B) Merit Scholarship All Grants Other gift aid
Review Billing Statement
7 Fall Balance Due
TOTAL NET PRICE (C)
8 Classes start
TOTAL Section (A) (Minus) TOTAL Section (B) (Equals) TOTAL ESTIMATED NET PRICE
9 Reapply for Financial Aid
FREQUENTLY ASKED QUESTIONS WHAT’S THE AVERAGE TOTAL COST—INCLUDING TUITION AND FEES, BOOKS AND SUPPLIES, ROOM AND BOARD, TRAVEL, AND OTHER PERSONAL EXPENSES—FOR THE FIRST YEAR? Average costs will vary depending on your housing plans. A student who commutes to campus can expect an average cost of $46,000, while an on campus student can expect their average costs with a standard double dorm to be $65,000. IF THE FINANCIAL AID PACKAGE THE COLLEGE OFFERS ISN’T ENOUGH, ARE THERE ANY CONDITIONS UNDER WHICH IT CAN BE RECONSIDERED, SUCH AS CHANGES IN MY ENROLLMENT STATUS OR MY FAMILY’S FINANCIAL SITUATION (OR THAT OF A FAMILY MEMBER)? We encourage families to connect with the financial aid office to unpack their unique circumstance to see if additional aid can be provided. Some families will submit income loss documents or additional clarification about asset and household information that may help the financial aid office provide additional assistance. HOW DOES THE AID PACKAGE CHANGE FROM YEAR TO YEAR? For most students, their financial aid awards do not change, provided their is no significant change to the income or assets reported on the FAFSA. WHAT ARE THE ACADEMIC REQUIREMENTS OR OTHER CONDITIONS FOR THE RENEWAL OF FINANCIAL AID, INCLUDING SCHOLARSHIPS? Students must be enrolled full time to receive institutional financial aid, at least part time to receive federal and state aid, not withdraw from more than 2 courses per semester, and maintain an overall GPA of 2.0 DOES THE COLLEGE REQUIRE ME TO FILL OUT THE CSS/FINANCIAL AID PROFILE®? Any student that would like to be considered for need based Menlo grants in addition to their merit aid, must complete a CSS profile. HOW IS FINANCIAL AID AFFECTED IF I APPLY UNDER AN EARLY ACTION OR REGULAR DECISION PROGRAM? Early action (non binding) students on average receive more in aid, and are notified of their financial aid awards first.