FINANCIAL AID 101 Taking the mystery out of the financial aid process
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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. 1
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! Approximately 98% of students receive scholarships and financial aid. The average aid package based on grants and scholarships is approximately $12,000. 2
Sticker Price vs. Actual Price ď Ž
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 $18,000 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 Pennsylvania state grant FSEOG (Federal Supplemental Educational Opportunity Grant) Nursing Loans Federal Work-Study Program Federal Direct Stafford & PLUS Loan 4
Mount Aloysius Institutional Aid Programs…
Mother Frances Warde Foundress Fellowship (Full tuition scholarship)
Mercy Presidential Scholarship ($16,000/yr. or $64,000)
High school seniors enrolling as first time, full time freshmen who have attained the honor of being class valedictorian or salutatorian will be invited to complete an essay and competitive interview on campus. Invited to compete for one of 40 scholarships, based on academics and leadership in high school
Mount Aloysius Merit Grants/Scholarships (academic award based on high school GPA) McAuley Academic Excellence Scholarship
Aloysius Academic Excellence Scholarship
Foundress Academic Excellence Award
Deans’ Academic Achievement Award
Sister Gertrude Blake Grant
Student must have a high school GPA of 3.15 to 3.64 to receive up to $4,000/yr. or $16,000. Student must have a high school GPA of 2.5 to 3.14 to receive up to $3,000/yr. or $12,000. Student has a high school GPA below 2.5 to receive up to $2,000/yr. or $8,000.
Awarded to students residing in the Residence Halls
Mount Aloysius College Mercy Need-based grant
Student must have a high school GPA of 3.65 to 3.89 to receive up to $6,000/yr. or $24,000.
Residence Hall Grant ($4,000/yr.)
Student must have a high school GPA of 3.9 or higher to receive up to $10,000/yr. or $40,000.
To qualify, must file the FAFSA and have a valid EFC (Expected Family Contribution)
Family Tuition Grant ($2,000/yr.)
Awarded to siblings and/or parents attending Mount Aloysius full-time simultaneously
Out of State Grant ($1,500/yr.)
Heritage ($2,000/yr.)
To qualify, traditional freshman graduating from a Catholic High School or private Judeo-Christian school
The Belltower Fellowship ($1,000/yr.), Theater Scholarship ($1,000/yr.), Vox Nova ($1,000/yr.)
International Student Grant ($14,000/yr. on campus; $10,000/year off campus)
Endowed Scholarships (over 90 Scholarships in various amounts)
ROTC at Mount Aloysius Army ROTC provides several scholarships each year to motivated students willing to serve their country as an Army officer. The scholarships are granted on a competitive basis. Army ROTC scholarships are entirely merit based. Scholarships may be available in two-, three- and four-year packages. All scholarships used at Mount Aloysius College pay 100 percent tuition and fees, a book allowance ($1,200 per year), and a tax-free monthly stipend ($300 for freshmen, $350 for sophomores, $450 for juniors and $500 for seniors for ten months per year). Twoand three-year, on-campus scholarships may be available. Any college freshman or sophomore may apply for one of these on-campus scholarships. Please contact the Enrollment and Scholarship Officer for availability and eligibility at admissions@mtaloy.edu. Cadets eligible for post 9-11 GI Bill benefits may use those benefits in conjunction with any of the stated scholarships.
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.
How Do I Get Financial Aid? ď Ž
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. 8
Deadline Dates
FAFSA- File the FAFSA on or after October 1 each year The Pennsylvania State Grant deadline is May 1 each year Our priority deadline date is April 1st
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
Go to studentaid.gov and create an FSA ID. The student and one parent should create an FSA ID so both can electronically sign the FAFSA form. Once the FSA ID’s have been created you may then complete the FAFSA (Free Application for Federal Student Aid). 11
AFTER YOU FILE THE FAFSA WHAT TO EXPECT
Once the student completes and submits the FAFSA online, 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 online 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. 12
AFTER YOU FILE THE FAFSA WHAT TO EXPECT
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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. 13
Additional Scholarship Information
www.fastweb.com
www.collegeboard.org 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. 14
Contact Us FINANCIAL AID OFFICE 1-888-823-2220
or
814-886-6357
Financialaid@mtaloy.edu
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.