Marist. Affording. The Investment of a Lifetime Adult Undergraduate Financial Aid Guide

Transcription

1 Affording Adult Undergraduate Financial Aid Guide Marist Student Financial Services Guide to Affording a Marist Education The Investment of a Lifetime

2 Note: Information subject to change. Refer to our Web site for updated information regarding institutional, state and federal student aid programs.

3 Dear Student, Thank you for your interest in Marist College. Finding the best way to finance a college education is a matter of great concern for all students. At Marist, providing financial aid assistance is a priority. The College is committed to making a Marist education available to all qualified students by assisting them in meeting their educational expenses. Marist College offers payment plans and financing options to enable you to more comfortably manage college costs. This guide discusses the various aid programs and student financial services offered by the College, explains the process by which you apply for financial aid, and reviews the types of aid available for adult students. The Free Application for Federal Student Aid (FAFSA) is required for financial aid consideration. Complete details on the aid application process can be found on page 10. On behalf of the Office of Student Financial Services, we look forward to working with you to make Marist an affordable option for you. Sincerely, Joseph R. Weglarz Executive Director, Student Financial Services Helpful Web Site Addresses Marist College Office of Student Financial Services Federal Student Aid Programs Free Application for Federal Student Aid (FAFSA) New York State TAP (Tuition Assistance Program) Hope and Lifetime Learning Tax Credits

4 the Value of an Education An education is an investment that requires patience, planning and perhaps some sacrifice. But it is an investment that will reward you with a lifetime of intelligent living, responsible citizenship, and a higher standard of opportunity for career and social success. Individuals with a bachelor's degree have better job opportunities, earn more money and develop skills and knowledge that are in high demand. A Marist education unlocks doors to economic and career opportunities. Marist College has developed extensive research partnerships with leaders in today s science, information technology and business industries, meaning you ll have the opportunity to work hands-on with some of the most advanced technologies and applications in the world, and be introduced to the companies and people who are making their mark on today s workplace. Marist offers programs designed with professionals in mind that build skills, increase earning potential, and strengthen your marketability. Marist College has a longstanding commitment to providing educational opportunities that accommodate the unique needs of working professionals including schedules, flexibility, online and on campus delivery as well as various locations. Students must carefully consider the commitment it demands, but a Marist College education is the investment of a lifetime. Median Income by Education Level Professional Degree Doctoral Degree Master's Degree Bachelor's Degree Associate Degree Some College, No Degree High School Graduate Not a High School Graduate $0 $20,000 $40,000 $60,000 $80,000 $100,000 Sources: U.S. Census Bureau, 2006; Internal Revenue Service, 2006 McIntyre et al.,

5 the Marist Degree The Princeton Review named Marist one of the best 368 colleges in the country, one of the 25 most connected campuses, and the School of Management one of the best 290 in the world. U.S. News & World Report consistently places Marist in its top tier. Barron s calls us one of the nation s 247 best buys in college education. Yahoo! Internet Life magazine selected Marist for its list of the 100 most wired campuses in the nation. The John Templeton Foundation placed Marist on its elite honor roll of only 100 academic institutions noted for teaching character development. Careers and Colleges magazine picked Marist as one of 14 schools that rule, providing strong academic programs, terrific professors, a vibrant student life, (and) other opportunities for personal development. Marist takes great pride in the quality of its academic programs and is equally proud of the value-oriented educational environment that supplements the formal classroom experience. The Marist College degree is increasingly recognized throughout the country and the world, and with good reason: the academic profile of the student body is one of the most competitive in higher education. Students applying for graduate and professional schools are accepted at high rates and continue their education at some of our country s finest schools. The employment rate, starting salaries, level of community service, leadership roles, and long list of successful careers enjoyed by the majority of Marist s alumni all provide evidence of the value of the Marist degree. Located on a scenic stretch of the Hudson River that continues to play a vital role in the history, culture, and economy of our country, Marist College offers opportunities that exist at no other campus in America. 5

6 Financial Aid Programs Financing is a major concern for many people, but there are several options available. In addition to traditional sources, including personal income, savings, and family/employer assistance, several programs are available to assist both full and part time students in meeting the cost of their education. For eligibility, students must be matriculated in a program at Marist College and maintain Satisfactory Academic Progress each semester. For information on the Satisfactory Academic Progress policy, please refer to Returning Adult Undergraduate students who wish to be considered for financial aid must complete and submit the Renewal FAFSA, preferably no later than April 1. Annual renewal of financial aid requires completion of the FAFSA, Satisfactory Academic Progress, and a completed registration. Students can access their financial aid information online at Adult Undergraduate Grants Adult Learner Grant The Adult Learner Grant may be awarded annually to full-time adult students enrolled at Marist s Poughkeepsie Campus. Grants are awarded upon the recommendation of the Dean of Graduate and Adult Enrollment and are based on financial need and academic performance. Preference is given to students who do not qualify for traditional need-based aid resources. The Adult Learner Grant may also be awarded to part-time students taking 9 credits. Federal Grants Federal Pell Grant The Federal Pell Grant program provides financial assistance to students otherwise unable to afford an undergraduate education. Pell grants provide a foundation of financial aid to which other aid may be added. To find out if you qualify for this grant, the Free Application for Federal Student Aid (FAFSA) must be filed. State Grants New York State Tuition Assistance Grant (TAP) New York Residents Only The TAP Grant is awarded to eligible New York residents with financial need. The amount awarded ranges from $500 to $5,000 per year. You don t have to apply for it if you file the FAFSA your FAFSA information is automatically used to determine eligibility for TAP. Please refer to for more information. 6

7 Part-time Tuition Assistance Program (TAP) Available in for students meeting requirements in , part-time TAP helps eligible New York residents attending in-state post-secondary institutions on a part-time basis. TAP is a grant and does not have to be paid back. To apply for a TAP grant students must complete and submit the FAFSA. Aid for Part-Time Study Program (APTS) New York State Residents Only If you are a New York State resident (for at least the past 12 months) you may be eligible for this state grant. You must be matriculated and take at least 3 credits and no more than 11 credits per semester. APTS is a grant awarded at the discretion of Marist College in conjunction with State guidelines and does not have to be paid back. For additional information, visit our website Award amounts range from $250 to $1000 per semester. Maximum New York State limit is $2000 for the fall and spring semesters. Awards are determined by the Office of Student Financial Services. Students can download the APTS application online and return the completed application along with a copy of their NYS tax returns (and a parent tax return if dependent) to the Office of Student Financial Services for processing. Application deadlines for Fall semester are September 15th and Spring semester is January 30th. A student must apply every year. Marist Scholarships Marist Scholarship for Academic Excellence The Marist Scholarship for Academic Excellence is awarded to full-time adult students enrolled at Marist s Poughkeepsie Campus. Students must have achieved a cumulative GPA of 3.0 or higher at their prior institution and must have completed 60 credits, or have a two-year degree and a GPA of 2.85 or higher. Students must maintain a minimum cumulative GPA of 3.0 to retain eligibility for this scholarship. Scholarships are awarded upon the recommendation of the Dean of Graduate and Adult Enrollment. Marist Endowed Scholarships Marist full-time continuing adult students at the Poughkeepsie Campus may apply for scholarships during the months of March, April and May. To apply online go to www. marist.edu.financialaid/endow.html. Harold and Anne Miller Scholarships for Adult Students The Harold and Anne Miller Scholarships are awarded to students who have completed at least 30 credits toward their baccalaureate degree. The scholarships are awarded upon the recommendation of the Dean of Graduate & Adult Enrollment and are based on student academic achievement. 7

8 Marguerite Feinstein Memorial Scholarships for Adult Students Established in memory of Marguerite Feinstein, a labor union leader in the State of New York, who earned an undergraduate and graduate degree from Marist College. This award provides assistance to working mothers enrolled in the School of Continuing Education. Financial need is a criterion. Debra Sue Levantrosser Women of Marist College Scholarship for Adult Students Established by Frederick and Barbara Levantrosser in honor of their daughter, who received her Master s of Public Administration degree from Marist in The scholarship is awarded to a female junior, senior or graduate student majoring in management, business, political science or public administration, with special consideration for those pursuing an international focus in their studies and career aspirations. Recipients must exhibit an entrepreneurial spirit and creativity, as well as high integrity, motivation to succeed, and extraordinary potential for personal growth. The Martin S. Burgess Business Scholarship for Adult Students Established with gifts made in memory of Martin Burgess 74 an IBMer who attended Marist College as an adult student, this scholarship assists adult students who are highly motivated to achieve their college degrees, and have completed at least 60 credits toward their bachelor s in business or the OLC degree and are working full-time or part-time. The scholarship is intended to lessen financial obstacles for recipients and inspire them to achieve their educational goals. Candidates will be identified by the Dean of Graduate and Adult Enrollment. 8 Private Scholarships Websites for private scholarship searches are found on the Internet. Many of these sites offer legitimate free search opportunities for students seeking additional financial resources to meet their educational costs. We support student use of these services; however, there are a few items you should be aware of when completing private scholarship searches: 1. The private scholarship will never replace the opportunities a student receives by completing the regular financial aid application process in a timely manner. 2. Outside scholarships may affect other types of financial aid, due to various program requirements and private donor specifications. If a private scholarship is received, contact the Office of Student Financial Services as early as possible to help maximize what is received from all sources. The Marist College Office of Student Financial Services web page ( edu.sfs) has links to various legitimate scholarship search pages.

9 Additional Sources of Aid Tuition Employer Deferment Students eligible for tuition deferment from their employers may, with the appropriate documentation, defer payment until after the conclusion of the semester. Students must supply the Office of Student Financial Services with documentation from their employers verifying deferment eligibility. Upon completion of an Employer Tuition Deferment Application, students are required to pay the greater of $300 or the balance of tuition not covered by the employer. Returning students have the option of full tuition deferment if the employer is covering the total balance. Any charge not covered by the employer must be paid by the student. Applications are required each semester. Marist Student Employment Program College student employment is funded through Marist College s Campus Employment Program. There are opportunities for employment with various academic and administrative offices within the college. Students are not allowed to work more than 20 hours per week during the regular academic term and 40 hours per week during vacation periods. Visit our website: for additional information regarding student employment. Things to Remember... It is important to keep the following points in mind as you familiarize yourself with the financial aid process: It is recommended that you file for aid before you are accepted by Marist. File the necessary forms: do not assume you are ineligible. File the FAFSA as early as you can (but not before January 1), even if you must estimate your income (use prior year if similar, or current pay stubs). Send written documentation to the Office of Student Financial Services if there are unusual financial circumstances. Meet all deadlines. 9

10 Applying for Financial Aid 1. FAFSA: The first step to applying for financial aid is to fill out the Free Application for Federal Student Aid (FAFSA), which is available online at Please remember to use the Marist College school code. To electronically sign the FAFSA, apply online for a PIN at Marist College s Federal School Code is Student Aid Report: Within serveral weeks, the student will receive a Student Aid Report (SAR). The SAR will give information regarding eligibility for financial aid based on the Expected Family Contribution and Cost of Attendance. The SAR will also indicate if there is any additional information that needs to be submitted. If the Department of Education selects the student for verification, the student and spouse, if applicable must provide a signed copy of their prior year tax returns and all W-2s. A selected student is also required to complete a Marist Application for Financial Aid. The application is available online at SFS under forms. 3. Financial Aid Award and Aid Eligibility: The Office of Student Financial Services will send an award notification to each student based on his/her eligibility and anticipated enrollment. Marist College determines aid eligibility using the Federal Needs Analysis System established by the Federal Government. The formula that the Federal Government uses to determine eligibility is: What is "Financial Need"? College Cost Family Contribution (EFC) = Financial Need The Cost of Attendance consists of educational expenses such as tuition, fees, living expenses, books and supplies, transportation and other related expenses. The Expected Family Contribution is the amount that the government determines the student can contribute toward their education. This amount is determined with a standard formula that uses the financial information supplied by the student, and is provided on the SAR. 10

11 Payment/Loan options Federal Stafford Loan Federal Stafford Loans (subsidized and unsubsidized) are low-interest, long-term loans available for undergraduate and graduate students. Both subsidized and unsubsidized Federal Stafford loans have the same terms and conditions, with one exception: Unsubsidized loan borrowers are responsible for interest that accrues during all in-school, grace, and deferment periods; for subsidized loans, the federal government pays the interest on behalf of the borrower. Additional terms, subject to revision by federal law, include: Interest Rate: Interest rates on new student loans will be set at a fixed rate of 6.0 percent for subsidized and 6.8 percent for unsubsidized Processing Fee: A 1% origination fee may be deducted from the loan. Guarantee Fee: A guarantee fee of up to 1% may be deducted from each loan disbursement, and is paid to the loan guaranty agency. Repayment: Repayment of your loan will begin 6 months after you graduate, leave school or drop below half-time status. If you choose to attend graduate school and enroll at least halftime (6 credits), you may defer the repayment of your loan. Fifth-Year Undergraduate Loan Program For Prerequisite Undergraduate Classes A student may apply for a Stafford Loan for up to 12 months of course work taken in a single consecutive 12-month period if the school has documented that the course work is necessary in order for students to enroll in a graduate or professional program. This category of students may borrow at the fifth-year undergraduate loan level, and the loan limit is not prorated if the program is less than an academic year. Master Promissory Note (MPN) and Entrance Counseling A first time borrower at Marist College who is interested in applying for federal student loans must complete the Stafford Master Promissory Note (MPN) and entrance counseling. These documents may be completed online at edu/sfs. Please Note: You have the option of choosing your own lender. This decision requires you to obtain a loan application with the lender s mailing address for approval and/or guarantee. Refer to the lender/servicer selected regarding their benefits. 11

12 Please mail the completed application to our office at: Marist College Student Financial Services 3399 North Rd Poughkeepsie NY Students may apply at sfs/loan to complete the loan process online and electronically sign the Master Promissory Note (MPN). Tuition Pay sm Monthly Payment Plan The Tuition Pay Plan, administered by Sallie Mae, is a convenient alternative to lump-sum semester payments. Features: 10 monthly payments No interest charges Low cost only a $55 application fee No credit review Payment by direct debit, check or credit card Easy to apply and renew Both the first-time application and annual renewal are fast, simple and can be easily completed online at Any student at Marist College is eligible for the Tuition Pay Monthly Payment Plan. Upon receipt of your application and fee, Sallie Mae will establish your account and notify Marist College of your participation in the plan. Alternative Loan Programs Alternative financing is available to assist families with educational expenses, and eligibility for alternative loans is not based on need. However, Marist College policy does not allow the certification of any alternative loan for more than the cost of attendance, minus any other aid. Please also note that time is required to obtain and review credit reports, obtain enrollment certification from the College and for processing of the disbursements. For additional information, please refer to Click on the Alternative Loans link. What Will the Monthly Payment Be? Did you know that $20,000 in loans can be paid off in monthly installments as low as $225? To see a loan payment schedule and get an idea of monthly costs, go to Tax Incentives for Education Students should be aware that there are federal education tax credits available. The Hope Tax Credit provides credits of up to $1500 per year per student for the first two years of college attendance; the Lifetime Learning Credit provides a credit of up to $1000 per year per student beyond the first two years of college attendance. There are income limits and limits based on the actual amount of tuition and fees paid to the college. Detailed information is available from the IRS website: or from your tax professional. 12

13 Students who have loans in repayment may be able to deduct their student loan interest from their income as well. Income limitations apply, so students should contact the IRS or their tax preparer to see if they qualify. Student Debt Management If you have any concerns, we advise you to speak with a financial aid counselor regarding debt management. If you have incurred significant debt, please speak with us before you consider additional borrowing. Loans may be your only choice, but you should clearly understand the total aggregate loan limitations and repayment schedules. Call the Office of Student Financial Services to speak with a Financial Aid Counselor. Student Billing The Office of Student Financial Services is responsible for administering all transactions related to a student s financial account at Marist College. Student Financial Services issues billing statements, processes payments, credits, refunds and charges that students may incur during their enrollment at Marist. Marist College provides electronic billing and payment services. Students may enroll in ebill at Marist College accepts payment via ACH (direct debit) from your checking or savings account. We also accept American Express, Discover, and Master Card however a 2% convenience fee is assessed. The fall semester billing statement is available in mid-july and payment is due early August; the spring semester billing statement is available in December and payment is due early January. These statements list basic semester charges for tuition and fees. Additional statements are issued for miscellaneous charges during the semester. Currently, in addition to the ebill, statements are mailed to the student s permanent home address. Student Financial Services staff members are available to discuss aid opportunities, payment options and financing plans. If you have any questions or would like to come in for an individual meeting, just call or to schedule an appointment. Office hours are 8:30 a.m. to 5:00 p.m. Monday through Friday. 13

14 Payment/Loan Summary Program Limits Fee In-School Interest Repayment Interest Grace Period Repayment Period Tuition Pay Monthly Payment Plan Full cost of tuition minus student aid $55 (Annual) 0 0 None 10 months Subsidized Stafford and/or Unsubsidized Stafford Dependent Undergraduate Student FR $3,500 + additional $2,000 unsubsidized loans SO $4,500 + additional $2,000 unsubsidized loans JR/SR $5,500 + additional $2,000 unsubsidized loans Lifetime Loan Limit $31,000- No more than $23,000 of this amount may be in subsidized loans Up to 2% (may be waived) Up to 2% (may be waived) 0 Fixed rate 6.8% Fixed rate 6% Fixed rate 6.8% 6 months 6 months 10 years 10 years Independent Undergraduate Student FR $9,500-No more than $3,500 of this amount may be in subsidized loans SO $10,500-No more than $4,500 of this amount may be in subsidized loans JR/SR $12,500-No more than $5,500 of this amount may be in subsidized loans Lifetime Loan Limit $57,500- No more than $23,000 of this amount may be in subsidized loans Perkins $4,000 Lifetime Loan Limit $20, % 9 months 10 years PLUS Loan for Parents Full cost of tuition minus student aid Up to 4% Fixed rate 8.5% Fixed rate 8.5% None 10 years Did You Know? A key measure of student success, the student loan default rate, is significantly lower for Marist College than the rate for peer institutions. The 2005 cohort-default rate, the most recent available, was 0.4% for Marist College, compared with an average rate of 2.3% for all private, four-year colleges and universities nationally. 14

15 Federal Stafford Loan Suggested Lender List Citibank Citizens Edamerica Sallie Mae Education Trust Please Note: you have the option of selecting your own lender. This decision requires you to obtain a loan application with the lender s mailing address for approval and/or guarantee. A Master Promissory Note is also available online. Refer to the lender/servicer selected regarding their benefits. Please mail the completed application to our office at: Marist College The Office of Student Financial Services 3399 North Rd Poughkeepsie NY If you have any questions in selecting your own lender, or with the Stafford Loan process, please contact our office or send an to: studentfinancialservices@marist.edu

16 MARIST Marist College Student Financial Services 3399 North Rd Poughkeepsie NY Telephone: Web site: Marist College The Office of Student Financial Services 3399 North Road Poughkeepsie, NY Non-Profit Org. U.S. Postage PAID Permit No. 34 Poughkeepsie, NY