Marquette University's Office of Financial Aid and College of Professional Studies staff encourage you to apply for financial aid.

By applying for aid, your eligibility for both federal and state grants and federal student loans is determined.

Applying for financial aid is an easy three step process:

1. Register for a PIN. Your Personal Identification Number or PIN will serve as your electronic signature on your FAFSA application. Apply for your PIN on-line at www.pin.ed.gov
2. Complete your FAFSA. The Free Application for Federal Student Aid or FAFSA is available on-line at www.fafsa.ed.gov
3. Receive your aid notification. When you have submitted your FAFSA and been accepted into the University as a degree seeking student, you will be notified in writing of the aid for which you qualify. Of the aid sources listed, you will have the opportunity to decline any type of aid you do not wish to receive.

Federal Aid Sources

Federal Pell Grant Recipients must show financial need, be enrolled at least half-time, and not hold a prior bachelors degree. Annual amounts range from $400-$4,000.

Wisconsin Tuition Grant Recipients must be enrolled at least half-time, not hold a prior bachelors degree, and be certified as eligible by the Wisconsin State Higher Education Aids Board. Annual amounts range from $250-$2,350.

The Direct Loan Program has two components, the Subsidized Loan (which accrues no interest while the student is in school) is for those who demonstrate financial need; the Unsubsidized Loan (on which interest accrues from the time of disbursement) is for those who do not demonstrate need, or who do have need but wish to borrow more than the Subsidized Loan can offer them.

Both types of Staffords have a variable interest rate that adjusts once per year on July 1 and caps at 8.25%. The current in-school rate for July 1, 2002 – June 30, 2003 is 3.46% and the repayment rate is 4.06%. Repayment begins six months after the student is no longer enrolled half-time. Annual loan limits vary according to the student's grade level.

Independent undergraduates can borrow up to $6,625 for the first academic year, $7,500 for the second academic year and $10,500 for each of the final two years of study. The exact amount will vary depending upon financial need.

Additional Resources

Check with your school or public library for outside sources of financial aid. In addition, the Office of Student Financial Aid has a number of books on this topic. Many students and families use the Internet to gather financial aid information. We recommend the following links:

http://www.marquette.edu/financialaid/fastweb.htm

A free scholarship search resource. Begin by entering data about yourself and course of study to create a scholarship mailbox. Information in your mailbox will be automatically updated for you, giving you the names, addresses, and details of the scholarships that you would be eligible to apply for. Suggested form letters to each scholarship organization are also included.

http://www.finaid.org

A good starting point and general resource for financial aid information, including loans, grants, scholarships and work. Look here for lists of answers to frequently asked questions about financial aid, tips on how to avoid scholarship scams, and general information on financial aid policies and procedures. Many other financial aid websites can be accessed from here.

Study Grants

• Student must show financial need as demonstrated on the Free Application for Federal Student Aid (FAFSA)
• Student must be degree status with the intention of earning a Bachelor’s degree from Marquette University
• Student must be admitted to the either the College of Professional Studies or Part-time studies program
• Student must have a minimum 2.25 cumulative grade point average at Marquette University
• Student must be registered for courses in the applicable semester/module

Alternative Loans

If you have applied for financial aid and find that you still may need additional resources to cover your educational costs, the Office of Student Financial Aid may have some resources to help. There are a number of alternative loans available, through various private banks, that may meet your needs.

These loans may often be borrowed in addition to the federal grants and loans you are already receiving. Typically, these loans require that you be employed or have an employed, credit-worthy co-signer. Terms vary, and most will allow you to defer repayment until after graduation, although interest will accrue during the in-school period.

If you have questions about your eligibility please contact the Office of Student Financial Aid at (414) 288-7390 or by email at financialaid@marquette.edu. Additional information is available on-line at http://www.marquette.edu/financialaid.