Frequently Used Financial Terms
A scholarship is a form of gift assistance that does not have to be repaid. Scholarships are awarded on a competitive basis to students of high academic ability who enroll full time in an eligible college and are awarded by Marquette and private organizations.
Marquette offers a wide variety of merit scholarships to freshman and transfer students that support the university's mission while recognizing student achievement — excellence in and out of the classroom, commitment to community service, and demonstrated leadership.
Grants, like scholarships, do not have to be repaid. Most grants are gift assistance awarded based on need. Every student's application is reviewed for grant eligibility. One or more of the grants listed may be included in a financial aid package.
A loan must be repaid upon graduation or when no longer enrolled in school on a full- or half-time basis (depending upon the terms of the individual loan program). A promissory note (legal agreement to repay) must be signed before a loan will be disbursed. The promissory note contains detailed information about terms, responsibilities and repayment of the loan. There are no penalties for prepaying principal or interest in any student loan program. Federal regulations require all first-time Federal Direct Loan borrowers to participate in loan counseling before disbursement of the loan.
If you are a first-time borrower at Marquette and have accepted your Federal Direct Loan(s) in CheckMarq, you will need to sign an electronic Master Promissory Note (MPN) online with your FSA ID. After receiving notification via Marquette Email that the MPN is available, visit studentloans.gov. While enrolled at Marquette, you need to sign your MPN only once. First-time Federal Direct Loan borrowers must complete entrance counseling before loans disburse.
The OPTIONAL loan (Parent-Student) cannot be accepted in CheckMarq. To apply for an optional loan, complete the following steps.
To apply for a Parent PLUS Loan, your parent must complete and submit a Parent PLUS Request Form to initiate the process. Your parent may download a Parent PLUS Request Form. After the Request Form is processed and your parent has been informed of a positive credit decision from Direct Lending, your parent will be mailed instructions from Marquette’s Office of Student Financial Aid explaining how to sign the electronic Master Promissory Note (MPN) using his or her FSA ID.
To apply for a private alternative loan, a student must apply directly with a lending institution. Alternative loans are non-federal educational loans available from a variety of lending institutions. The borrower needs to have a satisfactory credit history and, in most cases, a creditworthy co-signer.
Many students help finance their education through part-time employment on and off campus. Students must work to earn the money awarded under the Federal Work Study (FWS) or Marquette Student Employment (MSE) programs. Student employees are paid every two weeks according to a schedule determined by payroll based upon the number of hours worked and student’s pay rate or wage.
