Making a Monmouth Education Affordable Questions and Answers about Scholarships and Financial Aid
A Message to the Family: Even in today’s improving economic climate, families are understandably concerned about the cost of higher education and sometimes wonder if it’s really a wise investment. At Monmouth College, we know it is! A recent study commissioned by the Annapolis Group, an alliance of private residential colleges to which Monmouth belongs, confirmed graduates of such institutions benefit strongly from the rigor they provide. Specifically, students develop skills in problem-solving, making effective decisions, thinking analytically, writing and speaking effectively, and leadership. All of these assets lead to better-paying jobs, faster career advancement and more fulfilling lives. We appreciate your interest in Monmouth and will work with you to make our exceptional educational experience affordable. When scholarships and financial aid are factored in, many families find the cost of attending Monmouth is comparable to or even less than that of a public institution. This brochure contains helpful information about the financial aid application process, including important deadlines and estimates of how much assistance a student may qualify for. I encourage you to call or write our helpful financial aid staff regarding any questions you may have after reading this material. We are committed to making college education affordable, and to making it an investment which will pay increasing dividends in the years ahead. I look forward to welcoming you to the Monmouth College family.
Mauri A. Ditzler President
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Since Monmouth College is a distinguished private college, is it affordable?
While private colleges and state universities can differ significantly in cost, they also differ in scholarships awarded to their students. Our highly successful, distinguished and generous alumni provide large gifts which we in turn award to Monmouth College students. Over 95% of the students at Monmouth College benefit from a combination of academic scholarships or need-based grants making Monmouth College an affordable option for families. In fact, when combining academic scholarships and need-based grants, Monmouth College is more affordable than many state universities.
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What value will I receive for my investment in a Monmouth College education?
Not all degrees are the same nor is the earning capacity of the graduates of all degree programs. Monmouth is a nationally ranked, selective college. Its acclaimed and distinctive 4-4 academic program is both rigorous and challenging—this brings out the best in students and results in our exceptionally strong 99% placement rate in either work or graduate school within six months of graduation. Our studentfaculty ratio of 13:1 makes in-depth learning and personalized attention a daily experience and superior to the more common lecture hall of hundreds of students. 81% of our faculty hold the Ph.D. or other terminal degree in their field and have chosen to teach for the pure enjoyment of interacting with young people interested in and excited about their field of study. Our study abroad opportunities, and our Integrated Studies program truly provides students an experience which allows them to grow, develop and become leading citizens. Research and internship opportunities provide additional experience to assist students beyond the classroom and provide a real-world advantage when it comes time to enter the professional workplace or graduate school.
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How does a family apply for financial assistance and how is financial aid determined?
Each year, we ask our students and their families who are seeking additional financial aid to complete the Free Application for Federal Student Aid (FAFSA) online at: www.fafsa.gov. Ideally, each family will complete the FAFSA between January 1 and February 1. The FAFSA application is a universal application used by the federal government, state governments and Monmouth College. Once processed, the results of the application will be shared with our Office of Scholarships and Financial Aid. We use the federal methodology as a guideline to determine your family contribution and your eligibility for financial assistance. If you plan to complete the College Board CSS Profile, we will accept this form in determining eligibility for financial assistance. If additional information is needed, such as the FAFSA, you will be advised. Our staff will prepare for your family a comprehensive financial assistance package which may include grants, scholarships, loans or campus employment opportunities. Our staff stands ready to provide personalized assistance to your family and to thoughtfully help you through every step of the process.
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Will my family qualify for financial assistance?
Costs for the 2013-2014 Academic Year
Tuition $31,500 Monmouth College’s financial assistance is intended to supplement Standard Room $4,390 your family contribution and enhance Board (Meals) $3,210 any additional funding you may receive Total Direct Cost $39,100 through state or federal assistance programs. No two families are the same and therefore may qualify for differing amounts of financial assistance. In order to obtain an estimate of the financial assistance you may receive, and the family contribution you might expect to incur, visit our online Net Price Calculator at: www.monmouthcollege.edu/net-price-calculator. Although this is an estimate, many find it to be a helpful start in understanding the financial aid process.
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The following table may help to illustrate average financial aid packages among our first-year students: Estimated Average Financial Aid Offers to first-year students Average Total Grants
Average Loan Offered*
Average Out-of-pocket
Average Federal Work Offered**
$0 - $24,999
$29,344
$6,336
$3,420
$1,842
$25,000 - $49,999
$28,338
$6,023
$4,739
$1,557
$50,000 - $74,999
$24,372
$5,936
$8,792
$1,391
$75,000 - $99,999
$20,495
$5,944
$12,664
$822
$100,000 - $150,000
$17,480
$5,709
$15,911
$222
$150,000 and over
$16,441
$5,671
$16,988
$0
Family Income
This chart represents average financial aid packages and is intended to provide a guide for families. For a more accurate calculation of financial assistance, please visit our Net Price Calculator online. * Average loans include Perkins and Stafford loans for students, but exclude parent loans. ** Federal work-study is based on financial need and the results of the FAFSA. Additional non-needbased work opportunties exist on campus. Average out-of-pocket costs in the table have not been reduced by potential Work Study earnings. 2013 Standard costs used to calculate the out-of-pocket = $39,100
Average Composition of Financial Aid Packages Monmouth College Grants & Scholarships
23.4%
Federal & State Grants Op onal Federal Loan Federal Work-study Family Contribu on
46.8%
2.8% 14.9% 12.1%
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What if I don’t want to borrow through student loans?
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Loans and campus employment opportunities are often available to help students meet educational expenses and are therefore offered as part of the financial assistance package. For some students these are important tools to help them manage the family contribution. Other students will simply elect not to use these programs because they have other financial resources available.
What additional options are available for parents or family members to help meet educational expenses?
Students and families at Monmouth College benefit from a variety of financing opportunities. Some of the most popular include: 1) an interest-free monthly payment plan, 2) 529 Plans or College Illinois Plans, 3) Veteran’s benefits or GI Bill benefits, 4) Federal Parent PLUS Loans or 5) private or alternative loan programs. For more information, visit our website or contact our Office of Scholarships and Financial Aid at 309-457-2129. Our financial aid counselors are available to discuss your options.
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What additional advice to families can you offer regarding the financial aid process?
The published prices to attend Monmouth College are only the beginning. Remember that over 95% of our students receive financial assistance. Make sure you clearly understand your out-of-pocket costs and feel free to contact us with any questions you may have.
Beware of third-party vendors who offer you financial aid advice for a fee. These vendors are often misleading and will make promises to locate sources of funding for you. In reality, most information and sources of funding are readily available to you at no fee. Be sure to complete the annual application for financial aid (FAFSA) online at the official government site: www.fafsa.ed.gov If you mistakenly visit a nongovernmental site, you will be asked to pay a processing fee for an application which is intended to be FREE. In addition, we strongly encourage our families to complete the FAFSA by February 1 each year to ensure consideration for maximum governmental funding. In times of economic difficulty at governmental levels, financial assistance is often awarded on a first-come, first-served basis. 6
AFFORDABILITY OF MONMOUTH COLLEGE
Financial Aid Timeline Apply for admission to Monmouth College by February 1. (Students who wish to take part in the Midwest Scholars competition should apply by January 1, 2014). January 1
The federal FAFSA application is available for the 2014-2015 academic year online at www.fafsa.gov Although the FAFSA will use your 2013 income tax information, students and families are encouraged to file the FAFSA as soon after January 1 as possible using estimated income tax information. Early submission of the FAFSA ensures a student is considered for the maximum amount of funding from all sources.
February
Complete your 2013 federal income tax returns
March 1
Access your previously submitted FAFSA online, and update it with your final 2013 income tax information. If you have been admitted to Monmouth College, have submitted your FAFSA and updated it with accurate 2013 income tax returns, you could receive a financial aid package offer as early as mid-February. If your FAFSA application is randomly selected by the federal government for a process known as “Verification,� we will provide you with additional instructions and ask that you provide additional information.
May
Consider the payment plan options available and arrange a payment plan in early summer.
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Helpful Financial Aid Websites: Monmouth College www.monmouthcollege.edu www.monmouthcollege.edu/scholarships www.monmouthcollege.edu/net-price-calculator www.monmouthcollege.edu/payment-plan www.monmouthcollege.edu/parent-loan-option Federal Department of Education www.fafsa.gov www.pin.ed.gov www.studentaid.ed.gov Internal Revenue Service www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center Illinois Student Assistance Commission www.isac.org Independent www.fastweb.com www.collegeboard.org www.finaid.org
Office of Scholarships and Financial Aid Phone: 309-457-2129 Fax: 309-457-2373 Email: finaid@monmouthcollege.edu
Admission Office Phone: 1-800-747-2687 Fax: 309-457-2141 Email: admissions@monmouthcollege.edu
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