financing your education SUFFOLK

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1 financing your education U N I V E R S I T Y FINANCIAL AID OPTIONS

2 AT UNIVERSITY, WE UNDERSTAND The cost of higher education can be a tremendous burden for many students and their families. We make every effort to keep our tuition rates as low as possible. Since our founding more than 100 years ago, Suffolk tuition rates have consistently been among the lowest of New England s private, four-year institutions. Even though many families tell us that our best financial aid program is our reasonable tuition, we do offer a wide range of other financing options. During , more than half of all Suffolk students received some form of financial assistance. Close to 78 percent of full-time undergraduate students participated in one of our aid programs, receiving more than $140 million in financial aid. Suffolk awards aid on the basis of need and merit, and offers funding through federal, state, and institutional programs. This guide provides a brief overview of the financial aid application and awarding process. If you have questions or concerns after reviewing these pages, please do not hesitate to contact the Office of Student Financial Services by at [email protected] or by phone at WHAT TYPE OF AID IS OFFERED? Three forms of financial aid are available: grants and scholarships, which require no repayment; loans, which are offered under terms of repayment, normally with interest; and employment, which involves a job, usually within the University. A student may be offered financial aid in any of the above forms, or in a combination, referred to as a package. Financial aid awards are determined on the basis of financial need and prior academic performance. The information submitted on the Free Application for Federal Student Aid (FAFSA) is used to determine need-based funding, while the applicant s academic credentials determine his or her eligibility for merit-based aid. While one must apply for need-based aid, he or she is automatically considered for merit-based aid upon applying to Suffolk. Merit scholarships are competitive and limited, and are typically awarded to students entering in the fall semester who have a GPA of at least 3.25 or higher. An application for admission should be submitted by February 15, 2013 (May 15, 2013 for transfer students) in order to be considered for merit aid. Note: International students are not eligible for all forms of federal/state aid, but will be considered for institutionally funded merit-based grants and employment programs at the time of admission.

3 WHAT IS MY COST OF ATTENDANCE AND WHAT ARE MY DIRECT CHARGES? Every aid applicant is assigned a student budget or cost of attendance. The cost of attendance is determined by enrollment status, housing status, and dependency status, and includes only those costs that are essential to enrollment and admissible under US Department of Education financial aid guidelines. For example, items such as cell phones, vacations, and gifts are not permissible costs, and cannot be included in the budget. The sample budgets listed below reflect the undergraduate tuition rates for HOW DO I APPLY FOR AID? Applications for need-based financial aid should be submitted by March 1, Applicants are awarded financial aid on a rolling basis with priority consideration given to those who apply by March 1. Late applications are accepted, but because funds are claimed quickly, meeting the March 1 deadline is important for full consideration. Historically, freshmen who applied after this deadline were only offered loans. In order to be considered for need-based financial aid, the following form must be submitted by March 1, 2013: Free Application for Federal Student Aid (FAFSA) The FAFSA is available online at or as a paper application from either the Office of Student Financial Services or your high school guidance office. This form cannot be filed before January 1, HOW IS FINANCIAL NEED DETERMINED? The information reported on the FAFSA is used to determine the Expected Family Contribution (EFC). The formula used to calculate the EFC is established by law and is used to measure a family s financial strength. Many factors, including a family s income (taxable and nontaxable), assets, benefits, household size, and the number of family members attending college, are used to determine the EFC. The EFC determines eligibility for certain federal and state student aid, such as Pell Grants and Mass Grants. Suffolk also uses the EFC in conjunction with the cost of attendance to determine financial need and eligibility for other funding. The cost of attendance minus the EFC equals financial need. Please note that the EFC is not the amount that an applicant may be required to pay for college. For planning purposes, be advised that tuition normally increases annually, usually between three and seven percent. Direct charges (shaded in cream on the chart) are the charges paid directly to Suffolk University. Direct charges from the commuter student s budget and the dependent non-resident student s budget include tuition and the activity fee, and total $30,792. Direct charges from the residence hall student s budget include tuition, the activity fee, and room/board, totaling $45,240. It is important to note that additional funds are required for other expenses including books and supplies, transportation, and apartment rent (if applicable), but these are not costs paid to Suffolk University. Commuter Residence Hall Dependent Non-Resident Student Student (Off-campus apartment) Tuition $30,672 $30,672 $30,672 Activity Fee $120 $120 $120 Room/Board $1,800 $14,448 $14,147 Loan Fees $75 $75 $75 Books/Supplies $1,200 $1,200 $1,200 Transportation $800 $250 $800 Miscellaneous $2,200 $2,200 $2,200 Total $36,867 $48,965 $49,214

4 HOW MUCH AID WILL I RECEIVE? Each student s academic credentials and family s financial situation is different, and it is impossible to exactly predict the type or amount of aid that may be available until an application is filed. To outline the range of aid that may be offered, three examples of financial aid packages are provided. For each example the following assumptions have been made: the student applied for aid by the March 1 deadline; the student is a dependent student; the student is covered under the parents health insurance; the student s parents are married and in their early 40s; and the student had earnings of less than $4,000 for the prior calendar year. Other factors, such as untaxed income, other benefits, and assets will affect an aid package. John is a Massachusetts resident from a family of four with one in college. His parents have a combined annual income of $46,000. John is an average student. His parents have modest savings and some equity in their home. John lives locally, so he decided to commute from home to save money. Cost of Attendance $36,867 Federal EFC - $2,929 Financial Need $33,938 FINANCIAL AID PACKAGE Federal Grant $2,600 MA State Grant $300 Institutional Grant $15,300 Loan Funding $5,500 Federal Work-Study $2,500 Total Aid $26,200 AMOUNT JOHN WILL OWE Tuition $30,672 Activity Fee $120 Total Direct Charges $30,792 Aid - $23,700 Balance Due $7,092 John s direct charges will be approximately $30,792 and he has $23,700 in aid that will be applied toward these charges. (Federal work-study is money earned during the year and is not deducted from the bill.) This will leave John with a balance of $7,092 for the year. In order to meet this balance, John s parents can apply for an alternative loan such as PLUS* (Parent Loan for Undergraduate Students), use the tuition payment plan, and/or use their own resources to pay the balance. *Note: Approval for PLUS and many other loans is based on parents credit history Carmen is a New York resident from a family of five with two in college. Carmen s parents have a combined annual income of $160,000. Carmen s academic credentials earned her a $10,000 merit scholarship. Her parents have modest savings and minimal equity in their home. Carmen decided to live in a Suffolk University residence hall. Cost of Attendance $48,965 Federal EFC - $20,074 Financial Need $28,891 FINANCIAL AID PACKAGE Merit Scholarship $10,000 Institutional Grant $5,900 Loan Funding $5,500 Federal Work-Study $2,500 Total Aid $23,900 AMOUNT CARMEN WILL OWE Tuition $30,672 Activity Fee $120 Room/board $14,448 Total Direct Charges $45,240 Aid - $21,400 Balance Due $23,840 Carmen s direct charges will be approximately $45,240 and she has $21,400 in aid that will be applied toward these charges. (Federal work-study is money earned during the year and is not deducted from the bill.) This will leave Carmen with a balance of $23,840 for the year. In order to meet this balance, Carmen s parents can apply for an alternative loan such as PLUS*, use the tuition payment plan, and/or use their own resources to pay the balance. Sara is a New Hampshire resident from a family of three with one in college. Her parents have a combined annual income of $19,000 and limited savings. She is an excellent student, was selected for the Honors Program, and chose to live in a Suffolk University residence hall. Cost of Attendance $48,965 Federal EFC - 0 Financial Need $48,965 FINANCIAL AID PACKAGE Merit Scholarship $15,336 Institutional Grant $7,500 Outside Grant $3,500 Federal Grants $5,550 Loan Funding $5,500 Federal Work Study $2,500 Total Aid $39,886 AMOUNT SARA WILL OWE Tuition $30,672 Activity Fee $120 Room/Board $14,448 Total Direct Charges $45,240 Aid - $37,386 Balance Due $7,854 Sara s direct charges will be approximately $45,240 and she has $37,386 in aid that will be applied toward these charges. (Federal work-study is money earned during the year and is not deducted from the bill.) This will leave Sara with a balance of $7,854 for the year. In order to meet this balance, Sara s parents can apply for an alternative loan such as PLUS*, use the tuition payment plan, and/or use their own resources to pay the balance. *Note: Approval for PLUS and many other loans is based on parents credit history

5 DOES OFFER ANY DIFFERENT OR UNUSUAL AID PROGRAMS? Suffolk University offers a number of innovative aid programs that have been an invaluable source of assistance for countless students. The following are several examples. The Alumni Discount Program offers a $1,000 scholarship annually to dependents of Suffolk University graduates enrolled full-time in an undergraduate program. The Burke Program offers needbased awards annually to residents of Rhode Island. The Cohen Program offers a needbased scholarship annually to a freshman from Chelsea, MA. The Connell Program offers needbased scholarships to residents of Lynn, MA and graduates of St. Mary s Regional High School. The Family Discount Plan offers $1,000 to any student with a sibling enrolled full-time in an undergraduate program at Suffolk. The Geraghty Program offers needbased scholarships to students from Hyde Park or West Roxbury, MA. The Grandfathered Tuition Plan rewards students earning a 3.6 minimum cumulative grade point average with a scholarship equal to the annual tuition increase. This means that students who qualify each year may complete their undergraduate program at a frozen tuition rate. Last year, more than 640 students qualified for the award. Note: To participate in the program, a student cannot earn a grade of D, L, F, NG, or Incomplete. The Hefron Program offers a needbased scholarship annually to a freshman from Arlington, MA. The Kelley Program offers a needbased scholarship annually to a student from Boston English, Catholic Memorial, or Watertown (MA) High School. The Kinosian Program offers a need-based award annually to a Sawyer Business School undergraduate from a single-parent home. The Lynch Foundation Program offers a need-based scholarship annually to a graduate of one of the inner-city high schools of the Archdiocese of Boston. The Miller Scholarship Program annually awards 11 need-based fulltuition scholarships to selected residents of Boston who have graduated from Boston public high schools. These awards are renewable and require full-time enrollment. The Road Less Traveled Program provides scholarship support to graduates of Milford (NH) Senior High School enrolled in the College of Arts & Sciences. The Vendome Scholarship Program annually offers a generous renewable merit scholarship to one freshman who is the direct descendent of a Boston firefighter. The Voke Program offers a scholarship to an entering freshman from Chelsea (MA) High School. The World War II Program offers a scholarship annually to an undergraduate who is a veteran or descendant of a US veteran. The Yellow Ribbon Program offers support to qualified US veterans approved by the VA for participation in the program. Suffolk is proud to offer matching funding for this program. WHAT IF I DON T QUALIFY FOR ANY NEED-BASED OR MERIT-BASED AWARDS? For applicants who do not qualify for need- or merit-based funds through Suffolk University, other financing options are available, including: Alternative loans such as PLUS. Eligibility for these loans is based on credit history. Outside scholarships, which help hundreds of Suffolk students annually. Information about such scholarship opportunities may be available at local libraries or on the Web. Many high schools, towns, churches, local civic organizations, and employers offer scholarships to qualified students. Monthly payment plans offered through Tuition Management Systems (TMS). Applicants also may want to consider: Commuting from off campus or living at home. If possible, commuting can represent a substantial savings. Many of our students commute from home or off campus, so Suffolk has a large and vibrant commuter population. Consulting with Suffolk s Off-Campus Housing Office, which has listings of reasonably priced apartments/rooms in safe areas as an alternative to University housing. Enrolling part-time, which may provide a low-cost approach to obtaining a Suffolk degree. Many students work full-time while attending school part-time. Part-time students can be considered for financial aid as long as they are enrolled in at least six credits per semester. Graduating in three years by enrolling in summer sessions.

6 WHAT IF I HAVE QUESTIONS ABOUT FINANCIAL AID? the Office of Student Financial Services at [email protected] or call General questions can normally be answered on the spot. For more detailed or complicated issues, however, each financial aid applicant is assigned a counselor within this office. Assignments are based on the first letter of the aid applicant s last name. UNDERGRADUATE STUDENTS Last Name Beginning With: A, C B F, G, H, I L, M N, P, Q S, T, U, V, W, X, Y, Z D, E, J, K, O R Counselor Address Antonia Rizzo [email protected] Dianne Goguen [email protected] Barbara Wendland [email protected] Glory Peguero [email protected] Jennifer Ricciardi [email protected] Bob Rauseo [email protected] Michelle Young [email protected] Hilary Haley [email protected] IMPORTANT REMINDERS No financial aid award offer can be extended until an applicant has been formally admitted to a degree or eligible program through the Office of Undergraduate Admission. Applicants should adhere to the March 1 deadline and retain copies of everything submitted with their applications. The applicant s name and Social Security number must be included on all documents. Special funding has been earmarked for new transfer students, and financial aid offers to transfer students will be extended until all funds are depleted. If an applicant s circumstances change after applying for aid, an appeal application may be filed for additional consideration. Appeal applications are available at Aid applicants must complete the FAFSA. Suffolk does not require the CSS Profile. WE RE HERE TO HELP Please contact us with any questions you may have about the admission and financial aid processes at Suffolk University. OFFICE OF STUDENT FINANCIAL SERVICES Tel: Fax: [email protected] ADMISSION OFFICE Tel: Fax: [email protected] BURSAR S OFFICE Tel: Fax: [email protected]

7 Suffolk University Office of Undergraduate Admission 8 Ashburton Place Boston, MA produced by omc