College Costs
Financing a college education is a lifetime investment. Recognizing the cost of an education, students should consider the total cost not just the costs of the initial year. There are a variety of financial aid resources that may assist with college costs. In addition to family resources, financial aid may include scholarships, grants, loans, and student employment.
If students are requesting financial assistance at Marist College, they should file the FAFSA as soon as it becomes available. Student Financial Services is committed to promoting accessibility and providing affordability options through personalized service and integrity. Each year, to supplement federal and state financial aid, Marist awards more than $60 million of institutional funds to assist students with financing their education. In addition to need-based grants, Marist awards scholarships to high-achieving incoming first-year and transfer students. Overall, almost 90% of the student body receives some form of financial assistance.
Purpose of Financial Aid
The purpose of student financial aid is to provide assistance to those students who demonstrate financial need. The College maintains that all costs associated with a college education are ultimately the responsibility of the student and the family. Financial need is determined by a formula established by the U.S. Congress, as calculated from data submitted on the Free Application for Federal Student Aid (FAFSA). This formula calculates the Student Aid Index (SAI) which is used to determine federal student aid eligibility and institutional need-based awards.
The difference between the cost of attendance (tuition, fees, room and board, books, travel, and personal expenses) and the expected family contribution represents the student’s financial need. This is the student’s maximum need-based financial aid eligibility. Utilizing all available resources, Marist College attempts to meet the financial need of its students. Once a student’s FAFSA is processed, an award notification outlining the financial aid eligibility will be sent to the student. Awards may include any combination of grant/scholarship, loan, and employment opportunities. These awards are offered without reference to race, ethnicity, sex, age, religion, marital status, or physical disability.
Student financial aid is awarded from the federal and state government, the college, and outside organizations and agencies. The following pages contain detailed descriptions of financial aid. Note: Information subject to change. Refer to www.marist.edu/sfs for updated information regarding institutional, state and federal student aid programs.
Financial Need
The difference between the cost of attendance, the student aid index, and other financial assistance represents the student’s financial need. This is the student’s maximum need-based financial aid eligibility. Utilizing all available resources, Marist College attempts to meet the financial need of its students. Once a student’s FAFSA is processed, an award notification outlining the financial aid eligibility will be sent to the student. Awards may include any combination of grant/scholarship, loan, and employment opportunities. These awards are offered without reference to race, ethnicity, sex, age, religion, marital status, or physical disability.
- Cost of Attendance includes both direct and indirect charges. .
- tuition and fees
- room and board
- books
- transportation
- miscellaneous personal expenses
- loan fees
- Student Aid Index: This figure is determined through a standard needs analysis of the information provided on the FAFSA. The needs analysis takes a number of factors into consideration including income, asset equity, and size of family.
- Meeting Need: The ability of the college to meet remaining need is based on the number of students demonstrating a need and available institutional funds. To assist as many students as possible, the college may set a maximum award for a particular program at a level below that which is legislated, due to the limited availability of financial aid. Marist College awards financial aid to students who are enrolled on at least a half-time basis (6 credit hours). Priority is given to full-time students.
- Deadlines: It is important to meet the college’s deadline for application for financial aid. While financial aid is awarded on the basis of need, it is also awarded on a first-come, first-served basis. This has implications for following years since priority is given to previously awarded students. The preferred deadline for completion of the FAFSA is March 15th. Please note, if this deadline is not met for returning students, you may jeopardize your prospective financial-aid award. The federal school code for the FAFSA is 002765.
- Reconsiderations: If a student’s financial situation changed and the student is unable to meet the cost of attending Marist College, the student must submit a written request to the Office of Student Financial Services and complete the reconsideration form for returning students. The request, accompanied by supporting documentation, should detail the cause and extent of the student’s additional financial need. If required, the verification process must be complete for the college to consider “Professional Judgement” reconsideration. Additional funds will be granted depending upon availability.
Financial Aid Philosophy and Policies
Every year students must acknowledge the Student Financial Services Philosophy, Policy, and Important Acknowledgements/Terms & Conditions found below:
The primary purpose of Student Financial Services at Marist College is to provide one stop service for a student’s financial aid and billing accounts. The College assumes that the student and the student’s family have the primary responsibility to finance the student’s education. The extent of the family’s ability in this regard is measured through a congressionally mandated needs analysis. The Free Application for Federal Student Aid (FAFSA) is the primary form used at Marist College to award financial aid.
Acknowledgement of Responsibility for Financial Aid Requirements and Electronic Processes for Notifications & Authorizations:
The Office of Student Financial Services uses electronic processes to provide notices, make disclosures, or direct students to a secure website. Electronic notifications are sent to the student’s Marist email account and include, but are not limited to: financial aid offers, financial aid notifications/updates, billing statements, Satisfactory Academic Progress (SAP) status, loan information/updates and student employment information. This information may also be found on the Student Financial Services tab of myMarist. If you have any questions regarding the following terms and conditions or, to request a paper copy of any of this information, please contact us at 845-575-3230 or at studentfinancialservices@marist.edu.
Student Financial Services sends most notifications to students/authorized parents and guardians electronically via the Marist email system or via the student’s myMarist account. Each student is responsible for reviewing all emails sent to their designated email account frequently. It is also expected that students follow up by stated deadlines regarding requests or requirements from either the student or their parent/guardian.
Billing notifications are sent electronically. An email will go to the student and the student’s authorized parent/guardian each time a new bill is available for review. It is the student’s responsibility to ensure all authorized users have an active email address in our system. The student may update contact information for authorized users via their myMarist account.
In accordance with FERPA guidelines, the Office of Student Financial Services may discuss dependent students’ financial information with parent/step-parents listed on the FAFSA. If you wish to restrict access to financial aid and/or billing information while attending Marist College, please contact the Office of Student Financial Services at 845-575-3230 or studentfinancialservices@marist.edu.
See: Financial Aid Terms and Conditions
Application Verification Procedures
All incoming and returning students must complete the FAFSA to be considered for federal, state, and institutional need-based aid. Unless you are awarded a merit scholarship only, first-year students, new transfer students, and all students selected by the Department of Education or the institution for verification will need to provide the necessary documents to complete the verification process. Federal and need-based aid will not be credited to the student’s account until the verification process has been completed. Requested information must be received no later than 30 days prior to the end of the enrollment for the academic year.
Independent Student Status
The fact that a student is not receiving financial assistance from his or her parents does not necessarily mean that the student will be considered an independent student for the financial-aid programs. Once the student has filed as a dependent student at Marist College, he or she will be unable to change dependency status except in extenuating or unusual cases. Supporting documents such as parents’ death certificates, letters from government agencies, lawyers, and/or social workers may be required. The responsibility is on the student to prove his or her independent status.
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