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Financial Aid Case Studies
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Evaluating the cost of your college education should include determining time-to-degree, comparing all of your financial aid options with your out-of-pocket expenses, and considering the variety of tax credits that are available. The total cost of your education includes tuition, room and board, books, fees, transportation, and personal expenses.
Families are unique and so are their financial needs. These four case studies portray different scenarios of financial need and total aid packages.
Case Study: Julie
Julie lives close to the Mount and has decided she would like to continue living at home while in college. She is from a family of four, whose parents have a combined income of $60,000 and very little savings.
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| Tuition and fees |
$24,400 |
| Books and other expenses |
$3,800 |
| Total commuter student budget |
$28,200 |
| Expected family contribution |
-$5,200 |
| Based on her academic record and her financial need, Julie received the following aid package: |
| Elizabeth Seton Scholarship and Mount Grant |
$15,500 |
| Federal Student Loans |
$6,500 |
| College Work Study |
$1,500 |
Case Study: Michael
Michael works a part-time job at his neighborhood library, so he plans to commute. His parents are both retired.
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| Tuition and fees |
$24,400 |
| Books and other expenses |
$3,800 |
| Total commuter student budget |
$28,200 |
| Expected family contribution |
-$2,500 |
| Based on his academic record and his financial need, Michael received the following aid package: |
| Mount Opportunity Award and Mount Grant |
$9,500 |
| Federal and State Grants |
$3,100 |
| Loans |
$6,500 |
| College Work Study |
$1,500 |
Case Study: Adam
Adam lives about three hours from the Mount so living in the residence hall is a must. His parents both work outside the home, earning a total income of $175,000. They have savings of $30,000.
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| Tuition and fees |
$24,400 |
| Room and Board |
$7,632 |
| Books and other expenses |
$1,800 |
| Total resident student budget |
$33,832 |
| Expected family contribution |
-$38,239 |
| Because Adam’s expected family contribution exceeds his cost of attendance, he won't receive need-based aid. However, he will receive the following aid: |
| Merit Award |
$8,500 |
| Unsubsidized Federal Direct Loan |
$5,500 |
Case Study: Katie
Katie would like to live on campus. She has several brothers and sisters. Her father died several years ago, and her mother has to support the family with her earnings and the Social Security benefits the family receives. Katie has a minimum wage, part-time job that helps her cover her own incidental expenses.
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| Tuition and fees |
$24,400 |
| Room and Board |
$7,632 |
| Books and other expenses |
$1,800 |
| Total resident student budget |
$33,832 |
| Expected family contribution |
$0 |
| Based on her academic record and her financial need, Katie received the following aid package: |
| Trustee Scholarship and Mount Grant |
$13,000 |
| Federal and State Grants |
$7,398 |
| Federal Student Loans |
$6,500 |
| College Work Study |
$1,500 |
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