There are several things you should consider when evaluating college costs:
- Time-to-degree
- Financial aid options
- Out-of-pocket expenses
- Available tax credits
The total cost of your education includes:
- Tuition
- Room and board
- Books
- Fees
- Transportation
- 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: Emily
Emily 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.
| Per Year | |
|---|---|
| Tuition and fees | $31,100 |
| Books and other expenses | $4,200 |
| Total commuter student cost of attendance | $35,300 |
| Expected family contribution | -$6,200 |
| Total financial need | $29,100 |
| Based on her academic record and her financial need, Emily received the following aid package: | |
| Academic Scholarship and Mount St. Joseph Grant | $18,000 |
| Federal Student Loans | $5,500 |
| College Work Study | $1,500 |
| Total Aid | $25,000 |
Case Study: Megan
Megan works a part-time job at her neighborhood library, so she plans to commute. Her parents are both retired.
| Per Year | |
|---|---|
| Tuition and fees | $31,100 |
| Books and other expenses | $4,200 |
| Total commuter student cost of attendance | $35,300 |
| Expected family contribution | -$2,500 |
| Total financial need | $32,800 |
| Based on her academic record and her financial need, Megan received the following aid package: | |
| Academic Scholarship and Mount St. Joseph Grant | $15,000 |
| Federal Grants | $3,795 |
| Federal Student Loans | $5,500 |
| College Work Study | $1,500 |
| Total Aid | $25,795 |
Case Study: Paul
Paul 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.
| Per Year | |
|---|---|
| Tuition and fees | $31,100 |
| Room and Board | $10,220 |
| Books and other expenses | $2,200 |
| Total resident student cost of attendance | $43,520 |
| Expected family contribution | -$43558 |
| Total financial need | $0 |
| Because Paul’s expected family contribution exceeds his cost of attendance, he is not eligible for need-based financial aid. However, he will receive the following aid: | |
| Academic Scholarship | $18,000 |
| Unsubsidized Federal Direct Loan | $5,500 |
| Total Aid | $23,500 |
Case Study: Jake
Jake would like to live on campus. He has several brothers and sisters. His father died several years ago, and his mother has to support the family with her earnings and the Social Security benefits the family receives. Jake has a minimum wage part-time job that helps him cover his own incidental expenses.
| Per Year | |
|---|---|
| Tuition and fees | $31,100 |
| Room and Board | $10,220 |
| Books and other expenses | $2,200 |
| Total resident student cost of attendance | $43,520 |
| Expected family contribution | $0 |
| Total financial need | $43,520 |
| Based on his academic record and his financial need, Jake received the following aid package: | |
| Academic Scholarship and Mount St. Joseph Grant | $23,000 |
| Federal and State Grants | $10,345 |
| Federal Student Loans | $5,500 |
| College Work Study | $1,500 |
| Total Aid | $40,345 |