Understanding Marymount University Tuition, Fees, and Financial Aid Options

Choosing a university is a significant investment, and understanding the costs involved is crucial. This article provides a comprehensive overview of Marymount University's tuition, fees, and available financial aid options to help prospective students and their families make informed decisions.

Tuition and Fees: The Sticker Price

Marymount University's tuition for the 2024-2025 academic year is $40,120. This figure represents the "sticker price," encompassing both tuition and mandatory fees. These fees support various essential campus services such as library access, gym facilities, student centers, technology resources, and health centers. When compared to the national average cost of tuition of $47,890, Marymount University is relatively more affordable.

It's important to note that certain programs, like the Online Ed.D. and Online M.S. SLP programs, have a different tuition structure, costing $1,350 per credit hour.

Total Cost of Attendance: Beyond Tuition

While tuition and fees are a significant part of the cost, the "total cost" provides a more complete picture. This includes the sticker price, along with expenses for food and housing, books and supplies, transportation, and personal expenses. At Marymount University, the total cost of attendance is $60,535. Understanding the total cost allows for better budgeting and financial planning.

Net Price: Factoring in Financial Aid

The net price represents the actual cost a student pays after factoring in grants and scholarships. This is a more personalized estimate than the sticker price or total cost. While individual net prices vary, understanding the types of financial aid available is essential.

Read also: Marymount University Analysis

Financial Aid Opportunities

Marymount University offers a variety of financial aid options to help students manage the cost of their education. Funding can come from the federal government or private sources, such as banks or financial institutions. Financial Aid is available to those who qualify.

Need-Based Aid

Need-based aid is designed for students who demonstrate financial need. In fall 2022, 72% of first-year students at Marymount University received need-based financial aid. This aid can come in the form of scholarships, grants, federal loans, and work-study programs.

Need-Based Scholarships and Grants: These do not need to be repaid. The average need-based scholarship or grant awarded to first-year students at Marymount University was $6,870.
Need-Based Self-Help Aid: This includes federal loans and work-study opportunities. The average need-based self-help aid awarded to first-year students was $3,571.

Marymount University met 59% of its students’ financial aid need.

Merit-Based Aid

Merit-based aid, also known as non-need-based aid, is awarded based on academic achievement or specific talents. The average non-need-based scholarship or grant awarded to first-year students at Marymount University - excluding any athletic scholarships - was $23,325.

Federal Student Loans

Federal student loans must be repaid, and they offer benefits that may not be available with private loans. These benefits can include lower interest rates and various repayment plans designed to keep monthly payments affordable. Since the annual amount that can be borrowed in Federal Student Loans is limited, students may consider a Private Education Loan to help bridge the gap in their education expenses.

Read also: A Look at LMU

Direct PLUS Loan: Eligible parents and professional students needing to borrow beyond the maximum unsubsidized loan amounts to cover education costs can apply for a PLUS loan.

Private Education Loans

Since the annual amount that can be borrowed in Federal Student Loans is limited, students may consider a Private Education Loan to help bridge the gap in their education expenses.

Scholarships

Scholarships are a type of funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account. Merit-based scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation.

Some students receive enough in scholarship money to cover their tuition and living expenses.

Work-Study and Campus Jobs

Working while in school can help lessen the burden of your student loans. Schools offer work-study programs to those who qualify and campus jobs to students looking to earn money in their free time. Some institutions match students with work-study positions, while others require them apply to the positions, like they would for any other job.

Begin your job search by checking whether your college has in-person or online job boards.

G.I. Bill and Yellow Ribbon Program

Marymount University is G.I. Bill certified and participates in the Yellow Ribbon Program, offering additional financial support to eligible veterans and their dependents.

Marymount Payment Plan

The Marymount Payment Plan makes tuition and fees more affordable by splitting semester costs into up to five payment installments. There are a variety of methods for you to pay your university bill.

Student Loan Debt: A Critical Consideration

How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate.

At Marymount University, the median federal loan debt among borrowers who completed their undergraduate degree is $25,000. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $265.

Additionally, 12% of graduating students at Marymount University took out private loans. Students with private loans had an average of $37,520 in private loan debt at graduation. Average Total Indebtedness of 2023 Graduating Class is $30,693. 56% of graduating students who have borrowed any loan type in 2023.

Understanding the Cost of Attendance (COA)

The COA, used to determine eligibility for federal aid, and federal regulations determine allowable costs that can be used in the COA. These costs include tuition and fees, averages for housing and food, books and supplies, personal and miscellaneous expenses, parking and local transportation expenses, and average federal loan fees. Tuition and fees are based on tuition and mandatory fees for full-time undergraduate students. Other COA components are allowances based on surveys or averages. These amounts do not represent the actual costs for each individual student. Your actual expenses may be higher or lower than the COA. Students can request a COA adjustment if their reasonable expenses exceed the allotted allowance.

Dependent care expenses: Estimated actual expenses incurred for dependent care, based on the number and age dependents included in household size.
Study abroad (SYAB) expenses: Reasonable expenses associated with study abroad program. Program must be approved for credit by LMU. Please review the COA Component Glossary for detailed definitions of each additional adjustment.

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