Understanding Mount Mary University Tuition Costs and Financial Aid
Planning for college expenses is a crucial step in the application process. Understanding the costs associated with attending Mount Mary University, along with the available financial aid options, is essential for managing your investment in higher education. This article provides a comprehensive overview of Mount Mary University's tuition, fees, financial aid programs, and other related expenses.
Cost of Attendance: The Sticker Price
The "Cost of Attendance" represents the total amount of money the average student pays to attend Mount Mary University without any financial aid. Consider it the school's sticker price. At Mount Mary University, the total cost is $54,200. This includes tuition, fees, room and board, books and supplies, and transportation and personal expenses.
- Tuition: The annual tuition for full-time undergraduate students is $36,490 which is cheaper compared with the national average cost of tuition of $47,097.
- Fees: Additional mandatory fees amount to $710.
- Room and Board: Room and board costs total approximately $10,720 annually. The room charge is $6,340, while the board or meal plan costs $4,380.
- Books and Supplies: Additional expenses such as books and supplies are estimated at $2,389 annually.
- Transportation: Transportation costs are estimated at $2,640 per year.
- Personal Expenses: Personal expenses are estimated at $4,470 per year.
It’s important to remember that the Cost of Attendance is just a starting point. The actual amount you pay will likely be lower once financial aid is factored in.
Financial Aid: Making College Affordable
Mount Mary University is committed to making education affordable and achievable. A significant percentage of students receive financial aid, which helps to offset the Cost of Attendance.
Grants and Scholarships: Money You Don't Have to Repay
Grants and scholarships are the most desirable forms of financial aid because they don't need to be paid back. Mount Mary University offers a variety of scholarships and grants, including both need-based and merit-based options.
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- Need-Based Aid: Need-based scholarships and grants take a student’s financial status into account. To apply for need-based aid, you must complete the Free Application for Federal Student Aid (FAFSA) and demonstrate need. The average need-based scholarship or grant awarded to first-year students was $30,991. In fall 2023, 94% of first-year students received need-based financial aid.
- Merit-Based Aid: Merit-based aid, also called non-need-based aid, is awarded for a specific talent or academic achievement. Merit-based scholarships are awarded based on high school performance, with or without standardized test scores. The average non-need-based scholarship or grant awarded to first-year students was $28,286.
Mount Mary University met 67% of its students’ financial aid need.
Student Loans: Borrowing for Your Education
Student loans are another way to finance your education, but they must be repaid with interest. It’s essential to borrow responsibly and minimize your debt as much as possible.
- Federal Loans: Federal loans generally have low interest rates. At Mount Mary University, 82% of all students take out federal loans. The average annual federal loan amount is $5380.
- Private Loans: Private loans are another resource students turn to when paying for college. At Mount Mary University, 3% of students take out private loans. The average private loan amount is $6791.
The percentage of students getting federal loans is greater than those getting private loans, which is a good sign.
Work-Study Programs: Earning While Learning
Work-study programs offer students the opportunity to work part-time jobs on campus to earn money while in school. These jobs can help offset educational costs and provide valuable work experience.
Mount Mary University offers a range of work-study opportunities designed to help students finance their education while gaining valuable professional experience. Many students find positions that pay competitive wages consistent with local standards for student employment. These roles not only provide financial support but also convenient work locations that fit students' schedules. International students enrolled at Mount Mary University are typically eligible for certain work-study programs, subject to federal guidelines on employment. Explore open on-campus student jobs through MyMountMary (under the Finances tab, select Student Worker Positions).
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Net Price: What You'll Actually Pay
The Net Price is the total cost of attending Mount Mary University minus the total aid you receive (grants and scholarships). This is the amount you'll have to pay out of pocket. The average net price is $19,409 per year.
Net Price Calculator
Mount Mary University provides a Net Price Calculator on its website to help you estimate your individual Net Price. This calculator takes into account your family's income, assets, and other factors to provide a personalized estimate of how much you'll need to pay.
Expected Family Contribution (EFC)
The U.S. government uses a standardized formula to calculate the Expected Family Contribution (EFC), which is an estimate of how much your family can afford to pay for college without assistance. Colleges use the EFC as a guideline when determining how much financial aid to award you.
Student Loan Debt at Graduation
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 Mount Mary University, the median federal loan debt among borrowers who completed their undergraduate degree is $25,288. 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 $268. Additionally, 7% of graduating students at Mount Mary University took out private loans. Students with private loans had an average of $21,302 in private loan debt at graduation. Average Total Indebtedness of 2024 Graduating Class is $34,662. 80% of Graduating students who have borrowed (any loan type, 2024).
Additional Considerations
- Tuition Guarantee Plans: Tuition at time of first enrollment is guaranteed only to students making advance payment.
- Payment Options: Your tuition deposit payment should be made via cash, check or through Transact Payments.
- Contact Information:
- Financial Aid Office: (414) 930-3044
- Business Office: (414) 930-3033
- Residence Halls: Mount Mary’s residence halls, Caroline Hall and Trinity Woods (for single mothers with children 11 or under) offers a variety of room options and other amenities. *Residents in Caroline Hall are required to have a meal plan unless an accommodation is approved. **Commuter meal plans are available for purchase through MMU food service provider.
Read also: History of the Former College
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