Quincy University Resources

Overwhelmed by college costs?
Practical thoughts for your consideration!

Make it about Value

Filter the Negative Messages

May

This has been a wildly interesting year for me, filled with new experiences in my first year as a director of admissions. Those experiences also opened my eyes as the mother of a college student. I hope you and your parents find some of these insights helpful as you prepare to enter college next year.

As a Director of Admissions, I’ve learned to ask smarter questions. As you and your family sort through the financial side of your decision, the answers to some of these questions will make a difference for you:

Is that scholarship you received renewable and, if so, what are the criteria? You don’t want to start something you can’t afford to finish.
When you compare costs and financial aid packages, are you sure you’re looking at 2008-2009 costs? Some college publications and web sites list the costs for the current year.
Are you OK with the costs this year but worried about what happens a year or two from now when your brother or sister also needs financial help for college? The FAFSA will take that into account, splitting the level of parental support. You will both get more financial aid than you’re getting this year!
Are you getting need-based financial aid that includes a sizeable contribution from student savings? If you spend more of it as a freshman, you increase your eligibility for financial aid as a sophomore.
Are you considering all the required fees? As if tuition, housing and meals weren’t enough, some universities tack on substantial additional charges for technology, parking, registration, energy surcharges, etc. Dig that information out of the web sites.
Are you assuming you can’t afford your first choice college but haven’t filed a FAFSA? You can’t make a good decision without gathering the facts you need to make that decision.
Are you concerned about college loans? You should take any loan seriously but it’s puzzling how many people will borrow money for a car that will be worth nothing in a matter of years…yet hesitate over a similar loan for an education that continues to grow in value over a lifetime.
How likely are you to graduate in four years? It’s not just about another year of tuition, the result of crowded classrooms and courses you can’t get into. As frustrating as that can be, the real financial hit is the money you never earn because you enter your career later.

These and other questions were eye-openers for me. However, just about the time I was feeling pretty confident with helping students ask the right questions, my sophomore son came home for Christmas break. As he and his friends gathered around our dining room table (yes, the food bill goes back up, but it’s great to have him home.), I stepped back from my director of admissions role, put on my “mom hat” and listened as they talked about their college experiences.

“Hey, college is really great. I only had to go to my psych class three times last semester.”

“Are you kidding me? We weren’t required to be there, but if I wasn’t in class, I knew I’d run into my prof at a game or in the cafeteria. I had to have a good reason.”

“I never saw a prof outside of class – I think she was just a student, you know, a grad assistant.”

“On our first day of class, the prof’s email address and home phone number were on the board. He knew all our names by the end of the week.”

“Well, I got a B.”

“Yeah, me too, and I really had to work for it. I had to rewrite one of my papers three times.”

“You have to do papers? That’s the great thing about having larger classes – what prof would read 350 papers?”

“Isn’t facebook great – I can keep up with all my friends over break.”

“You really seem to KNOW a lot of people and I’M the one who chose to go to the ‘BIG’ school.”

Most important, what I learned is that there is a distinct difference in the college experiences our children have. Better? Worse? I don’t know, but it’s definitely different. I don’t know how to assign a dollar value to those differences...and that’s really my whole point. As parents, we all want something great for our children, and helping with college is probably the last really significant thing we do in launching their lives as productive, thoughtful and happy people. That’s priceless.

Again back in my director of admissions role, at QU, faculty are the heart of everything we do. You can expect both challenge and support from people who care about your individual success. You can expect a safe campus community that respects differences and where values are important. In turn, we’ll expect your active participation in both our classrooms and our community. If that’s the overall college experience you’re looking for, we’ll welcome you to campus next fall.

Best of all, you’ll be a Hawk because you expect a great college experience! None of the questions that really matter the most, the things that make a difference throughout your life, are about cost. Make it about value.

March

Print Version

So, you think you've done everything right: accepted at universities whose strengths match your strengths and interests, visited campuses, filed a FAFSA, received scholarship and financial aid awards. And now you're looking at the numbers and seeing NO WAY. Or, perhaps this is about what you expected, but it still looks like a real stretch for your family financially.

How do you sort through this? How do you compare financial aid offers? How do you put the resources together to manage your college investment? What are the next steps?

First, we've written this as a guide to a conversation that most students should have with their parent(s). So, read through it, print it out, leave it lying on the kitchen table (or just forward the link) and get the conversation going.

Second, in the final analysis, paying for college is a stretch for nearly all families. At QU we recognize that and we appreciate the sacrifice the families of our students make so that their sons and daughters can receive a high quality education. And, we do our best to ensure everyone has a personalized college experience...in four years.

How will you sort out the financial side of your college decision? Although the details will differ for every family, the two worksheets that follow provide a helpful outline for these conversations. It starts with a worksheet that's simple, very important, and too often overlooked. Simply put, it's not about who offers you the biggest scholarship. The real cost (YOUR COST) to you and your family is the difference between the cost of the college and the scholarship and grant assistance you receive.

That's pretty easy math, but there are a few things to watch out for as you complete this worksheet:

Be certain you have costs for the 2008-2009 academic year. Brochures and websites may have been published with 2007-2008 costs. If you don't have those costs for next year, call the Business Office.
Make sure you're considering all the fees you would pay as a first-year student. They do add up, and you may need to check websites to figure this out.
YOUR COST doesn't include other forms of financial aid, for example campus jobs and college loans. We'll consider them on the next worksheet.

COMPARING COSTS
	*QUINCY*	COLLEGE X	COLLEGE Y
Tuition, all fees, housing, meals, (2008-2009)	$28,690
Scholarships



Grants



YOUR COST

YOUR COST will be different for every college and university you consider. That's no surprise, right? There is tremendous variety among universities in everything from size, location and programs to the emphasis they place on good teaching and student-faculty interaction. And, as you would expect, different college experiences will produce different results in your career, community involvement and values. In fact - and you should stop to think about this - you chose to apply to institutions because they were different, not because they were the same as all the other college choices available.

Whatever those differences are, they're important to you. They represent the university's match with your individual needs, strengths and interests. Your college decision hinges on whether you believe those differences are worth the investment. That's not an easy decision. However, be confident that your decision is financially possible!

That's what the second worksheet is all about. When you choose a university, you and your family have choices about how you manage your investment. What we offer here are the thoughts and solutions that other QU families are using. More than 95 percent of our students — from all financial backgrounds — receive some combination of scholarships, grants, loans and campus work. Without that, and the supportive choices their families make, their QU degrees wouldn't be possible. We hope some of their solutions will work for you too.

Once you've established YOUR COST, the next step is to determine what you and your parents can contribute from your existing resources. Nearly all families should file the Free Application for Federal Student Aid (FAFSA). Here are some things you should know about the FAFSA:

The formulas are created by the federal government (no smirking...) which means the data and analysis will be the same at all institutions.
The FAFSA treats families fairly, at least in the sense that the rules are the same for all.
It's required for all state and federal programs as a means of distributing grants to those who need them.
It's also required for some lower interest federal loan programs that are available to all students.
Filing the FAFSA is free on-line at www.fafsa.ed.gov. We will have the results within 48 hours. Feel free to call us at 800-688-4295 with any questions.
If you're in doubt about whether to file the FAFSA, we're available to help you through that decision.
Just file it... it's free... what is there to lose?

The key figure that comes from the FAFSA is called the Expected Family Contribution (EFC). It consists of two parts: Parent Contribution and Student Contribution.
Some things to consider:

The EFC is based on the idea that the first responsibility for paying for education rests with you and your family.
That said, the EFC is, at best, a rough guideline rather than a hard and fast rule. Keep the figure in mind as you discuss Parent Resources and Student Resources.

Parent Resources:

Families often make the mistake of thinking about their current budget when deciding how much they can afford the following year. That potentially ignores how expensive it is to have a high school senior in the house. Considering everything from food to car insurance to water bills, economists suggest a cost savings of at least $3,000 per year. (A rancher and father of one football player scoffed at that figure, saying: "Shoot, that's WAY low. This is going to save me at least a side of beef every semester.") The savings are very real, though they may be less for a vegetarian!
Have you been planning for college costs? The FAFSA calculations are based primarily on income, do not tap retirement programs, and expect a contribution from savings only at relatively high asset levels.
The Hope Tax Credit provides up to $1650 per year and is available to most lower and middle income families. This is direct reduction of your federal taxes.
Approximately one-quarter of all college students receive some financial help from other sources, often a grandparent or employer.

Student Resources:

Unlike savings in your parent's name, the FAFSA does expect students to contribute their savings toward their college expenses.
If you haven't already done so, check with your high school counselor about scholarships that may be available to students in your community.
Yes, you need a summer job and, depending on other choices you make on this worksheet, you need to be serious about saving what you earn.
Students working 10 hours a week during the academic year can expect to earn about $2,000. Like all jobs, campus employment is paid as you earn it, so don't plan on having this available at the start of the year. However, as the year progresses, this will be your source for books, toothpaste, pizza and travel home (to ask for more money, of course!).

MANAGING YOUR INVESTMENT IN A COLLEGE EDUCATION

EXPECTED FAMILY CONTRIBUTION (EFC)

Parent Contribution

Student Contribution

FAMILY RESOURCES

STUDENT RESOURCES

PARENT RESOURCES

Redirected expenses (student no longer living at home)

Savings, Investments

Outside Scholarships

Summer Earnings

On/Off Campus Work

Tax Credits

Other Assistance

Student Loans (from award letter)

Additional Education Loans

TOTAL

Loans:

Loans are at the bottom of this worksheet for a reason. They've been a fact of life for nearly all college students for the past 20 years. Average loans at the time of graduation are nearly identical between public and private college graduates, with public college students sometimes borrowing less per year, but accumulating the same overall indebtedness because their degrees take significantly longer to complete. Loans are at the bottom of the worksheet because they fill in the gaps after you've considered the other choices.
There are good loans and bad loans. Few of us can pay cash for our home so we spread those payments over a 30 year period. And, in the long run (put down today's newspaper), our homes increase in value, making them not only a place to live, but a reasonable investment as well. Or, think about car loans. Whether new or used, it's not uncommon to finance your car over a five year period. But, at the end of five years, the car is certainly worth far less than it was originally and eventually people buy another car and start that borrowing cycle all over again. Then there's credit card debt. Some of the purchases may be for what you need... and some may be for what you want. That can dig a deep hole. Where do college loans fit? Probably more like the mortgage on the house:
- They enable you to pay for an education over a 14 year period rather than four.
- College is a one-time purchase (not like your car).
- Interest on home loans is tax deductible. Even better, the federal government pays the interest on most student loans during your years in college.
- Your degree continues to grow in value. On average, college graduates earn $1 million more than high school graduates. Not a bad investment!
Payments are generally deferred while you're in college with repayment starting after you enter your career.
Some parents use a home equity loan to pay tuition because the interest is deductible.
Will you regret borrowing for an education that really meets your needs? In a recent survey of private college graduates, more than 98 percent said borrowing for college was a worthwhile investment. No regrets.

We hope this has been helpful, especially in facilitating a conversation with your parent(s). If at any point you would like our input in this conversation, call us - that's what our counselors are for.

As a final thought, at this time of year it often seems like cost and financial aid issues dominate the discussion. It's good to remember that your college search started with a focus on the best match between your interests and the strengths of the college. Ultimately, that's where you should end your search as well. It's not all about dollars, it's about the investment in your future.

February

Some deadlines have passed. In fact, last week 33 incoming freshmen were on campus competing in our Presidential Scholarship competition. However, even as we think about this outstanding group of students who will join the QU community next fall, we want others to know that this competition is just the tip of the iceberg when we consider the broader range of scholarships and grants that our students receive.

Beyond the highly competitive Presidential Scholarship, there are three main sources of scholarships and grants at QU. If you are accepted for admission, it is highly likely that you will receive one or more of these awards that range up to full tuition.

Talent-based Awards:

Music Scholarships:
Art Scholarships:
Athletic Scholarships: QU competes in NCAA Division II, and awards scholarships in 13 sports for men and women. You should contact individual coaches for specific information.

Academic Scholarships:

Academic scholarships are based on your high school academic record and scores from either the ACT or SAT. Your application for admission doubles as your scholarship application.
These awards range from $5000 to $11,000 and are renewable for an additional three years.
Most accepted students receive one of these awards.
Scholarship letters are mailed approximately two weeks after you are accepted for admission.

Need-based Grants:

Even with generous Talent-based and Academic Scholarships, many students find themselves concerned about costs.
QU has a strong commitment to remain affordable to all students who qualify for admission. We award additional grant assistance to back up this commitment.
In addition to grants from QU, we also coordinate state and federal grant programs.
For students with good academic records and a high level of financial need, the combination of these programs may extend to full tuition.
All need-based scholarship and grant programs require that families file the Free Application for Federal Student Aid (FAFSA). See the January Affordability Series article for further information.
When you have questions about financial aid or filing the FAFSA, we'll be happy to help. Call us at 1-800-688-4295.

This year Quincy University students receive more than $11 million dollars in scholarship and grant assistance. On average, this covers more than 70 percent of their tuition and often brings the cost of a QU education to the level of a state-run university.

If you want the personal attention from faculty that will help you succeed in the classroom, an active learning environment that will give you a step up in the job market, and the close-knit campus community we offer at QU, make sure you explore ALL the scholarship and grant opportunities that can make this possible. Never assume you can't afford any college or university without first exploring all the options.

Even more important, if you haven't applied to QU yet, your application starts the entire process. You should have an admission decision within 10 days of completing your application file and you'll know about scholarships shortly thereafter. The application fee is waived if you apply online.

January

Scholarships (read the December Affordability Series) are about rewarding you for past accomplishments and for the academic and other talents you bring to a campus community. Although Quincy University awards millions of scholarship dollars, that's not the most important part of the affordability story.

Most of the financial assistance at QU goes to students who otherwise couldn't afford to attend. QU (and many other institutions) does that to respect YOUR CHOICES. This enables you to attend your first choice university, the one you believe will best meet your needs.

At QU we have a commitment, driven by our Franciscan heritage, to make sure that all qualified students can afford the personal attention and campus community we offer. This chart shows the results of that commitment. As you can see, students from ALL income ranges call QU their home.

Adjusted Gross Income	Number of Students	Average Financial Aid

Below 40,000	274	24,878
40,000 - 59,999	95	22,770
60,000 - 79,999	92	22,102
80,000 - 99,999	112	19,532
Above 100,000	177	19,436

Notes:

Includes all 2007-2008 dependent students who filed a FAFSA
Includes all sources of scholarships, grants, student loans and campus jobs
The chart represents averages and should not be used to project individual awards, which will vary based on family circumstances.

Surprised at these averages? Most students and their families are. We're serious about providing a high quality, yet affordable education. That's why we're so disappointed when students who want to attend QU don't file the Free Application for Federal Student Aid (FAFSA).

Don't make the mistake of limiting YOUR CHOICES by not gathering the information you need to make a good decision. To help you with the decision of whether or not to file the FAFSA, here are some of the lame excuses we hear every year:

Comment:
We're not going to file the FAFSA. My cousin went through that process and they didn't get anything from East-Western Megaversity.

Answer:
The basic formula all colleges and universities use is simple:

COST OF ATTENDANCE
— EXPECTED FAMILY CONTRIBUTION

= FINANCIAL AID NEED

The EXPECTED FAMILY CONTRIBUTION (what you and your family can afford) is set by the federal government and will be the same for every university you consider. However, COST OF ATTENDANCE is set by each university. Many students who aren't eligible for financial aid at East-Western Megaversity because the tuition is lower do receive assistance at private universities which have a higher COST OF ATTENDANCE. That can level out your cost and free you to base YOUR CHOICE on non-financial factors.

Comment:
We tried filling out the FAFSA last year when my sister went to college and we didn't get a thing.

Answer:
You'll love this! Having multiple kids in college can be a GREAT thing, at least from a financial aid perspective. The EXPECTED FAMILY CONTRIBUTION figure will be reduced for both you and your sister. That makes it easier for you to qualify for financial aid... and your sister will probably qualify next year as well. (The worst case scenario finds kids spaced at four year intervals - but most parents weren't thinking about that at the time.)

Comment:
Private colleges are for rich kids.
Answer:
That's simply not true. Just look at the income distribution in the chart above. In fact, numerous studies show that students from the wealthiest families attend the major public universities. Regardless of your family's financial background, you'll find other students like you at QU.

Comment:
All the FAFSA does is qualify us for loans.
Answer:
We distribute about $11.5 M in scholarships and grants. That's about 68% of the money reflected in the charts above. However, you should know that some of the best college loans are only available if you file a FAFSA. So, at the very least, filing a FAFSA means you get some good interest rates on a loan.

Comment:
We're not filing the FAFSA, we just can't afford Quincy.
Answer:
You're making a decision that will have a lasting affect on your career, your friends and your involvement in community. Don't make a decision without all the facts.

Comment:
It's just too complicated, we'll just settle for a public university.
Answer:
For some students, that may be the best choice. However, there are significant differences in program, personal attention and campus community, differences that can be linked to stronger career and life outcomes. So don't just "settle." It's too important.

Your next steps:

File the FAFSA online at www.fafsa.ed.gov. We should receive the results in about 48 hours. Remember, if you have questions just call QU's Financial Aid office at 217-228-5260 for assistance.
List QU as one of the colleges and universities to receive the results. Our FAFSA code is 001745.
If you haven't already done so, apply for admission. Universities only award financial aid to accepted applicants. At QU we waive the application fee for the on-line application.
You should have an admission decision within a week of the time your application file is complete and a financial aid award shortly thereafter.

If you've read this far and you're still wondering about whether to file the FAFSA, here's some good advice regardless of where you are applying - just do it. That may be what brings the enriching campus community and personal attention of QU within reach. Most important, you protect YOUR CHOICES by gathering the financial information you need to make a good decision.

December

Scholarships (and grants which are really the same thing with a different name) are gift assistance. They are yours to spend on tuition and you never have to repay them. While you do have to qualify, the criteria vary widely. Of course, you also have to apply for them and that's going to take some time and effort on your part. The good news at many private colleges, including Quincy University, is that nearly all students will receive one or more forms of scholarship and grant…so it's well worth your time!

Here are some general things you should know about scholarships:

Local scholarships. The sources vary from a parent's employer to the Daughters of the American Revolution. As you can imagine, the criteria and deadlines are just as varied. If you haven't already done so, December is a good time to do some exploring. The longer you wait, the more deadlines you miss.
Dollars for Scholars. This organization is the fastest growing source of local awards. Best of all, some colleges and universities (including QU) support the program by providing matching scholarships for individual students. Check out www.ScholarshipAmerica.com to see if there is a chapter in your area.
Check with your high school counselor. They are often aware of scholarship opportunities or, at least, can give you some ideas about where to start your search.
Scholarship search companies. You may have heard from companies who "guarantee" to find you a scholarship. There's usually a fee involved, so be very careful. Most of what they deliver is available for free online, in your high school, or from the colleges and universities you are considering. If what they offer sounds too good to be true, it usually is.
Compare carefully. It's not just about how large the scholarship is, it's also about how large the tuition is. If the largest scholarship comes from the school with the highest tuition, that may or may not be best for you. For every college and university you consider, use this formula:

2008-09 Total Cost (tuition, fees, housing, meals)
— Scholarships and Grants

= YOUR Cost

Financial need. Federal and state grants, as well as some of QU's grant programs, are based on the ability of each family to pay the tuition at a private college. At QU we believe every accepted applicant should be able to choose the university that best matches their abilities and interests. A decision this important shouldn't come down to a cost decision. The Free Application for Federal Student Aid (FAFSA) is the form you'll need to file for all colleges and universities. You may send it in anytime after January 1. Watch for further information about the FAFSA in the January Affordability Series.
Hidden scholarships. At private colleges and universities like QU, no student pays the full cost of attendance. The generosity of alumni and other donors enhances academic quality without increasing student cost. Every student benefits equally from this support.

The strong sense of community is evident wherever you look on the QU campus. In keeping with this, our scholarship programs recognize students for the variety of gifts they bring to our community. As you would expect, academics (your high school record and test scores) lie at the heart of our scholarship decision. However, what we know about your leadership, community involvement and activities beyond the classroom also play a role. Scholarships ranging from $5,000 to $11,000 per year are awarded based on what we learn in your application for admission.

In addition, we conduct an on-campus competition for three full-tuition Presidential Scholarships. This competition is by invitation only and will be conducted February 9. Applicants must have at least a 27 ACT and a gpa of 3.2.

It's rare for any college or university to award a scholarship before a student has been admitted to the university. QU streamlines this process for you by combining the admission and scholarship applications. We use a rolling admission process which means that we accept qualified applicants in the order they apply. When you complete an application for admission, you can expect a decision within two weeks. If accepted, we will evaluate you for a scholarship within the next two weeks. As we write this in early December, more than 400 scholarships have already been awarded to next fall's freshmen. If you plan to apply to QU, sooner is always better than later. We waive the application fee when you complete the process online at : http://www.quincy.edu/Admissions/ApplyOnline.php

We'll leave you with two final thoughts about scholarships. First, you may have heard "Modesty is a virtue." That's true, BUT, not on your application for admission and scholarships. Help us – and yourself – by giving us all the information we need to make a good decision. For some students, we need to learn about your breadth – that you've been involved in a variety of school and community activities. For others, we want to hear about your depth, the one area where your passions lie, where you have excelled. Great communities require both breadth and depth.

Finally, and most important, please don't make the mistake of thinking none of this applies to YOU. This year QU students received a total of $11.35 million in scholarship and grant assistance. On average, those funds covered approximately 70 percent of their tuition. More than 90% of QU students would not be here without these scholarships and grants.

We're interested in the match between students' interests and university strengths…and so are you. You don't have to compromise that match by attending a lower cost university. Scholarships make that possible.

November

Through the years, four years has always been the standard - that's why we call it a four-year degree. It's easy to assume that's how long it will take you at the college of your choice. After all, you only spend one year in 11th grade and, no matter how much you enjoy it, you probably don't expect to be a senior for more than a year. Why should college be any different?

How long does a four-year degree take?

It's not a trick question, but the answers may surprise you. Among recent public university graduates, the norm is for students to take 5-6 years. Where data is publicly available, it's not unusual to find that approximately one-quarter of all full-time students finish a degree in four years. In fact, the NCAA and most other official statistics now refer to six-year graduation rates. What happened to the four-year degree?

Here are three commonly cited explanations:

Course availability: despite large lecture auditoriums, class sections in the most popular majors are often limited. Students simply can't always get the courses they need when they need them.
Faculty-student interaction and academic advisement: with TA's (graduate student teaching assistants) carrying much of the teaching and advising load, it's harder to get the support, advice and mentoring needed to stay on track.
Campus community: Institutions with the highest graduation rates have student bodies where most students come with a sense of purpose that says: "I'm here to get an education and prepare for my future." Those common priorities set the agenda for students and faculty alike.

What does all this mean for you?

It's not about paying an extra year or two of tuition. Sure, that can add up, but it's really about your time. By completing your degree on time, you start your career sooner. With entry-level salaries in many fields now exceeding $35,000, those extra year(s) of earnings quickly make up for initial differences in tuition. You and your time are valuable. When you consider the cost of your education, it's not just about tuition, it's about how soon you'll be in the career of your choice. For every university you consider, ask about graduation rates and insist on specific information about the percentage of students who graduate in four years.

And, since you're looking at QU, we're not going to hesitate to give you our answer! Of the students who start as freshmen and go on to graduate from QU, approximately 80 percent do so in four years or less, and that includes our Division II athletes who often choose to compete in their fifth year. You won't find TA's here. You will find faculty and staff to help you sort through everything from course selection to career planning. You'll find smaller classes and, more important, we'll get you into those courses in the right sequence so you avoid the frustration of being left on a semester-long waiting list. And you'll find a community of students who know how to have some fun but still expect to graduate in four years. If graduating in four years is one of your expectations, QU can deliver.

Economists who study higher education generally agree that the length of time you spend getting a degree has more to do with the cost of your education than the tuition you pay. Our advice: gather the facts, consider your preferences, and understand that a private university with a higher tuition may be your least expensive option.

November, Special Edition

Hardly a week goes by without the press or someone seeking public office talking about the plight of college-bound students. How do you separate what is real from that which is more about peddling papers and vying for votes? Who can guess if and when presidential campaign promises will work their way through Congress? More to the point, how will all this affect you ten months from now? While we won't claim to have answers to all the questions, we do want to set some context for the discussion, offer our perspective as a university and provide some information and advice that we think you'll find helpful in the coming months.

Here are three things we do know. You will be joining millions of other students in our nation's colleges and universities next fall. You will do so during an extremely challenging period for our nation's economy. And you're certainly not alone if you're concerned about how all of this may affect your college planning.

Anytime you find yourself with a set of questions no one can answer, the best advice we can give you is to keep ALL your options open. That means applying to the universities you believe will best meet your needs. By the time you make your final decision, the college affordability picture is likely to be much clearer.

In the meantime, here's what you should know about Quincy University's response to the economic challenges facing many students:

LOWER COSTS

Because private colleges don't receive taxpayer support, they do cost more than public universities. In addition, there are added costs to maintain the smaller class sizes that create a personalized education for every student. Full-time professors cost more than graduate teaching assistants. There are costs for ensuring that every student has access to internship and other practical experiences that are especially important to your success in a tight job market. While we make these spending decisions carefully, we're also passionate about the quality of the learning experience that every student has.

However, private college tuitions and the financial aid they offer vary widely. It pays to make careful comparisons. The cost to attend Quincy University is significantly lower than at many private colleges. Here in Illinois, for instance, QU's costs are much closer to those at the University of Illinois than they are to the costs at Illinois Wesleyan.

For the 2008-2009 academic year, QU’s costs are $28,690. Being sensitive to the current stresses on family finances, Quincy University leadership is committed to establishing costs for 2009-2010 by the first of the year.

EARLY SCHOLARSHIP AWARDING

We realize that lower costs alone won't solve the problem for most of our students. Starting immediately, you can expect an admission decision within a week of the time you complete your application. Then, with no separate application required, a scholarship offer will follow in approximately ten days.

Most QU freshmen receive scholarship offers that range from $7,000 to $12,000 per year. These renewable awards will directly reduce your tuition and, by making the awards early, we also hope to reduce some of the stress you and your family may be experiencing. This is the first step in the development of your financial aid package.

FILE THE FAFSA

You should hear this advice repeatedly from every university you consider. The Free Application for Federal Student Aid FAFSA) is available on-line after January 1. This determines eligibility for need-based grants, loans and campus employment from state and federal governments. It also determines your eligibility for additional grant assistance from QU.

Far too many families make incorrect assumptions about eligibility for need-based assistance. While lower-cost public institutions may be a good fit for some students, if you feel like you're compromising your educational goals just to find lower tuition, file the FAFSA. Before you make a decision, gather the information you need to make a GOOD decision.

GRADUATING ON TIME

An increasing number of economists agree that the single most important financial aspect of the college decision relates to how long it takes a you to complete a four-year degree. Nationwide, only one of every four students completes a degree in four years. It's not just about spending an additional year(s) of tuition. It's about when you hit the job market... and the earnings that you can never make up. We'll explore this further in the next segment of the Affordability Series.

For now, keep ALL your options open. Apply to the universities that can best meet your needs. If Quincy University is one of those schools, we'll work with you at every step of the way to help you make a good college decision... and to find a way to pay for it.