university of rochester: a guide to financing your education
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A Guide to Financing Your Education
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How Do You Know an Education is Worth the Money?You’ve been thinking about the future. Your friends, family,
aid your family’s planning and give you some sense of control and
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Investing in a Quality Education
As with any investment, a family that has had the opportunity to save and plan will enjoy advantages. If you’re ready for your college expenses, you may want to consider a couple of special
529 PlansYou may have heard of these tax-advantaged college savings
administered through TIAA-CREF. With the I-529, you prepay some
school.
By prepaying in a 529 plan, you reduce or eliminate the costs of
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when you prepay. So, as an investor in this program you could
years away.
be held for at least three years before use; however, you then
privatecollege529.com
Prepaid Tuition Plan
rochester.edu/adminfinance/bursar/prepaid.htm
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The Return on Your Investment
Recognizing how much you’re spending and borrowing for college is important, but it’s even more important to consider how much you could earn and accomplish in the decades beyond.
pays for itself.
income. College graduates earn much more over the course of
who persist to earn graduate degrees typically will enjoy an even greater return on their investment over the course of their working life.
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The Return on Your Investment (continued)
Are all college degrees the same?
some degrees, and the learning that leads to them, will correlate
people you will meet there. Your best chances for success in college and beyond start by surrounding yourself with engaging classmates.
So what about Rochester?
Learning in an environment with well-paid experts using state-
we’re proud that students are both eager to get into the University and happy to call it home for four years. We enroll capable and
among the highest in the country. Students also move on with
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medical school, law school, and PhD programs.
in U.S. News and World Report’s “Great Schools, Great Buys.”
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Types of Aidenrollment.rochester.edu/financial-aid/undergrads
Grants to be repaid. The University, state governments, the federal government, and outside sources all provide grant assistance.
Federal Work Study aid package. This eligibility allows students a greater opportunity
their college costs.
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Loans are available to students and must be repaid. For these
graduates.
Scholarships (“merit aid”) are awarded to eligible incoming undergraduates. Candidates are considered based on their
students should be aware that an earlier deadline may apply.
While merit scholarships are awarded to students who demonstrate
determined need and will be part of an overall award package.
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Need-Based Financial Aidenrollment.rochester.edu/financial-aid
awards.
Merit-based assistance means scholarships awarded by college
Need-based aid combines grants, loans, and work study, and
college investment than ever before. In fact, despite growing
over the last twenty years.
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At Rochester, rest assured…
is unique and reviews every detail to determine each family’s
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percentage of our US applicants.
Many students entering college are concerned about borrowing.
with no loans, but this is uncommon. On the other hand, some
A “middle path” assumes that some borrowing is a reasonable
without exposing them to risk. The total amount of borrowing for Rochester students has increased over the decades, but in steady and manageable increments. Less than 1% of Rochester students
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Merit Scholarshipsenrollment.rochester.edu/financial-aid/undergrads/#tab3
At some colleges, merit scholarships are awarded through a
for admission.
For historic colleges like Rochester where generous alumni have
interview—increase your chances to catch the eye of scholarship
Merit scholarships awarded by the University of Rochester come in many forms, and are based on life experience, geography,
service, and much more.
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The following is a sample of the scholarships awarded to Rochester students.
accomplished in sustainability
• Dean’s, Wilder, and Rush Rhees Scholarships: for students who
in a FIRST challenge event
diploma candidates
• Harper Scholarship: for students interested in women’s rights and issues
• Phi Theta Kappa Scholarships: for transfer honor students
• Rochester Pledge: for post-9-11 veterans
• Rochester Promise: for graduates of the Rochester City School District
Entry Program
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Financial Literacyenrollment.rochester.edu/financial-literacy
focuses not only on smart borrowing while paying for college, but
to-day life as a student.
Visit .
Financial Avenue is an online portal available at org. It includes quizzes, mini-modules, and courses to educate students about money management, credit cards, and more.
events to educate students about managing money. To view
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Student Employmentenrollment.rochester.edu/financial-aid/seo
The student employment program provides support to students in securing hourly work on campus. The program also works
of their pay subsidized by the federal government, making them
work-study. Working on campus is a great way for students to earn
Regardless of whether a student has federal work-study as part
students.
Students can use the FAJobLink online system to search for and
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Outside Scholarshipsenrollment.rochester.edu/financial-aid/outside-scholarships
outside scholarships.
The amount of the outside scholarship received will reduce the
agencies. There are also many search engines available to help
the College Board Scholarship Search, and Scholarships.com.
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Outcomes
graduates included
Class of 2013, as of commencement: •
• 34% had been accepted into graduate/professional schools.
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• 59% were employed or interning within their desired
• graduate/ professional schools.
• school admission.
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Prior to beginning their senior year, 94% of students have had at least one career-related experience (2013). These include internships and summer jobs (completed during the summer and school year), externship shadowing experiences, and/
mentors.
Based on spring survey data, approximately 76% of seniors had
already received acceptances to graduate and professional schools or other academic programs.
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How to Apply for AidComplete the CSS PROFILE at collegeboard.org. Our school code is 2928, and our priority deadline is February 15 for Regular Decision applicants (December 1 for Early Decision applicants). If your parents are divorced, separated, or were never married, your non-custodial parent must also complete the Non-Custodial Parent PROFILE. Both the CSS PROFILE and the Non-Custodial Parent PROFILE are used to determine your eligibility for need-based University grant funding.
Fill out the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov by February 15, our priority deadline. The University of Rochester school code is 002894. The FAFSA is used to determine your eligibility for federal aid programs. We may request
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“Financial aid made it
University of Rochester, my
dream school. The people in the
in the process of applying for
financial aid every year.”
-Kaleigh Koegel, Class of 2016
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Helpful Tips
late applicants may not receive the maximum aid they could qualify for.
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Frequently Asked Questions Is it worth it to apply for financial aid?
Even those students and families who are not sure if they will qualify for assistance might discover that they do. We recommend
for aid.
What costs are included in determining my eligibility?
What will my aid package look like?Financial aid packages take into account many factors, including the income and assets of parents and the student, the number of people in the family, and the number of children in college. In
thoroughly and each package is unique to the student. For an idea
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Calculator at .
Do I need to apply every year?
each year. Your eligibility for need-based aid can change, depending on your family’s income, assets, number of people in the family, number of students in college, and other factors.
What if I’m not eligible for assistance this year?
outside scholarships. Be sure to look to family employers, local
.
Please visit for
Eligibility requirements and repayment terms vary across loan programs. We encourage you to keep us informed of any changes
future years.
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Contact Us
Visit our website.
Come see us.We’ll be happy to meet with you during your campus visit. We are located on the main level of Wallis Hall.
Call us.We’re available at (585) 275-3226 or toll-free at (800) 881-8234.
Wallis HallPO Box 270251Rochester, NY [email protected](585) 275-3221(888) 822-2256
Wallis HallPO Box 270261Rochester, NY 14627-0261
(585) 275-3226(800) 881-8234