the 411 on financial aid
TRANSCRIPT
![Page 1: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/1.jpg)
MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
THE 411 ON
FINANCIAL AID
![Page 2: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/2.jpg)
Types of Aid
![Page 3: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/3.jpg)
Grants & Scholarships
Free money that doesn’t
need to be repaid
![Page 4: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/4.jpg)
Work-Study
Students earn the money
throughout the year by
working
![Page 5: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/5.jpg)
Federal Direct Student Loans
Money that must be repaid
after graduation
![Page 6: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/6.jpg)
Categories of
Aid
![Page 7: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/7.jpg)
Merit-Based Aid •Awarded in recognition of student
achievement
•Different criteria at every college
•Might require an application
![Page 8: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/8.jpg)
Need-Based Aid •Based on family’s financial need
•Determined by a formula
•Must achieve certain GPA &
earned credits each year to
maintain
![Page 9: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/9.jpg)
Sources of Aid
![Page 10: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/10.jpg)
•Federal government
•MA state government
•Colleges & universities
•Private agencies
![Page 11: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/11.jpg)
Application
Process
![Page 12: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/12.jpg)
•Check each college’s website for
deadlines & applications
•Early action/decision may have
earlier deadlines
•Don’t be late!!
![Page 13: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/13.jpg)
FAFSA®
![Page 14: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/14.jpg)
•fafsa.gov
•Required by every college
•Free
•Opens Oct 1st
•Parent & student sign with an
FSA ID
•Watch MEFA’s FAFSA webinar
![Page 15: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/15.jpg)
CSS Profile
![Page 16: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/16.jpg)
•student.collegeboard.org/profile
•Required by 250+ schools
•$25 for 1st school, $16 for each
additional
•Opens Oct 1st
•Watch MEFA’s Profile webinar
![Page 17: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/17.jpg)
After You
Apply
![Page 18: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/18.jpg)
•Colleges & state receive data
•Student receives Student Aid Report
(SAR)
•Contact the Financial Aid Office with
special circumstances
•Colleges may require additional
documentation
![Page 19: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/19.jpg)
Financial Aid
Terms
![Page 20: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/20.jpg)
Cost of Attendance (COA) Total expenses for one year of
college at each school including
tuition, fees, room, board, books,
supplies, transportation, & personal
expenses
![Page 21: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/21.jpg)
Expected Family Contribution (EFC)
Calculated amount, based on a
federal formula, that represents what
a family has the ability to pay for one
year of college
EFC Calculator
![Page 22: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/22.jpg)
Financial Aid Eligibility Amount of need-based financial aid
a school can provide to a student.
*Most schools cannot give students
the full amount of financial aid
eligibility
![Page 23: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/23.jpg)
Financial Aid
Formula
![Page 24: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/24.jpg)
Cost of Attendance
- Expected Family Contribution
Financial Aid Eligibility
![Page 25: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/25.jpg)
Paying for
College in MA
![Page 26: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/26.jpg)
Tuition Break Reduction on out-of-state
tuition costs for certain
programs at New England
schools
![Page 27: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/27.jpg)
Commonwealth Commitment
Lowers cost of tuition & fees
for students transferring from
2-year to 4-year MA public
college or university
![Page 28: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/28.jpg)
Free Resources
![Page 30: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/30.jpg)
Educational
Opportunity Centers
Free financial aid help
![Page 31: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/31.jpg)
Scholarships
Fastweb.com
GoodCall.com
mefapathway.org
![Page 32: The 411 on financial aid](https://reader031.vdocument.in/reader031/viewer/2022030317/5a64fa177f8b9aa2548b542b/html5/thumbnails/32.jpg)
Understanding Your Financial Aid &
Paying for College Seminars
•Across MA in March & April
•Explain financial aid awards
•Help with paying the college bill
•Check mefa.org/events