Financial Aid 101��Iris Godes�Vice President of Enrollment Management�Framingham State University
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About MEFA
State authority created by the Commonwealth of Massachusetts in 1982, helping families plan, save, and pay for college
MEFA Massachusetts Educational Financing Authority and MEFA are registered service marks of the Massachusetts Educational Financing Authority. © 2024 MEFA. ALL RIGHTS RESERVED.
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Webinar Topics
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Financial Aid Landscape
FAFSA Simplification had a challenging rollout and is an ongoing process. However, we have reason to believe this year will be smoother due to testing prior to the FAFSA release on December 1st.
Please know there is lots of help with this process through MEFA, colleges, school counselors, and other organizations. Never be afraid to ask questions. We will share lots of resources in this presentation.
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Types and Sources of �Financial Aid
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What is Financial Aid?
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Sources of Financial Aid
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Federal
Massachusetts
College/University (institutional aid)
Other Agencies
$177 billion*: The total amount of aid undergraduate students received in 2022-23
*Trends in Student Aid 2023, The College Board
�NHS Local Scholarships�Karen Dalton-Thomas, Guidance Department Head�
�
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�NHS Local Scholarships�
�
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Merit-Based Aid
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Need-Based Aid
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Federal Direct Student Loans
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Annual Loan Limits
Freshman Year
$5,500
Sophomore Year
$6,500
Junior Year
$7,500
Senior Year
$7,500
The Application Process
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Financial Aid Timeline
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FAFSA®
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Creating Your Account – The FSA ID
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What’s Reported on the FAFSA?
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What’s Reported on the FAFSA?
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Other Financial Aid Applications
CSS Profile®
College Financial Aid Application
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After You Apply
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Verification
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Financial Aid Office
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Learn about Your Financial Aid
Ask about Special Considerations
How to Contact the Financial Aid Office
How Financial Aid �Decisions are Made
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Cost of Attendance (COA)
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COA = Total Expenses for
One Year of College
= Billed or Direct Expenses
= Non-Billed or Indirect Expenses
Tuition & Fees
+
Food & Housing
+
Books & Supplies
+
Transportation
+
Personal Expenses
Student Aid Index (SAI)
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Financial Aid Formula
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Colleges fill in Financial Aid Eligibility with financial aid from �all sources
Cost of Attendance (COA)
-
Student Aid Index (SAI)*
=
Financial Aid Eligibility
*Note that a negative SAI is treated as zero in this formula
Financial Aid Awarding
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$45,000
College
Cost of Attendance
Unmet need and SAI are the FAMILY’s responsibility
Unmet Need
$5,000
Work-Study
$2,000
Student Loans
$5,500
Grant
Scholarship
$17,500
$10,000
SAI
$5,000
Net Price Calculators
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Offer Letters: Totals Can Vary
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$45,000
$5,000
$40,000
College
Cost of Attendance
Student Aid Index (SAI)
Total Eligibility
Grants/Scholarships
Student Loans
Work-Study
Total
Unmet Need
College A
$32,500
$5,500
$2,000
$40,000
$0
College B
$25,500
$5,500
$2,000
$33,000
$7,000
College C
$17,500
$5,500
$2,000
$25,000
$15,000
Use MEFA’s College Cost Calculator to compare awards: mefa.org/college-cost-calculator
Offer Letters: Types Can Vary
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$35,000
$45,000
$5,000
$40,000
College
Cost of Attendance
Student Aid Index (SAI)
Total Eligibility
Grants/Scholarships
Student Loans
Parent Loans
Work-Study
Total
Unmet Need
College A
$27,500
$5,500
$0
$2,000
$35,000
$5,000
College B
$17,500
$5,500
$10,000
$2,000
$5,000
College C
$0
$5,500
$29,500
$0
$35,000
$5,000
Use MEFA’s College Cost Calculator to compare awards: mefa.org/college-cost-calculator
Paying for College
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Filling SAI and Unmet Need
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-$10,000
Balance Due:
$20,000
Past Income (Savings)
Student Savings
-$1,000
Parent Savings
-$4,000
Present Income (Current Wages)
Parent Contribution to Payment Plan
-$5,000
Future Income (Borrowing College Loans)
Education Loan
$0
Important Kitchen Table Conversations
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Paying for College in MA
To apply for MA state financial aid, complete the FAFSA by May 1st
https://www.mass.gov/free-and-affordable-college
mefa.org/paying-college-massachusetts
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Free Resources
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National and Community Resources
��
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Staying on Track Through Senior Year
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Spring/Summer Junior Year
Winter Senior Year
Fall Senior Year
Spring Senior Year
View an extended timeline at: mefa.org/college-admissions-and-financial-aid-timeline
What You Can Do Now
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Register for other �MEFA webinars
Reference MEFA’s Timeline for College Admissions and Financial Aid
Sign up for �MEFA’s emails
Connect with MEFA
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Scan the QR code to sign up for MEFA emails on relevant college planning topics.
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youtube.com/MEFAcounselor
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facebook.com/mefaMA
@mefa_ma
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Thank You!
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Questions?
(800) 449-MEFA (6332)