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Financial Aid 101��Iris Godes�Vice President of Enrollment Management�Framingham State University

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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Connect with MEFA

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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Scan the QR code to sign up for MEFA emails on relevant college planning topics.

linkedin.com/company/mefa

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facebook.com/mefaMA

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How to Participate

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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The Audio Settings allow you to control the volume levels

The Chat feature is disabled. To communicate with the host, please use the Q&A section

Have a question during the webinar? Type it in the Q&A section

Click Leave to exit the webinar

Use the Live Transcript feature if you want to see closed captions

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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

  • Types & Sources of Financial Aid
  • The Application Process
  • How Financial Aid Decisions Are Made
  • Paying for College
  • Free Resources

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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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.

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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Types and Sources of �Financial Aid

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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What is Financial Aid?

  • Financial aid is money to help students pay for college

  • 3 main types:
    • Grants and scholarships (gift aid)
    • Federal work-study
    • Federal student loans

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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Sources of Financial Aid

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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Federal

  • Grants, work-study, loans, tax incentives
  • StudentAid.gov

Massachusetts

  • Grants, scholarships, tuition waivers, loans
  • mass.edu/osfa

College/University (institutional aid)

  • Grants, scholarships, loans

Other Agencies

  • Scholarships: Search through mefapathway.org and fastweb.com, and check with your school counselor

$177 billion*: The total amount of aid undergraduate students received in 2022-23

*Trends in Student Aid 2023, The College Board

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�NHS Local Scholarships�Karen Dalton-Thomas, Guidance Department Head�

  • Online Local Scholarship application opens Thursday, February 6th and closes Monday, March 10th at 11:59pm
    • Resources will be shared to review process
    • Available to NHS students only
    • Consider those that require essay - sometimes may result in a smaller pool of applicants 
    • Submit 1st part early - a 2 part process
    • Remember to send a thank you note for any scholarship you receive
  • OVER $288,000 awarded in scholarships to the class of 2024!

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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�NHS Local Scholarships�

  • Accounts will automatically be created for each senior using their school email address. 
  • A transcript will be emailed to each senior. Students are expected to use this transcript.
  • The counselor college recommendation will be added to each student's application. 
  • If an additional recommendation is required please use one that has already been written by a teacher.
  • Resources will be shared with students to assist in filling out the application. Read them carefully.
  • Seniors will have 5 weeks to complete the applications.
  • There are no extensions.

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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Merit-Based Aid

  • Awarded in recognition of student achievements �(academic, artistic, athletic, etc.)
  • Might have renewable requirements or not be renewable
  • Not offered at every college; check each college’s website for details
  • Separate application sometimes required �(check deadlines!)
  • Application deadline may be as early as November

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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Need-Based Aid

  • Based on family’s financial eligibility (“need”)
  • Eligibility determined by a standardized formula
  • Includes grants, loans, and work-study
  • Most financial aid is need-based
  • Must be making satisfactory academic progress

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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Federal Direct Student Loans

  • Student is the sole borrower
  • No credit check
  • Subsidized and Unsubsidized
  • 6.53% fixed interest rate for 2024-25
    • 2025-26 rate will be set in May 2025
  • Repayment:
    • No payments due while enrolled
    • Multiple options (many tied to income)
    • Total borrowed for 4 years: $27,000 max
    • Estimated payment: $300/month for 10 years
    • Estimated total debt: $32,000-$34,000
    • Deferment, forbearance, and forgiveness opportunities

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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Annual Loan Limits

Freshman Year

$5,500

Sophomore Year

$6,500

Junior Year

$7,500

Senior Year

$7,500

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The Application Process

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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Financial Aid Timeline

  • Check deadlines and required applications on each college’s website now
  • You may apply for financial aid before you receive the admissions decision
  • Early Action/Decision deadlines are often in October or November
  • Standard deadlines are typically in February or March
  • MEET APPLICATION DEADLINES!
  • Use MEFA’s College Application Manager to stay organized

mefa.org/college-application-manager

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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FAFSA®

  • Free Application for Federal Student Aid (FAFSA)
  • Required by all colleges
  • Must complete every year
  • Available at fafsa.gov on Dec 1, 2024 for 2025-2026 academic year (usually Oct 1st)
  • 2025 HS grads will do the 2025-26 FAFSA
  • Contributor = person whose information appears on the FAFSA
  • Student starts and then invites all other contributors
  • Each contributor has a separate section
  • Last contributor to complete can submit the FAFSA
  • Incomplete FAFSAs are deleted after 45 days of no activity
  • Understanding the FAFSA webinar

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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Creating Your Account – The FSA ID

  • FSA ID = username and password for the FAFSA
  • Must have an FSA ID to log in
  • Can set up your FSA ID now �(must wait 2-4 days to start the FAFSA)
  • studentaid.gov/fsa-id/create-account
  • Must have an email address
  • Who needs an FSA ID?
      • Student
      • Student’s spouse if filed taxes separately or didn’t file
      • Every parent listed on the FAFSA
        • If parents filed taxes jointly, only one parent needs one
  • Parents without an SSN will answer knowledge-based questions pulled from credit history

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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What’s Reported on the FAFSA?

  • General Information
  • Student citizenship status
    • All U.S. citizens and eligible non-citizens can receive federal financial aid
    • Undocumented students may be eligible for MA in-state tuition and state aid
  • Colleges where student is applying (each one will receive your FAFSA)
  • Parents (studentaid.gov/fafsa-apply/parents)
    • Married, including same-sex parents, include both
    • All parents who live together, married or not
    • Divorced/Separated: parent who provided more financial support in last 12 months & current spouse if remarried
      • If parents provided equal support, use the parent with greater income and assets
    • Legal guardians are NOT a parent and not included on the FAFSA
  • # in household: will pull from IRS 1040 deductions but family can update
  • # of children in college: will not be used in calculation

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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What’s Reported on the FAFSA?

  • Financial Information
  • Parent and student income (2023 income for the 2025-26 FAFSA)
    • Will pull in federal tax data from the IRS (must give consent)
    • Both taxed and untaxed income that appears on the tax return
  • Parent and student assets
    • Include value of savings, checking, investments, all businesses/farms, other property
    • Include education savings accounts as a parent asset and don’t report the ones for other children
    • Do not include primary home, value of retirement, life insurance
    • Child support received is considered an asset
  • Debt is not reported except debt on reported assets

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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Other Financial Aid Applications

CSS Profile®

  • cssprofile.org
  • Required by some colleges and universities
  • $25 for 1st school, $16 for each additional
  • Fee waivers if parent income is $100k or less or family meets certain other criteria
  • Becomes available October 1st
  • Noncustodial parent submits a separate profile
  • What to Know about the CSS Profile webinar

College Financial Aid Application

  • Required by some colleges and universities

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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After You Apply

  • Colleges and the state receive data electronically
  • Student will receive a FAFSA Submission Summary (FSS) by email
  • Colleges may request additional documentation due to (mandatory) Verification
  • Colleges review applications and determine the financial aid offer
  • Financial aid may be sent with the admissions decision or after
  • Review college websites to learn about each school’s timing

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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Verification

  • Colleges verify data on financial aid applications
  • Students selected by Department of Education or college
  • Must comply with all requests to receive financial aid
  • Families must submit additional documentation as requested:
    • Tax Return Transcript
    • Verification Worksheet
    • Asset Account Statements
  • Review all correspondence from colleges
  • Log into college web portal for communications
  • Suggestion: Create a family email address so no requests are overlooked

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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Financial Aid Office

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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Learn about Your Financial Aid

  • Financial aid renewability criteria (financial, academic)
  • How will a private scholarship affect my financial aid?

Ask about Special Considerations

  • Changes in family circumstances
  • Can I appeal my offer? How?

How to Contact the Financial Aid Office

  • Phone call
  • Email
  • Chat (if offered)

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How Financial Aid �Decisions are Made

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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Cost of Attendance (COA)

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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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

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Student Aid Index (SAI)

  • Number that represents a family’s financial strength
  • Same federal formula used for every family
  • Income weighs much more heavily than assets
  • Some colleges also use an institutional formula
  • Family has the primary responsibility for paying
  • Not necessarily what the family will pay
  • SAI Calculator on mefa.org
  • Federal Student Aid Estimator
    • studentaid.gov/aid-estimator

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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Financial Aid Formula

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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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

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Financial Aid Awarding

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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$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

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Net Price Calculators

  • Online tool found on each institution’s website
  • Asks questions about family finances and student academics
  • Provides personal, estimated net college price
  • Displays federal & institutional aid
  • Merit-based aid may also be included

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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Offer Letters: Totals Can Vary

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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$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

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Offer Letters: Types Can Vary

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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$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

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Paying 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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Filling SAI and Unmet Need

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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-$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

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Important Kitchen Table Conversations

  • What is each school’s net price?
  • What is the best fit for the student? There are MANY options
  • Curating a balanced college list will provide the most options and choices
  • Consider that starting at community college (free tuition and fees in MA) could save your family significant $
  • Consider the number of children in the family going to college
  • Think in terms of the student’s total debt (4+ years of school), potential starting salary, and future career plans
  • Does the college have services the student needs (learning styles, transition from high school IEP, etc.)
  • Would taking a gap year benefit the student?

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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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

  • MassEducate: Free community college (tuition & fees and potential book allowance) for all students
  • Mass Reconnect: Free community college for adults over 25 years of age
  • MASSGrant Plus Expansion: Free or reduced tuition & fees for low & middle-income students and potential book allowance
  • Tuition Equity Law: Some undocumented students can receive MA state aid and in-state tuition rates (https://www.mass.edu/tuitionequity/home.asp)
  • MassTransfer: Makes transferring from a MA community college to a 4-year MA public college more affordable
  • Tuition Break: Reduction on out-of-state tuition costs at New England colleges for certain programs (https://nebhe.org/)

mefa.org/paying-college-massachusetts

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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Free Resources

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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National and Community Resources

��

  • Free assistance completing the FAFSA
  • Events held Oct-Feb
  • Offered in both English and Spanish
  • Register at FAFSADay.org

  • Non-profit providing free financial aid help and career readiness services
  • Schedule an appointment �with an education advisor
  • massedco.org/

  • No-cost college and career planning resource for students in grades 6-12
  • mefapathway.org

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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Staying on Track Through Senior Year

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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Spring/Summer Junior Year

  • Research colleges
  • Visit campuses and college fairs
  • Ask teachers for letters of recommendation
  • Take the SAT/ACT
  • Start writing the college essay

Winter Senior Year

  • Submit admissions applications
  • Apply for private scholarships
  • Send in mid-year grade reports

Fall Senior Year

  • Retake the SAT/ACT
  • Secure letters of recommendation
  • Finalize the college essay(s)
  • Attend MEFA’s Financial Aid 101 webinar
  • Complete all admissions applications
  • Submit early admissions applications
  • Get an FSA ID and submit the FAFSA
  • Submit the CSS Profile if required

Spring Senior Year

  • Receive admissions and financial aid offers
  • Attend MEFA’s Financial Aid Offers & the College Bill webinar
  • Attend college open house programs
  • Choose your college by May 1st

View an extended timeline at: mefa.org/college-admissions-and-financial-aid-timeline

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What You Can Do Now

  • Get an FSA ID for the student and parent(s)
  • Research deadlines and required applications

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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Register for other �MEFA webinars

Reference MEFA’s Timeline for College Admissions and Financial Aid

Sign up for �MEFA’s emails

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Connect with MEFA

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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Scan the QR code to sign up for MEFA emails on relevant college planning topics.

linkedin.com/company/mefa

youtube.com/MEFAcounselor

mefa.org/mefa-podcast

facebook.com/mefaMA

@mefa_ma

@MEFAtweets

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Thank You!

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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Questions?

(800) 449-MEFA (6332)