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Financial Aid 101

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About MEFA

Not-for-profit state authority created in 1982 helping families plan, save, and pay for college

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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

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TYPES AND SOURCES �OF FINANCIAL AID

College Financing:

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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

Financial aid is simply money to help students pay for college
THREE main types of financial aid
Grants and scholarships are allocations of free money, also known as gift aid, which do not need to be repaid
Work-study does not come off the student’s bill and is a set amount of funding saved for a student to earn while on campus working in a part-time job
Work-study earnings are paid in paycheck form
Earnings from a co-op program or a work-study position are taxable but excluded from total income within the federal financial aid calculation
Federal student loans are considered financial aid because of their special repayment terms. As well, they are the only option for a college student to borrow a loan without a co-signer at a low, fixed interest rate
Student loans must be repaid
You do not have to accept loans or work-study

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Sources of Financial Aid

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, fastweb.com, and your school counselor

$175.1 billion*: The total amount of aid students received in 2020-21

*Trends in Student Aid 2021, The College Board

Financial aid comes from four primary sources. Each source has different requirements for eligibility.

Federal: Most federal grants are allocated for lower income families; work-study is reserved for students with financial need; Every student eligible to apply for federal financial aid can receive federal student loans; tax incentives are credits on federal tax returns
State: Most state grants are allocated for lower income families; MA also offers scholarships and tuition waivers for students who meet certain criteria; Not many people receive MA state aid. Recipients must be MA residents for at least one year. Visit mass.edu/osfa for more details on MA state aid
There’s a new MassGrant Plus program for high need part-time community college students. This is the first time the Mass Grant is being used for part-time students
College/University: some colleges or universities do have their own student loan programs
By submitting your financial aid applications, you are applying for federal, MA, and institutional financial aid
Start looking online for outside/private scholarships now. You must find and apply for these separately. mefa.org has an entire page devoted to private scholarships with links to different search engines. Check with your guidance counselor for local/high school scholarships. Also check with the parent employers and any membership groups or affiliations of which parents are members. NEVER pay for a scholarship search or application – those are scams. And students can start looking for scholarships EARLY (as young as Elementary School!)
You may want to ask the school counselor before the seminar beings if he/she wants to speak about local outside scholarships and how the information is available through the guidance office
You can mention the College Board Opportunity Scholarships: students complete college planning steps and students that complete all 6 steps can enter to win $40,000
The $175.1 billion is the total amount of undergraduate aid

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Federal Direct Student Loans

Student is the sole borrower
No credit check
Subsidized and Unsubsidized
4.99% fixed interest rate for 2022-23
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

Annual Loan Limits

Freshman Year

$5,500

Sophomore Year

$6,500

Junior Year

$7,500

Senior Year

$7,500

2022 Biden Loan Forgiveness:
The cancellation is for up to $10,000 in federal student loans for borrowers with annual income of under $125,000 (for individuals) or under $250,000 (for married couples/heads of household).
Those who meet these standards and received a Pell Grant in college will receive up to $20,000 in debt cancellation.
At this time, eligible loans include Federal Direct Undergraduate Loans, Federal Parent PLUS Loans, and Federal Direct Graduate Loans that were originated before July 1, 2022.
This is a ONE-TIME forgiveness

MESSAGE: Federal loan options should ALWAYS be considered before private options. If you do not use the eligible amount in any given year, you will not be able to borrower that amount in future years. i.e. If a student does not borrow freshman year loan of $5,500, they will not be able to borrow the $5,500 in sophomore year. Use it or lose it.
Direct Loans are student loans
Subsidized loans count within the total financial aid that is filling in the financial need, so they can’t cover the EFC
Go over loan details and limits:

Student Direct Loan: $5,500 FR, $6,500 SO, $7,500 JR & SR – these all include a $2,000 Unsub DL Loan each year

Tell families that even students with NO financial need can receive a $5,500 Unsubsidized Direct Loan
Start the kitchen table conversations now as a family about affordable monthly payments and debt that students will be able to afford based on future earnings.

$300 is the approximate monthly payment for a student who borrows $27,000, which is the amount of 4 years of maximum Direct Loans
$32,000-$34,000 is the APPROXIMATE amount in total debt, including interest, if someone borrowed $27,000.

Student will need to sign a Master Promissory Note and complete entrance counseling on StudentLoans.gov
Direct Loan – all U.S. citizens/permanent residents are eligible
Students whose parents are denied for the PLUS loan are automatically eligible for a $4K (FR & SO) or $5K (JR & SR) Unsub Direct Loan – these amounts are in addition to the limits above
Many repayment options are available for borrowers, including those tied to the new grad’s income. Forgiveness provisions exist for certain professions. See StudentLoans.gov for details. All Direct Loans don’t have to be repaid until after the student leaves school.
What is reasonable student loan debt? On average, student borrowers who graduated in 2017 owed $28,650 according to TICAS
Additional Loan Options:

NIL: A MA state loan for low-income students; not available at all schools

Parents who want loans will have to apply for them separately and will need to be credit-worthy (a PLUS Loan is a federal parent loan but still requires a credit-worthy borrower and an application)
Students who want an additional loan will need to apply through a private source and will need a credit-worthy co-borrower
Many private loans offer multiple repayment options allowing families to start make payments while the student is in school or to defer payments until after the student graduates

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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

Financial aid may also be awarded based on factors other than financial eligibility

Only some colleges award merit aid, also called merit scholarships
Awarding practices vary significantly from college to college
Discuss some of the ways students may need to apply for merit aid: a separate application, essay, nomination, etc.
Some merit scholarship applications have deadlines EARLIER than the admissions and financial aid applications
Discuss how students may lose academic merit awards if they don’t meet GPA requirements
Most merit-based aid comes from the institution.
One example of merit aid from MA: John & Abigail Adams Scholarship:

Non need-based
Based on high 10^th grade MCAS score
No application: winners are notified in fall of senior year
Covers tuition (NOT fees) at MA public colleges & universities
UMass System has combined tuition and fees so their students will receive a tuition credit for the same amount that would be allocated for tuition. For a full listing of the Adams Scholarship amount at each school, visit mass.edu/osfa
Must be MA resident and U.S. citizen or eligible non-citizen
Must submit the FAFSA (even though it’s not need-based)
Students must maintain a 3.0 GPA for renewability
Don’t mention this at private high schools, as private high schools are not required to take the MCAS

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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

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THE APPLICATION PROCESS

College Financing:

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Financial Aid Timeline

Check deadlines and required applications on each college’s website now

Financial aid deadlines are usually close to or in line with admissions deadlines

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

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FAFSA^®

Free Application for Federal Student Aid (FAFSA)
Required by all colleges
Becomes available October 1st: fafsa.gov
Log in with an FSA ID: fsaid.ed.gov

Both student and parent need one!
Keep both student and parent FSA Id’s in a safe place that is easy to access when you need it.

IRS Data Retrieval Tool: Pull in federal tax data
Understanding the FAFSA webinar
MUST BE COMPLETED EVERY YEAR

FAFSA:

Discuss the benefits of completing the FAFSA online: skip logic, saved info year-to-year, etc.
The website for the FAFSA is FAFSA.gov and it’s FREE to apply
The application opens October 1^st
Stress that meeting the deadline is VERY IMPORTANT- Some schools may run out of money after their priority deadline.

If you are filling out the FAFSA early for EA or ED deadlines, you can always do a FAFSA correction later on to add more schools that were not initially on the students list.

Student needs an FSA ID to login, and parent & student both need an FSA ID to sign electronically (otherwise will need to print the signature page and mail it – this is necessary for parents without a SSN, as parents without a SSN cannot get an FSA ID).
Getting an FSA ID takes several minutes (and for some reason can create some difficulty for families, so encourage families to get it NOW before the FAFSA even opens so it’s all ready)

Keep the FSA ID and password in a safe place so it is easy to retrieve. It can be cumbersome to reset or request a new FSA ID.
Families will need to set up answers to challenge questions

Introduce IRS Data Retrieval Tool, which will populate the FAFSA with income tax information, though if used, the family will not be able to VIEW the income tax information (for security purposes). Even though the tax information cannot be viewed when using the IRS DRT, families should still be encouraged to use the tool, as it will in many cases help to avoid selection for Verification and streamline the FAFSA process. It cannot be used by parents married filing separately, those who had a change in marital status during the tax year, or for foreign/Puerto Rican returns.
If there are big discrepancies between income data from year to year, families should talk to the college financial aid offices
Must complete the FAFSA each year
Mention FAFSA Day as resource for free help completing the application
Federal and MA state financial aid eligibility will be based exclusively on the EFC from the FAFSA. The FAFSA must be completed for MA state aid by May 1!
The FAFSA webinar goes page by page through the application – provides a lot of detail
Student does not see parent information and vice versa

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What’s Reported on the FAFSA?

GENERAL INFORMATION

Student citizenship status

Non-citizen parents:

Use zeros for SSN
Print signature page to sign (cannot get FSA ID)

Colleges where student is applying (each one will receive your FAFSA)
Parents

Married, including same-sex parents
All parents who live together, married or not
Divorced/Separated: custodial parent & current spouse
Legal guardians are NOT a parent

# in household, # of children in college

What’s on the FAFSA:

Citizenship status – student must be a U.S. citizen or eligible non-citizen to receive financial aid (parent citizenship status is irrelevant). Eligible non-citizens: U.S. nationals & permanent residents, those with an Arrival-Departure Record (I-94), students with a T-visa or who have a parent with a T-visa, “battered immigrant-qualified aliens,” and citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, or the Republic of Palau
Will do 1 form and send it to up to 10 schools at a time – you list your schools. Colleges cannot see the other colleges that students listed on the FAFSA.
Students and parents answer questions and provide data
Information from both parents will be required on the FAFSA, regardless of parents’ gender or marital status, if 1. Both parents are legal parents, defined as biological or adoptive parents; and 2. The student’s legal parents live together. Same-sex parents who live together and parents who have never been married who live together BOTH report information on the FAFSA.
If parents are divorced or separated, only the custodial parent and the custodial parent’s current spouse (if there is one) report information on the FAFSA. The custodial parent is the parent that the student has lived with the most over the past 12 months. If the time spent with both parents is even, the custodial parent is the parent that has provided the most financial support for the student. If the financial support is pretty even, the family just needs to select one parent as the custodial parent. The other parent is referred to as the noncustodial parent and does not appear anywhere on the FAFSA

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Additional info reported on the FAFSA

FINANCIAL INFORMATION

Parent and student income (2021 income for the 2023-24 FAFSA)

Both taxed and untaxed

Parent and student assets

Include: savings, checking, investments, other property
Include: all 529 accounts as a parent asset
Do not include: primary home, value of retirement, life insurance, value of small family business

Debt is not reported except debt on reported assets

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Other Financial Aid Applications

CSS Profile^TM

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

CSS Profile

Only some colleges and universities require this (mostly private)
Will also ask for income from two years prior as its main income information but ask for other basic income totals from other years
The Profile provides colleges more information to award institutional funds
There is a fee for the Profile: $25 for first, $16 for every additional school
If student is applying Early Decision/Early Action, the Profile may be required earlier than the regular financial aid deadline
The Profile student dashboard will provide important information, such as deadlines and next steps
The Profile Registration step has been eliminated. Applicant information will be saved as soon as the family begins completing the form
There is no longer a separate Noncustodial Profile. If parents are divorced or separated, both parents must complete a CSS Profile. The custodial parent should complete a Profile first, as the noncustodial parent will not be able to complete the application until the student (on the custodial’ parent’s Profile) selects a college that requires a CSS Profile from a noncustodial parent.
Schools have an entire process by which a family can appeal the requirement for the noncustodial parent to submit a Profile. A noncustodial parent’s unwillingness or refusal to complete the application will not exclude the student from the requirement to have the noncustodial parent submit a Profile.
MEFA provided a webinar for families on the CSS Profile in late September. The recording is on mefa.org.
It does not matter if you fill out the FAFSA or the Profile first. Easiest to fill them both out one after the other while the information is fresh and all the documents have been gathered.
Families can also be reminded that the Social Security Number, while still an optional field on the Common App and the Profile, is often used by schools as the identifier when compiling all student data and applications, and it is helpful for families to therefore report the student’s SSN on all applications when requested.
Also, some colleges and universities may have additional financial aid application requirements (separate forms, etc.). Remind families to check application requirements carefully and to return all school requests for additional information or a callback.
The CSS Profile now allows a person to indicate a topic for a special circumstance. The person can check the box for that topic but must also include a narrative in the box provided about the special circumstance.

College/University Financial Aid Application

Institutions can ask anything
Not many colleges require this at all - check with the college for details

More common for returning students

As part of the original financial aid application (and not simply for Verification), some schools may require families to provide the corresponding tax return when submitting the financial aid application(s).

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After You Apply

Colleges & state receive data electronically
Student will receive Student Aid Report (SAR) by mail or email
Contact the Financial Aid Office with any special circumstances
Colleges may request Federal Verification documents. The financial aid application is incomplete until you submit these documents.
Colleges review applications and determine the financial aid award

Explain what happens with the applications once they are submitted

Your information is sent off electronically and processed by a central processing center and data is sent to selected colleges as well as the Massachusetts Office of Student Financial Assistance
You will receive a SAR (Student Aid Report) with a summary of your FAFSA answers
SAR comes in different forms: email if student provided a valid email address, mail if not
For FAFSA corrections, go back onto fafsa.gov. Make corrections and re-submit the FAFSA to the appropriate schools
For Profile corrections, contact your colleges directly
Be sure to review all of your answers and make sure they are accurate
Explain Verification process. U.S. Department of Education requires that schools verify data on certain FAFSAs. Explain what documents might be required
Tell families to READ THEIR EMAILS from the financial aid office, to comply with requests, and to stay organized
Remind parents that colleges communicate with the students directly, and mostly electronically (so students should keep on top of email – some families set up a separate email address for all college communication that both students and parents can access)
Families will be required to submit IRS transcript if selected for federal Verification and tax information on FAFSA was not gathered using IRS Data Retrieval Tool
Can let folks know to contact the financial aid office if something changes (a job loss) or if there are special circumstances (student wants to petition to be independent, etc.)

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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:

Tax Return
Verification Worksheet
Asset Account Statements

Review all correspondence from colleges
Log into college web portal for communications
Create a family email address for the financial aid process so no requests are overlooked

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Financial Aid Office

Learn About Your Financial Aid

Financial aid renewability criteria (financial, academic)
How will a private scholarship affect my financial aid?
How will 2024-25 FAFSA changes 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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2024-25 FAFSA Changes

Shorter form, fewer questions
Resources like 529s from grandparents and other family members no longer need to be reported
Divorced/separated parents: Parent who provides more financial support will be listed on the FAFSA
Number of students in college no longer reported
Some forms of untaxed income will no longer be reported like child support
Expected Family Contribution (EFC) will become Student Aid Index (SAI)
Ask colleges how changes will affect your future financial aid offers
Sign up for MEFA emails to stay in the loop

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HOW FINANCIAL AID �DECISIONS ARE MADE

College Financing:

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Cost of Attendance (COA)

COA = Total Expenses for

One Year of College

= Billed or Direct Expenses

= Non-Billed or Indirect Expenses

Tuition & Fees

+

Room & Board

+

Books & Supplies

+

Transportation

+

Personal Expenses

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Expected Family Contribution (EFC)

Amount family has ability to absorb for 1 year of college costs
Same federal formula used for every family
Some colleges also use an institutional EFC formula
Family has the primary responsibility for paying
Not necessarily what the family will pay
Lowered if family has more than 1 child in college
EFC Calculator on mefa.org

The EFC reflects the family’s ability to absorb educational expenses (a family’s financial strength), but makes no particular assumptions about how the family will finance that contribution
The EFC is calculated using a standard formula for all families for the federal EFC
Some colleges (those that require another financial aid application – usually the CSS Profile) also use an institutional EFC formula for the distribution of their own college funds
The EFC is only for one year of college, and is re-calculated every year
The family has the primary responsibility to pay for the student’s education, and families have choices about how to do that
Families often pay more for college than the EFC
The EFC formula protects a portion of income and assets
0-47% of parent income could be included in the EFC
0-5.6% of parent assets could be included in the EFC
Parent and student information is treated differently in the formula
20% of student assets is included in the EFC
After taxes and an income protection allowance, 50% of student income is included in the EFC
The formula does not take into account personal debt (credit card debt, car loan, personal debt)
Some colleges use two EFC formulas (FM – federal, IM – institutional) if they collect two financial aid applications
EFC calculators can be found on the College Board Big Future site (provides both FM and IM EFCs) and on FAFSA.gov (the FAFSA4caster, which provides the FM EFC). Juniors: getting an estimate of your family’s EFC is something you can do now.
The formula is complicated – we can’t tell families what certain income and asset cutoffs will make them ineligible for financial aid

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Financial Aid Formula

Colleges fill in Financial Aid Eligibility with financial aid from all sources

Cost of Attendance (COA)

-

Expected Family Contribution (EFC)

=

Financial Aid Eligibility

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Financial Aid Awarding

$45,000

College

Cost of Attendance

Unmet need and EFC are the FAMILY’s responsibility

Unmet Need

$5,000

Work-Study

$2,000

Student Loans

$5,500

Grant

Scholarship

$17,500

$10,000

EFC

$5,000

Colleges use the EFC to determine eligibility for financial aid, then try to meet the eligibility (or fill the barrel) with financial aid from all resources

Most colleges are not going to be able to fill the barrel
The EFC always goes into the barrel first
Unmet need is more common than not
Explain what happens to EFC when there is unmet need. In this example, if the student decides to attend this institution, the family will need to contribute the EFC plus unmet need ($5000 + $3000 = $8000) for the student to attend
Use this as an example to demonstrate how the EFC is often the MINIMUM contribution for a family, not necessarily a MAXIMUM
Explain the difference between direct and indirect costs in the COA and that even though the college won’t bill the student for indirect costs, the family still needs to determine how they will be met
Explain ways that students can reduce indirect costs, such as used books and cheaper travel
Explain how outside scholarships may affect the financial aid
The work-study pool varies drastically from school to school
Remember to select “Yes” when asked on the FAFSA if you’d like to be considered for work-study. This does not obligate you to work but also does not guarantee that you’ll be given work-study. If you ARE given work-study, it will not replace any grants or scholarships that you would have been given if you had selected “No”
If you’re given work-study, you usually still have to apply for a work-study position

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Net Price Calculators

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

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Offer Letters: Totals Can Vary

$45,000

$5,000

$40,000

College

Cost of Attendance

Expected Family

Contribution

Total Eligibility

Grants/Scholarships

Student Loans

Work-Study

Total

Unmet Needs

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

Unmet need can vary greatly from college to college even when the COA is constant

Explain the differences and possible reasons for the variance
College A, B and C could also represent 3 different students at the same institution (students with the same eligibility at the same school may still receive different financial aid based on the different strengths of the admissions applications or enrollment goals of the school, or maybe one student missed the college’s financial aid application deadline)
When comparing financial aid award letters, families should consider the total number of years the student plans to be enrolled
Encourage families to visit mefa.org after receiving award letters to take advantage of the online, interactive My College Cost Calculator to compare financial aid awards
Remind families that deadlines are so important – the student may receive less aid because the financial aid application was late
Although this example assumes the same COA, remember this will not be the case with most schools! It’s important to really consider those different COAs.

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Offer Letters: Types Can Vary

$35,000

$45,000

$5,000

$40,000

College

Cost of Attendance

Expected Family

Contribution

Total Eligibility

Grants/Scholarships

Student Loans

Parent Loans

Work-Study

Total

Unmet Needs

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

When comparing award letters, you can’t just look at the bottom line. You need to compare what’s making up each financial aid award

Here are three examples of awards from colleges with the same Cost of Attendance
Might want to start out by asking the audience what’s different about these award letters (Parent Loan – you can explain the PLUS Loan here)
You can see that even though three hypothetical colleges have the same total financial aid, the funds making up that award vary greatly
Explain the differences and possible reasons for the variance
Talk about the different kinds of loans a family might see on an award letter
College C might have not offered any grants or scholarships because the student submitted the financial aid applications late
What should a family do if offered a parent loan?
Although this example assumes the same COA, remember this will not be the case with most schools! It’s important to really consider those different COAs.

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PAYING FOR COLLEGE

College Financing:

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Filling EFC and Unmet Need

-$10,000

EFC = Expected Family Contribution

$600 Affordable Monthly Payment Example

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

Families decide the best plan to meet the balance due at the college based on their own personal finances. The options fall under three major categories: past, present, and future income. Families don’t need to choose just one option (past, present, or future income) to pay the balance due, and combination plans can save money in the long run. Encourage families to visits mefa.org to access a Loan Payment Calculator, which allows families to understand the full cost of borrowing a loan

Reiterate that this is only for one year

Past Income: savings or other investments such as college saving plans
Present Income: Explain payment plan, e.g., owe $1,000? pay $100 per month for 10 months. Better than ANY loan
Future Income: borrowing loans. This will be in addition to student loans that are offered in the financial aid award. If families are considering financing any portion of the student’s education, they should take advantage of federal student loans first
You can speak here to wise borrowing, looking at interest rates and repayment options on private loans, not borrowing too much, and pointing out that students won’t be able to borrow private loans alone. Private loans are offered through banks, credit unions, lenders, and state authorities like MEFA. You can explain the PLUS Loan here as well.
Families need to be thinking about a long-term plan when deciding what options to use. This includes the total number of years the student plans to be enrolled as well as multiple children who plan to attend college

Colleges who use institutional methodology often expect the student to contribute from savings and/or summer work. Students are able to contribute to the payment plan along with the parents.

For families who are not receiving aid, you can still use these same steps. You will not be able to subtract aid, but if you have outside scholarships be sure to subtract them from direct costs.

Outside Scholarships can also be used as present income to help pay direct and indirect costs.
Remind families to think about the entire cost of the educational experience, not just the 1^st year.
Along the same lines, remember to consider all children in the household and potential college costs for them.
It’s Important to keep all options on the table, including lower cost institutions.

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Important Kitchen Table Conversations

Would starting at community college save significant $?
Consider the number of children you will send to college
Think in terms of total enrollment (4+ years) and total debt
Calculate the post-graduation monthly loan payment
Research the potential starting salary for the intended career
Is the student considering graduate school?
Know your credit score if you plan to borrow a private loan
Compare each school’s net price after financial aid offers are received

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Paying for College in MA: You Have Options

MassTransfer

Makes transfer from community college to a 4-year public MA college more affordable
Benefits include guaranteed credit transfer, tuition credit, & freeze on tuition
mass.edu/masstransfer

Tuition Break

Reduction on out-of-state tuition costs at New England schools for certain programs
nebhe.org/tuitionbreak

Different programs in MA offer affordable options for paying for college
Tuition Break is offered by NEBHE
NEBHE’s website also has a list of New England colleges & universities
MassTransfer info can be found at: mass.edu/masstransfer
Commonwealth Commitment:

Student must

Begin at one of Massachusetts’ Community Colleges
Complete associate degree within 2.5 years
Transfer to one of Massachusetts’ state universities or UMass campuses
Complete bachelor’s degree within 2 more years
Maintain full-time, continuous enrollment and a cumulative 3.0 GPA throughout the program

Commonwealth Commitment to Students

A freeze on tuition & mandatory fees for all four years upon entry into the Commonwealth Commitment program, until student graduates or leaves program
A reduction in tuition & mandatory fees by an average of $5,090 over four years through:

A 10% rebate off tuition & mandatory fees, payable via check or bookstore voucher at the end of every successfully completed semester
An additional MassTransfer tuition credit once student enrolls in bachelor’s program eligible majors

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FREE RESOURCES

College Financing:

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National and Community Resources

FAFSA Day

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

Educational Opportunity Centers

Free financial aid help
massedco.org/locations

FAFSA Day is part of the National College Goal Sunday Program and is a statewide volunteer program that provides free information and assistance to students and families who are applying for financial aid for postsecondary education

FAFSA Day will have open virtual events this year.

Educational Opportunity Centers offer free assistance with financial aid. Right now staff are meeting with students via phone and Zoom. They will begin soon trying to meet with students in person at their Worcester office. Many of the programs (EOCs) are housed in schools so appointments will be subject to the rules of the particular schools system but, in general, students can always be helped remotely. Schools will add some limited in-person counseling when appropriate. The former ASA help center housed at the Boston Public Library is now operated by MassEdCO. Currently no one is in the library so these counselors are helping students remotely. The MassEdCO website will continue to be updated as things evolve so it is always good to send students there and encourage them to call or e-mail.

Students can search for scholarships on Fastweb.com as well as mefapathway.org

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Staying on Track Through Senior Year

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
Submit financial aid 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 financial aid applications

Spring Senior Year

Receive admissions and financial aid offers
Attend MEFA’s How to Pay for College: A Guide for High School Seniors & Families webinar
Attend college open house programs
Choose your college by May 1^st

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
Research deadlines and required applications
Register for other webinars at mefa.org/events
Read financial aid blog posts at mefa.org/blog
Reference MEFA’s Timeline for College Admissions and Financial Aid on mefa.org

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Connect with MEFA on Social Media

facebook.com/mefaMA

@mefa_ma

@MEFAtweets

linkedin.com/company/mefa

youtube.com/MEFAcounselor

mefa.org/mefa-podcast

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Thank You

Call (800)-449-MEFA (6332)

or email collegeplanning@mefa.org

QUESTIONS?