the 411 on financial aid
TRANSCRIPT
MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
THE 411 ON
FINANCIAL AID
Types of Aid
Grants & Scholarships
Free money that doesn’t
need to be repaid
Work-Study
Students earn the money
throughout the year by
working
Federal Direct Student Loans
Money that must be repaid
after graduation
Categories of
Aid
Merit-Based Aid •Awarded in recognition of student
achievement
•Different criteria at every college
•Might require an application
Need-Based Aid •Based on family’s financial need
•Determined by a formula
•Must achieve certain GPA &
earned credits each year to
maintain
Sources of Aid
•Federal government
•MA state government
•Colleges & universities
•Private agencies
Application
Process
•Check each college’s website for
deadlines & applications
•Early action/decision may have
earlier deadlines
•Don’t be late!!
FAFSA®
•fafsa.gov
•Required by every college
•Free
•Opens Oct 1st
•Parent & student sign with an
FSA ID
•Watch MEFA’s FAFSA webinar
CSS Profile
•student.collegeboard.org/profile
•Required by 250+ schools
•$25 for 1st school, $16 for each
additional
•Opens Oct 1st
•Watch MEFA’s Profile webinar
After You
Apply
•Colleges & state receive data
•Student receives Student Aid Report
(SAR)
•Contact the Financial Aid Office with
special circumstances
•Colleges may require additional
documentation
Financial Aid
Terms
Cost of Attendance (COA) Total expenses for one year of
college at each school including
tuition, fees, room, board, books,
supplies, transportation, & personal
expenses
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
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
Financial Aid
Formula
Cost of Attendance
- Expected Family Contribution
Financial Aid Eligibility
Paying for
College in MA
Tuition Break Reduction on out-of-state
tuition costs for certain
programs at New England
schools
Commonwealth Commitment
Lowers cost of tuition & fees
for students transferring from
2-year to 4-year MA public
college or university
Free Resources
Educational
Opportunity Centers
Free financial aid help
Scholarships
Fastweb.com
GoodCall.com
mefapathway.org
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
