Equivalent presentations

2 Regarding MEFA MEFA is a not any longer-for-finances state power that works making degree a great deal more accessible and you will affordable through area degree apps, college or university deals plans and you may reduced-pricing funding alternatives. MEFA created the You.Fund® therefore the You.Plan® university savings arrangements and it has offered reasonable repaired interest school money to possess 30 years. MEFA enjoys helped thousands of group inside the funding good degree.

3 Action-by-action suggestions to walk you through the process Units & Info Signal-up e-Guide Inquire a professional Clips/ Social network

4 Meeting Information What exactly is educational funding? Just how can pupils incorporate? Exactly how is actually financial aid choices made? Exactly what do financial aid awards seem like? Just how can household spend its share regarding school can cost you? Just what totally free information are available to assist group?

5 Report on Financial aid Student Student Assistance ($177.6 Million) Form of school funding: Offers and scholarships and grants Works-research Financing Source: The school Board, Fashion for the Scholar Assistance 2011 *Source: The college Panel, 2011 Style inside Scholar Assistance

6 Types of Financial aid Government Offers, work-analysis, funds Massachusetts Offers, scholarships, tuition waivers, finance University/College (organization aid) Gives, scholarships and grants, finance Additional Firms Scholarships and grants

eight Federal Student education loans Pupil ‘s the just borrower Zero co-borrower otherwise credit score assessment Zero payments due while enlisted Federal Lead Stafford Mortgage Two sorts: Sponsored – Repaired rate of interest out-of step 3.4% begins once graduation Unsubsidized – Fixed rate of interest away from 6.8% begins instantly Federal Perkins Financing Repaired 5% interest starts immediately following graduation Mortgage accessibility varies because of the college or university; never assume all universities engage

8 You want-Situated payday loans Natchitoches Aid Issued predicated on family’s financial qualifications determined by standard formula Is sold with provides, money and you will/otherwise works-investigation All the government and most state and you can institutional services is issued predicated on monetary qualifications

nine Merit-Created Help Provided within the detection of pupil success (instructional, graphic, athletic, etc.) Apps are often compared to almost every other students exactly who use Can get or is almost certainly not renewable

ten Educational funding Apps 100 % free Software to possess Federal Student Help (FAFSA) Required by all the universities getting federal and you will MA county support 100 % free means Irs Analysis Recovery Product Online application demanded (FAFSA.gov) CSS/Financial aid Profile® Necessary for specific colleges getting institutional help Cost associated: $twenty-five to possess very first school, $sixteen for every extra Online app needed Noncustodial Father or mother Profile necessary when relevant College Educational funding Software Necessary for certain colleges Always the main admissions packet Apps need to be done from year to year

11 FAFSA Date Massachusetts Totally free advice for the doing brand new FAFSA! Weekend, More than twenty five towns and cities across the Massachusetts See for additional dates and you will towns towards you

MEFA’s Guide to University Funding

12 What the results are When you Implement? Universities and you can county found investigation electronically You are going to discover (digitally or of the send): Beginner Assistance Report (SAR) CSS/Financial aid Character® acknowledgement report Comment for both precision and continue maintaining having information Colleges can get consult confirmation data

thirteen Asked Friends Contribution (EFC) A formula from exactly how much a family is able to lead on student’s education for one 12 months Determined using the same formula for every loved ones, inputting investigation of educational funding software Relatives gets the number 1 duty to possess causing the brand new student’s education Not at all times precisely what the nearest and dearest will pay over the course of the entire year Stop by at play with a keen EFC calculator

14 EFC Algorithms Federal and you will institutional algorithms will vary Federal algorithm getting MA and you will government help Organization formula for the assistance of certain colleges Has money and you will advantage cover allowances Parent and you can pupil advice addressed in a different way Doesn’t come with obligations such playing cards, auto loans or personal loans

15 Asset Effect – Family relations Proportions: cuatro Mother money stays peak, assets boost Friends Children B Members of the family C Income $sixty,one hundred thousand Assets $0 $75,000 $150,000 EFC $step 3,930 $5,117 $8,348 Difference $1,187 $cuatro,418 This example was a quotation simply. Centered on Federal Strategy (one young child inside the university).

sixteen Income Effect – Nearest and dearest Size: 4 Parent assets will always be height, income grows Relatives A family group B Family unit members C Earnings $60,one hundred thousand $a hundred,000 $150,one hundred thousand Assets $50,100000 EFC $cuatro,260 $12,832 $27,147 Change $8,572 $twenty-two,887 This situation try an estimate merely. Predicated on Federal Methodology (one child inside university).

17 School funding Algorithm Cost of Attendance (COA) – Asked Friends Contribution (EFC) = School funding Qualification Colleges submit Financial aid Eligibility which have economic the assistance of numerous supplies

18 Trip to understand websites price calculators How Formula Really works Price of Attendance Trip to understand online rate hand calculators

19 Financial aid Awarding COA $31,one hundred thousand – EFC $5,100000 = Financial Qualifications $twenty five,one hundred thousand – Scholarships/Provides $15,100000 – Education loan $5,500 – Federal Works-Research $1,five-hundred = Unmet Need $step three,000 Unmet You desire $step three,one hundred thousand Government $step one,five-hundred Work-Data Scholar $5,five hundred Financing Give $seven,five hundred Scholarship $7,five-hundred EFC $5,100 Price of Attendance (COA) This example is actually a quote simply.

20 Contrasting Prize Characters: Award Totals Vary COA: $29, EFC: $5, Full Qualifications: $25,000 University Elizabeth College F University G Features/Scholarships and grants $18,000 $15,one hundred thousand $10,100000 Student education loans $5,five hundred Work-Studies $1,five hundred Overall $twenty five,100000 $twenty-two,000 $17,100000 Unmet You would like $0 $step three,100000 $8,100 This case try a price merely. Visit to supply a school Cost Calculator

21 Comparing Prize Emails: Honor Totals Are Equivalent COA: $31, EFC: $5, Complete Qualifications: $twenty-five,one hundred thousand College or university E University F School G Features/Grants $fifteen,000 $5,one hundred thousand $0 Student loans $5,500 Mother Financing $10,one hundred thousand $sixteen,five hundred Performs-Studies $step one,five-hundred Complete $twenty-two,one hundred thousand Unmet You need $step three,100 This example try an offer just.

twenty-two Pathway To help you Paying the Balance Favorite School Balance due $20,000 Earlier in the day Earnings Pupil Coupons -$1,five hundred Moms and dad Coupons -$4,one hundred thousand Expose Income Student Sum to Fee Package -$step one,one hundred thousand Parent Contribution so you can Commission Bundle -$step 3,five hundred Future Income Education loan -$ten,one hundred thousand $0 Example

23 You should make sure When selecting financing What is the interest rate and you may Annual percentage rate? ‘s the interest rate fixed otherwise changeable? Fixed: steady, monthly installments not affected by economy Adjustable: alter according to market requirements; versatile budget necessary Who is an important debtor (scholar otherwise mother or father)? When does the loan payment initiate? How much tend to brand new payment per month be? Just how many ages are you presently to make costs?

24 Following the Anticipate Local Seminars More than twenty-five Towns and cities Around the Massachusetts in later March/April Go after-as much as University Capital Discussion to incorporate key, quick advice Subjects include: Information prize letters and you can debts Loan solutions (mother and scholar) Payment Plans Working with the School funding Work environment having unique factors such job losings or other decrease in earnings Create MEFA s to get venue info