Equivalent presentations

dos On MEFA MEFA is actually a not-for-cash county power that really works and work out advanced schooling more accessible and you can sensible as a result of community knowledge applications, university offers preparations and low-costs investment choice. MEFA developed the U.Fund® plus the U.Plan® college savings preparations and it has considering sensible fixed rate of interest university funds to have 30 years. MEFA provides aided thousands of families in financial support an excellent degree.

step 3 Step-by-action ideas to take you step-by-step through the process Gadgets & Info Indication-up e-Guide Inquire a professional Video clips/ Social media

cuatro Summit Subject areas What exactly is financial aid? How do people use? How try educational funding decisions produced? What exactly do financial aid honors look like? Just how can family pay the share from school will set you back? Just what free tips are around for assist families?

5 Summary of Educational funding Student Scholar Support ($177.6 Mil) Form of financial aid: Provides and you may scholarships and grants Functions-analysis Money Resource: The school Board, Manner when you look at the Beginner Assistance 2011 *Source: The college Panel, 2011 Trends in Beginner Support

6 Resources of School funding Government Grants, work-data, funds Massachusetts Gives, scholarships and grants, tuition waivers, financing School/University (organization assistance) Gives, scholarships and grants, finance Additional Businesses Grants

seven Federal Figuratively speaking Pupil ‘s the best debtor No co-debtor or credit check No payments due when you are enlisted Government Lead Stafford Mortgage 2 types: Sponsored – Fixed interest off 3.4% starts immediately after graduation Unsubsidized – Repaired interest of six.8% initiate instantaneously Federal Perkins Loan Fixed 5% rate of interest starts once graduation Loan supply varies from the university; only a few universities take part

8 You prefer-Created Support Awarded predicated on family’s economic eligibility determined by standardized formula Includes gives, financing and you may/or works-analysis All of the government and most condition and you can organization help are awarded centered on monetary qualifications

nine Quality-Built Assistance Provided within the identification out-of student achievement (informative, visual, sports, etcetera.) Apps are matched against other pupils who pertain Will get otherwise may not be green

ten School funding Apps 100 % free App having Government Scholar Help (FAFSA) Required by the universities for government and you will MA county assistance Totally free form Irs Analysis Recovery Tool On the web software required (FAFSA.gov) CSS/School funding Character® Necessary for specific colleges to own institutional support Cost associated: $twenty five to have basic university, $sixteen per more On the web software expected Noncustodial Moms and dad Profile requisite when relevant University Financial aid Software Necessary for certain universities Constantly a portion of the admissions package Software need to be complete every year

11 FAFSA Time Massachusetts 100 % free advice during the completing the FAFSA! Weekend, More than twenty-five metropolises all over Massachusetts Head to for further times and you will urban centers near you

MEFA’s Help guide to College or university Financing

twelve What are the results Once you Apply? Universities and you can condition found data electronically You will discovered (digitally otherwise by the send): Pupil Aid payday loan companies in Edinburgh Report (SAR) CSS/Educational funding Reputation® acknowledgement statement Remark both for reliability and keep to have info Universities could possibly get consult confirmation documents

thirteen Asked Members of the family Contribution (EFC) A computation out of how much cash a household is able to contribute toward student’s knowledge for one seasons Determined using the same formula for each nearest and dearest, inputting studies out of school funding applications Family comes with the first responsibility to have contributing to the latest student’s knowledge Not necessarily precisely what the loved ones pays during the period of the season Stop by at use a keen EFC calculator

fourteen EFC Formulas Federal and you may organization algorithms vary Federal algorithm having MA and you may federal services Organization algorithm getting aid from certain universities Comes with money and you may resource defense allowances Parent and you will college student recommendations managed in a different way Doesn’t come with debt such handmade cards, automotive loans or signature loans

fifteen Advantage Impact – Friends Proportions: 4 Mother or father money stays peak, possessions raise Family A family group B Household members C Earnings $sixty,100 Assets $0 $75,000 $150,000 EFC $step three,930 $5,117 $8,348 Change $step one,187 $4,418 This case is a quote simply. According to Federal Methodology (one child in the college).

sixteen Earnings Impact – Members of the family Proportions: 4 Mother possessions will always be level, money increases Household members Children B Relatives C Earnings $60,000 $100,one hundred thousand $150,100 Assets $fifty,000 EFC $cuatro,260 $twelve,832 $twenty seven,147 Change $8,572 $22,887 This situation was an offer just. Considering Federal Methods (one child in the college).

17 Educational funding Algorithm Cost of Attendance (COA) – Questioned Family unit members Share (EFC) = School funding Qualification Universities fill out School funding Eligibility which have monetary aid from several offer

18 Trip to realize about internet rates hand calculators The way the Formula Really works Cost of Attendance Visit to understand internet speed hand calculators

19 Financial aid Awarding COA $30,000 – EFC $5,100000 = Financial Qualifications $twenty-five,100 – Scholarships/Features $15,100 – Education loan $5,five-hundred – Federal Really works-Analysis $1,five hundred = Unmet Need $step three,000 Unmet You would like $3,100000 Government $step one,500 Work-Analysis College student $5,five hundred Loan Give $eight,500 Grant $eight,five-hundred EFC $5,000 Price of Attendance (COA) This case is a quote only.

20 Comparing Honor Characters: Honor Totals Are different COA: $29, EFC: $5, Overall Qualification: $twenty five,one hundred thousand College Age College F School G Features/Grants $18,000 $fifteen,one hundred thousand $ten,one hundred thousand Student education loans $5,five hundred Functions-Data $1,five hundred Overall $twenty five,one hundred thousand $twenty-two,one hundred thousand $17,one hundred thousand Unmet Need $0 $3,100000 $8,000 This situation is actually a quotation only. Visit to access a college Cost Calculator

21 Contrasting Award Emails: Award Totals Is Equivalent COA: $29, EFC: $5, Total Qualifications: $twenty-five,100 College or university E College F School G Offers/Scholarships $15,000 $5,100000 $0 College loans $5,five-hundred Parent Financing $10,100 $16,five-hundred Work-Data $step 1,500 Complete $twenty two,100000 Unmet You need $step three,one hundred thousand This situation is a quote merely.

22 Path In order to Paying the Amount owed Favorite College or university Balance $20,one hundred thousand Earlier Income College student Savings -$step one,five-hundred Mother or father Deals -$cuatro,100000 Present Earnings Student Contribution in order to Fee Plan -$1,000 Father or mother Share so you’re able to Percentage Plan -$step three,five-hundred Future Income Education loan -$ten,100000 $0 Analogy

23 Factors to consider Whenever choosing a loan What is the rate of interest and you will Annual percentage rate? Is the rate of interest fixed otherwise variable? Fixed: secure, monthly installments unaffected because of the benefit Adjustable: change predicated on field criteria; flexible finances necessary That is the main debtor (pupil or father or mother)? When does the mortgage payment initiate? How much often the new payment become? Just how many decades are you presently and make money?

twenty four Pursuing the Anticipate Regional Conferences More than twenty-five Towns and cities All over Massachusetts inside late March/April Realize-as much as College Resource Seminar to provide secret, fast advice Subject areas include: Skills award characters and debts Mortgage alternatives (mother and you may pupil) Fee Preparations Working with this new Financial aid Workplace getting special items such business loss or any other decrease in money Sign up for MEFA s to get place facts