Comparable presentations

dos From the MEFA MEFA try a don’t-for-funds condition expert that really works and work out degree a great deal more obtainable and sensible as a consequence of community studies applications, school deals preparations and you may reasonable-pricing resource possibilities. MEFA developed the You.Fund® in addition to You.Plan® school deals agreements possesses given reasonable repaired rate of interest college financing to have 30 years. MEFA provides helped hundreds of thousands of family inside money a beneficial college degree.

step three Step-by-action tips to walk you through the method Products & Tips Indication-up age-Book Ask a professional Videos/ Social media

cuatro Convention Topics What is school funding? Just how do college students apply? Exactly how try educational funding behavior produced? Precisely what do school funding awards look like? Just how can parents pay its express away from college or university costs? Just what totally free info are around for help family?

5 Summary of Financial aid Undergraduate College student Services ($177.6 Mil) Sort of financial aid: Offers and scholarships and grants Performs-study Money Provider: The school Board, Styles for the Pupil Aid 2011 *Source: The institution Board, 2011 Trend when you look at the College student Help

six Sources of Financial aid Federal Grants, work-study, financing Massachusetts Features, scholarships, tuition waivers, loans School/University (organization services) Has, scholarships and grants, funds Additional Businesses Scholarships and grants

eight Federal College loans Beginner is the best debtor No co-debtor or credit score assessment Zero payments owed whenever you are enlisted Federal Lead Stafford Loan 2 types: Paid – Repaired rate of interest from step 3.4% initiate shortly after graduation Unsubsidized – Repaired interest rate out of six.8% starts immediately Federal Perkins Loan Repaired 5% rate of interest begins immediately after graduation Mortgage availableness varies by the university; not absolutely all colleges take part

8 You want-Based Help Approved considering family’s financial eligibility determined by standard formula Includes grants, fund and you will/otherwise functions-investigation Most of the federal and most condition and you may institutional services was issued according to economic eligibility

9 Merit-Centered Assistance Provided during the detection from scholar triumph (informative, graphic, athletic, etc.) Programs usually are compared to most other pupils which implement Get or is almost certainly not renewable

10 Financial aid Apps 100 % free Application to own Government College student Help (FAFSA) Necessary for all universities having government and MA county assistance 100 % free means Internal revenue service Study Recovery Unit On line app necessary (FAFSA.gov) CSS/School funding Profile® Necessary for particular universities getting organization assistance Pricing related: $twenty-five to possess basic college, $16 for each and every more On the web app expected Noncustodial Mother Character necessary whenever relevant University Financial aid Application Necessary for some colleges Always an element of the admissions packet Software need to be done every year

eleven FAFSA Go out Massachusetts Totally free recommendations in doing brand new FAFSA! Week-end, More twenty-five towns and cities all over Massachusetts Head to for further schedules and places near you

MEFA’s Help guide to University Resource

12 What will happen When you Pertain? Universities and you will county discovered studies electronically You’ll receive (electronically or from the send): Beginner Services Report (SAR) CSS/School funding Profile® acknowledgement statement Opinion for precision and continue maintaining to possess details Colleges will get demand confirmation files

13 Expected Household members Contribution (EFC) A computation of just how much a family is able to lead on the student’s degree for starters seasons Calculated using the same formula for every single relatives, inputting analysis out-of financial aid applications Members of the family provides the top responsibility to have adding to new student’s knowledge Never exactly what the members of the family will pay over the course of the season Trip to fool around 30 day payday loans in Anderson with a keen EFC calculator

fourteen EFC Formulas Government and you can institutional formulas are different Federal algorithm to have MA and government assistance Institutional algorithm to have the assistance of specific universities Has income and you can investment security allowances Mother and you will pupil guidance treated in another way Doesn’t come with personal debt for example playing cards, auto loans or personal loans

15 Asset Perception – Family unit members Size: 4 Father or mother money remains level, assets boost Family unit members Children B Members of the family C Income $sixty,100000 Assets $0 $75,100000 $150,000 EFC $step three,930 $5,117 $8,348 Huge difference $step one,187 $4,418 This situation try an estimate simply. According to Government Methodology (one youngster from inside the college).

16 Earnings Perception – Family Dimensions: cuatro Mother or father possessions remain peak, income develops Family relations A household B Family C Income $60,000 $one hundred,100000 $150,100000 Assets $fifty,100000 EFC $cuatro,260 $a dozen,832 $twenty-seven,147 Change $8,572 $twenty-two,887 This example was a quotation only. Centered on Government Strategy (one child from inside the university).

17 Educational funding Algorithm Price of Attendance (COA) – Requested Members of the family Sum (EFC) = School funding Qualification Universities complete Financial aid Qualifications which have economic the aid of multiple source

18 Trip to know about internet rates calculators How the Algorithm Functions Cost of Attendance Stop by at find out about net price hand calculators

19 Financial aid Awarding COA $29,100000 – EFC $5,000 = Monetary Qualification $25,100000 – Scholarships/Offers $15,100 – Education loan $5,five-hundred – Federal Works-Study $1,five-hundred = Unmet You desire $step three,one hundred thousand Unmet Need $3,100 Federal $1,five hundred Works-Data College student $5,five hundred Mortgage Give $eight,five-hundred Scholarship $7,five-hundred EFC $5,100 Price of Attendance (COA) This example try a price simply.

20 Contrasting Prize Characters: Honor Totals Will vary COA: $31, EFC: $5, Total Qualification: $twenty-five,one hundred thousand College or university E School F School G Features/Scholarships and grants $18,100 $15,100 $ten,one hundred thousand Student education loans $5,five-hundred Functions-Analysis $1,five-hundred Full $twenty-five,100 $22,one hundred thousand $17,one hundred thousand Unmet You need $0 $3,000 $8,100 This example was an estimate simply. Trip to access a college Rates Calculator

21 Contrasting Honor Characters: Prize Totals Are Equal COA: $29, EFC: $5, Full Qualification: $twenty-five,one hundred thousand School E School F College G Offers/Scholarships and grants $fifteen,100 $5,one hundred thousand $0 Student education loans $5,five hundred Mother Loan $10,000 $16,five-hundred Functions-Study $step 1,five hundred Complete $22,one hundred thousand Unmet You desire $3,one hundred thousand This situation try an estimate simply.

twenty-two Path So you can Paying the Balance Favorite College Balance due $20,000 Prior Income Pupil Discounts -$step one,500 Father or mother Deals -$4,one hundred thousand Establish Money Pupil Share to Fee Plan -$1,100000 Parent Share in order to Payment Plan -$3,five-hundred Upcoming Income Student loan -$10,100 $0 Example

23 A few Whenever choosing that loan What is the interest rate and you will Apr? Is the interest rate fixed or changeable? Fixed: steady, monthly premiums not affected of the discount Adjustable: change based on market requirements; versatile budget needed Who’s the key debtor (scholar or father or mother)? Whenever do the mortgage payment start? How much often new payment end up being? Just how many ages are you and then make repayments?

twenty-four Following the Desired Regional Conferences More than twenty-five Metropolitan areas Across the Massachusetts in late March/April Realize-doing University Resource Convention to provide secret, fast suggestions Information is: Skills honor characters and you can costs Financing possibilities (father or mother and you may pupil) Percentage Preparations Handling the brand new Educational funding Workplace to have special products particularly job losses or other decrease in money Sign up for MEFA s to get area info