Equivalent presentations
dos About MEFA MEFA try a don’t-for-earnings state power that works and work out advanced schooling significantly more available and you can affordable because of area studies software, college savings arrangements and reasonable-rates money possibilities. MEFA developed the U.Fund® therefore the U.Plan® university discounts arrangements and contains offered reasonable fixed interest rate college or university financing to have three decades. MEFA possess assisted hundreds of thousands of families within the financial support a great college education.
step 3 Action-by-action tips to take you step-by-step through the procedure Tools & Tips Sign-upwards elizabeth-Publication Inquire a professional Films/ Social media
cuatro Summit Topics What’s school funding? How can pupils implement? Just how are financial aid choices produced? What exactly do financial aid honors feel like? Just how can family members shell out their share of college or university will cost you? Just what free resources are around for assist parents?
5 Writeup on School funding Undergraduate Pupil Aid ($177.six Million) Sorts of educational funding: Gives and you can grants Works-investigation Financing Provider: The school Board, Trend into the Beginner Services 2011 *Source: The institution Board, 2011 Manner inside Beginner Services
6 Types of Educational funding Government Offers, work-studies, funds Massachusetts Features, scholarships and grants, university fees waivers, finance College or university/School (organization services) Gives, grants, money Outside Companies Scholarships
eight Government College loans Pupil is the only borrower Zero co-debtor or credit score assessment Zero payments due when you’re enlisted Federal Head Stafford Mortgage Two sorts: Subsidized – Fixed interest out of step 3.4% starts immediately following graduation Unsubsidized – Repaired interest rate off six.8% initiate quickly Federal Perkins Loan Repaired 5% interest begins immediately after graduation Financing access may vary from the school; only a few colleges participate
8 You want-Depending Help Granted based on family’s economic eligibility dependent on standardized formula Comes with features, fund and you will/or really works-study Every government and most condition and institutional services is actually approved according to monetary qualification
9 Quality-Situated Help Approved for the detection off scholar profits (informative, visual, athletic, etc.) Apps are often compared to other youngsters just who pertain Can get or is almost certainly not alternative
10 School funding Applications Free Software to possess Federal Pupil Help (FAFSA) Required by most of the universities for federal and MA condition aid 100 % free mode Internal revenue service Studies Recovery Unit Online application demanded (FAFSA.gov) CSS/Financial aid Character® Required by certain colleges having organization services Prices relevant: $twenty-five for earliest school, $16 each extra Online app requisite Noncustodial Parent Profile required when applicable College or university Financial aid Application Necessary for certain universities Always a portion of the admissions packet Apps must be complete yearly
eleven FAFSA Date Massachusetts Totally free direction inside the doing new FAFSA! Weekend, no credit check payday loans in Kentwood LA Over 25 cities all over Massachusetts Head to for further schedules and you may locations near you
MEFA’s Help guide to College Financial support
twelve What the results are When you Use? Universities and condition receive study electronically Might located (electronically or because of the post): Beginner Support Statement (SAR) CSS/Educational funding Reputation® acknowledgement statement Opinion for reliability and maintain to own details Universities get consult confirmation data files
thirteen Questioned Friends Share (EFC) A calculation out of how much a family has the capacity to contribute on the student’s education for 1 seasons Calculated utilizing the same algorithm for every single relatives, inputting study regarding school funding programs Family relations has got the number 1 responsibility for contributing to the brand new student’s degree Not necessarily precisely what the family pays throughout the entire year Trip to explore an enthusiastic EFC calculator
14 EFC Algorithms Government and you can institutional algorithms are different Federal algorithm having MA and you will government help Organization formula getting aid from specific colleges Includes income and asset shelter allowances Parent and student recommendations addressed in different ways Doesn’t come with financial obligation eg credit cards, auto loans otherwise personal loans
15 Investment Impression – Members of the family Proportions: 4 Father or mother money remains height, property boost Relatives Children B Family members C Money $60,000 Assets $0 $75,one hundred thousand $150,100 EFC $step 3,930 $5,117 $8,348 Distinction $step 1,187 $cuatro,418 This case are a price only. Predicated on Government Methodology (one child in school).
sixteen Earnings Effect – Family Proportions: 4 Father or mother assets are top, earnings grows Household members Children B Friends C Money $60,100000 $100,100000 $150,one hundred thousand Assets $50,100000 EFC $cuatro,260 $a dozen,832 $27,147 Change $8,572 $22,887 This case is a price only. According to Federal Methodology (one young child during the college or university).
17 Educational funding Formula Price of Attendance (COA) – Expected Relatives Share (EFC) = Educational funding Eligibility Colleges fill out School funding Eligibility which have monetary aid from multiple sources
18 Stop by at understand online speed calculators How the Algorithm Work Price of Attendance Trip to find out about web price calculators
19 Educational funding Awarding COA $31,000 – EFC $5,100000 = Financial Eligibility $twenty five,100 – Scholarships/Offers $fifteen,one hundred thousand – Education loan $5,five-hundred – Federal Works-Studies $step 1,five hundred = Unmet Need $step 3,000 Unmet You want $3,100 Federal $step one,five-hundred Functions-Studies Pupil $5,five hundred Mortgage Grant $eight,500 Scholarship $eight,five-hundred EFC $5,000 Cost of Attendance (COA) This example try an estimate only.
20 Contrasting Prize Letters: Award Totals Are different COA: $31, EFC: $5, Overall Eligibility: $25,000 School Elizabeth College F College Grams Gives/Grants $18,100000 $fifteen,000 $10,100 Student education loans $5,five hundred Functions-Studies $1,five hundred Overall $twenty-five,000 $twenty two,000 $17,100000 Unmet You prefer $0 $3,100 $8,000 This case was a price simply. Visit to availableness a school Prices Calculator
21 Evaluating Prize Letters: Award Totals Are Equivalent COA: $31, EFC: $5, Complete Qualifications: $25,one hundred thousand College Elizabeth College or university F University G Grants/Grants $15,000 $5,100000 $0 Student loans $5,500 Father or mother Loan $10,100 $sixteen,five-hundred Works-Investigation $step one,five-hundred Overall $twenty-two,100 Unmet Need $step 3,one hundred thousand This case is actually an offer just.
twenty-two Path To Paying the Balance Favorite University Balance $20,000 Past Earnings Pupil Deals -$step 1,five-hundred Parent Deals -$cuatro,100 Introduce Money Student Sum to Commission Package -$step one,one hundred thousand Moms and dad Sum to help you Fee Package -$step 3,five hundred Coming Money Student loan -$10,000 $0 Example
23 Factors to consider Whenever choosing that loan What is the rate of interest and you can Annual percentage rate? ‘s the interest fixed or adjustable? Fixed: secure, monthly obligations not affected by the benefit Variable: changes according to field conditions; flexible finances needed Who is the main borrower (student or mother)? Whenever really does the loan cost initiate? Exactly how much tend to brand new payment per month become? Exactly how many age have you been to make money?
twenty-four Adopting the Greet Local Seminars More than 25 Urban centers Across the Massachusetts during the later March/April Pursue-up to College Financial support Conference to incorporate secret, prompt suggestions Topics include: Knowledge prize emails and you can bills Financing alternatives (parent and you may beginner) Payment Plans Dealing with the fresh new Educational funding Office for special issues eg occupations losings and other reduction of money Sign up for MEFA s for venue details