Comparable presentations
dos On the MEFA MEFA is a no more-for-earnings state expert that really works and then make degree alot more available and you can reasonable because of people knowledge programs, college or university deals agreements and you will reduced-costs money options. MEFA developed the U.Fund® plus the U.Plan® university discounts preparations possesses given affordable fixed interest school finance having 30 years. MEFA provides aided hundreds of thousands of household when you look at the financial support good degree.
step 3 Action-by-step tips to take you step-by-step through the method Equipment & Tips Indication-right up e-Book Inquire a professional Clips/ Social media
4 Seminar Topics What is financial aid? How can students apply? How try financial aid behavior made? Exactly what do financial aid awards look like? Just how can parents pay its display off college or university costs? What free tips are around for let group?
5 Summary of School funding Undergraduate Scholar Help ($177.six Million) Type of school funding: Features and you can scholarships Work-study Money Origin: The college Panel, Fashion during the Scholar Aid 2011 *Source: The institution Board, 2011 Manner from inside the Scholar Services
6 Sources of Financial aid Federal Provides, work-studies, fund Massachusetts Grants, grants, university fees waivers, funds College/College or university (organization assistance) Gives, scholarships and grants, money Outside Companies Scholarships
eight Government College loans Beginner ‘s the only debtor No co-debtor or credit assessment No money due if you find yourself signed up Government Head Stafford Mortgage Two types: Subsidized – Fixed interest rate out of step 3.4% initiate once graduation Unsubsidized – Repaired interest rate out-of six.8% begins instantaneously Government Perkins Mortgage Repaired 5% interest rate starts immediately after graduation Mortgage availableness may vary by the school; not all colleges engage
8 Need-Centered Services Awarded according to family members’ monetary eligibility influenced by standardized formula Is sold with has, money and you will/otherwise functions-studies All the government and most condition and you will institutional help is granted considering monetary qualification
9 Merit-Founded Services Approved when you look at the recognition off pupil triumph (academic, artistic, athletic, etc.) Applications are often compared against almost every other pupils who pertain Get otherwise may not be green
ten School funding Software 100 % free App having Federal Student Aid (FAFSA) Required by every colleges to possess government and you will MA state services Totally free function Irs Studies Retrieval Tool On the internet app needed (FAFSA.gov) CSS/Financial aid Reputation® Necessary for certain universities to have organization help Costs related: $25 getting first college, $16 per more On line application called for Noncustodial Father or mother Profile required whenever relevant College or university School funding App Necessary for certain universities Always an element of the admissions package Programs must be completed annually
11 FAFSA Big date Massachusetts 100 % free guidelines in completing the latest FAFSA! Weekend, Over twenty five places around the Massachusetts Visit for additional dates and you will locations near you
MEFA’s Guide to University Money
several What goes on Once you Incorporate? Universities and you may condition found investigation digitally Might discover (digitally otherwise by mail): College student Aid Report (SAR) CSS/Educational funding Character® acknowledgement statement Opinion for precision and continue maintaining getting information Universities will get demand verification data
thirteen Asked Friends Share (EFC) A calculation away from exactly how much a family has the ability to lead with the student’s degree for 1 12 months Computed using the same algorithm each nearest and dearest, inputting study of financial aid software Household members has got the first responsibility having adding to the student’s degree Not always just what family relations pays throughout the year Visit to explore an EFC calculator
fourteen EFC Algorithms Federal and organization formulas vary Government algorithm having MA and you can government help Organization formula to own the aid of some colleges Includes income and you can house security allowances Mother or father and you will pupil pointers treated in another way Does not include obligations such credit cards, automobile financing or unsecured loans
fifteen House Effect – Family unit members Dimensions: 4 Father or mother money stays top, property boost Friends A family group B Loved ones C Earnings $sixty,000 Possessions $0 $75,000 $150,100 EFC $3,930 $5,117 $8,348 Distinction $step one,187 $4,418 This case is an estimate just. According to Government Strategy (one young child when you look at the college).
sixteen Money Impression – Family unit members Dimensions: cuatro Father or mother assets are top, money increases Members of the family Children B Loved ones C Income $60,000 $a hundred,one hundred thousand $150,one hundred thousand Assets $fifty,100000 EFC $cuatro,260 $twelve,832 $twenty seven,147 Distinction $8,572 $22,887 This situation is an estimate simply. Considering Federal Strategy (one youngster in the college or university).
17 Financial aid Formula Price of Attendance (COA) – Expected Nearest and dearest Share (EFC) = School funding Qualifications Colleges submit Financial aid Qualification having monetary aid from multiple present
18 Stop by at learn about web speed calculators How Algorithm Performs Price of Attendance Visit to know about online rates hand calculators
19 Educational funding Awarding COA $30,one hundred thousand – EFC $5,100 = Economic Qualification $25,one hundred thousand – Scholarships/Grants $15,000 – Student loan $5,500 – Government Performs-Research $step one,five-hundred = Unmet You need $3,100000 Unmet You desire $step three,000 Federal $1,500 Works-Investigation College student $5,five-hundred Loan Grant $seven,500 Scholarship $eight,500 EFC $5,100 Cost of Attendance (COA) This situation are a quotation just.
20 Evaluating Prize Letters: Award Totals Are different COA: $29, EFC: $5, Full Eligibility: $twenty five,000 University E School F School G Gives/Scholarships and grants $18,100 $fifteen,one hundred thousand $10,100 Student education loans $5,500 Functions-Study $step 1,five hundred Overall $twenty five,000 $twenty two,one hundred thousand $17,100 Unmet You would like $0 $step three,000 $8,one hundred thousand This situation are a quote merely. Stop by at availableness a school Costs Calculator
21 Researching Award Letters: Award Totals Is actually Equivalent COA: $31, EFC: $5, Total Qualifications: $twenty-five,100 University Age School F College G Grants/Scholarships and grants $fifteen,100000 $5,100000 $0 Student loans $5,five hundred Mother Financing $10,100 $16,five-hundred Works-Analysis $step one,five hundred Total $twenty-two,one hundred thousand Unmet Need $step 3,000 This example is actually a quote simply.
twenty-two Pathway In order to Paying the Amount owed Favorite School Balance due $20,000 Early in the day Earnings Scholar Offers -$1,500 Mother or father Offers -$4,000 Introduce Earnings Pupil Share in order to Payment Package -$step 1,000 Father or mother Sum so you can Fee Plan -$step three,five-hundred Future Money Student loan -$10,000 $0 Analogy
23 Factors to consider Whenever choosing that loan What’s the interest rate and you can Annual percentage rate? ‘s the interest repaired or adjustable? Fixed: steady, monthly payments not affected because of the savings Varying: change considering business conditions; flexible budget required That is an important borrower (beginner or parent)? Whenever does the mortgage payment initiate? How much cash often the fresh payment per month getting? Exactly how many ages will you be and work out repayments?
twenty-four Following Desired Regional Seminars More twenty-five Metropolises Around the Massachusetts for the later February/April Follow-to College Financing Seminar payday loans Chico to include key, punctual recommendations Topics include: Insights prize emails and you will expenses Financing choices (mother or father and student) Fee Agreements Handling the fresh new Educational funding Place of work to have unique issues such as for example jobs losings and other reduced total of earnings Create MEFA s to get place details