Similar presentations
dos On the MEFA MEFA is actually a not any longer-for-finances county authority that really works while making advanced schooling more accessible and you will reasonable courtesy society training applications, college or university coupons arrangements and you will reasonable-rates resource possibilities. MEFA developed the U.Fund® and also the You.Plan® college or university coupons preparations and it has given affordable fixed interest rate college finance to have three decades. MEFA possess assisted thousands of household from inside the investment a good college education.
3 Step-by-step suggestions to take you step-by-step through the method Systems & Information Indication-up age-Guide Inquire a specialist Videos/ Social media
cuatro Conference Topics What’s financial aid? Just how do college students use? Exactly how are educational funding choices generated? Precisely what do educational funding honours appear to be? payday loan store Franklin Indiana How can parents spend their express of college or university costs? What 100 % free tips are available to help group?
5 Summary of Educational funding Student Beginner Support ($177.6 Million) Types of financial aid: Grants and you can scholarships and grants Really works-research Loans Origin: The school Panel, Trend for the Pupil Support 2011 *Source: The institution Panel, 2011 Style for the Beginner Aid
six Sources of Educational funding Federal Gives, work-data, funds Massachusetts Grants, grants, university fees waivers, funds College/College or university (organization services) Gives, grants, loans Exterior Companies Scholarships
eight Federal College loans Scholar is the sole borrower Zero co-borrower or credit check No repayments due when you are signed up Government Head Stafford Financing Two sorts: Sponsored – Fixed interest rate out of step three.4% starts immediately after graduation Unsubsidized – Fixed rate of interest away from six.8% initiate instantaneously Government Perkins Loan Fixed 5% interest rate initiate shortly after graduation Mortgage availableness may differ because of the college; not all the colleges participate
8 You would like-Mainly based Assistance Approved according to family members’ monetary qualifications influenced by standard formula Is sold with has, fund and you will/or works-data All of the government and most condition and you will organization assistance are provided centered on monetary qualification
9 Merit-Mainly based Support Granted in the identification off pupil achievements (instructional, artistic, athletic, an such like.) Programs are compared to most other pupils exactly who use Will get or may possibly not be alternative
10 Educational funding Apps Totally free Application for Government Beginner Aid (FAFSA) Required by the universities to own federal and you can MA state aid Totally free mode Irs Data Retrieval Unit Online application required (FAFSA.gov) CSS/Educational funding Character® Necessary for particular universities for organization assistance Costs associated: $twenty five to have earliest college, $16 for each most On the web app necessary Noncustodial Moms and dad Reputation required whenever appropriate University Financial aid App Necessary for specific colleges Always part of the admissions packet Software must be done from year to year
eleven FAFSA Day Massachusetts Free advice from inside the finishing the new FAFSA! Weekend, More twenty five places all over Massachusetts See for further dates and you may metropolitan areas in your area
MEFA’s Guide to College Investment
a dozen What happens Once you Use? Colleges and county located study electronically You are going to found (digitally otherwise of the post): Pupil Aid Declaration (SAR) CSS/School funding Profile® acknowledgement statement Comment for reliability and keep for information Universities can get demand verification records
thirteen Questioned Members of the family Sum (EFC) A calculation out of exactly how much a family is able to lead on student’s education for example 12 months Determined using the same algorithm for each family members, inputting studies from educational funding apps Nearest and dearest has the number 1 duty to own leading to the fresh new student’s training Not at all times exactly what the family pays during the period of the season Visit to use a keen EFC calculator
fourteen EFC Formulas Government and you may institutional algorithms are different Federal formula getting MA and you can government help Institutional formula getting the aid of particular universities Is sold with earnings and you can asset safeguards allowances Moms and dad and you can college student information managed differently Does not include debt such as credit cards, auto loans or personal loans
15 Advantage Impact – Members of the family Dimensions: 4 Parent income stays height, assets increase Relatives A household B Members of the family C Money $60,000 Property $0 $75,000 $150,100000 EFC $3,930 $5,117 $8,348 Change $1,187 $cuatro,418 This situation are an estimate just. Predicated on Government Methodology (one child from inside the school).
sixteen Earnings Effect – Family Dimensions: cuatro Father or mother property will always be top, income develops Household members A family B Relatives C Money $60,000 $a hundred,100 $150,000 Assets $50,100000 EFC $cuatro,260 $a dozen,832 $27,147 Change $8,572 $twenty-two,887 This example are a quote simply. Centered on Federal Methodology (one young child during the college).
17 Educational funding Algorithm Cost of Attendance (COA) – Questioned Family members Contribution (EFC) = School funding Qualifications Universities fill in School funding Eligibility having economic the assistance of multiple supplies
18 Stop by at discover websites rate hand calculators How the Formula Work Price of Attendance Visit to realize about internet price calculators
19 Educational funding Awarding COA $31,100 – EFC $5,one hundred thousand = Monetary Qualification $twenty-five,100000 – Scholarships/Provides $fifteen,100 – Education loan $5,five-hundred – Government Functions-Data $1,five-hundred = Unmet You desire $step three,100 Unmet You prefer $step three,100000 Federal $step 1,five hundred Works-Research Student $5,five-hundred Financing Offer $seven,500 Scholarship $7,five hundred EFC $5,000 Cost of Attendance (COA) This example are a quote merely.
20 Contrasting Prize Characters: Award Totals Vary COA: $30, EFC: $5, Overall Eligibility: $25,one hundred thousand College Elizabeth College or university F College or university G Features/Grants $18,100000 $fifteen,000 $10,000 Student loans $5,500 Work-Data $step one,500 Total $twenty five,100000 $twenty-two,000 $17,one hundred thousand Unmet You want $0 $step three,000 $8,one hundred thousand This situation was an offer simply. Trip to availableness a school Pricing Calculator
21 Comparing Honor Letters: Honor Totals Is Equivalent COA: $31, EFC: $5, Full Qualification: $25,100 University Age University F School Grams Grants/Scholarships and grants $15,100 $5,100000 $0 Student loans $5,500 Mother Loan $ten,000 $sixteen,five-hundred Works-Investigation $step one,500 Overall $22,000 Unmet You need $step 3,one hundred thousand This example was a price simply.
twenty-two Pathway In order to Paying the Balance due Favourite School Balance $20,one hundred thousand Previous Money Beginner Deals -$step one,500 Moms and dad Savings -$cuatro,100000 Establish Earnings Pupil Share to help you Fee Plan -$step 1,000 Father or mother Contribution to help you Percentage Plan -$step three,five-hundred Future Income Student loan -$10,000 $0 Analogy
23 Factors to consider When selecting a loan What’s the interest rate and Apr? Is the interest rate repaired or variable? Fixed: stable, monthly obligations not affected from the savings Varying: transform according to industry criteria; versatile budget needed That is the key debtor (student otherwise mother)? When does the borrowed funds payment initiate? Just how much tend to the monthly payment be? How many years are you presently and make repayments?
twenty-four Following the Acceptance Local Conferences More than 25 Metropolitan areas Around the Massachusetts within the late February/April Follow-to College or university Funding Summit to provide trick, timely pointers Information tend to be: Understanding award letters and costs Loan solutions (parent and you will college student) Percentage Arrangements Handling the latest Financial aid Place of work for special circumstances like occupations losses and other reduced amount of income Create MEFA s to receive area information
Comments are closed