The Financial Aid Process

by Amanda Padden

Last Thursday Justin Munio, Financial Aid Officer at Harvard, talked with Medfield families about the financial aid process. The presentation was offered through the Massachusetts Educational Financing Authority (MEFA), which is a not-for-profit organization that helps families plan, save and pay for college. You can view the powerpoint on the guidance website to see the presentation, but I’ve included some main highlights and take away points below:

• Check the financial aid website for all colleges you are applying to. Deadlines are very important. If you are applying early to colleges then financial aid documents may be due early as well.
  
• The FAFSA and the CSS profile are the two forms that families typically have to complete. The FAFSA is free, but the CSS profile is not. Not all colleges require the CSS profile.
  
• There are multiple sources of financial aid:
• Federal Aid: You can get this by completing the FAFSA. This aid comes in the form of grants, loans, tax incentives and work study
• Massachusetts Aid: Grants, scholarships, tuition waivers, and loans. (John and Abigail Adams scholarship determined by MCAS scores)
• Institutional aid- offered by the individual colleges in the form of grants, work study, and scholarships.
• Merit scholarships- some schools offer merit scholarships based on academics, athletics, the arts, etc. Many highly selective colleges (like the Ivys) don’t offer it because everyone is high achieving in the applicant pool.
• Scholarships- local scholarships (Medfield students will get information about these in March) and scholarships from other agencies.
• Of note- parent loans are NOT financial aid. You’ll want to look for grants, scholarships and student loans on the financial aid award letter.

• Cost of Attendance
• Direct expenses- tuition, fees, room/board
• Personal expenses: books, travel, etc.

• Cost of Attendance

• Expected Family Contribution (EFC)- This is the minimum amount a family should be expected to pay for one student for one year. This is redetermined every year. An increase in income increases a family’s EFC. Savings does increase it, but only slightly.

• Financial Aid Eligibility (need) is calculated by taking the COA and subtracting the EFC. Every college has a net price calculator on their website. Families can enter their personal information on each college’s website and get an estimate of their EFC.

• Many colleges offer payment plans throughout the year so you do not have to pay your EFC in one lump sum.

The financial aid process can feel overwhelming for many families, but there are a lot of resources available that can help. Check out the following:

• Check out the FAFSA webinars on MEFA’s website if you need assistance with filling it out: https://www.mefa.org/videos/understanding-the-fafsa-2/

• FAFSA Day is November 4th- families can get free assistance with filling out the FAFSA from a financial aid officer. Click here to view FAFSA day locations and to register: https://www.masfaa.org/fafsa-day-register/

• MEFA offers After the College Acceptance seminars where families can get assistance with reviewing award letters and discuss loans, payment plans and questions that families should ask the financial aid office. These seminars are in March and April.

Always feel free to contact financial aid offices directly to ask questions. They are there to help!