2
YOU CAN DO THIS
•Free Resources
4
TYPES AND SOURCES OF
FINANCIAL AID
•3 main types
–Grants and scholarships (gift aid)
–Work-Study
–Student Loans
6
Merit-Based Aid
7
Need-Based Aid
8
Sources of Financial Aid
•Federal
– Grants, work-study, loans, tax incentives
– StudentAid.gov
•State
– Grants, scholarships, tuition waivers, loans
•Other Agencies
– Scholarships
9
Financial Aid Breakdown
Federal Institutional
Grants &
Private
Grants
Student Scholarships
22%
6%
Loans State
Federal Tax
34% Credits
Grants
5%
Federal 8%
Grants
24%
Federal
Work-
Study <1%
10
Private Scholarships
11
APPLICATION PROCESS
Must be
completed
every year!
13
What’s Reported on the FAFSA?
•Citizenship status
•Colleges where student is applying
•Parent and student data
•Parents
– Married, including same-sex parents
– All parents who live together, married or not
– Divorced/Separated: custodial parent & current spouse
•Income (2015 income for the 2017-18 FAFSA)
– Both taxed and untaxed
•Assets
– Include: savings, checking, investments, other property
– Do not include: primary home, value of retirement, life insurance,
value of small family business
•# in household, # of children in college
14
Other Financial Aid Applications
Financial aid
deadlines are
•College Financial Aid Application so important!
– Required by some colleges and universities
15
After You Apply
16
HOW FINANCIAL AID
DECISIONS ARE MADE
18
Expected Family Contribution
•Calculated amount the family has the ability to absorb for one year of
college expenses
EFC calculators:
BigFuture.CollegeBoard.org
FAFSA4caster on FAFSA.gov
19
Net Price Calculators
20
Financial Aid Formula
21
Asset Impact on EFC
22
Income Impact on EFC
23
How the Formula Works
Cost of Attendance
24
Financial Aid Awarding
College COA =
Unmet Need $3,000
$40,000
Work-Study $3,500
Grant $13,500
Scholarship $9,500
EFC $5,000
25
Award Letters: Totals Can Vary
26
Award Letters: Types Can Vary
Favorite
Source
College
Balance Due $20,000
Student Savings and
Past Income -$1,500
Summer Earnings
Parent Savings -$4,000
Parent Contribution to
Present Income -$4,500
Payment Plan
$0
29
Federal Direct Student Loans
30
FREE RESOURCES
32
What You Can Do Now
33
MEFA Webinars
All webinars begin at 12pm. Register online at mefa.org/events.
34
Questions or Comments?
Meredith Barnhart
Director of Integrated Communications
mbarnhart@mefa.org
617-224-4863
mefa.org
info@mefa.org
(800) 449-MEFA (6332)
35