(See also Scholarships)
Understanding the Financial Aid Process
Every state receives federal funds to educate families on financing higher education. In the Bay State, those funds are managed by the Massachusetts Education Financing Authority. MEFA is an excellent (free!) resource for Massachusetts families as they navigate the Financial Aid process, including information about:
- The different types of financial aid
- Who should apply
- The difference between need- and merit-based financial aid
- What a family is expected to contribute
- The impact of assets and income
- How to fill out the application
- How to understand the award letter
- ... and more.
When Should We Begin?
Start learning what financial aid entails now, so you can have your finances well-positioned by senior year when you need to submit your financial aid forms. Your family's tax forms from junior and/or sophomore years may come into play in determining your financial eligibility. Learn more by scanning the MEFA website and speaking with your counselor early on so you can be as prepared as possible.
MEFA helps families at every step of the way, with innovative college savings plans for parents of young children preparing for future education expenses, low-cost loan programs for those with more immediate funding needs and college planning information to assist families of students at all stages of their educational pursuit.