Financial Aid Information

Financial Aid

Federal Financial Aid

Massachusetts State Aid

Financial Aid Alternatives

FINANCIAL ASSISTANCE 

Many families are becoming increasingly concerned about meeting the rising cost of a college education. If there is any question about the ability to pay for the entire year’s educational costs, then it is advisable to apply for financial aid or look for scholarship opportunities. Those families interested in applying for financial aid (money offered for demonstrated financial need) must complete the appropriate forms and submit these forms according to the directions. Both the financial aid process and the forms for applying for aid frequently change and are updated annually in the autumn of each year. 

It is always a prudent measure to include at least one of your HOME state colleges/universities in the list of schools to which you plan to apply just in case finances at other colleges to which you are accepted do not work out. Additionally, students who score above a designated level on their Grade 10 MCAS Graduation Exams qualify for tuition grants at Massachusetts State Colleges and Universities. 

Most colleges and universities award financial aid as a “package” which means that students receive a combination of scholarship or grant money (money you do not have to give back), loans (money you must pay back when you leave college) and campus jobs (work-study which is sometimes related to your field of study). Generally, institutions are able to help more students by using the package method. See the section below on Federal Financial Aid for additional information. 

Financial aid is derived primarily from four sources: institutional money, private funding, state money and federal dollars. Institutional sources of aid are provided and controlled by the institution, while private sources of aid are derived from community organizations, foundations, professional associations, corporations and commercial lending institutions. State sources of aid are usually administered through a state agency and include grants/scholarships, loans and state funded work-study. The federal government is the largest single source of student financial aid funds and are appropriated annually by Congress. 

There are many publications describing financial aid as well as scholarship and loan programs. The Educational Resources Institute/TERI College Planning Center, located in the basement of the Boston Public Library in Copley Square, maintains an extensive collection of resource materials. (617-536-0200) 

FINANCIAL AID 

THE FORMS YOU NEED TO KNOW……Profile and the FAFSA 

Not all colleges or universities will require the Profile, but all will require the FAFSA. PLEASE INQUIRE AT EACH COLLEGE/UNIVERSITY TO DETERMINE IF THEY REQUIRE THE “PROFILE.”

The CSS Financial Aid PROFILE, otherwise known as the Profile, is an online program of the College Scholarship Service (CSS), which is the financial aid division of the College Board. Many private colleges/universities subscribe to this program and require applicants wishing to be considered for financial aid to register with CSS and complete an electronic questionnaire called the “Profile.” Generally speaking, the CollegeBoard begins accepting this electronic registration in October. The Profile’s online registration process can be found at www.collegeboard.org Click on “For Students” and then on the CSS/PROFILE link under “Pay for College.” The 2011-2012 fee for the initial application and  reporting to one college was $25.00.  Subsequent reports sent to additional colleges were $16.00 each. The Profile form is only available online at the College Board website. 

The Free Application for Federal Student Aid (FAFSA) is sponsored by the United States government. ALL students wishing to be considered for financial aid that include federal funds (all students) must complete this form.  The actual FAFSA Form cannot be either electronically submitted or postmarked before January 1st. It will be returned, causing delays in processing. Families should apply as early as possible BUT NOT BEFORE JANUARY 1ST because financial aid IS distributed on a “first come, first served” basis. 

If you are planning to file an electronic FAFSA in January, both you and your child are required to apply for a pin number prior to submitting your FAFSA. While you cannot submit the actual FAFSA form prior to January 1st . It is suggested to request and obtain your pin numbers in early autumn to prevent a longer wait in obtaining them as the time gets closer to submitting the actual FAFSA form.  Having your pin numbers before January 1 will allow you to submit your FAFSA expediently on January 1. 

After you have received your pin numbers, put them in a safe place for easy recall when the actual FAFSA electronic forms are being completed. More information relating to the federal financial aid form is available online at www.fafsa.ed.gov. 

If you have any questions regarding the financial aid process, please know you are welcome to contact any counselor in the guidance office. 

An interesting side note is that sometimes a student cannot be eligible for certain institutional funds until they have been rejected for federal sources. In addition, all students, regardless of income level, are eligible for unsubsidized Stafford Loans, but they must complete the FAFSA. These are two reasons why all students should consider completing the FAFSA - regardless of family income. 

Should you have additional or specific questions do not hesitate to contact the Financial Aid Offices of the colleges to which you are applying. They are “user friendly” and are able to provide the most specific, accurate and up-to-date information about financial aid 

as it pertains to their institution. A few of the typical questions asked annually by parents and students include: 

• • What application materials are needed to apply for financial aid at YOUR institution? 
• • Does the college require its own form in addition to the FAFSA? 
• • What are the deadlines for submitting financial aid forms to your institution? 
• • Will my request for financial aid have any impact on my being admitted to this school? 
• • What are the requirements for need-based aid, merit-based aid and scholarships? 
• • Once my financial-aid package is awarded, will additional outside scholarships reduce the amount of financial aid I can receive? 
• • Will the college meet my FULL financial need for all four years of my attendance? 
• • Does this institution participate in a tuition payment plan that allows installment payments for each semester bill? 
• • Where can I find additional sources of financial aid? 

FEDERAL FINANCIAL AID PROGRAMS 

Any student wishing to be considered for any of the federal student assistance programs must complete a FAFSA and eligibility must be determined. Each college will consider the student for available funds within these six programs. 

• •Pell Grants: This is an entitlement program that is available to all eligible students. Financial need is the determining factor in the amount of the grant. For the 2011-2012 academic year the maximum award is $5550.00 per year of post-secondary education. The grant amount can change each award year and depends on program funding. 
• •Perkins Loans: Perkins loans are determined by the college’s financial aid office and the maximum amount an undergraduate student may borrow is $5500.00 per year for each year of under-graduate study.  The total amount that an undergraduate student may borrow is $27500.00. 
• •Federal Supplemental Educational Opportunity Grants: The FSEOG is for students with exceptional financial need. Students may receive a maximum of $4000.00 per year depending on need and availability. Eligibility for this grant as well as the amount of the grant (for a maximum grant of $4000.00 per year) is determined by the college’s financial aid office. 
• •College Work Study: Eligibility for college work-study programs is also determined by the college’s financial aid office. This program provides jobs on campus or off campus for students who have great financial need and must earn a part of their educational expenses. 
• •Stafford Loans: This loan allows any student to borrow directly from lenders at a low interest rate in order to help finance educational expenses. The Federal Government insures Stafford loans. The maximum a freshman student may borrow is $5500.00. A sophomore student may borrow up to $6500.00 and a junior or a senior may borrow a maximum of $7500.00 per year. The Federal Government will pay the interest for students who qualify for a subsidized loan program while they are in school. Payments on loans generally begin six months after students leave school or graduate.
• •Direct Plus Loans: These are loan programs for parents of undergraduate students and parents can borrow up to the full amount of student expenses, less any financial aid received. A parent does not have to demonstrate need to be eligible. Fees and plans vary and repayment begins within 60 days. 

 The federal government has recently added two additional sources of possible financial assistance: 

• •Academic Competitiveness Grant: Provides up to $750.00 for the first year of undergraduate study and up to $1300.00 for the second year to full-time students who are U.S. citizens, eligible for a Federal Pell Grant, and who successfully completed a rigorous high school program. (http://studentaid.ed.gov) 
• •National SMART Grant: This grant provides up to $4000.00 for each of the third and fourth years of undergraduate study to full-time students who are U.S. citizens, eligible for a Federal Pell Grant, and majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security. The student must also have maintained a cumulative grade point average of at least a 3.0 in coursework required for the major. (http://studentaid.ed.gov) 

COMMONWEALTH OF MASSACHUSETTS AID 

These programs are available to state residents. The student must file the FAFSA and follow the guidelines of the Commonwealth for disclosure of family financial information to the state. 

• •Mass Grant: Grants are awarded to permanent residents attending full-time undergraduate study at a state approved college in New England, Pennsylvania or the District of Columbia. Awards range from $200.00 to $2500.00 and are granted to those with a family contribution of zero and $5273.00.  
• •Massachusetts State No Interest Loan Program: Loans are available to financially needy permanent residents. For more information contact the Massachusetts Office of Student Financial Assistance at 617-727-9420. 
• •The MEFA Undergraduate Loan: This program provides loans up to one hundred percent of the cost of attendance, less any financial aid received. For more information call the Massachusetts Educational Financial Authority at 800-449-MEFA. 
• •Teri Supplemental Loan: TERI loans are available to students and to parents.  Eligibility is based on income and credit status.  Applicants can borrow from $2000.00 to $20,000.00.  Payment of the principal can be deferred for up to forty-five days after graduation.  Recipients must pay interest while in school.  The payback period is twenty-five years.  For more information contact The Educational Resources Institute of Boston at 800-255-TERI. 

FINANCIAL AID ALTERNATIVES 

Because not all families qualify for financial assistance, this does not mean all families can reasonably afford rising college tuition cost. There are many private agencies and organizations that have developed financial aid programs to help students pay for their educational costs. Several suggested resources are listed for your convenience. The Dover-Sherborn Guidance Office does not endorse any of these agencies. 

• • Plus Loans (Massachusetts Higher Education Assistance Corporation 
• • Massachusetts Educational Financing Authority (800-449-6332)