Financial Aid

Introduction to Financial Aid

A four-year college education is a significant investment. While some families can afford these expenses, many must rely on financial aid to help pay the bills. If your parents/guardians have not brought up the subject of paying for college, you should do so at the earliest opportunity.

What follows is general information on the types of aid available, the process of applying and completing forms, and understanding financial aid awards.

There are two types of financial aid, need-based and merit-based. Need-based aid is based on your family's finances. Merit-based aid is offered in recognition of achievements. Financial aid funds come from the federal government, the college itself, and, in some cases, from state programs. Aid is awarded in a "package" comprised of grants (which you do not pay back), student loans, and work, in varying portions. Loans are often the largest component, and you, the student, must pay these back starting a few months after graduation. The average student on financial aid can expect to graduate with approximately $30,000 in loan debt, to be paid back over about ten years.

BB&N Partners with College Money Method:

Click here for the recordings of the College Money Method Workshops for families in grades 9-12, as well as additional resources from College Money Method related to college financing. A listing of all upcoming recordings is available in Knight News.

Password: bbnscmm

Know your deadlines! They vary from college to college, so read admission and financial aid materials very carefully, and stay on track from the beginning.

The main reason families who are eligible for aid do not receive it is because of missed deadlines.

Applying for Financial Aid

The first step is to file the Free Application for Federal Student Aid (FAFSA). This application is used by most colleges and universities to determine college aid.

The FAFSA is available for free through the Department of Education's website (www.studentaid.gov). The deadline for the FAFSA is June 30, but that deadline is only for federal financial aid. Many schools that use the FAFSA to determine aid set earlier deadlines.

Some schools (mostly private colleges) use an additional application called the College Scholarship Service Profile or CSS Profile to determine how to give out school-specific financial aid funds. The CSS Profile is more detailed than the FAFSA. To access the CSS Profile and see a list of schools that require it, go to https://cssprofile.collegeboard.org.

Some, but not all, colleges use institutional financial aid forms. They usually ask a few specific questions not covered on the FAFSA or CSS Profile. These are available only from the college and are returned directly to its financial aid office. Obtaining these forms is your responsibility.

College Financing Information from MEFA

The Massachusetts Educational Financing Authority (or MEFA) offers access to powerful and affordable financial products to help students pay for college expenses and a vast array of resources to assist with each step of the college planning process. Please check this page for updated links to webinars held by MEFA.

Other resources about college financial aid can also be found on the MEFA website (www.mefa.org), including video presentations from college financial aid professionals, net price calculators, an informative blog, and information about loan options. We encourage you to explore the resources of this wonderful organization!

Scholarship Information:

There are several types of scholarships available to students applying to college:

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