Financial Aid and Scholarships
Financial aid programs are designed to assist those who, without such assistance, would be unable to meet the cost of a post-secondary education. Financial aid comes from different sources: the federal and state government, colleges and universities, local private organizations and scholarship programs, and banks.
In general, eligibility for financial aid is based on need. Some financial assistance is not awarded on the basis on need, but for scholastic excellence, athletics, or other specialized talents. Much of the financial aid awarded, however, is need-based. Need varies from college to college according the cost of attending each school and how much the student/family is expected to contribute.
The student's/family's expected contribution (EFC) is an amount determined by a formula established by the U.S. Congress that indicates how much of a student's and family's financial resources should be available to pay for school. Student/family financial information is provided on two forms: the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE.
Both the FAFSA and the CSS/Financial Aid PROFILE can be started on October 1 of each year.
The Massachusetts Educational Financing Authority (MEFA) is a self-financing, not-for-profit state authority dedicated to assisting students and parents in meeting the challenges of financing higher education.
Keep up to date with the latest news about planning and financing a college education, from experts at MEFA and across the industry via their blog.