Embedded Files
Understanding Different Types of Financial Aid - Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.
Understanding Different Types of Financial Aid - Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.
The FAFSA® is projected to open in October
The new FAFSA® form will be shorter (fewer questions)
The language on the FAFSA® is more closely aligned with the language on income tax returns
The SAI (Student Aid Index) replaces the EFC (Expected Family Contribution), and contains new formulas for calculating eligibility. In particular:
Having multiple children in college will no longer reduce SAI, which may result in reduced eligibility for financial aid for some families.
Qualified 529 distributions from grandparents, etc. will not reduce aid
Education savings accounts will only be counted if designated for the specific student. (ESAs for other children won’t be considered.
Eligibility for the Pell Grant is expanded to families earning 225% of the poverty line (so about $67,500 for a family of four)
For divorced parents, families will need to report the parent who provides the most financial support for the child (previously, they reported the parent that the child resided with more often)
See this video or go to https://studentaid.gov/h/apply-for-aid/fafsa a helpful tutorial.
The CSS Profile is a supplemental financial aid form that many private schools require. Colleges' financial aid deadlines vary, so check your colleges' Financial Aid websites!
Tuition Equity
The Massachusetts' Tuition Equity Law took effect on July 1 and expands access to in-state tuition rates and state financial aid for all students who have attended high school in the Commonwealth for at least three years, obtained a high school diploma or equivalent in Massachusetts, and met certain other documentation requirements. The law expanded access for undocumented students to in-state tuition rates at Massachusetts public higher education institutions and to state financial aid at both public and private higher education institutions. The state Department of Higher Education has developed a web site with information about the law’s implementation, including a section of frequently asked questions.
How to Advocate for more financial aid
Many families are unaware that they can ask for their financial aid package to be reconsidered for more aid. While doing so may not result in a change, it's worth the ask. Below is a template script to consider using when advocating for a review.
Page updated
Report abuse