Applying for financial aid
The determination of financial aid from federal resources, and from many state resources,
is relatively easy - you fill out the Free Application for Federal Student Aid (FAFSA).
It is required by all colleges and universities for the awarding of financial aid.
The submission of the FAFSA is the key to most of the financial aid you will receive.
- The FAFSA is used to determine students' Expected Family Contribution (EFC).
- The EFC is what students or their families are expected to contribute toward tuition.
- The EFT is based on family income, the number of people in a household, the number of dependents in college, untaxed income, and assets.
- Financial aid officers at institutions of higher education use the EFC to determine what federal, and state aid often, is available to that student.
The formula used is:
Cost of Attendance (COA)
- minus - EFC
- minus - Scholarships or Waivers
- minus - Aid from other resources
- ___________________________
- = Financial need
While students may feel they do not have the personal resources to contribute to all or part of the EFC, financial aid officers do not take this into account. Even after receiving a loan to cover their financial need, many students may still have a gap in financial aid.
Students applying for financial aid can complete the FAFSA in several different ways:
- Electronically via computer from home, the library, or at a school with internet access. The web site address is www.fafsa.ed.gov.
- Paper applications are available at:
- Massachusetts Office of Student Financial Assistance (OSFA)
454 Broadway, Suite 200
Revere, MA 02151
Phone: 617-727-9420
E-mail: osfa@osfa.mass.edu
- TERI College Access Centers in Massachusetts (TERI)
Call toll free: 1-877-ED-AID-4U (1-877-332-4348)
- Meet with a counselor
Both the MA Office of Student Financial Assistance and TERI College Access have counselors who can meet with you to answer questions, help fill out applications and help put together a financial aid plan. The counselors and centers are a wealth of information and can provide insights as to the small but often important variations of financial aid packages.
When to apply
For the fall semester, students should apply at the beginning of the calendar year. While the deadline for applying for federal aid is June 30, other campus based financial aid, which may also use the FAFSA to determine eligibility, may have its own deadlines. Please be sure to find out and make a note of these due dates.
There are some key definitions specific to financial aid that you need to keep in mind while exploring financial aid options:
- Full-time student - generally refers to students taking at least 12 credits per semester.
- Part-time - generally refers to students who are taking at least six credits per semester, which is usually two courses
- Independent student - those who don't depend on parents for financial support and live apart from their parents
- Dependent student - those who depend on parents for financial support. Most students going directly from high school to college are considered dependent.
Clarify with your local Massachusetts institutions of higher education what they consider as "part-time". Most higher education systems follow a two semester model and a few follow a quarter-system. If you are exploring an institution with a quarter- system be sure to check on how financial aid works for students.
Another point to keep in mind is that for most federal and state financial aid, a student must be matriculated. To be matriculated at a college or university, a student must declare his/her intention to pursue a particular degree or certificate and have begun taking courses toward that degree.
Click below to explore these sections:
How much will it cost?
Types of financial aid
Website resources for financial aid
How to apply for financial aid
Financial Aid Glossary
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