On Jan. 13, 2016 Malden High School hosted the MEFA Senior Financial Aid Night in the Jenkins Auditorium. Senior Financial Aid Night is an annual event with the intention of helping seniors and their families in preparing to pay for college.
Massachusetts Educational Financial Authority (MEFA) offers low-cost college financing to aspiring college students. According to their website, “MEFA is the Massachusetts authority on planning, saving, and paying for college” (MEFA).
Principal Dana Brown said that this night is important because “with the skyrocketing cost of college, it’s important that families take advantage of every type of financial aid.” “[He along with MHS staff] want to teach families how to do that.”
The night started off with Brown welcoming the audience, consisting of students with their families. He advised families to “do what’s best for [their] child financially, socially, and academically.” He expressed that college is one of the most important decisions of one’s life so it’s important for students to apply to schools they are sure to be accepted to, fit in, and that they can afford.
Guidance counselor Erin Craven followed Brown, encouraging students to talk to her or any of the other counselors if they have questions about college or wanted to know about scholarships.
Then speaker Michael Huddy talked while going through a powerpoint. He introduced the different types and sources of financial aid. He then went on to explain the three main types of financial aid which are grants and scholarships, work-study, and student loans. Next, he addressed merit based aid and need based aid.
Huddy transitioned to talk about the application process. He pointed out the importance of paying attention to application deadlines as they may differ from school to school. Huddy next tackled Free Application for Federal Student Aid (FAFSA) which is a form to be filled out with one’s financial information to help determine the amount of money a family is expected to contribute for the price of college.
After applying, one receives a student aid report and a financial aid profile acknowledgment. For special circumstances one could contact the financial aid office. Colleges review applications and then determine financial aid using the Financial Aid Formula. The formula calculates the cost of attendance minus the expected family contribution which equals financial aid eligibility.This same federal formula is used for every family although this formula is not necessarily what the family will actually pay.
The family has the primary responsibility for paying. To get a formula, use the Net Price Calculator. The online tool can be found in each institution’s website and asks about the family finances and student academics. It provides personal and estimated net college prices as well as displays federal and institutional aid and merit-based aid may be calculated.
There are plenty of free resources that would help anyone struggling with the financial aid process. Seminars may be held that provide assistance and give clarity on paying college bills.
At the end of Huddy’s presentation, he encouraged parents to talk to their children about their plan for addressing the financial aspect of college. Huddy took questions from the audience and answered questions on taxes, scholarships, and deadlines.
To get more information on MEFA you can visit their website here.
