Once you’ve decided which college to attend, you can start making a plan to cover the balance due. Bills for fall semester are sent early in July and are due in August, but don’t wait until you receive the bill to start planning.
What Your Bill Includes
Financial aid (with the exception of work-study) will be deducted from the bill. The balance includes direct costs only: tuition, dorm, meal plans and health insurance. It does not include books, supplies or other extra expenses.
Use our College Cost Calculator to estimate the amount your family will be expected to pay. Launch Calculator 
Bills are usually sent on a semester basis; however, MEFA recommends setting up one payment plan for the entire year.
Using a Combination Plan
It’s common to use a combination of two or three resources to pay your college bills
Past income, including savings and college investment plans
There’s no one way to use your savings to pay for college. Some families divide their savings equally over all four years. Others use more savings up-front or allocate savings based on a projected internship or plans to study abroad.
Current income, such as salary, gifts and payment plans
Many colleges offer interest-free monthly payment plans that allow you to split your bill into smaller, more manageable payments over 5–10 months.
Financial aid, including grants, scholarships, loans and work-study
Even if you missed a college's FAFSA deadline, it’s a good idea to file in order to be eligible for low-cost federal college loans like the Direct Stafford Loan for students.
Future income, including federal and private education loans
When choosing what type or how big a loan you’ll need, be sure to consider the big picture—how your income or expenses may change in the future, and whether this will affect your ability to repay your loan.
Be sure to communicate with the college if your financial situation changes as a result of job loss, divorce, medical expenses or other issues. Financial aid administrators can be a great resource for families and are able to assist you throughout the process.
