Paying for college may seem daunting, but there are many types of financial aid and financing options available to help every family afford higher education. Most families use a combination of savings, financial aid, and loans to pay for college expenses. For assistance in navigating financial aid applications, sign up for free MEFA Counselor emails.

Step 1: Understand Types of Financial Aid

Financial aid comes in several types, including grants, scholarships, loans and Federal Work-Study. The Free Application for Federal Student Aid, or FAFSA, is a free form required by all colleges and universities. The FAFSA determines your Expected Family Contribution and helps colleges make financial aid awards. 

Step 2: Apply for Financial Aid

Once you’re ready to apply, check with each prospective college and university for deadlines and requirements. You may file the FAFSA anytime after January 1st, and you may search for scholarships anytime. MEFA encourages you to apply for financial aid from many sources to get as much assistance as you are eligible to receive. 

• Complete the 2010-2011 FAFSA on the Web Worksheet to help with the online FAFSA application. 
• File the FAFSA for free. 
• File the CSS Profile® if it’s required by any of your prospective colleges or universities.
• Search for scholarships. 

Step 3: What’s Next

After you file financial aid applications, colleges will review your applications to determine your financial aid eligibility. Students will receive an award letter listing financial aid and any balance due. Many families pay the balance from a combination of sources, including savings, an interest-free monthly payment plan, and loans. 

• Consider an interest-free monthly payment plan to help reduce the amount you borrow. 
• Learn about low-cost education loans from MEFA.
• Get tips for students on how to manage your money.