There are three types of financial aid: scholarships and grants, loans, and federal work-study. Most aid packages consist of a combination of all of these. The good news is that nearly everyone is eligible for some kind of financial aid. Filing a few key forms will help your college determine what kind of financial aid is appropriate for your family.

If you're new to financial aid, you'll want to take a few minutes to learn about the application process. For a detailed timeline of the admissions and financial aid application process, look at our financial aid planning calendar.

You'll need to contact each college or university you're considering to learn which financial aid applications they require and when they're due. Note that filing deadlines can be different at each school.

The most commonly required applications are the Free Application for Federal Student Aid (FAFSA)(PLEASE NOTE: Clicking on this link will take you away from the MEFA web site.) and the CSS PROFILE®. (PLEASE NOTE: Clicking on this link will take you away from the MEFA web site.) After you file the FAFSA, you'll receive a Student Aid Report (SAR), either online or by mail, depending on how you filed your FAFSA. If you file the CSS PROFILE®, you'll receive an acknowledgement report online. Both the SAR and the CSS PROFILE® acknowledgement report are records of the information that was forwarded to colleges. Be sure to review each one carefully and follow the given directions if you need to make corrections or updates.
Once you're accepted for admission at a college and all financial aid applications are complete, you'll receive an award letter indicating the amount and type of financial aid you'll receive if you attend that college. When you've gotten your award letters from all the colleges you're considering, you can weigh the various factors — each college's reputation, programs offered, location, award amount offered, etc. — and make your decision. Most colleges give you until May 1. If you have questions about your award letter, contact the specific college — financial aid officers are available to help.

After you make a decision, contact MEFA to discuss your options for paying any balance due after financial aid has been deducted. We offer loans for parentsand students, monthly pay–as–you–go plans, and calculators and toolsto help you find the right solution for your situation.