1. How do colleges determine my eligibility for financial aid?
   After the you have been accepted, each school or college establishes a "cost of education" for you. The information submitted on the FAFSA is put through a standard calculation called "Federal Methodology" to determine how much they expect your family to contribute toward the "cost of education." The "expected family contribution (EFC)" is subtracted from the "cost of education" to determine the student's financial aid eligibility.
   For example:
   $10,000 (cost of education)
   $ 4,000 (expected family contribution)
   -----------------------------------------
   $ 6,000 (financial aid eligibility)

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2. What financial aid form(s) should I fill out?
   All schools require the Free Application for Federal Student Aid (FAFSA) or the Renewal Free Application for Federal Student Aid in order to consider you for federal and state aid. Some private schools may require a completed PROFILE to be considered for any money (usually scholarships) that they have to give to students. Finally, check with your school to see if you are required to fill out an institutional financial aid form.

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3. When are financial aid forms due?
   Although there is no one deadline for all forms and all schools, there are some guidelines to follow. The state government, federal government, as well as each school, have their own deadlines for filing financial aid forms. Make sure you know the financial aid deadline for each school to which you are applying. Most schools want the forms completed sometime between January and March. You should file your financial aid forms before the earliest school deadline or May 1, 2003 (the MASSGrant deadline), whichever comes first. It is extremely important to file by the earliest deadline. You will have access to the most financial assistance by meeting your deadlines.

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4. What if my earliest deadline is before my tax return is completed?
   To fill out the 2003-2004 FAFSA and other financial aid forms, it is best to wait until you have your 2002 Tax Return completed. If any school you are applying to has a deadline that must be met before your taxes are done, you can estimate your 2002 earnings and taxes. One way to do this is to use your 2001 tax return, if your financial situation has not changed much. Another way is to use your last pay stub to unofficially fill out a 2002 Tax Return. If you estimate your earnings and taxes, the school will likely require the actual figures once your taxes are complete.

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5. Is the FAFSA difficult to complete?
   If you have certain documents, the FAFSA can be completed without difficulty. You should first read through the entire form and then gather the documents you will need:
   • Most recent federal tax forms (IRS Form 1040, 1040A or 1040EZ)
   • W-2 form and records of prior year earnings
   • Records of non-taxed income such as AFDC, Social Security and Veterans' benefits
   • Current bank statements
   • Records of business, farm, stocks, bonds, and other investments

   Read instructions for each question before you answer. If you don't understand a question, call the Higher Education Information Center's toll-free number (Massachusetts only), 1-877-ED-AID-4U, or the financial aid office at the school to which you are applying.

6. Is it possible to apply for financial aid via the Internet?
   The Free Application for Federal Student Aid (FAFSA) and PROFILE are available on the Internet. This service is available at the Higher Education Information Center also. You should have the following available for reference before you start: a completed paper FAFSA or PROFILE, and income documentation from 2002 (such as a copy of your Federal 1040; the previous year’s 1040 statements, statements from the Social Security Administration and/or Department of Transitional Assistance; and/or letters from clergy, guidance counselors, homeless shelters, etc., documenting your family financial situation.) Please note that even though you are able to file your application "electronically," you still have to submit an original signature to fully complete the application process.

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7. What is a financial aid package?
   There are three different types of financial aid: grants and scholarships; loans; and, college work-study. A financial aid "package" consists of a combination of these types of financial aid.

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8. What happens after you file your FAFSA and other required financial aid forms?
   Two things will happen:

   The Student Aid Report (SAR) will be sent to you approximately three (3) weeks after you mail your FAFSA.  Review it carefully.  If there are any errors, make the corrections and send it back to the processing center.  If you do not need to make any corrections, you do not need to return it to the schools you listed or to the processing center.  All of the schools will receive the information electronically.  It is important to make a photocopy of the SAR for your records.

   Financial Aid Award (also called Financial Aid Letter, Financial Aid Package and Award Letter) is sent to you from all schools that accept you and that have all of your financial aid paperwork. This letter will tell you what federal, state and school money is available to you in the form of grants, scholarships, loans and work-study. You will need to sign the Letter to tell the school that you are accepting their Financial Aid Award.

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9. What if I need more financial aid?
   By completing the financial aid forms required by your school, you will have applied for the major sources of financial aid. In addition, you may also wish to investigate private scholarships and loans. You can research scholarships by checking your local newspaper, fraternal and business organizations, your employer, and chambers of commerce. In addition, the Higher Education Information Center has scholarship and loan information including the Fund Finder database. The sooner you do this research, the more opportunities you will have to acquire money for your education.