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It is important for families to know that the value of a college education increases every year; recent studies show that college graduates earn 40% more over their lifetimes than high school graduates. Rate of return estimates on a college education do not take into account the satisfaction the student may have derived while in school nor do they consider how a college education may have enhanced the non-monetary aspects of life after graduation. Planning to meet college costs is an investment in the future. Families and students have many choices in financing this investment, including applying for financial aid, outside grants and scholarships, part-time work and educational loans. This guide will help families make an educated choice about borrowing to pay for college.* The Federal, State and Private aid charts provide families with the opportunity to compare various loan options including loan eligibility, interest rates/fees, repayment terms and application information. The chart is designed to guide families through the process of deciding which loan and/or financing option best meets their needs. For more detailed information call the Massachusetts Educational Financing Authority at 1-800-449-MEFA. *Students who are interested in or are
presently attending proprietary institutions,
such as vocational schools, will also find the information in this guide helpful. |