How to Pay for College & How to Apply for Aid
What is Financial Aid?
Financial Aid is federal and state government money which help you pay for your educational expenses. It comes in two basic types – gift aid that is given to a student without obligation and self-help that is either loans to be paid back or a work grant to be earned. Awards might be based on any combination of factors including your grades, your need, your talents or your circumstances and can come from several sources including our federal and state government and our own institution. Types of aid include grants and scholarships, work-study and loans. The amount you receive is determined by your Cost of Attendance (COA) and Expected Family Contribution (EFC). Educational costs can be paid through a combination of savings, current income, borrowing, private scholarships, and if eligible, financial aid. Salem State offers a combination of need and merit-based aid. Financial Aid is awarded on a first-come, first-served basis. For detailed information on the FAFSA, types of aid, and eligibility criteria visit studentaid.gov.
How to Apply for Financial Aid
Student and their families will complete the Free Application for Federal Student Aid (FAFSA) which determines your eligibility for financial aid. It will take about 30 minutes to complete the first time you file for aid but every year after that you and your family can do a quick renewal process. You will need a secure username and password, called an FSAID to sign your FAFSA. Learn more about the FAFSA process and completing the required materials.
- Create a Federal Student Aid ID
- Submit the Free Application for Federal Student Aid (FAFSA).
Salem State’s school code is 002188 - We will notify you via email once we receive your FAFSA and if you are missing any documents. You can also check your Navigator account for any "to do" items.
- When you fill out your FAFSA, you’ll provide personal demographic information, as well as financial information, such as your family’s federal income tax returns, W-2 forms, bank statements, and information on your family’s investments.
Watch this video on how to submit the FAFSA
Types of Financial Aid
- Merit-based aid is based on your achievements and academic performance and typically includes a scholarship that does not need to be repaid.
- Need-based aid solely takes into account the ability of you and your family to pay for college. This type of aid can come from grants, loans and work-study.
Understanding the Terminology
The Cost of Attendance (COA) includes tuition, fees, room and board (food), transportation, books, supplies, and miscellaneous expenses. You can estimate your cost of attendance by using our online worksheet or with our net price calculator.
All the information you put on your Free Application for Financial Aid (FAFSA) generates an estimate of how much you and your family can contribute to your education, or your Estimated Family Contribution (EFC).
Are there Deadlines?
- The FAFSA opens each year on October 1
- Salem State’s priority filing deadline is the following February 15
- Massachusetts has an annual filing deadline of May 1
- Are you from another state? Check your state deadline
Need Help Filing the FAFSA?
The federal government provides answers to the most frequently asked questions online!
Questions about the FAFSA process?
If this is all new to you, you may want to bookmark the student aid glossary and learn as you navigate through the FAFSA process.
What to know...
You can pay your out-of-pocket costs with a 5-month payment plan through TouchNet. Please follow the "How to set up a payment plan" guide. The payments are interest free but you will be charged a $40 enrollment fee each semester. Payments must be made on the first of each month and begin in August.
Federal Direct PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses not covered by other financial aid. Once your student has filled out a FAFSA, parents can apply for a Federal Direct PLUS loan at studentaid.gov.
- Parent PLUS loans are federal loans that parents of dependent undergraduate students can take out to help pay for education expenses not covered by other financial aid. Once your student’s FAFSA has been received by Salem State, parents can apply for a Federal Direct Parent PLUS loan at studentaid.gov.
- For Federal Direct PLUS Loan purposes, a parent is considered your biological or adoptive mother or father, but not a legal guardian.
- Federal PLUS loans are also available to graduate or professional students. You can find more information on Federal Graduate PLUS Loans at studentaid.gov
Many families plan to use savings, home equity, or a 529 Education Plan to assist their students in school. To learn more about the best ways to the Tax Benefits for Education you can review the IRS Publication 970, Tax Benefits for Education at irs.gov.
For more information on Tax Credits for Higher Education Expenses visit studentaid.gov.
There is a significant number of external private scholarships that are not connected to Salem State University. Checking with your high school is a great place to start. Employers and community organizations often have scholarships available to students. You can also search the internet for scholarships. Scholarships.com and Fastweb.com are great places to start.
Private student loans can help you cover the cost of attendance that isn't covered by other aid you've received. These private loans are available through banks, credit unions, online lenders, and other financial institutions and must be paid back. Salem State does not endorse any particular lender; visit elmselect.com to compare student loan options.