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How much will it cost?
It is important to have a clear understanding of what your financial need is going to be during the time that you are in school.. In calculating what it will cost you to go to school, it would be useful to carefully consider all of the expenses that you have responsibility for during this time. They may include the following:
- Tuition and fees
- Books and supplies (calculator, notebooks, etc.)
- Uniforms (while doing your clinical assignment)
- Health insurance (and other professional liability insurance that you may need to carry while doing your clinical assignment)
- Transportation
- Living expenses (including rent/mortgage, utilities, food, etc.)
- Monthly debt payment (car, credit card, other school loans)
- Child care
- Miscellaneous (travel, entertainment, clothing)
Add up all of these expenses (and any others not listed) in order to find out how much money you will need to attend school for each year.
College financial aid counselors use the term “Cost of Attendance” or COA as a way to calculate the expenses that you will have while you are a student. The COA includes tuition and fees, living expenses, books, and transportation. Your “cost of attendance” is used by the school to determine any financial aid for which you might be eligible. It is important that you assess your financial needs before you begin school so that you can plan accordingly. It pays off in the long-run to plan ahead so that you can be a successful student and complete your program.
How will I pay for it?
Financial aid is a collection of financial resources that will help you cover the cost of your education and the expenses related to it. Financial aid is often comprised of a package of many resources that are provided by the government, the school you are attending, private funds, family support and your own personal resources through savings and work.
What is financial aid and who is eligible for it?
Grants
Grants are based on demonstrated financial need and satisfactory academic progress while a student. Sources for grants include:
- Federal Pell Grant
- Federal Supplemental Education Opportunity Grant
- Mass Grant (for permanent Massachusetts residents)
- Performance Bonus Grant (for Mass Grant recipients meeting specific criteria)
- Gilbert Grant (for permanent Massachusetts residents)
- Part-time Grant (permanent Massachusetts resident)
Scholarships
Scholarships are based on merit or academic excellence.
Student Loans
Student loans are made available by the federal and state government, colleges, banks, and private lenders. They are offered at a low interest rate. The interest and principal must be repaid over an extended period of time, often beginning within a year or graduation with 10 years to repay. Sources for student loans include:
- Federal Perkins Loan
- ASA Federal Subsidized Stafford Loan
- ASA Federal Unsubsidized Stafford Loan
- ASA Federal Parent Loan for Undergraduate Students
- Massachusetts No Interest Loan Program (permanent Massachusetts resident)
- MEFA Loan (state aid)
- TERI Alternative Loan (private aid)
- Professional Education Plan (private aid)
- Sallie Mae’s Signature Student Loan (private aid)
Categorical Tuition Waivers
Tuition waivers are granted by the state of Massachusetts and include people who fall into designated categories such as: Veterans, those who are 60 and older, Native Americans, and members of the National Guard. Sources for a tuition waiver include:
- Tuition Waiver/Cash Grant (for permanent Massachusetts residents)
Federal College Work Study
A set amount of money can be earned by a student in a work-study job (often located at the school.) The work-study amount is determined based on financial need.
To find out more about any of these resources, go to the Higher Education Information Center’s website at www.tericollegeaccess.org.
What is involved in applying for financial aid?
There is one standard application that all colleges require. It is called the FAFSA and it stands for “Free Application for Federal Student Aid.” When you complete and submit the FAFSA form, it means that you are applying for both federal and state need-based grants and loans, Federal college work-study, state merit scholarships, and institutional grants and scholarship programs. You can list up to 6 colleges on the FAFSA application itself. The application will be processed and sent to all of the schools that you put on the application.
When you are accepted to a college, the school will establish your “Cost of Attendance” (including their tuition and fees, etc.) and then use a formula to determine how much you and your family can contribute toward the cost of attendance. They get this information from your FAFSA form. Your financial need is then calculated by subtracting what you and your family can contribute from the Cost of Attendance.
You do not have to wait to find out if you are accepted into a program to fill out and submit a financial aid form. You can submit a FAFSA form anytime between January 1st and June 30th of the year you would like to attend school. Most school deadline for financial aid fall somewhere between January and March. Check the school or schools you are applying to for specific deadlines. But no matter what the deadline is, it is best to apply for financial aid as soon as possible to maximize your chances for every opportunity to help you finance your education.
Funding specific to a medical imaging education.
Partners Health Care Scholarship
The Partners Medical Imaging Scholarship is designed to encourage entry into medical imaging programs, and to provide support to students while they complete their education and training. The amount for each scholarship is up to $2,000 per year for each year of approved program participation. The scholarship programs is open to Partners HealthCare System employees and students accepted or enrolled in an accredited medical imaging program who meet the program selection criteria. For more information about the scholarship, go to www.partnersradiology.org then click on education and Partners Medical Imaging Scholarship Program.
Financial aid information.
The Higher Education Information Center (HEIC) is located in Boston Massachusetts at 700 Boylston Street (in the Boston Public Library, Copley Branch.) It is a non-profit organization that provides access and information on colleges and careers, admissions and financial aid application assistance and help with scholarship searches. HEIC has a multi-lingual staff who can answer your questions about financial aid and help you get started. You can reach HEIC by calling 1-877-332-4348 or visit them on line at www.tericollegeaccess.org. Their website provides a number of useful links to find out more about scholarships, college fairs, college testing and more.
The Higher Education Information Center published a booklet entitled, “Making College Affordable: A Workbook on Financial Aid, Loans and Scholarships for College Bound Students and their Families.” This booklet contains useful and detailed information about how financial aid works and how you can access it.
You can complete a FAFSA application on line at http://www.fafsa.ed.gov or pick up an application at the Higher Education Information Center, in a high school guidance counselor’s office or the financial aid office of any college.
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