Financial Aid

Boston College offers a variety of assistance programs to help students finance their education. The Office of Student Services administers federal financial aid programs that include Federal Stafford Loans, Federal Perkins Loans, and Federal Work-Study as well as need-based institutional undergraduate grant and undergraduate scholarship programs, and undergraduate state scholarship and loan programs.

Financial aid application materials generally become available on the Student Services website (http://www.bc.edu/finaid/) each December for the following academic year. Students wishing to be considered for assistance from federal, state, or institutional sources must complete all required forms.

Most forms of assistance at Boston College, whether institutional, federal, or state, are awarded on the basis of financial need. Need is defined as the difference between the total expenses of attending Boston College and the family's calculated ability to contribute towards those expenses. Students with the greatest financial need are given preference for most financial aid programs, and thus, tend to receive larger financial aid awards.

For more complete information on financial aid at Boston College, visit the Student Services website at http://www.bc.edu/finaid/.

General Information

It is the student's responsibility to know and comply with all requirements and regulations of the financial aid programs in which they participate. Financial aid awards may be reduced or cancelled if the requirements of the award are not met. Students receiving a Federal Perkins Loan and/or a Federal Nursing Student Loan are expected to accept responsibility for the promissory note and all other agreements that they sign. Students must comply with all Federal Work-Study dates and deadlines.

All financial aid awards are made under the assumption that the student status (full-time, part-time, half-time, enrollment in the Woods College of Advancing Studies) has not changed. Any change in the student's status must be reported, in writing, to the Office of Student Services as it can affect the financial aid award. Students receiving Federal Title IV funds are subject to the following withdrawal/refund process. The University and the student will be required to return to the federal aid programs the amount of aid received that was in excess of the aid "earned" for the time period the student remained enrolled. Students who remain enrolled through at least 60% of the payment period (semester) are considered to have earned 100% of the aid received and will not owe a repayment of Federal Title IV funds. Contact the Office of Student Services if you have any questions. If the University returns funds to the Title IV aid programs, it could result in the student owing Boston College charges that were originally paid at the time of disbursement. Students may also be required to return funds released to them for personal expenses. Monies will be returned to the Title IV programs and not to recipients. Monies returned to the Title IV aid programs will be applied first to loans to reduce the loan debt of the student and/or parent borrower.

In addition, all financial aid recipients must maintain satisfactory progress in their course of study. Satisfactory academic progress is defined by the dean of each school at Boston College. Students should check with their respective deans for this definition. If a student is not maintaining satisfactory academic progress, the student should consult with his or her dean to determine what steps must be taken to reestablish his or her status and, thus, eligibility to receive financial aid.

Financial aid recipients have the right to appeal their financial aid award. However, the student should understand that Boston College has already awarded the best financial aid package possible based on the information supplied. Therefore, any appeal made should be based on new, additional information not already included in the student's original application material. An appeal should be made by letter to the student's Financial Services Associate.

When applying for financial aid, the student has the right to ask the following:

• what the cost of attending is, and what the policies are on refunds to students who drop out.
• what financial assistance is available, including information on all federal, state, local, private, and institutional financial aid programs.
• what the procedures and deadlines are for submitting applications for each available financial aid program.
• what criteria the institution uses to select financial aid recipients.
• how the institution determines financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, etc., are considered in the student's budget. It also includes what resources (such as parental contribution, other financial aid, student assets, etc.) are considered in the calculation of need.
• how much of the student's financial need, as determined by the institution, has been met. Students also have the right to request an explanation of each type of aid, and the amount of each, in their financial aid award package.
• students receiving loans have the right to know what the interest rate is, the total amount that must be repaid, the length of time given to repay the loan, when repayment must start, and any cancellation and deferment provisions that apply. Students offered a Work-Study job have the right to know what kind of job it is, what hours are expected, what the duties will be, what the rate of pay will be, and how and when they will be paid.

A student also has the responsibility to:

• pay special attention to his or her application for student financial aid, complete it accurately, and submit it on time to the right place. Errors can delay the receipt of the financial aid package.
• provide all additional information requested by either the Office of Student Services or the agency to which the application was submitted.
• read and understand all forms he or she is asked to sign, and keep copies of them.
• perform in a satisfactory manner the work that is agreed upon in accepting a Federal Work-Study job.
• know and comply with the deadlines for applications or reapplications for financial aid.
• know and comply with the College's refund procedures.
• notify the Office of Student Services and the lender of a loan (e.g., Federal Stafford Loan) of any change in name, address, or school status.
• complete the Entrance Interview process if he or she is a new loan borrower.
• complete the Exit Interview process prior to withdrawal or graduation.