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Office of Undergraduate Admission

Types of Financial Aid

undergraduate admission

Untitled Document Students may be eligible for the various types of aid listed below. Eligibility for all financial aid is determined annually based on updated application materials.

To apply for federal and/or state aid, you need to complete the Free Application for Federal Student Aid (FAFSA). Federal aid includes Pell Grants, Supplemental Educational Opportunity Grants, Direct Loans, both subsidized and unsubsidized, Perkins loans, Nursing loans, and Work-Study. State aid varies by state. Once the FAFSA is completed, you may be selected by the Federal Processor for a process called verification, which means you will have to provide your actual tax data on the FAFSA through the IRS Data Retrieval Tool.

Boston College is not able to determine your eligibility for institutional need-based grants by just reviewing the FAFSA. In order to be considered for all institutional need-based aid as well as all federal aid, you must complete the FAFSA and the forms listed on the following pages, as applicable to your situation.

For additional information about the different types of financial aid, please visit our financial aid website.

The terms "scholarship" and "grant" are used interchangeably at Boston College. Scholarships are need-based aid that do not need to be repaid. Funding for scholarships come from a variety of sources, including more than 500 named scholarships.

Visit our financial aid website to learn more about the different need-based scholarships available at Boston College.

Boston College is committed to keeping student debt at a reasonable level. There are several types of loans that may be included in your financial aid award:

Federal Direct Subsidized Loan
A need-based student loan with a fixed interest rate that will reset or change each July. The loan is considered subsidized because you are not charged interest while you are enrolled in school at least half-time and during grace periods and deferment periods. The maximum borrowing amounts are $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors with a maximum cumulative total of $23,000. Repayment on both principal and interest begins 6 months after you cease to be enrolled on at least a half-time basis.

Federal Direct Unsubsidized Loan
If you do not qualify for all or part of the Direct Subsidized Loan program described above, you may qualify for a Direct Unsubsidized Loan. The interest rate is fixed and will reset or change each July. The Direct Unsubsidized Loan accrues interest while you are in school and during the grace and repayment periods. This interest can be paid or deferred until repayment.

Federal Perkins Loan
A need-based loan program with a fixed interest rate of 5%. Payment of both principal and interest are deferred while you are in attendance at least half-time in a degree program.

Please visit our financial aid website to learn about additional types of student loans

 

Part-time employment opportunities are available to assist you in meeting the costs related to attending Boston College. Opportunities are available on and off campus, and may include community service positions.

Federal Work-Study Employment
A need-based employment program. You will be notified of the maximum amount of work-study for which you are eligible in your financial aid award. This amount is not a guarantee, but rather the maximum amount you can earn through employment each year. You will be paid on a weekly basis.

Other Employment
If you do not qualify for the Federal Work-Study program, you can still apply for student employment on campus. Available openings are posted on the Student Services website at the start of the school year so that all students have an opportunity to apply. Visit www.bc.edu/studentemployment for more information.

Boston College is committed to meeting the full demonstrated need of every admitted student, and therefore we offer a limited number of merit scholarships. In fact, the Presidential Scholarship is our only academic merit-based scholarship, covering full tuition for the top 20 applicants each year. While there is no separate application for the Presidential Scholarship, a student must apply through our Early Action program to be considered.