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This webpage describes the resources you have been offered in your award letter. To ensure proper processing of all assistance, carefully review the instructions described under each program.
Your award has been prepared after a careful review of the financial aid materials submitted to this office. Your eligibility for all sources of aid has been calculated based on this self-reported data. We have applied the federal need analysis formula to evaluate your eligibility for federal assistance. If you have been selected by the federal government for verification, all application information will be verified once all requested documentation is received. If the verification process results in a change in your eligibility, your initial financial aid offer will be recalculated and a revised award letter will be sent to you.
Cost of Attendance
The total cost of a Boston College education includes tuition, fees, and living expenses. Please note all billing statements are sent electronically. Visit http://www.bc.edu/mybill/ for more information. Living expenses include rent/utilities, meals, books, travel, and personal expenses. The cost of attendance for the 2008-2009 academic year.
Financial Aid and Appeals
Before making an appeal, understand that Boston College has already awarded you the best financial aid package available based on the information supplied. If errors are made in reporting or in the calculation of data or if a student's circumstances change, aid awards can be reconsidered. Students, who believe they have allowable expenses (e.g., medical/dental expenses not covered by insurance) which could be used to increase their cost of attendance, should provide documentation of these expenses along with copies of their receipts to their financial aid associate with a letter of appeal. Please be aware that indirect costs may not be adjusted within the total cost of attendance except for special circumstances. Any request for a review must be submitted in writing. A written response from your financial aid associate can be expected within two weeks of the receipt of the appeal.
Financial Aid Programs
Institutional Funds
Boston College's Institutional funds include Tuition Remission, Assistantships, Fellowships, and Stipends. These are awarded by the individual graduate schools. Please contact your graduate school or department for information on how to apply for institutional aid. Students are notified directly by their graduate school or department of any awards they will be receiving. The Office of Student Services will be notified electronically of these awards. Students are encouraged to send a copy of their letters to the Office of Student Services so that they can receive a more accurate award package since the electronic notification is received later. It is possible that adjustments to your federal financial aid award could be made anytime after the start of the academic year due to electronic notification from your academic department. These adjustments could necessitate the repayment of loan funds that have already been disbursed to you.
Please note: Some or all of the institutional awards you receive may be taxable. Please consult the Internal Revenue Service (IRS) or a tax professional for further information about your specific tax situation.
Federal Financial Aid
Subsidized Federal Stafford Loan
The Subsidized Federal Stafford Loan is a need-based loan made to students attending school at least half-time. Graduate students may be eligible to borrow up to $8,500 per year. The interest rate for new loans for the 2008-2009 year will be fixed at 6.8% starting July 1, 2008. Students will receive a Disclosure Statement from their lender with details about their loan and the rates. This loan is subsidized by the federal government and interest will not accrue during the in-school deferment period. Repayment begins six months after a student graduates or ceases to be enrolled at least half-time. An origination fee of up to 2% is deducted from the loan before it is disbursed. In addition, some lenders may charge a guarantee fee of up to 1%.
Unsubsidized Federal Stafford Loan
Graduate students may be eligible to borrow up to $18,500 minus their subsidized Stafford eligibility per year through this federal loan program. The interest rate and repayment terms are identical to the Subsidized Federal Stafford Loan. The Unsubsidized Federal Stafford Loan accrues interest while a student is attending school. Students have a choice of paying the interest while in school or having it capitalized when a student graduates or ceases to be enrolled at least half-time. Please contact your lender for details regarding these options.
How to apply for Federal Stafford Loans
Students apply for both Subsidized and Unsubsidized Federal Stafford Loans on the same application. Students will receive instructions from the guarantee agency to complete their Federal Master Promissory Note (MPN) online. E-signature is available to students using this process for their MPN. It is no longer necessary to complete a new Stafford Loan Application and MPN each year.
Federal Stafford Loan Disbursements
Loans are disbursed at the beginning of each loan period. Students who are applying for the academic year will receive one disbursement in the fall and a second disbursement in the spring. Students who apply for summer/fall/spring funds will receive one disbursement for the summer, a second disbursement for the fall, and a third disbursement for the spring. After the funds have been credited to your student account and if a student has a credit balance, he or she may request a refund. Refunds may be requested through Agora. If your loan proceeds do not arrive in time for registration, deferment of payment for the net amount of the first disbursement(s) is granted provided the loan is processed and approved.
Students, must be prepared to meet all living expenses prior to their financial aid being disbursed. Refunds from Stafford Loans and/or alternative loans are not available until the first week of classes each semester.
All students borrowing loans at Boston College for the first time through the Federal Financial Aid program are required to complete entrance counseling. All entrance counseling is done online at http://www4.bc.edu/student/loan.counseling/.
Federal Perkins Loan
This loan is awarded to students with exceptional financial need. There are no fees associated with the Perkins Loan, and for new borrowers repayment of principal and interest begins nine months after the student ceases to be enrolled at least half-time. Repayment may be spread over ten years and deferred or canceled under certain conditions. The interest rate for a Perkins loan is 5%. The maximum award per academic year is $6,000 based on available funding.
The Federal Perkins Loan program has implemented an MPN system similar to the Stafford Loan program. Students will be mailed an MPN, which must be completed and returned in order for funds to be credited to their student account. Disbursements are credited in two equal payments of one per semester. If increases or new loans are made, the student will not receive another MPN since the Perkins MPN will allow for disbursement of these loans. However, failure to sign and return the Perkins MPN will result in cancellation of the award.
Federal Nursing Loan
This loan is awarded to nursing students with exceptional financial need. Terms are similar to the Federal Perkins Loan Program. The interest rate is 5% with a maximum award per academic year of $4,000 based on available funding. Federal Nursing Loan borrowers must sign a promissory note, which will be mailed to all borrowers. Only after the promissory note is processed will funds be credited to the student's account. Students will receive one disbursement per semester. If increases or new loans are made during the year, students must sign for them separately. Failure to sign the promissory note and return it in a timely manner will result in cancellation of the award.
Financial aid transcripts are required for all incoming nursing students who have received Health and Human Services funds. A transcript form and cover letter will be sent to students who indicate they have received these funds. These forms should be sent to the schools indicated for completion and be returned to Boston College.
Student Employment Opportunities
Federal Work-Study
Federal Work-Study is a federally subsidized employment program that provides funding for students to help them meet college expenses. It provides students with job opportunities on or off campus, including community service. Federal Work-Study is awarded based on availability to students with federal eligibility. The amount is not deducted from the bill. Actual earnings depend upon whether the recipient participates in the program, the hours worked and the pay rate of the position as determined by the University. Federal Work-Study recipients receive first consideration for available campus positions. A Federal Work-Study award does not guarantee students an on-campus job.
Campus Employment
Campus Employment is a separate option allowing students to hold part-time on-campus jobs to help them meet college/living expenses. Students do not need to apply for federal financial aid to work through this program. Boston College provides on-campus opportunities in various University departments.
Students in either program may work no more than 20 hours per week while school is in session. When school is in recess, students may work up to 40 hours per week, if the job and funding permit.
In addition, Boston College has partnered with http://www.collegehelpers.com/ to provide information on off-campus non-federal, Work-Study job listings available to enrolled Boston College students. For information about student employment, contact the Office of Student Services in Lyons Hall, or visit http://www.bc.edu/studentemployment/.
Alternative Loans
Students may choose to finance the balance of their education (cost of attendance minus financial aid offered) through alternative loans. These loan options include home equity, educational, and personal loans. As with most loans, a credit check is required for most alternative loans. Some of the most frequently used educational loan programs are listed on the alternative loan chart. In providing this information, we are not recommending that any of these programs be chosen over another. Rather, this information should assist students in making reasonable and appropriate choices. When comparing these loan programs, we recommend that you consider the different repayment, deferment, and capitalization of interest options.
2009-2009 Alternative Loan Options for Graduate Students
2008-2009 Graduate PLUS Loan Borrower Benefits Comparison
Proceeds from all loans are sent to Boston College and credited to the students account.
It normally takes 3 to 6 weeks to process these loans. We recommend that you file an application for an alternative loan by July 1 to ensure funds are received by the September 15 bill due date. Student Services will be happy to answer questions regarding these options, or you may contact the lender directly.
Outside Aid: Exploring Other Resources
Aid from corporations, foundations, service organizations, religious groups, parent and school associations, and other organizations that sponsor educational assistance programs would be considered outside aid. We will include an estimated award on your award letter based on information received on your BC Financial Aid application. Outside aid recipients are responsible for providing copies of award notices to this office and notifying our office if your award will be different than the estimate. Deferment of payment is possible provided we have received a copy of the award notification. Your local library and the internet are good resources to research outside aid sources. You may also visit http://www.fastweb.com/ for more information. In addition, the TERI College Access Center maintains information on a number of outside resources. It is located in the Boston Public Library and can be reached at (617) 536-0200 or toll-free in Massachusetts at (877) 332-4348, or visit http://www.tericollegeaccess.org/ for more information.
Please note that a student who receives funds from an outside source may have an adjustment made to his or her award package to ensure that the total of all resources is within the calculated federal eligibility.
Other Payment Options
Boston College offers a Controller's Deferred Payment Plan that is available through the Office of Student Services. Information about this program will be included with your bill. If you have questions regarding this plan, please contact the Office of Student Services.
Students should send all correspondence, documents and applications to: Boston College, Financial Aid Processing Center, PO Box 489, Randolph, MA 02368. Please retain copies of all documents sent to Boston College pertaining to your application. All documents become the property of Boston College once submitted. All documents are imaged and the paper originals are destroyed within 180 days of receipt. Therefore, the University is unable to return any original documents to students or their families.
Note: All information is subject to change and final regulation by the Department of Education, the particular lending institution, or Boston College.
Financial aid is not automatically renewed. Students must apply for financial aid each year.
It is the students responsibility to obtain the financial aid application from the Office of Student Services, their school or department, or online at http://www.bc.edu/studentservices/.
For More Information
Further information regarding financial aid at Boston College and links to other useful websites are available at http://www.bc.edu/studentservices/.
Students should direct questions regarding the information contained in this booklet to the Office of Student Services in Lyons Hall or by calling (617) 552-3300 or (800) 294-0294. Our office hours are 9:00 a.m. to 5:00 p.m. Monday through Friday.
You may check the status of your application by using our automated forms information service which is available seven days a week from 8:30 a.m. to 11:00 p.m. This service is accessible by calling either telephone number listed above. Students with a BC password can also check their status on Agora at https://agora.bc.edu/.
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