2010-2011 Graduate Student Financial Aid Award Information
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Welcome to Boston College
This booklet describes the resources you have been offered in your electronic 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 needs 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 electronic award letter will be sent to you.
Cost of Attendance
The total cost of a Boston College education includes tuition, fees, and living expenses. Living expenses include rent/utilities, meals, books, travel, and personal expenses. Students are billed for tuition and fees. All billing statements are sent electronically. Visit http://www.bc.edu/mybill for more information.
The cost of attendance for the 2010-2011 academic year.
Student borrowing Summer, Fall, and Spring Loans
All students have an academic year for awarding loans. If you are enrolled in the summer and plan on taking out Federal Stafford loans, then your academic year will begin in the summer and continue through the fall. Spring will be a separate period. If you are applying for an alternative loan or Graduate PLUS Loan, make sure your loan period is for summer and fall. Spring will be a separate loan period.
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, will need to 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.
Institutional Funds
Boston College Institutional Funds
Assistantships, Fellowships and Scholarships awarded by the individual graduate schools, may consist of tuition remission and/or stipend awards. Students are notified directly by their graduate school or department, and recipients are encouraged to send a copy of their award letters to the Office of Student Services so that students can receive a more accurate financial aid award package as the electronic notification to Student Services is received later. It is possible that adjustments to a student's federal financial aid award could be made anytime after the start of the academic year according to when the institutional award is made and the electronic notification is sent. These adjustments could necessitate the repayment of loan funds that have already been disbursed to the student.
Tuition Remission
Awarded to assist students in the pursuit of their degree, it does not require any service (work) at Boston College and it is not subject to federal and state income tax withholding by Boston College, but it must be declared by the recipient as taxable income in accordance with current federal tax law. The value of the tuition credits awarded is credited to the student's account. This award does affect the amount of federal financial aid a student is eligible to receive because it is awarded to assist students in pursuit of their degree. Recipients should refer to the letter sent to them by the academic department or school for specific information about their award.
Service Stipend
This award requires service to an academic or administrative department at Boston College. It requires no more than 20 hours of work per week. The amount of compensation varies, but is paid over the course of the academic year and it is subject to federal and state income tax withholding. It does not affect the amount of federal financial aid that a student is eligible to receive during that period. Recipients should refer to the letter sent to them by the academic department or school for specific information about its requirements.
Non-Service Stipend
This award is to aid students in pursuit of their degree and it does not require any service (work) at Boston College. The stipend is generally distributed in two equal amounts — one amount at the start of each semester. Non-service stipends are not subject to federal and state income tax withholding by Boston College, but it must be declared by the recipient as taxable income in accordance with current federal tax law. This type of stipend does affect the amount of federal financial aid a student is eligible to receive during that period because it is awarded to assist students with expenses while in pursuit of their degree and does not require any service. Recipients should refer to the letter sent to them by the academic department or school for specific information.
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
Federal Direct Loans Information
To apply for your Direct Loan and all other forms of financial aid, visit www.bc.edu/financialaid.
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department), though the entity you deal with once you go into repayment, your loan servicer, can be a private business.
With Direct Loans, you
- Borrow directly from the federal government and have a single contact — your loan servicer — for everything related to repayment, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information via your servicer's website.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
The Direct Loan Program offers the following types of loans:
Subsidized: for students with demonstrated financial need, as determined by federal regulations.
The interest rate for Direct subsidized Loans disbursed between July 1, 2010, and June 30, 2011, is 4.5% for undergraduates. For graduate students, the interest rate for Direct subsidized loans disbursed between July 1, 2010, and June 30, 2011, is 6.8%. The federal government pays the interest accruing on a Direct subsidized Loan while the student is enrolled at least half-time in a degree granting program. The loan enters repayment six months after the student ceases to be enrolled at least half-time, and interest begins to accrue at this point.
Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
The interest rate for all Direct unsubsidized Loans (undergraduate and graduate) disbursed between July 1, 2010, and June 30, 2011, is 6.8%. Interest accrual under the unsubsidized program begins at disbursement. No payments of interest or principal are due until after the six month grace period, but you may choose to pay the interest on Direct unsubsidized loans as it accrues. Any unpaid interest will be added to the principal balance of the loan when it enters.
Direct Annual Loan Limits
Effective for loans first disbursed on or after 7/1/2008
| Grade Level | Subsidized Federal Stafford Loan |
Unsubsidized Federal Stafford Loan |
TOTAL Federal Stafford Loan |
| Graduate and Professional | $8,500 | $12,000 | $20,500 |
| Aggregate Loan Limits | $65,500 | |
Total Undergraduate, Graduate and Professional = $138,500 |
To determine eligibility for a Direct loan, you must apply for financial aid each year by submitting the FAFSA and all other required documentation.
Entrance counseling
Except for parent Direct PLUS Loan borrowers, if you haven't previously received a loan, you must complete entrance counseling before your school can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. You can complete this counseling online.
The Master Promissory Note
To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). You can complete the MPN online at the StudentLoans.gov website. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).
To complete an MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN website.
In most cases, once you've submitted the MPN and it's been accepted, you won't have to fill out a new MPN for future loans you receive. Unless your school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years.
You'll receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts.
Declining Financial Aid
If you wish to borrow less than what you have been awarded, indicate on the award letter the amount of the funds that you want to borrow. Federal regulations require all lending institutions to disburse Federal Stafford Loans for an academic year in two substantially equal amounts. A Federal Stafford Loan does not credit the bill until the electronic fund transfer or check is received.
Federal Direct Loan Disbursements
Loans are disbursed at the beginning of each loan period, i.e., 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 loan period, a second disbursement for the fall period, and a third disbursement for the spring loan period. 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 online through your Agora Portal at portal.bc.edu. 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.
Federal Perkins Loan
This federal 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 (fixed 5%) begins nine months after the student ceases to be enrolled at least half-time. Repayment may be spread over ten years and deferred or cancelled under certain conditions. The maximum award per academic year is $8,000 based on available funding.
If you are a new borrower, you are required to complete a Master Promissory Note (MPN) and related materials. This is an electronic process and specific instructions will be emailed to you at your BC email address once the financial aid verification process is complete. If you are a prior Perkins borrower at BC, you do not need to complete another MPN. The financial aid verification process must be complete and all promissory notes must be signed before any disbursements can be made to your student account. Disbursements are made in two equal amounts — one each semester. If increases or new loans are awarded, you will not receive a new MPN as the original MPN is valid for all additions to the original award. Failure to complete any required paperwork during a stated period will result in the cancellation of your 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.
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.
Proceeds from all loans are sent to Boston College and credited to the student's account.
Refunds
Refunds can be processed by direct deposit into your checking or savings account, and with direct deposit you will receive your refunds faster and without the hassle of picking up and depositing checks. The service is free and completely secure. If you have not enrolled in direct deposit, simply log into your Agora Portal at portal.bc.edu, select the "My Bill" option from the "My Services" page, and then select the "Direct Deposit" link. Once enrolled in direct deposit, you can request a refund by selecting "Request Student Account Refund" from the "My Services" page in the Agora Portal. Refunds will still be available by check, but will only be issued once per week.
Responsibilities of the Student
Students must be prepared to meet all living expenses prior to your financial aid being disbursed.
All students borrowing loans at Boston College for the first time through Federal Financial Aid programs are required to complete entrance counseling. All entrance counseling is completed online through your Agora Portal at portal.bc.edu.
When a new Stafford loan borrower has received a verified electronic award letter from Boston College, you will receive information from American Student Assistance (ASA) to complete a Master Promissory Note (MPN) online at www.amsa.com.
If you are receiving aid from your department in the form of a scholarship, grant, or assistantship which pays for tuition or living expenses, or are receiving a scholarship or grant from a source other than your federal financial aid from Boston College, please send us a copy of your award notification so that we may include this information on your award letter.
Refunds from Stafford, Graduate PLUS, and/or Alternative Loans are not available until the first week of classes each semester and only if there is a credit balance on your student account.
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.
If a student works two jobs on campus, off campus, and/or community service, both jobs will be paid with your work-study award.
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.
Additional Funding Options
Students may choose to finance the balance of their education (cost of attendance minus financial aid offered) through Grad PLUS or 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 Grad PLUS or Alternative Loan charts. 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, capitalization of interest options, and borrower benefits. For more information, visit www.bc.edu/altloan.
Proceeds from all loans are sent to Boston College and credited to the student's account.
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 electronic 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 www.fastweb.com for more information. In addition,TERI College Planning 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.
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.
Where to Mail Your Documents
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 contained in this booklet 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 student's responsibility to obtain the financial aid application from the Office of Student Services' website at www.bc.edu/gradaid and send the necessary documentation to the Boston College Financial Aid Processing Center in a timely manner.
For More Information
Further information regarding financial aid at Boston College and links to other useful websites are available at http://www.bc.edu/gradaid.
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:
Mondays, Tuesdays, Thursdays, Fridays:
Walk-in Service: 9:00am to 5:00pm
Phone Service: 9am to 4:45pm
Wednesdays during spring semester 2010
(until May 5 excluding March 31):
Walk-In Service: 9:00 a.m. to 7:00 p.m.
Phone Service: 9:00 a.m. to 3:45 p.m.
Wednesdays during fall semester 2010
(until December 8, excluding November 24)
Walk-in Service: 9:00am to 7:00pm
Phone Service: 9am to 3:45pm
Wednesdays during spring semester 2011
(until May 4, excluding March 9 and April 20)
Walk-in Service: 9:00am to 7:00pm
Phone Service: 9:00am to 3:45pm
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 through your Agora Portal at portal.bc.edu.