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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 2009-2010 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
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 2009-2010 year is fixed at 6.8% beginning July 1, 2009. 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 0.5% is deducted from the loan before it is disbursed. In addition, some lenders may charge a default fee of up to 1%.
Unsubsidized Federal Stafford Loan
Graduate students may be eligible to borrow up to $20,500 minus their subsidized Stafford eligibility per year through this federal loan program. The interest rate, fees, 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
Once your eligibility for a Federal Stafford loan has been verified, the loan certification is transmitted electronically to American Student Assistance (ASA), the Massachusetts loan guarantor. ASA is the oldest Federal Family Education Loan Program (FFELP) guaranty agency in the country. They are a non-profit organization funded by the U.S. Department of Education. ASA delivers quality default prevention, guarantee, origination, and fund delivery services to students, parents, schools, and lenders nationwide. ASA’s unique, pro-active Wellness programs help students and their parents manage higher education debt successfully.
For new borrowers, ASA will prepare an electronic Master Promissory Note (MPN) and send you a letter explaining their electronic signature process as well as the process for selecting a lender. This MPN is valid for ten years. Returning students do not need to E-sign unless they are selecting a new lender. Since Boston College participates in the FFELP Stafford Loan program, each student must select their own lender and is free to choose any lender that participates in the FFELP process. The basic terms of the loans (maximum interest rate, mandatory fees, deferment options) are set by the federalgovernment. However, many lenders offer additional benefits to borrowers. The Boston College Financial Aid staff encourage you to compare the loan benefits offered by different lenders so that an informed choice can be made.
To make the selection process easier, Boston College has selected a group of lenders for our Preferred Lender List. If you select a lender from this list, you can be assured that you will receive outstanding borrower benefits and customer service. For additional information on the selection process, please visit the Preferred Lender Selection Process webpage located at http://www.bc.edu/stafford to select a lender. You may select a lender from this list, or any lender you choose.
Once you have determined which lender you’d like to use, click on the ASA link. Once you have logged into the ASADirect system, and followed their step-by-step instructions for setting up a username and password, you will be asked to select a lender from a drop-down menu. If the lender you want is not on this list, you have the ability to select any other participating lender from ASA’s lender list. Once you have made your choice, authenticated your identity with your FAFSA pin, and “signed” your MPN, ASA will process your loan and notify Boston College when the loan is ready to be disbursed. Additionally, all new borrowers must complete Entrance Counseling, which is available online or through your Agora Portal at portal.bc.edu. This involves reading information and answering questions about rights and responsibilities of borrowing a Stafford loan. This is a federal requirement which must be fulfilled before your loan can be disbursed.
Please note that you may also choose a non-ASA lender. To do so, you must contact that lender directly and have them forward a Master Promissory Note directly to Boston College. Prior borrowers (students who have previously borrowed a Stafford loan while enrolled at Boston College) will have their prior lender assigned automatically. If you wish to select a new lender, you may do so by contacting the Student Services Office directly.
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 Stafford 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.
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 http://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.
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.
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 http://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.
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. Academic year office hours are:
Mondays, Tuesdays, Thursdays, Fridays:
Walk-In Service: 9:00 a.m. to 5:00 p.m.
Phone Service: 9:00 a.m. to 4:45 p.m.
Wednesdays (until April 29 and excluding March 4 and April 8):
Walk-In Service: 9:00 a.m. to 7:00 p.m.
Phone Service: 9:00 a.m. to 3:45 p.m.
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. Students with a BC password can also check their status through their Agora Portal at portal.bc.edu.
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 http://www.bc.edu/gradaid and send the necessary documentation to the Boston College Financial Aid Processing Center in a timely manner.