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Quality private higher education is a worthwhile but expensive investment, and families of all income levels have concerns and questions about their ability to afford its cost. We understand these concerns and have designated this booklet to help you understand your financial aid award.
Understanding Your Budget
The total cost of a Boston College education includes fixed and estimated expenses. Fixed expenses for resident students include tuition, fees, room and board. Also included in the budget are allowances for books and supplies, as well as personal and travel expenses. Students are billed by Boston College for fixed expenses minus any scholarships, grants, and loans awarded. Your cost of attendance for the 2008-2009 academic year is estimated on your award letter. However, note that student budgets can vary, depending upon on- or off-campus residency. You must notify the Office of Student Services in writing if your housing status changes.
Scholarships, grants, and loans are credited directly to the student account. If these funds exceed the fixed expenses on the student’s bill, the credit may be withdrawn to pay for other estimated educational expenses. However, this credit is not available until the student has completed all the necessary application materials and the funds have been received by the appropriate sources and credited to the student’s account. Typically, the earliest a credit balance may be refunded to a student is after the drop/add period has ended at the beginning of each semester. Therefore, students should arrive on campus prepared to pay for their books, supplies, rent (if living off campus), and other costs that they will incur early in the semester.
Resident Student Budget
(financial aid cannot exceed cost of attendance)
The approximate total cost for an incoming resident student is $51,750. This figure consists of an average billed cost (without financial assistance) of $49,985 for tuition, fees, room, and board. The remaining $1,765 is an estimate of expenses for books, transportation, and miscellaneous costs. The approximate total cost for a returning resident student is $52,300, which reflects the average cost of upper class residence hall charges.
Commuter Student Budget
(financial aid cannot exceed cost of attendance)
The approximate total cost for a an incoming commuter student is $41,300. This figure consists of an average billed cost (without financial assistance) of $37,550 for tuition and fees. The remaining $3,750 is an allowance toward books, meals, transportation, and an estimated cost for room and board at home. The approximate total cost for a returning commuter student is $41,300.
Off-Campus Student Budget
(financial aid cannot exceed cost of attendance)
The approximate total cost for a student living off campus is $46,900. This figure consists of an average billed cost (without financial assistance) of $37,550 for tuition and fees. The remaining $9,350 is an allowance toward books, meals, transportation, and an estimated cost for room and board off campus.
How Your Award is Determined
All financial aid awarded by Student Services at Boston College is need-based. Need-based aid assumes that the parents and the student are responsible for the cost of education to the extent of their ability and that financial aid will be used to supplement the effort of the family. It also assumes that need can be calculated with uniformity and equity.
Financial need is the difference between the estimated cost of attendance and the family’s ability to contribute toward education.
There are two aid formulas used at Boston College to determine eligibility. The first, the Federal Methodology, is used to determine a student’s eligibility for all federal aid, including Stafford Loans, and most state aid. A family’s eligibility is determined from the data provided on the Free Application for Federal Student Aid (FAFSA).
Boston College and many similar universities use a second formula, the Institutional Methodology, to determine a family’s eligibility for university aid. The institutional need analysis formula more accurately and more equitably determines a family’s financial strength from family income and assets. Boston College is committed to providing funds to meet the full demonstrated institutional need of every student applying for financial aid on time. Your eligibility for institutional need-based financial aid requires that you be fully eligible for all federal and state aid. We determine your eligibility for institutional funds after your eligibility for federal and state aid has been determined.
Boston College’s need analysis is based on the principles of equity— those with the same financial strength are expected to contribute the same amount from income and assets. As financial strength varies, the expected contribution varies, with the contribution increasing as financial strength becomes greater. The principles of equity also require that income and assets be defined in the same way for everyone and all allowances be nondiscretionary in nature.
Understanding Need Analysis
The following considerations are central to the Boston College need analysis formula:
Family Size
In general, this is the number of family members living in the same household or attending college.
Siblings in Undergraduate College
For families with multiple children in undergraduate college at the same time, the parent contribution is adjusted to account for the number of siblings enrolled and the cost of the sibling(s)' institution(s). Graduate students are independent by federal definition, and therefore, are not considered in the institutional analysis.
NOTE: If you have reported siblings enrolled in college, that informa- tion will be verified during the fall semester. Any changes to information previously indicated could result in a change in your award.
Parent Income
For federal aid, income is the amount of the adjusted gross income, plus any nontaxable income. For institutional aid, income is a reflection of a family's cash flow. How a family spends its money is not a consideration, only the amount available for spending. Certain IRS allowances, such as depreciation, and some losses and business deductions, are not allowed in this calculation. Once income is established, certain nondiscretionary expenses are deducted, such as tax liabilities, etc.
Parent Assets
Because assets contribute to a family's financial strength, they, along with income, play a part in determining the parent contribution. Assets considered in the analysis include: real estate equity including the home, savings, investments, business/farm net value, trusts, etc. Consumer debt (e.g., credit card debt) is not considered. A comparison of assets reported versus dividend and interest income received will be made and figures adjusted if necessary.
Divorce/Separation
While divorce or separation may affect the extent to which one or both parents can contribute, it does not absolve either parent of this obligation.
Student Contribution
Each student aid recipient is expected to contribute toward his or her educational expenses from summer earnings and from other assets. If students cannot earn the amount expected, additional loan or work study eligibility may be available. If students have assets of their own, they will be considered when determining the student contribution.
Award Adjustments
Applications not complete at the time of the initial review will receive a conditional award. The award will be verified upon receipt of all necessary documents. If the verification process results in a change in eligibility for need-based financial aid, a revised financial aid award will be available to the student through their Agora services account. Families may access information regarding required application materials at any time. Students are also notified on a regular basis through e-mail and/or postcards to inform them if there are missing application materials.
For incoming students receiving need-based financial aid, final confirmation materials will be mailed in May after they have submitted their admissions deposit. Upon receipt of these final confirmation materials, the student will be notified to confirm that his/her financial aid has been verified. Changes to the financial aid based on these confirmation materials are only made if the family provides information that is different from what was previously reported.
Other adjustments may be necessary based on additional documentation received throughout the year, such as notification of outside scholarships or other resources.
Financial aid awards for future years will be based on the application materials for that year. In general, the family contribution will not change dramatically unless there is a change in income, family size, number of children enrolled in undergraduate education, assets, or other application figures used in the analysis of a family's financial strength.
Your Right to Appeal
If errors are made in the annual financial aid application, the calculation of the financial aid award, or if the family's circumstances change, financial aid awards may be reviewed for reconsideration. However, adjustments cannot be made which would require exceptions to the standard principles and practices used for all families. Appeals cannot be considered based on merit awards from other colleges, the difference between the federal formula used for determining federal aid and Boston College's formula used for determining institutional aid, or other standards outside Student Services' general policies.
The Financial Aid Appeal Form, along with information explaining the appeal process, can be found at http://www.bc.edu/studentservices/, under FORMS. Incoming students should note that filing a financial aid appeal does not extend the admission deposit deadline.
Financial Aid Programs
The following information describes various financial aid programs that may be listed in the financial aid award. The terms scholarships and grants are used interchangeably throughout the following information. Eligibility for all financial aid is determined annually based on appropriate application materials. Students must be making satisfactory academic progress and file a financial aid application on-time to be considered for all sources of funding. Students will automatically be considered for all sources of financial aid, including institutional, federal, and state funds. Due to the variety of sources and limited funding levels, merit may be used as an additional consideration in determining the source of a student's need-based financial aid.
To ensure proper processing of all financial aid, be sure to follow the instructions described for each program. Note that any portion of the total grant/scholarship that exceeds the cost of the student's tuition, fees, books, and supplies is considered taxable income.
Grants and Scholarships
Boston College Scholarships/Grants
Eligibility for Boston College grant and scholarship funds is determined based on the student's demonstrated need. Funding for these institutional scholarships comes from a variety of sources, including over 500 named scholarships.
Federal and State Grants
Federal and state grants are part of the scholarship portion of the overall financial aid award. As such, funding from these sources is determined by Student Services and replaces institutional scholarship funding. Changes in grant levels from federal or state agencies will result in a dollar for dollar change in the Boston College scholarship. In addition to the application priority deadlines established by Boston College, students must also meet the deadline established by their state's grant program. These deadlines are available at http://www.fafsa.ed.gov/.
Estimates of federal and state grants are included in the initial award based on data submitted on the CSS Profile, FAFSA, and other application materials. Student Services is responsible for verifying all application information and reporting the corrected information to federal and state agencies. If any changes are made during our verification process, a revised financial aid award letter will be available through Agora. Federal and state grant funds will credit to the student's account once verification has been complete and funding has been received. Because these programs operate on different schedules, not all federal and state grants will credit to the student account at the same time.
Federal and state grant programs include:
Federal Academic Competitiveness Grant
A federal grant program awarded to students with exceptional financial need and demonstrated completion of an academically rigorous program. Students must also be U.S. citizens.
Federal Pell Grant
A federal grant program awarded to students with exceptional financial need.
Federal National SMART Grant
A federal grant program awarded to students with exceptional financial need and showing academic success in certain defined majors. Students must also be U.S. citizens.
Federal Supplemental Educational Opportunity Grant (SEOG)
A federal grant program awarded to students with exceptional need, with preference to students receiving federal Pell Grants.
MASS Grant
A Massachusetts grant program awarded to students with exceptional financial need.
Gilbert Grant
A Massachusetts grant program awarded to students with financial need.
Other State Scholarships
Several other states have reciprocal agreements with Massachusetts allowing the grants from those states to be used at Boston College. Because of the differences in the programs between states, Student Services is often not able to make estimates of state grant funds awarded by other states. Therefore, students should send copies of their state grant award notifications to Boston College so that Student Services may provide an adjusted award letter well in advance of the fall semester. If Student Services does not receive notification from the student, the adjustment will be made once the state notifies the office of the student's state grant eligibility, usually during the fall semester.
Outside Scholarships
Outside scholarships, which are outside the control of Student Services at Boston College, include any scholarships/grants awarded to help cover the costs of higher education. Most notably, these include awards from community and fraternal organizations, high schools, and other nonprofit agencies. It is the student's responsibility to notify Student Services in writing of any outside awards. These awards will be incorporated into the financial aid award. Be sure to review the financial aid award letter to ensure that all outside aid is represented. If there are any discrepancies, provide Student Services a complete list of outside scholarships awarded to ensure your records are accurate. Providing copies of the scholarship notifications from the awarding organization will allow Student Services to defer payment of that portion of the student account until the funding is received.
While every student's financial aid may be affected differently by outside scholarships, Boston College works to provide the student with as much benefit as possible for these outside awards. To achieve this, outside scholarships are primarily used to replace federal Work Study eligibility and to reduce the student's loan level to a minimum of $3,500 for incoming students, $4,500 for sophomores, and $5,500 for juniors and seniors. Federal regulations require that outside scholarships be included as a resource to meet a family's financial need, and thus outside scholarships cannot be used to replace the family's contribution if other need-based financial aid has been awarded.
Student Employment Opportunities
There are two types of student employment opportunities available to Boston College students: federal Work Study and campus employment. Federal Work Study is a federally subsidized employment program awarded to students with demonstrated financial need and federal eligibility. It provides students with job opportunities to help them meet college expenses. These opportunities may be on or off campus, including community service positions, as well as Reading Tutor positions through America Reads. The amount indicated on the award letter is the maximum eligibility level, not a guarantee. Actual earnings depend on the hours worked and the pay rate of the position as determined by the University. Awards are typically between $2,200 to $2,400 and are based on students working approximately 8-10 hours per week. This amount is never deducted from the bill and must be earned.
Students who do not qualify for federal Work Study or who do not apply for financial aid can work under the campus employment program. Campus employment is a separate option allowing students to hold part-time jobs on campus to help them meet college/living expenses.
Students in either program may work no more than 20 hours per week while school is in session. During the semester break, spring break, and the summer, students may work up to 40 hours per week if the job and funding permit. Federal Work Study recipients receive first consideration for available campus positions. A federal Work Study award does not guarantee students an on-campus position.
For information about available jobs, view our website at http://www.bc.edu/studentemployment/. All on- and off-campus job opportunities are posted on the web in late August. In addition, Boston College has partnered with CollegeHelpers.com which makes off-campus job listings available to enrolled Boston College students.Student Loans
Boston College is committed to keeping student indebtedness within reasonable limits. For this reason, your financial aid award may reflect a loan amount which is less than the maximum amount allowable by federal and state regulations. We encourage you to maintain a borrowing program within the recommended amounts so as not to overburden yourself with debt repayment upon graduation. If, at any time, you feel that you will need to borrow additional loan funds, we encourage you to make an appointment with your Financial Aid Associate to discuss loan options that are available to both you and your parents. Our goal is to assist you in taking advantage of the most beneficial loan programs based on your particular situation.
All loans require you to complete paperwork, which typically includes a promissory note and loan counseling. No funds can be credited to your student account until the required paperwork has been completed. Failure to complete the required paperwork during a stated period will result in cancellation of the award. During the initial awarding process, eligibility is estimated. The entire financial aid acceptance and verification process must be complete before any loan can be processed and disbursed onto the student's account.
Refer to the information below regarding general information and procedures for the loan(s) which have been included in your financial aid award.
Federal Stafford Loan (subsidized and unsubsidized)
The federal Stafford Loan program allows an undergraduate to borrow up to $3,500 in the freshman year, $4,500 in the sophomore year, and $5,500 in the junior and senior years towards his/her education. The interest rate is fixed at 6.8%. The subsidized Stafford Loan program is a need-based program that allows students to defer both principal and interest while enrolled at least half-time in a degree program. Repayment of principal and interest begins six months after the student ceases to be enrolled at least half-time or graduates. Repayment may be spread over 10 years and may be deferred or canceled under certain conditions. The unsubsidized Stafford Loan program is similar to the subsidized loan program except it is available to students with limited or no need, or those whose need has been fully met from other resources. Students awarded an unsubsidized Stafford Loan are responsible for all interest payments while in school and during the grace and repayment periods.
For new borrowers, the student must complete a federal Stafford Loan Master Promissory Note (MPN) and entrance loan counseling. Entrance counseling can be done on-line at http://www.bc.edu/studentservices/. Boston College works with American Student Assistance (ASA), a loan guarantee agency, to process loans electronically. ASA will mail instructions to first-time borrowers attending Boston College on how to complete their MPN online. E-signature is available to students using this process for their MPN. This MPN is valid for up to 10 years and will be used for all of the student's undergraduate borrowing at BC. For returning borrowers, BC Financial Services will certify the student's eligibility with ASA electronically each year. There is no need to complete a new MPN unless you have changed lenders.
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 federal government. 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. Please visit our website at http://www.bc.edu/stafford/ for more information on this process.
Stafford Loan funds do not credit to the student's account until the electronic funds transfer or a check is received. Federal regulations require all lending institutions to disburse federal Stafford Loan proceeds evenly in two installments, one in the fall semester and one in the spring semester. An origination/guarantee fee of up to 4% will be deducted from the loan proceeds by the lender each year. Student Services will defer payment of the net amount of the expected Stafford funds provided the loan has been 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 $6,000 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.
Nursing Loan
This loan is a federally subsidized loan program awarded to nursing students demonstrating financial need. The terms are similar to the federal Perkins Loan. Repayment of principal and interest (fixed at 5%) begins nine months after you cease to be enrolled at least half-time or graduate. Repayment may be spread over 10 years.
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 Nursing Loan 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.
Massachusetts No Interest Loan
This loan is awarded to residents of Massachusetts who meet the eligibility requirements, with preference given to the students with exceptional need. This loan is interest-free for the life of the loan. Repayment of principal begins six months after the student ceases to be enrolled full-time or graduates.
If you were awarded a Massachusetts No Interest Loan, a promissory note must be signed and entrance counseling completed. This paperwork will be sent to your on-campus or local address once classes have begun.
For More Information
Further information regarding financial aid at Boston College and links to other useful websites are available on the Student Services website at http://www.bc.edu/studentservices/.
There are many alternative loan programs available for consideration. Parents of incoming students should refer to our website at http://www.bc.edu/paymentoptions/. If you have any questions concerning these options, contact Student Services by calling 617-552-3300 or 1-800-294-0294.
Correspondence regarding financial aid should be directed to Boston College Financial Aid Processing Center at P.O. Box 489, Randolph, MA 02368. Be sure to include the student's eagle ID number on all correspondence. Student Services office hours are generally 9:00 a.m. to 4:30 p.m. Monday through Friday. Details regarding extended or altered hours can be found on the Student Services website. You may check the status of your application using the automated forms information service which is available seven days a week from 8:00 a.m. to 11:00 p.m.
Note: All information contained in this brochure is subject to change and final regulation by the Department of Education, the particular lending institution, or Boston College.
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