Applying for Aid
Before beginning the financial aid process, you'll want to review the following requirements for your eligibility. Below is a list of criteria you must meet in order to be eligible for different types of Federal financial aid.
- You must have been accepted to a degree-seeking program
- You are enrolled at least half-time per semester as defined by the Office of Student Services (half-time is generally 6 credits)
- You must not be in default on a Federal Stafford or Perkins Loan or need to pay a Federal grant overpayment
- You are a U.S. citizen or permanent resident
- International students are not eligible for Federal financial aid.
In order to be considered for need-based financial aid, you must complete and submit your FAFSA. The information you report on the FAFSA is used to calculate your Expected Family Contribution (EFC), which is a federal methodology of your family income and assets. The EFC is a calculation used to determine your eligibility for Federal student aid—it is not the amount you are actually expected to pay.
We recommend having the following available when completing your FAFSA:
- Social Security number
- W-2 forms and other records of earnings
- The BC College code: 002128
- Your Federal Income Tax Return (and that of your spouse, if you are married)
- Any foreign tax return
- Untaxed income records—Social Security, Temporary Assistance to Needy Families, welfare, or veteran's benefits records, etc.
- Bank statements
- Investment information
- Permanent resident card, if you are not a U.S. citizen
The FAFSA must be signed electronically using a U.S. Department of Education Federal Student Aid ID (FSA ID). If you do not already have an FSA ID, you can apply for one here. Be sure to maintian a copy of the FSA ID for your records. You will need to use it to make changes to your FAFSA, or to file again in future years.
Once you have submitted your FAFSA for the appropriate year, it will take a few days to process. You should receive an e-mail directing you to your Student Aid Report (SAR). This is the summary of the FAFSA you should keep for your records. Some students may be chosen for verification of the information they submitted on the FAFSA. If you are chosen for verification, please review your SAR to see if any additional information is requested.
You will need to complete the Boston College Graduate and Law Students Supplemental Information for Financial Aid form if you:
- Will be enrolled for more than 6 credits per semester
- Wish to apply for Summer loans, including Direct Unsubsidized loan, the GradPlus loan, or any alternative loans
- Wish to be considered for summer or academic year work-study
- Will be enrolled in a dual degree program at BC
2018–2019 Academic Year
IRS Data Retrival Tool
The IRS Data Retrieval Tool (IRS DRT) allows students to electronically transfer their IRS tax return information into the FAFSA. The IRS DRT, if successfully matched, is one method used to complete the FAFSA Verification process.
We strongly encourage you to use the IRS Data Retrieval Tool during the initial filing of your FAFSA. Students must actively choose to utilize the IRS DRT by clicking “Link to IRS” on the FAFSA. If they choose to do so, they will be transferred to the Internal Revenue Service web site. There, the FAFSA Central Processing System (CPS) will conduct a data match with the IRS. In order to enhance the security and privacy of personal data transferred into the FAFSA from the IRS, the 2018–2019 IRS DRT will encrypt the student transferred tax data and hide it from view on both the IRS DRT website and on the FAFSA web pages. The words “Transferred from the IRS” will display in the data entry fields throughout the FAFSA form and on the Student Aid Report (SAR).
Eligibility
You are eligible to use the IRS Data Retrieval Tool if you:
- Filed your 2016 federal tax return with the IRS.
- Have a valid social security number.
- Have a Federal Student Aid ID
You are not eligible to use the IRS Data Retrieval Tool if:
- Your marital status changed after December 31, 2016.
- You filed taxes married filing separately.
- You filed an amended tax return.
- You filed a foreign tax return.
- You filed a tax return using a Tax Number (TIN).
- The home address on the FAFSA does not match the address on the tax return.
IRS Tax Return Transcript
If your FAFSA is selected for Verification and you are not eligible or choose not to use the IRS Data Retrieval Tool on your FAFSA, the US Department of Education requires our office to collect a certified Tax Return Transcript processed by the IRS. Please make sure to request a Tax Return Transcript (DO NOT request a Tax Account Transcript, Record of Account Transcript, or Wage and Income Transcript).
Please note, students who are married but filing separately must submit two separate IRS Tax Return Transcripts. Transcripts are not required for those filing a foreign or Puerto Rican tax return.
Online Request for Tax Return Transcript
- Go to www.irs.gov/transcript.
- Select “Get Transcript Online” or “Get Transcript by Mail."
- You will need to create an account by providing your name, e-mail address, SSN, and answering some security questions. Please make sure you use the address currently on file with the IRS. Typically, this will be the address that was listed on the latest tax return filed.
- Select “Higher Education/Student Aid” as your reason for requesting the Tax Return Transcript, which will provide you with a free transcript.
- Select the tax year for your Tax Return Transcript (i.e., “2016” for Academic year 2018–2019).
Telephone Request for Tax Return Transcript
- Call the IRS at 1-800-908-9946 (7:00 a.m. to 10:00 p.m.).
- Tax filers must follow prompts to enter their Social Security Number and the numbers of their street address. Generally, these will be the numbers of the street address that was listed on the latest tax return filed. However, if an address change has been completed through the U.S. Postal Service, the IRS may have the updated address on file.
- Select "Option 2" to request an IRS Tax Return Transcript, and then enter tax year (i.e., “2016” for Academic year 2018–2019).
- If successfully validated, tax filers can expect to receive a paper IRS Tax Return Transcript at the address that was used in their telephone request within 5 to 10 days from the time the IRS receives the request. Note: The IRS cannot send IRS Tax Return Transcripts requested by telephone directly to a third party.
Paper Request for Tax Return Transcript
- Complete Form 4506-T (Request for Transcript of Tax Return).
- Mail or fax the completed IRS Form 4506-T to the appropriate address or fax number provided on page 2.
- You can expect your Tax Return Transcript to be mailed within 5 to 10 days from the IRS.
It is the student's responsibility to ensure that all required forms are received by the stated deadlines.
Preferred Filing Dates
| Form | Incoming Graduates (February 1 or Earlier Admission Deadlines) |
Continuing Graduates (Academic-Year Only Applicants) | Summer Federal Direct Loan and/or Summer Federal Work-Study Applicants* |
|---|---|---|---|
| Free Application for Federal Student Aid (FAFSA) submitted electronically or paper FAFSA (pdf) | February 5, 2019 | March 1, 2019 | February 5, 2019 |
*Incoming graduate students admitted for the academic year are not eligible for Summer Federal Work-Study.
Late Applicants
In order to be considered for Federal financial aid, your processed FAFSA must be received by BC before the end of the enrollment period. Application materials that are received after the following dates cannot be processed and federal financial aid cannot be received.
| Enrollment | Application Deadline |
|---|---|
| Summer only | June 18, 2019 |
| Summer and Fall only | November 5, 2019 |
| Academic year only (Fall and Spring) | April 8, 2020 |
Consequences of Applying Late
- Aid will not arrive in time to pay bill or receive refund
- Aid may not arrive in time to pay for books and/or living expenses
- Incomplete applications will delay process
Federal Graduate Unsubsidized Direct Loan
- Interest rate is 6.08% fixed during repayment as of July 1, 2019.
- Origination fee will decrease to 1.062% for loans disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019.
- Interest accrues while the student is enrolled as well as during the grace and repayment periods.
- Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period.
- $20,500 maximum award per academic year.
Federal Graduate Direct PLUS Loan
- Apply for a Federal Graduate Direct PLUS through the U.S. Department of Education.
- Note: Do not apply for a Federal Graduate Direct PLUS loan until after July 1 if you are starting in the fall. The credit check for the Federal Graduate Direct PLUS loan is valid for 180 days and credit must still be valid when classes start for the semester. The credit decision for the Federal Graduate Direct PLUS loan typically takes about 24–48 hours. It is recommended that you submit your application approximately two weeks before the bill due date.
- Interest rate is 7.08% fixed during repayment for loans disbursed on or after July 1, 2019.
Interest starts accruing at the loan’s first disbursement.
Rates are annually reset by the federal government on July 1. - Origination fee will decrease to 4.248% for loans disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019.
- Eligibility is COA (cost of attendance) minus any aid received by the student.
The school will determine the amount you are eligible for upon certification of the loan. - A Free Application for Federal Student Aid (FAFSA) must be completed for the student before you apply for a Federal Direct PLUS loans.
- Students must complete an MPN (Master Promissory Note)
To complete an MPN online, you will be required to use your FSA ID.
Federal Nursing Loan
Due to very limited funding this loan is awarded to nursing students with exceptional financial need. 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 returned to Boston College.
Proceeds from all loans are sent to Boston College and credited to the student's account.
Federal financial aid for Boston College's summer sessions is limited. Federal Graduate Direct Loans (Unsubsidized and PLUS), Work-Study, and private educational loans are the only sources of funding available through the Office of Student Services for summer enrollment.
Federal Graduate Unsubsidized Direct Loan
Graduate students may be eligible to borrow a Federal Graduate Unsubsidized Direct loan for the summer term if the they did not borrow all of their annual loan limit during the prior academic year or will not be borrowing the annual loan limit for the coming academic year due to attendance for only one semester. In addition, students are eligible to borrow if the summer term is the student's final enrollment period. Students must also be enrolled at least half-time (six credit hours) over the course of both summer sessions to be eligible.
Federal Graduate Direct PLUS Loan
Graduate Students may apply for a Federal Graduate Direct PLUS loan to cover summer educational expenses. All graduate students wanting to be considered for a PLUS loan must first apply for Federal financial aid. The Office of Student Services will determine the student's eligibility for a Federal Graduate Unsubsidized Direct loan before the student applies for a Federal Graduate Direct PLUS loan.
At Boston College, students' awards are sent out electronically. Students will receive an e-mail at their BC e-mail address notifying them that their award is ready to view at www.bc.edu/myservices under "Financial Aid Award Notification." The Award Notification will list your award, Cost of Attendance, and name of your Financial Aid Counselor. By clicking on the name of the award, you can obtain a definition of that award.
- Incoming students will begin receiving award notifications at the beginning of April
- Returning students applying for summer aid will begin receiving award notifications mid-April
- Returning students applying for academic year aid (fall/spring) will begin receiving award notifications in June
At this point you should have submitted your FAFSA. Depending on the time of year, it may take some time to hear back from us. You can use this waiting period to begin to formulate your financial plan for attending BC. There are a variety of funding opportunities available that you can use in any combination that works best for your situation.
Boston College Institutional Funds
Assistantships, Fellowships, and Scholarships are awarded by the individual graduate schools. Please check your individual graduate school's website for information and deadlines to apply for these types of aid. In addition, there is assistanship information on the Graduate Student Life website.
Students are notified directly by their graduate school or department if they have received one of these awards. Recipients are encouraged to send a copy of their award letters or emails to the Office of Student Services. This will enable our office to calculate a more accurate financial aid award. Aid received from a graduate school will be estimated on the financial award based on the notification received from the student. Actual awards will be sent electronically from the departments later in the semester and be credited to your student account.
Adjustments to a student's Federal financial aid award could be made at any time after the start of the academic year, depending on when information is received from the department. These adjustments could necessitate the repayment of loan funds that have already been disbursed to the student.
Tuition Remission
Tuition remission is awarded to assist students in the pursuit of their degree. It requires no service (work) at Boston College, nor is it subject to federal or 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 could affect the amount of federal financial aid a student is eligible to receive. Recipients should refer to the letter sent to them by their academic department or graduate 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. Recipients should refer to the letter sent to them by their academic department or school for specific information about requirements.
Non-Service Stipend
This award is to aid students in pursuit of their degree, and it requires no 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 or state income tax withholding by Boston College, but recipients must declare them as taxable income in accordance with current federal tax law.
This type of stipend could affect the amount of federal financial aid you are eligible to receive during that period, because it is awarded to assist students with expenses while in school. Recipients should refer to the letter sent to them by their 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 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 on-campus positions. However, a Federal Work-Study award does not guarantee students an on-campus job. If a student works two jobs, whether on campus, off campus, and/or community service, both jobs will be paid with the Work-Study award.
For available positions, visit www.bc.edu/studentemployment.
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 between semesters and spring break, students may work up to 29 hours per week, if the job and funding permit.
In addition, Boston College has partnered with 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 www.bc.edu/studentemployment.
Private Loans
Private loans are from lenders (banks) that students can use for educational purposes. Some lenders may charge fees for their loans, while others may not. A loan with fees could be a good option, depending on the borrower benefits offered. We recommend that you call the lender directly or view their website before applying to ask about borrower benefits and terms, and to ask any other questions you have about their loan.
If you are considering applying for a private loan and not a Federal Graduate Direct loan, consider these facts:
- Currently, Federal Graduate Direct loans have a fixed rate, are not based on credit history, and require no fee to apply.
- There are benefits offered to borrowers of Federal Graduate Direct loans that are not offered to borrowers of private loans.
- Federal Graduate Direct loans require only a FAFSA and BC Graduate Financial Aid application to begin the process.
- Private loans are a good source of additional funding once you have exhausted Federal aid and other financial assistance for which you are eligible.
- Generally, private loans have a variable interest rate with no caps, are based on your credit history, and often have fees (which could be upfront, back-end, or part of the interest rate).
For more information on private loans, including application and disbursement, visit the Private Educational Loans tab on the Undergraduate Financial Aid web page.
Boston College Payment Plan
Graduate students who wish to enroll in the Boston College Payment Plan (BCPP) are required to make a minimum down payment of 25% of the semester charges due on September 11. A 3% participation fee will be assessed on the remaining balance. This deferred balance is then divided into three installments (due October 15, November 15, and December 15). Upon receipt of the BCPP application, the Office of Student Services will send participants a confirmation of enrollment and a payment schedule. Monthly billing statements may be viewed in "My Bill" in www.bc.edu/myservices.
Prior semester balances must be resolved before you may participate in this plan. If you fail to make payments as agreed upon under the BCPP program during a previous semester, you are not eligible to enroll in this plan for subsequent semesters and will be required to pay in full by the due date.
Graduate Students who anticipate a problem with paying their bill should contact the Office of Student Services.
Outside Aid
Aid from employers, 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 estimate of the award on your award notification 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 us if their 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 Fastweb.com for more information. In addition, the ASA College Planning Center, located in the Boston Public Library, maintains information on a number of outside resources. The center can be reached at (617) 536-0200 or toll free at (877) 332-4348.
Note: If you receive funds from an outside source, an adjustment may be made to your award package to ensure that the total of all resources is within your Cost of Attendance.
In order to calculate your estimated costs, you will need the following:
- Graduate Financial Planning Worksheet
- Your Financial Aid Award Notification on My Services
- Boston College Tuition and Fees
Complete the worksheet based on the figures from your award notification and the tuition and fees page. Please be aware that tuition and fees change each year—make sure your estimates are calculated based on the correct year's information.
At this point you should have received your award notification. Once you receive your bill, it should tell you the exact amount due for your first semester. Your award letter is not the same thing as your bill.
Please note the following:
- We do not mail paper bills—bills are sent electronically to your BC e-mail address.
- All charges are semester-specific and reflect current registration for that semester.
- Athough the bill is for one semester of charges, you should make a financial plan that accounts for the entire academic year.
- The aid reflected on your award notification is based on information you reported to Boston College and the Federal Government.
If either your current registration or what you reported is expected to change, please let us know so that we can provide more accurate information.
Assuming your registration is the same for the fall and spring semesters and that you will waive the health insurance, doubling your fall bill is a good way to get a second estimate of what you will need for the year. If you are taking summer classes don't forget to include them in your estimate as well.
All recipients of Stafford or PLUS loans are required by federal regulations to complete Entrance Counseling. You must complete the interview before Boston College will credit loan funds to your account. This online Entrance Counseling will provide you with information concerning your student loan, including your rights and responsibilities as a borrower, interest rates and other loan details, and who to contact if you have questions. Use your Federal Student Aid (FSA) ID to sign in to the website below to complete your inteview.
- Sign into the Direct Loan website using your FSA ID.
- Choose "Complete Loan Counseling (Entrance, Financial Awareness, Exit)".
- Click "START" nex to "Entrance Counseling (Required)".
- Select Boston College as your school and click "NOTIFY THIS SCHOOL".
- Indicate your student type (graduate).
- Follow the remaining prompts and instructions on each page.
- The system will display a "you have successfuly completed entrance Counseling" message and send you an e-mail when you have finished.
This process will take approximately 30–45 minutes and it is generally advisable to have your award letter and bill on hand for reference.
Recipients are also required to sign a Master Promissory Note (MPN) prior to the first disbursement of any Stafford or PLUS loans. Failure to sign the promissory note will result in cancelation of the loan. Please note that Stafford Loan MPNs are generally valid for up to 10 years and typically only need to be signed once. PLUS loans, however, must be signed for each year. To sign your MPN, please follow the instructions below.
- Sign into the Direct Loan website using your FSA ID.
- Choose "Complete Loan Agreement (Master Promissory Note)"
- Click "START" next to your loan program type. (Careful! Graduate students signing for their Graduate Unsubsidized Direct Stafford Loan still need to select "MPN for Subsidized/Unsubsidized Loans" from the list of Direct Loans.)
- Follow the onscreen instructions and prompts on each page
- Enter your name and click "SIGN & SUBMIT"
- You will know you have finished when you reach the "Confirmation" screen and receive a confirmation e-mail
This process will take approximately 15 minutes and you will need several pieces of information:
- The borrower's FSA ID (you can obtain an FSA ID on the Federal Student Aid website)
- The borrower's driver's license number
- The names, completed addresses, and phone numbers for two references living at two separate addresses. One should be a family member.
Once you know how much is needed for each semester and therefore the year, implement your plan. This may include taking the following actions:
- If needed, set up your payment plan
- Apply for your loan for the year
- Note: Do not apply for a Federal Graduate Direct PLUS loan until after July 1 if you are starting in the fall. The credit check for the Federal Graduate Direct PLUS loan is valid for 180 days and credit must still be valid when classes start for the semester. The credit decision for the Federal Graduate Direct PLUS loan typically takes about 24–48 hours. It is recommended that you submit your application approximately two weeks before the bill due date.
- Send us copies of your outside scholarship award letters each year
- Make a payment to your account
- Waive the health insurance if applicable