Greetings from the Financial Aid Office at Boston College Law School. What follows is some information and a checklist for federal student loan borrowers. A webinar to discuss this memo will be scheduled soon.
At the website https://studentloans.gov:
___ Sign Master Promissory Note for Direct Federal Unsubsidized Loan
___ Complete online Entrance Counseling
If you are applying for the Grad PLUS loan:
___ Sign the Master Promissory Note for the Direct Graduate PLUS Loan
___ Sign the Entrance Counseling for the Direct Graduate PLUS Loan
At the Boston College Agora Portal:
___ Complete Title IV Funds Authorization via the My Bill in the Agora Portal
___ Sign up for Direct Deposit to your checking account via the Agora Portal
APPLY FOR LOANS
Law students may be eligible for the Direct Federal Unsubsidized Loan. Admitted students who submitted the 2020-2021 Free Application for Federal Student Aid (FAFSA) have already been awarded the $20,500 Direct Federal Unsubsidized Loan by the school. This loan as well as any BC Law scholarship should appear in the Agora Portal.
If funds in addition to the $20,500 Direct Federal Unsubsidized Loan are needed, students may borrow a Grad PLUS Loan or a private loan to cover not only tuition and fees, but living expenses as well. Information on both loans is available on our website www.bc.edu/gradaid, go to Taking Action. Your eligibility for additional funds equals the 2020-2021 BC Law total Cost of Attendance of $81,753 minus aid already awarded (including law school scholarship and the Direct Federal Unsubsidized Loan). Apply for the Grad PLUS Loan for the entire academic year by selecting the August 2020-May 2021 loan period from the drop-down menu. Many students choose a Grad PLUS loan in order to have their loans with one lender.
Master Promissory Notes (MPN) for both the Direct Federal Unsubsidized Loan and the Grad PLUS Loan are signed electronically at the website. Once the MPNs are signed, they will be in effect for all three years of law school. The required online Entrance Counseling must be completed before any loans can disburse. The https://studentloans.gov website is the place to apply for a Grad PLUS Loan, sign MPNs for both the Direct Federal Unsubsidized Loan and the Grad PLUS Loan, and complete the Entrance Counseling.
Fall semester charges are applied to students' accounts in mid-June and the bill settlement deadline is August 10. A student's fall bill is considered settled by Student Accounts if there is enough pending aid on the student account to pay the bill in full. Approved student loans can be used to settle a bill in advance of the loan funds actually disbursing to the school. By the August 10 payment deadline, Student Accounts will need to see a combination of payments, approved student loans, scholarships, grants and/or enrollment in a payment plan. The total of the above must be at least enough to cover the charges that appear on your fall bill.
TITLE IV FUNDS AUTHORIZATION
It is important for students receiving federal student loans to submit this authorization form to the school via the Agora Portal. This authorization allows the school to apply student loans to charges like health insurance and parking permit fees. In the Portal, under Student Financial Services, click on the link "Allowable Charges" and complete and submit the authorization.
Students paying all or a portion of the tuition bill out of pocket instead of with financial aid proceeds, may choose to sign up for a payment plan. Details about the payment plan can be found here:
International students can make payments via international wire transfer with the Flywire service. Click on the link below and then click the link that says "Wire Transfer" for more information.
REFUNDS—GETTING YOUR MONEY FOR LIVING EXPENSES
Student loan proceeds will be available starting on Wednesday, September 2, 2020. All student loans will be divided so that half will be disbursed each semester directly to Boston College and credited to students' bills. Students receiving loans in excess of what is needed to pay tuition and fees can submit a refund request via the Agora Portal and the school will directly deposit excess loan funds to personal bank accounts.
Each semester, loan funds will start to disburse to the school during the week prior to the start of classes and refund requests can be submitted as soon as loan funds have disbursed. The school is not permitted to issue refunds to students until classes actually begin each semester so spring refunds will not be available until the week of January 13, 2021.
In the Agora Portal, click on the link that says "My Bill" to sign up for direct deposit and click on the link that says "Request Student Account Refund" to submit a refund request in the week before classes begin. Be mindful that during each semester of law school, refunds will not be issued until after classes begin.
DEFERMENT OF PRIOR LOANS
Once classes begin at Boston College Law School, in-school deferments are available for prior federal student loans. Boston College participates in the National Student Loan Clearinghouse which electronically transmits the enrollment status of current law students to a national database. Servicers can then review borrowers' status and put loans in deferment.
For questions, please contact the Financial Aid Office at 617-552-4243 or email@example.com.
We look forward to your enrollment at Boston College Law School.
Boston College Law School
885 Centre Street | Newton, MA, 02459 | T: 617-552-4351