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Melissa Metcalf Associate Director, Undergraduate Financial Aid
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Boston College Student Services
Lyons Hall Application materials should be mailed to: Boston College Financial Aid Processing Center P.O. Box 67486 Chestnut Hill, MA 02467
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Applying for Financial Aid
Free Application for Federal Student Aid (FAFSA) CSS PROFILE 2016 federal taxes complete with all schedules and W2’s
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Timeline February: review awards (if you do not have one already, apply ASAP) May 1: deposit deadline, Validation form mailed/due, payment plan sign-up June: first e-bill for fall semester August: fall semester bill due November: spring e-bill sent December: spring semester bill due, BC App mailed
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Need-based Financial Aid
Assumes that parent and student are primarily responsible for paying/financing college costs Measure of what a family is expected to contribute toward a student’s education for one year. Family’s ability to pay is determined through standard methodologies
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Boston College’s Commitment
Boston College is committed to meeting 100% of the demonstrated financial need for undergraduate students through a combination of grants, loans, and work opportunities. Over $100 million in institutional, federal, and state scholarships and grants awarded to Boston College undergraduate students in
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Vocabulary Cost of Attendance (COA): includes tuition, room, board, fees, books, supplies, transportation, personal expenses Expected Family Contribution (EFC): measure of what a family is expected to contribute over one year Financial Need (eligibility): difference between COA and EFC
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Financial Aid Formula - Expected Family Contribution (EFC)
Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need/Eligibility
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Example Financial Aid Award
COA: $70,000 - EFC: $25,000 = Need: $45,000 Grant/Scholarship $39,100 Direct Loan* $3,500 Work-study $2,400 Total aid: $45,000 *Formerly known as the Stafford Loan
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Outside Aid Where do they come from?
How do college financial aid offices treat them? Are they worth the work? Where to look for scholarships: High school guidance office Libraries Employers Civic organizations National scholarship search (
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Options for Paying the Balance Due
Past Income Savings Other Assets Present Income Salary Payment Plans Future Income Parent Loans Student Loans
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Combination Payment Examples
Example: $6,000 balance due Payment plan = $600/month for 10 months Parent Loan (fixed int. rate)* = $69.67/month for 10 years Customized combination plan $150/month for 10 months ($1500 monthly payment plan) $52.25/month for 10 years ($4500 parent loan, with fee)* *based on 7.00% fixed interest rate and 4% fees
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Factors to Consider When Choosing a Loan
Is the loan a federal or private alternative loan? What is the interest rate? Is the interest rate fixed or variable? Who is the primary borrower (student or parent)? When does the loan repayment begin? How much will the monthly payment be? How many years will you be making payments?
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Direct Lending Borrowing your Stafford/PLUS Loans:
The U.S. Department of Education’s student aid homepage The U.S. Department of Education’s Direct Loan homepage The U.S. Department of Education’s portal for Direct Loan borrowers : FAFSA ID
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Financing Higher Education
General Information Long-Term Financing (BC website) Select Preferred Lender List
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Tips Put Eagle or Social Security #’s on everything you send
Pay attention to deadlines Keep copies of what you send “Guess-timate” Think about how you will pay your share for all 4 years Ask questions!
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Office of Student Services
Questions? For additional inquiries or individual assistance, please visit our office: Office of Student Services Lyons Hall
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