1. Melissa Metcalf Associate Director, Undergraduate Financial Aid

2. 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

3. Applying for Financial Aid
Free Application for Federal Student Aid (FAFSA)
CSS PROFILE
2016 federal taxes complete with all schedules and W2’s

4. 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

5. 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

6. 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

7. 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

8. Financial Aid Formula - Expected Family Contribution (EFC)
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need/Eligibility

9. 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

10. 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 (

11. Options for Paying the Balance Due
Past Income
Savings
Other Assets
Present Income
Salary
Payment Plans
Future Income
Parent Loans
Student Loans

12. 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

13. 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?

14. 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

15. Financing Higher Education
General Information
Long-Term Financing (BC website)
Select Preferred Lender List

16. 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!

17. Office of Student Services
Questions?
For additional inquiries or individual assistance, please visit our office:
Office of Student Services
Lyons Hall