FINANCIAL AID Melissa Metcalf Associate Director Undergraduate Financial

FINANCIAL AID Melissa Metcalf Associate Director, Undergraduate Financial Aid

Boston College Student Services Lyons Hall www. bc. edu/studentservices www. bc. edu/finaidapp 800 -294 -0294 Application materials should be mailed to: Boston College Financial Aid Processing Center P. O. Box 67486 Chestnut Hill, MA 02467

Applying for Financial Aid Free Application for Federal Student Aid (FAFSA) CSS PROFILE q www. fafsa. ed. gov www. collegeboard. com 2016 federal taxes complete with all schedules and W 2’s

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

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

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 2017 -2018.

Vocabulary q q q 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

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

Example Financial Aid Award COA: $70, 000 - EFC: $25, 000 = Need: $45, 000 Grant/Scholarship Direct Loan* Work-study $39, 100 $3, 500 $2, 400 Total aid: $45, 000 *Formerly known as the Stafford Loan

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 (www. fastweb. com)

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

Combination Payment Examples Example: $6, 000 balance due 1. Payment plan = $600/month for 10 months 2. Parent Loan (fixed int. rate)* = $69. 67/month for 10 years 3. Customized combination plan 1. 2. $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

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?

Direct Lending Borrowing your Stafford/PLUS Loans: www. studentaid. gov: The U. S. Department of Education’s student aid homepage www. direct. ed. gov: The U. S. Department of Education’s Direct Loan homepage www. studentloans. gov: The U. S. Department of Education’s portal for Direct Loan borrowers https: //fsaid. ed. gov/npas/index. htm- : FAFSA ID

Financing Higher Education General Information www. bc. edu/undergradaid www. studentaid. gov www. collegeboard. com www. bc. edu/dl Long-Term Financing (BC website) www. bc. edu/paymentoptions www. bc. edu/PLUS www. bc. edu/altloans Select Preferred Lender List

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!

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