Financial Assistance

Financial aid decisions are generally made for the full academic year on the basis of financial need, academic performance, and the availability of funds for your program of study. A student must demonstrate financial need, which is the difference between a student's educational costs and the amount the student and his or her parents are expected to provide as determined by an evaluation of the family's financial information.

Eligibility for federal funds will be based on family financial information and formulas legislated by Congress. For the purpose of awarding University grant funds, standard institutional calculations will be applied to family financial information to determine need. These calculations have proven over the years to provide an equitable and reasonable assessment of a family's ability to contribute to educational expenses.

The Free Application for Federal Student Aid (FAFSA) must be completed to apply for all federal financial aid. However, to be considered for University grant funds, students must also submit the College Scholarship Service (CSS) Financial Aid PROFILE. Both forms should be completed at the same time and submitted to their respective processing agencies.

Freshman and Transfer Applications

Incoming freshmen and transfer students should indicate their interest in applying for financial aid on the appropriate line of their application for admission. They should also file the CSS/Financial Aid PROFILE and the Free Application for Federal Student Aid (FAFSA). Freshmen should file both forms no later than February 15. Transfer students should file both forms by April 1.

All freshmen and transfer students who accept University financial aid awards must submit complete copies of their own and their parents' U.S. Federal Income Tax Returns for the previous calendar year, if they were required to file. Parents who do not file and are not required to file a return must complete and submit an Income Verification Form and documentation of total income, including nontaxable income, before awards can be finalized and credited to their accounts. Students who report having other family members enrolled in college may be asked to provide enrollment verification for each family member in college. Students are encouraged to submit all application materials by the appropriate deadline to ensure consideration of the application. Visit the Office of Financial Assistance for more information.

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Enrolled Student Applications

Enrolled students must submit the CSS/Financial Aid PROFILE and the Free Application for Federal Student Aid (FAFSA). All enrolled students applying for financial aid must also submit complete copies of their own and their parents' U.S. Federal Income Tax Returns for the previous calendar year. Parents who do not file and are not required to file a return must complete and submit an Income Verification Form and documentation of total income, including nontaxable income. For deadlines and other information pertaining to the submission of tax and other documents, visit the Office of Financial Assistance or call 617-353-2965.

Enrolled students who have not previously received University financial aid are encouraged to apply if they need assistance with educational expenses. Although priority for available funds must be given to eligible renewal applicants, limited grant funds are available for eligible applicants who have not received aid in the past.

General Eligibility Criteria

To qualify for University-administered financial aid, a student must be enrolled or accepted for enrollment in a degree program at Boston University. Enrolled students must also meet University academic progress standards. University grant aid is not available to students who are pursuing a second bachelor's degree.

University scholarships and grants are available primarily for enrollment during the academic year and for study abroad programs offered by Boston University. Some types of financial aid cannot be transferred to Boston University study abroad programs, and grants may be reduced if study abroad program fees are less than regular Boston University tuition charges. If you meet other eligibility criteria, federal and state financial aid and credit-based loans may be used for other study abroad programs and for summer enrollment.

Federal regulations restrict all federal aid to citizens or permanent residents of the United States. The Office of Financial Assistance is unable to offer need-based University grant aid to international students. Therefore, Boston University requires international students applying for admission to present evidence of sufficient funds to cover all tuition, fees, books, and living expenses for their study at Boston University.

Financial aid application information and materials for enrolled students are available in December for the next academic year. For additional information on financial assistance, visit the Office of Financial Assistance or contact them at 881 Commonwealth Avenue, Boston, MA 02215; 617-353-2965; finaid@bu.edu.

Renewal of Financial Aid

To be eligible for renewal of any financial aid, a student must complete at least 12 credits each semester during the prior academic year. For renewal of a Boston University need-based scholarship or grant, a student must also achieve a grade point average (GPA) of 2.30 for the same period. To be eligible for federal and state funds, students must also meet the following GPA requirements: after completion of one academic year, a minimum GPA of 1.70; a fter completion of two years, a cumulative GPA of at least 2.00. Academic Competitiveness Grant and National SMART Grant recipients must also meet higher cumulative GPA and other requirements. Courses taken during Summer Term or at other institutions, Physical Development Program (PDP) courses, and courses not completed by June 1 of the previous academic year are not considered in these determinations. Boston University requires that students meet this same standard for all state and private (MEFA, Citizens Bank Undergraduate, etc.) loan certification.

Awards are usually offered for the full academic year, and academic progress is reviewed at the end of each academic year. Spring semester financial aid will be canceled, however, if a full-time student fails to earn at least a 1.00 grade point index (GPI) or fails to successfully complete at least 8 credits during the fall semester. Students who withdraw or take a leave of absence during the fall semester after the beginning of classes will not be eligible for financial aid until they have completed at least 12 credits with a minimum GPA of 2.30, unless extenuating circumstances are documented. Eligibility for federal funds is limited to six years of full-time undergraduate enrollment. Eligibility for University and state grant funds is limited to four years of undergraduate enrollment. The determination that a student has or has not maintained satisfactory academic progress as required for renewal of financial aid is made by the Office of Financial Assistance, not by the School or College. However, each individual School or College does determine the academic standing of a student for the purpose of continued enrollment in his or her program of study.

For more detailed information on Boston University policies and procedures concerning satisfactory academic progress, including those in regard to part-time and transfer students, the treatment of repeat, noncredit and audited courses, and procedures for appealing an aid denial decision, contact the Office of Financial Assistance, 881 Commonwealth Avenue, Boston, MA 02215; Office of Financial Assistance.

Students must rea pply for financial aid every year. The type and a mount of future aid will depend on a student's calculated need and available funds. Changes in family financial circumstances, such as income and the number of household members and the number of children in college, will affect financial need and eligibility for aid.

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Withdrawals, Leaves of Absence, and Adjustments

Students who withdraw or take a leave of absence before the first day of the semester are eligible to receive full credit for tuition and fees, excluding non-refundable deposits and the application fee. Students who officially withdraw or take a leave of absence on or after the first day of the semester will have their tuition charges adjusted based on the University's published tuition refund schedule. Notification of withdrawal and requests for a leave of absence should be made to the University Service Center (USC), 881 Commonwealth Avenue, Boston, MA 02215. For additional information and counseling, contact the Service Center at 617-358-1818.

Federal funds will be adjusted according to federal regulations, which stipulate that students who withdraw or take a leave of absence before 60 percent of the semester expires, will retain aid in proportion to the percentage of the semester for which they were enrolled. Boston University grants are reduced to equal the difference between the calculated need for the part of the semester for which they are enrolled, and the total remaining aid from all other sources. The family is expected to provide the full family contribution calculated for the semester since the family has the primary responsibility for paying educational costs.

Additional information is available online and from the Office of Financial Assistance.

Scholarships, Grants, and Loans

Following are brief descriptions of several financial aid programs. Additional information for entering students, including application procedures and eligibility requirements, is included in Investing in Your Education: A Guide to Scholarships, Grants, and Loans, which is mailed to all prospective students and is available at Apply.

Boston University Scholarships/Grants

A significant number of scholarships and grants are awarded to students each year based on demonstrated financial need and academic performance or both. For the 2006/2007 academic year, more than $157 million was committed to provide aid to undergraduate students. Despite this commitment, funds are not sufficient to award grant aid to every student who demonstrates need. Entering students with the strongest records receive award packages with the highest percentage of grant. Other students may be offered award packages with limited University grant. The University regrets that it is unable to offer any University grant to some admitted students with calculated need but less competitive academic records.

Boston University Trustee Scholarships are awarded to incoming students who demonstrate superior academic performance and potential. A Trustee Scholarship covers full tuition as well as fees required for the completion of the student's degree program. Trustee Scholars are selected from nominations made by high school principals and headmasters and the presidents of two-year colleges.

The Dr. Martin Luther King, Jr. Scholarship acknowledges those students who have embraced the memory and ideals of one of Boston University's most prominent alumni, Dr. Martin Luther King, Jr. (STH '55). The scholarship provides renewable full-tuition awards for academically gifted students with proven leadership abilities and a strong commitment to social justice and community involvement. These students will epitomize the importance of different cultures on Boston University's campus and will assist in promoting a warm, welcoming atmosphere for students from all backgrounds. Additional information regarding conditions, the application process, and criteria are available from the Office of Admissions and the Office of Financial Assistance.

University Scholarships, and Engineering Scholars Awards for College of Engineering students, are offered to students with the strongest academic records. The four-year, one-half-tuition scholarships reflect Boston University's commitment to excellence in academic achievement. Recipients are chosen by the Boston University Merit Award Selection Committee. Additional information is available from the Office of Admissions and the Office of Financial Assistance.

The Federal Pell Grant is available to undergraduates who show substanti al financial need. The amount of the grant depends on family financial circumstances and currently may range up to $4,050.

The FSEOG is administered by Boston University. Funds are provided by federal allocations and a University matching contribution. Federal regulations reserve this grant for undergraduate students with exceptional financial need, usually Federal Pell Grant recipients.

Many states offer grants to their residents enrolled in postsecondary institutions. Most of these grants are based on financial need. A few states consider academic performance as well. Some states permit their grants to be used at out-of-state institutions. All financial aid applicants should apply for their state grant if it may be used at Boston University.

ACG is a federal grant program offered to Federal Pell Grant recipients who meet certain academic and other eligibility criteria. Grant awards up to $750 are offered for the first academic year of a student's program of study, and awards up to $1,300 are offered for the second academic year of a student's program of study. First-year recipients must have completed a rigorous secondary school program of study. Second-year students must have at least a 3.0 cumulative grade point average from the first year.

National SMART grant is a federal grant program offered to Federal Pell Grant recipients who meet certain academic and other eligibility criteria. Grant awards up to $4,000 are offered for each of the third and fourth academic years of undergraduate study. Recipients must be enrolled in an eligible major and must have a 3.0 cumulative grade point average for each payment.

ROTC programs also provide financial assistance in the form of full or partial tuition scholarships. Boston University offers some ROTC supplemental grants, augmenting the Advanced Designee ROTC Scholarship. For further information refer to the Division of Military Education.

Organizations and groups in many cities and towns sponsor scholarships to assist local students in meeting college expenses. Local religious and civic organizations may offer scholarships on the basis of need, scholastic merit, or both. Labor unions and corporations may provide scholarship assistance to children of employees. Private scholarships are often coordinated through secondary schools. Students should speak with their high school guidance counselor or consult their local library to obtain information about local sources of funds. If a student receives financial aid that fully meets his or her need and private scholarship funds are received, a reduction in aid is required by federal regulations and University policy. However, the reduction will first be made in self-help (i.e., loans and Federal Work-Study).

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Loans

Unlike scholarships and grants, loans must be repaid. However, loans are an important source of funds for educational expenses and represent a sound investment in a student's future. To keep loan indebtedness to a reasonable level that can be repaid after college, students are encouraged to earn as much as possible and keep expenses to a minimum. Because a loan must be repaid, students are urged to borrow no more than necessary.

Deferments and cancellations are available to recipients of Federal Perkins and Federal Direct Stafford Loans under certain conditions that vary by loan program. Conditions may include: teaching students from low-income families, other designated teaching, military and volunteer service, unemployment, and economic hardship. Additional information on deferment and cancellation provisions is included with entrance and exit counseling for federal loan borrowers and is available from the Office of Financial Assistance.

These loans are guaranteed by the federal government and are included in most financial aid packages.

There are two types of Stafford Loans: subsidized and unsubsidized. Federal regulations state that to qualify for a Stafford Loan, applicants must submit a Free Application for Federal Student Aid (FAFSA) for their eligibility to be determined. Students who demonstrate financial need are eligible for a Subsidized Stafford Loan. Repayment on the subsidized loan begins six months after graduation or when the student ceases to be enrolled at least half time. No interest accrues to the student during college enrollment.

Unsubsidized Stafford Loans are available to students who do not qualify for the Subsidized Stafford Loan. Interest on an unsubsidized loan does accrue during periods of enrollment and deferment, but may be either paid or capitalized, i.e., added to the amount borrowed. Repayment of both principal and interest begins six months after graduation or when the student ceases to be enrolled at least half time.

Nearly all students with financial aid, including scholarships and tuition remission, totaling less than the cost of attendance are eligible for either a Subsidized or Unsubsidized Stafford Loan, regardless of family income. Students who do not receive a Stafford Loan as part of a financial aid award may contact the Office of Financial Assistance at finaid@bu.edu or call 617-353-2965 to request a Stafford Loan.

The total amount of Stafford Loan for which freshmen are eligible is $3,500. Sophomores are eligible to borrow up to $4,500 per year, and juniors and seniors may apply for up to $5,500 annually. Boston University will award one-half the annual amount for students enrolled for only one semester of an academic year. Total outstanding Federal Direct Stafford Loans may not exceed $23,000 for undergraduat e study. These loan limits apply to either a subsidized or an unsubsidized loan or to a combination of both loans.

Additional Unsubsidized Stafford Loans are available to some students. Independent students may be eligible to borrow an additional $4,000 as freshmen and sophomores and $5,000 as juniors and seniors. These loans may also be available to students whose parents fail to meet credit criteria for a Federal Direct PLUS loan. These additional borrowing limits are for the Unsubsidized Stafford Loan only and are in addition to the maximum annual Stafford Loan for each class year as stated above.

Any amount borrowed for summer enrollment may reduce the amount for which a student is eligible during the next academic year.

Interest rates are the same for both subsidized and unsubsidized loans. The rate is fixed at 6.80 percent for the life of the loan. A 2.5 percent origination fee is partially offset by an up-front rebate. The net result is that the amount disbursed is less than the amount approved.

Federal regulations require that a debt counseling session be completed by all first-time borrowers before the disbursement of a Stafford Loan. The rights and responsibilities of borrowers are reviewed at this time. The requirement may be met by completing the entrance counseling session on the Office of Financial Assistance. Borrowers can also attend an on-campus group counseling session. Similarly, before graduating, withdrawing, or taking a leave of absence from the University, borrowers must complete an exit counseling requirement and receive information about loan repayment and deferment provisions.

The Federal Perkins Loan is a low-interest educational loan administered by Boston University. Available funds are provided by federal allocations, Boston University matching contributions, and the repayments of previous borrowers. Priority for the Federal Perkins Loan must be given to dependent students with exceptional need. Undergraduate students are eligible for up to $4,000 each year and up to a maximum of $20,000 for all four years of undergraduate study. Under current regulations, 5 percent annual interest and repayment obligations do not begin until after a nine-month grace period that begins when the student ceases to be enrolled at least half time. Repayment may be deferred during graduate study.

The Federal Direct PLUS Loan is available to parents of undergraduate students. Parents may request a Federal Direct PLUS promissory note from Boston University online at www.bu.edu/ finaid. Through this program, parents may borrow up to the cost of education minus other financial aid received. Federal Direct PLUS is limited to parents who do not have an adverse credit history. The interest rate is fixed for the life of the loan at 7.90 percent. Repayment begins within 60 d ays after the loan's fi nal disbursement.

The MEFA loans are offered by Boston University in conjunction with the Massachusetts Educational Financing Authority (MEFA) to provide moderate-interest, long-term alternative family loans. The credit-based MEFA offers a choice of either a fixed-interest-rate or a variable-interest-rate loan. Loans are available to families who do not qualify for financial aid, as well as to those who receive aid but need additional assistance to help pay college costs. They are available to all Boston University students, regardless of state of residency. To be eligible for either loan, the comakers (the student and another creditworthy applicant) must demonstrate the ability to assume this additional indebtedness and to make the required monthly payments. The maximum loan cannot exceed the cost of attendance minus other financial aid. The minimum amount that may be borrowed is $2,000. The fixed interest rate for 2006/2007 was 6.49 percent, with an APR of 7.09 percent. Repayment of a fixed-rate loan begins one month after the loan is made and extends over 15 years. The variable-rate loan's interest rate is set annually in April for the following academic year; the 2006/2007 interest rate was 6.83 percent and capped at 12 percent. Repayment of a variable-rate loan begins one month after the loan is made and extends over 15 years. Applications and additional information may be obtained by contacting MEFA at 1-800-842-1531.

Sallie Mae Business Office Solutions, in cooperation with Boston University, allows parents to budget their educational expenses over a 10-month period using the TuitionPay program. Payment typically begins four months before the first day of classes. There is an application fee for the program. Applications and additional information m ay be obtained by contacting TuitionPay, 1-800-635-0120.

Employment

Federal Work-Study is a program that promotes access to employment for students who demonstrate financial need. Available funds are provided by a federal allocation and a University matching contribution. Recipients are selected by the Office of Financial Assistance and must meet federal need and other criteria. The Work-Study Office provides information to eligible students about available jobs in University departments as well as off-campus nonprofit agencies. Work-Study allocations may be used for community service programs. Undergraduate students who participate in the Work-Study program are paid weekly at established hourly rates. Graduate Work-Study students may be paid either weekly at established hourly rates or monthly at a fixed amount, depending on the nature of the job. Job assignments, which average 9–12 hours per week, are coordinated with the student's class schedule. Detailed information on Work-Study can be found at Student Employment Office. Specific inquiries about the program should be directed to the Work-Study Office, 881 Commonwealth Avenue, Boston, MA 02215; 617-353-3596; or e-mail us at wsoffice@bu.edu.

The Student Job Service Office will assist any currently enrolled degree student in finding part-time and summer work to help meet educational expenses through the Student Job Service. Hundreds of students find employment through our listing service. Staff members are available to assist students with their job search as well as to provide information on the interview process. The majority of job openings are off campus in the Greater Boston community. The Student Job Service also directs the Quickie Job service, which places hundreds of students in temporary assignments. "Quickie Jobs" range from housework and party help to participating in research projects and assisting at conventions. The Student Job Service Office is located on the second floor at 881 Commonwealth Avenue and is open Monday through Friday, 9 a.m. to 5 p.m.; 617-353-3594.

More information on the services offered by the Student Job Service Office can be found at the Student Employment Office. Jobs can be viewed at: Student Link. Students will need to set up a kerberos password through the Office of Information Technology before receiving access to job listings.

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Published by Trustees of Boston University
One Sherborn Street
Boston, MA 02215

22 October 2007
Boston University
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