Types of Financial Aid
There are a variety of funding opportunities available that you can use in any combination that works best for your situation.
艾可直播 College Aid
Scholarships, assistantships, tuition remission, and fellowships are awarded by the individual graduate schools or law school. Please check your individual school's website听for information and deadlines to apply for these types of aid.听 Students are notified directly by their graduate school or department of their awards. In addition, there is听assistantship information on the Graduate Student Life website.听Recipients are encouraged to send a copy of their award letters or emails to听www.bc.edu/finaidupload.
Federal Direct Loans
Direct Loans are low-interest loans for听students to help pay for the cost of a student's education.
With Direct Loans a student borrows directly from the Federal government, who is your lender. Students will have a single point of contact鈥攜our loan servicer鈥攆or everything related to repayment, even if you receive Direct Loans at different schools. Your loan servicer can be a private business. Each student will have online access to individual Direct Loan account information via the servicer's website. Students can choose from several repayment plans that are designed to meet the needs of almost any borrower and can switch repayment plans if their needs change.
Federal Direct Unsubsidized Loan
- Interest rate听is 7.94% fixed during repayment as of July 1, 2025.
- Origination fee听is 1.057% for loans disbursed on or听after听Oct. 1, 2020.
- Interest accrues while the student is enrolled as well as during the grace and repayment periods.
- Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period.
- $20,500 maximum award per academic year for Graduate and Law students.
Federal Direct Grad PLUS Loan
- through the U.S. Department of Education.
- Note: If you are starting in the fall, do听not听apply for a Federal Direct Grad PLUS loan until听after听July 1. The credit check for the Federal Direct Grad PLUS loan is valid for 180 days and credit must still be valid when classes start for the semester. The credit decision for the Federal Direct Grad PLUS loan typically takes 24鈥�48 hours. It is recommended that you submit your application approximately two weeks before the bill due date.
- Interest rate听is 8.94% fixed for loans disbursed on or after July 1, 2025. Loans accrue interest while students are in school and during repayment.
- Interest starts accruing at the loan鈥檚 first disbursement.
- Rates are reset annually by the federal government on July 1.
- Origination fee听is 4.228% for loans disbursed on or听after Oct. 1, 2020.
- Eligibility is COA (cost of attendance) minus any aid received by the student.
- The school will determine the amount you are eligible for upon certification of the loan.
- A 听(FAFSA) must be completed by the student before they apply for a Federal Direct Grad PLUS loan.
- Students must complete a (MPN).
- To complete an MPN online, you will be required to use your听.
Entrance Counseling
If you have not previously received a Federal Direct Loan, the government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. For Graduate and Law students, the entrance counseling will fulfill requirements for the Direct Unsubsidized Loans. You can complete the Entrance Counseling online at听.
Master Promissory Note
Graduate and Law students who have not previously borrowed a Federal Direct Loan must complete a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s). The MPN can be completed online at听. You will be required to use your听.
In most cases, once you've submitted the MPN and it's been accepted, you won't have to fill out a new MPN for future loans you receive. You'll receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts. This disclosure statement will be sent to you from your loan servicer.
Federal Loan Resources
- 鈥擳he U.S. Department of Education's website for federal student aid. On this page you can:
- Apply for the FAFSA and an FSA ID
- Complete a Direct Loan Electronic Master Promissory Note (MPN)
- Complete Direct Loan Entrance Counseling
- View Disclosure Statements and other electronic loan correspondence
- Apply for a Graduate PLUS Loan application
- Complete online Exit Counseling
- Access the National Student Loan Data System (NSLDS)
- Find links to other tools and resources
- The Department of Education's Direct Loan Applicant Services hotline: 800-557-7394
Nursing Loans
This is a federally subsidized loan program awarded to nursing students demonstrating financial need. Repayment of principal and interest (fixed at 5%) begins nine months after you cease to be enrolled at least half-time. The minimum monthly installment is $40.00, and the loan must be paid within ten years.
You will be required to complete a听听(MPN) and related disclosure materials. This is an electronic process; specific instructions will be emailed to you once the financial aid process is complete. Funds will be disbursed to your student account only after completion of all forms. Disbursements of this loan will be made in two equal installments鈥攐ne each semester.
Students who have been awarded the Nursing or Law loan for the first time or the Balfour, Peter Jay Sharp, or the Bank of America Loan this year must complete Entrance Counseling and sign a promissory note. Visit听ECSI's website听for more information. Students will receive an email from the ECSI when it is time to sign their documents. Please make sure that your email client does not block communications from ECSI.
Private Educational Loans
Private Educational Loans are loans not guaranteed by the Federal government.听The borrower (either student or parent) may borrow a private educational loan through various banks, credit unions, or savings and loan associations. There are many different types of private educational loans for different types of borrowers.
These loans are not need based; rather, they are based on creditworthiness. Most students will need a creditworthy co-signer such as a parent or other relative in order to obtain a private educational loan. Terms and conditions applicable to these loans vary greatly. Factors such as interest rate, APR, length or repayment, loan minimum and maximum, and fees should be carefully considered when researching and choosing a private educational loan.
One feature of many private educational loans is the ability to completely postpone (defer) repayment until you graduate. Private educational loans almost always offer lower interest rates than credit cards do.
While we encourage students and families to pursue Federal financial aid before considering private educational loans, there are many student/family situations where a private educational loan is viewed as a preferred alternative. Sometimes parents want their student to be responsible for his/her education. In other cases, the convenience of not needing Federal forms to borrow funds is also a consideration. Whatever your situation may be, borrow only what you need, and compare your options before you borrow.
ELM
ELM Resources is the only not-for-profit mutual benefit corporation serving the student loan industry today. ELM Resources provides a common, non-proprietary, and open data exchange and disbursement system that seamlessly links the diverse computing platforms of schools and lenders through its industry-leading products.
ELM also offers a lender comparison solution, ELM Select, for schools that provide their own page to display a recommended lender list and offers students the ability to compare and select the loan that best fits their needs. Over 1,800 campuses use ELM Resources to send and receive loan data for alternative loans with the lender of their choice.
Credible
Credible is an online tool that allows students to compare personalized loans from multiple lenders. Students can analyze prequalified rates, terms, and eligibility rules side-by-side听in just a matter of minutes.
Credible is not a lender or bank. Credible partners with student loan lenders, so that applicants have a variety of competitive options, each addressing their particular needs.
Credible is completely free! You can find out more about Credible and begin the process at听.
Note: 艾可直播 College does not endorse any of the lenders included at the links above and cannot recommend specific lenders. Students may also choose to use a loan provider that does not appear in the list of lenders included at either of the links above.
The private educational loan process is a family-initiated process in which the family (student or parent) contacts the specific lender in order to borrow the loan. 艾可直播 College has put together a comprehensive听听for your convenience (best viewed in Firefox). Once you have been approved for the private educational loan of your choice, the selected lender will send 艾可直播 College a certification request, which will be completed by the Office of Student Services. This information is submitted online, the application is approved, and funds will be disbursed to the 艾可直播 College student鈥檚 account. The annual maximum amount that a private educational loan can be certified for is the student鈥檚 cost of attendance minus all financial aid received. Some private educational loan lenders may have annual or aggregate loan limits as well.
Note: 艾可直播 College does not endorse any of the lenders listed at the link above and cannot recommend specific lenders. In addition to the lenders listed at the link above, you can also choose to use a loan provider that does not appear on the list.
Funds are disbursed in two equal disbursements, Fall and Spring, in the form of a check made out to the student and 艾可直播 College. Once endorsed, the check will be deposited to the student account.
Should any disbursement create a credit balance, you may request a refund in the , by phone, or in writing. Please note that refunds cannot be issued before the first day of classes for any semester.
Repayment of student private educational loans begins six months after you graduate or if the student falls below half-time (6 credits) enrollment at 艾可直播 College. Interest accrual begins at disbursement and may be paid as it accrues, or it may be capitalized with the principal.
Repayment of parent private educational loans begins immediately after the full disbursement of the loan. Some lenders offer deferment options.
Effective February 14, 2010, lenders of private educational loans are required to collect a completed and signed听Self-Certification Form听prior to disbursing the loan proceeds. This applies to any private educational loans that are not at least partially disbursed prior to the effective date. Private educational loans include all non federal loans, as well as certain loans issued by 艾可直播 College directly. Individual lenders have implemented their own procedures to comply with this new regulation, so you should contact your lender directly if you have specific questions about the process for submitting this form.
To complete the Self-Certification Form, you will need to provide your demographic information as well as information about your total听cost of attendance听补苍诲听estimated financial assistance. This information can be found on your electronic financial aid award听notification. Please refer to this听example听of a financial aid award to determine where the information can be found on your award notification.听If you are not a financial aid applicant or have not yet received your award notification, you can determine your cost of attendance by visiting the Cost of Attendance tab on the听How Aid Works web page.
If you do not submit a completed and signed Self-Certification Form to your lender, your loan will not be disbursed.
| Loan Type | Self-Certification Form Required? | Process for Submission |
|---|---|---|
| Direct Loan (Subsidized or Unsubsidized) | No | N/A |
| PLUS Loan (Graduate or Undergraduate Parent) | No | N/A |
| Alternative Loan | Yes | Contact your lender |
| 艾可直播 College Law School Loan | Yes | Complete electronic form as part of the promissory note E-Signature process |
| Nursing Loan (Graduate and Undergraduate) | Yes | Complete electronic form as part of the promissory note E-Signature process |
| 艾可直播 College Bank of America Scholars Loan | Yes | Complete electronic form as part of the promissory note E-Signature process |
| 艾可直播 College Sharp Urban Scholars Loan | Yes | Complete electronic form as part of the promissory note E-Signature process |
| MA No Interest Loan | Yes | Contact the听听(翱厂贵础). |
On July 30, 2009, the Federal Reserve approved final amendments to Regulation Z (Truth in Lending) that revise the disclosure requirements for private educational loans. The amendments implement provisions of the Higher Education Opportunity Act (HEOA) enacted in August 2008. Under the amendments, creditors that extend private educational loans must provide disclosures about loan terms and features on or with the loan application, and must also disclose information about Federal student loan programs that may offer less-costly alternatives. Additional disclosures must be provided when the loan is approved and when the loan is consummated. The rules became effective on September 14, 2009, and lenders were required to be in compliance on February 14, 2010.
Loans Effected by Regulation Z
The amendments to Regulation Z (Truth in Lending) apply to all private education loans. They do not apply to Federal Title IV loans (Stafford and PLUS). Certain loans issued by 艾可直播 College directly are subject to compliance with the new disclosure requirements. These include the Law School Loan Program and undergraduate and graduate Nursing Loans. For these loans, the Application/Solicitation Disclosure Statement will be presented to you with your electronic financial aid award notification. These disclosures have also been listed below for your convenience. The subsequent disclosures, as well as the Self-Certification Form, will be presented to you electronically when you sign the loan promissory note. The Massachusetts No-Interest Loan Program is also subject to compliance with the new regulations. For this loan, the disclosure statements and the Self-Certification Form will be processed on paper by the Office of Student Services.
Impact to Borrowers
The disclosure requirements for private education loans will change the process of applying for and receiving private education loans. The process will take longer from application to disbursement, and听you will have additional responsibilities beyond the application, including acknowledgement of the new disclosure statements and completion of the Self-Certification Form. If you are planning to finance all or part of your cost of education with a private education loan,听you should start the application process as early as possible听to avoid any potential repercussions that could result from nonpayment of your student account.
Disclosure Statements
Application/Solicitation Disclosure Statement
The Application/Solicitation Disclosure Statement will be provided to you by your lender when you apply for a private education loan. This disclosure will describe the general terms of the loan and the estimated amount that you will repay over the life of the loan. It will also provide you with information regarding the potential availability of lower-cost Federal loan options. You are not required to take any action upon receipt of this disclosure, but you should review it carefully so that you understand the terms of the loan that you are requesting.
Approval Disclosure Statement
The Approval Disclosure Statement will be provided to you when the loan is approved. It will include the specific terms of the loan being offered to you and could be presented to you on paper or electronically, depending on your lender's policies and procedures. You are required to accept the terms of the loan within 30 days by signing (or E-signing) and returning the Approval Disclosure Statement to your lender. The lender is not permitted to change the terms of the loan as described on the Approval Disclosure Statement, except as permitted by law. Failure to return the signed Approval Disclosure Statement may void the offer of credit from your lender.
Final Disclosure Statement
The Final Disclosure Statement will be provided to you once all requirements of the loan have been met, and prior to disbursement. You have 3 days from receipt of this disclosure to request that the loan be canceled. You are not required to take any action upon receipt of the Final Disclosure Statement unless you wish to cancel the loan.
艾可直播 College is committed to providing information in a manner that is accessible to all. If you are in need of a printed copy of the material presented on this web page, please contact the听Office of Student Services.
An interest rate is the cost of borrowing money, usually expressed as a percentage, that is paid to the lender.
- Borrowers pay interest for the privilege of borrowing.
- Lenders charge borrowers fees and interest for the use of their money.
- Interest is charged because the lender is taking a risk lending money to a borrower.
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Fixed Interest Rate
An interest rate that remains the same for a set period of time, regardless of the changing underlying interest rate index.
Advantages of a Fixed Interest Rate
- Borrower will know what all future monthly payments will be.
- Monthly payments will never change.
- Borrower can calculate how long it will take to pay off all the interest and principal.
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Disadvantages of a Fixed Interest Rate
- Might have a higher monthly payment than with other interest rate loans.
- This is due to the fact that lenders are making borrowers pay for this luxury.
- Interest rate will never go down even if underlying interest rate index goes down.
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Variable Interest Rate
An interest rate that moves up and down based on the changes of an underlying interest rate index.
Advantages of a Variable Interest Rate
- Offer the most attractive interest rates at the beginning of the loan.
- A borrower鈥檚 interest rate can go down if the underlying interest rate index goes down.
- Might be a cap on the interest rate.
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Disadvantages of a Variable Interest Rate
- Monthly payments will fluctuate as interest rate fluctuates.
- Might not be a cap on the interest rate (Massachusetts capped at 18%).
- Interest rate and monthly payments will be adjusted monthly, semi-annually, annually, etc.
Student Employment
There are two types of student employment opportunities available to students, Federal Work-Study and campus employment.
Federal Work-Study (FWS) is a federally-subsidized employment program awarded to domestic students. Opportunities under the FWS program may be on- or off-campus, including community service positions. To be eligible for FWS, students must demonstrate federal financial need by submitting the Free Application for Federal Student Aid (FAFSA) for a given year, and be enrolled in a degree program at least half-time or greater. Preference is given to FWS-awarded students since they have demonstrated financial need, but this is not guaranteed.
The amount indicated on your financial aid award is the maximum eligibility level, not a guarantee. Actual earnings depend on the hours worked and the pay rate of the position. Many graduate students work an average of 10 hours per week.听 Earnings made do not credit the student鈥檚 account, but rather are paid directly to the student in the form of a weekly paycheck. If a student works two jobs, whether on campus, off campus, and/or community service, both jobs will be paid with the Work-Study award.
If you do not qualify for FWS or did not apply for financial aid, you can work under the campus employment program. Campus employment is a separate option allowing students to hold part-time jobs on campus to help meet educational expenses.听
In either employment program, students may not work more than 20 hours per week while school is in session. During the summer, students may work up to 40 hours per week as permitted. For available positions and additional information, visit .
Outside Aid
Aid from employers, corporations, foundations, service organizations, religious groups, school associations, and other organizations that sponsor educational assistance programs are considered outside aid. We will include an estimate of these awards on your financial aid award notification based on information received from your supplemental form or other notification. Outside aid recipients are responsible for providing copies of award notices to this office and notifying us if their award will be different than the estimate. Deferment of payment is possible, provided we have received a copy of the award notification.
Your local library, civic organizations, and vocational rehabilitation programs are some sources for scholarship information. You may also visit听听for additional resources.
Note: If you receive funds from an outside source, an adjustment may be made to your award package to ensure that the total of all resources is within your Cost of Attendance.听
Veterans' Education Benefits
艾可直播 College acts as a liaison with the Veterans Administration for students who may qualify to receive veterans' education benefits. Eligible students should apply through the United States Department of Veterans Affairs in order to obtain a Certificate of Eligibility. Applications can be completed online at听听or by calling the Department of Veterans Affairs at 1-888-GIBILL-1 (1-888-442-4551).
Once the Certificate of Eligibility has been received, the student should contact Linda Malenfant, the VA Certifying Official in the Office of Student Services. The Certifying Official will then certify the student's enrollment information to the Regional Processing Office (RPO). The RPO will process payment of benefits directly to the student.
For more information on life at 艾可直播 College, visit our 艾可直播 College Veterans website.
艾可直播 College is proud to participate in the Post-9/11 GI Bill庐听Yellow Ribbon Program. This award is a supplement to Post-9/11 GI Bill听benefits, and it signifies 艾可直播 College鈥檚 commitment to providing benefits to those who have served our nation so courageously.
The Yellow Ribbon Program is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. The program allows institutions of higher learning (degree granting institutions) in the United States to voluntarily enter into an agreement with the Veterans Association to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. The institution can contribute up to 50% of those expenses, and the VA will match the same amount as the institution.
艾可直播 College has allocated 100 slots for Yellow Ribbon recipients. Any student in a degree program is eligible to apply. The Yellow Ribbon Program (YRP) scholarship, combined with 艾可直播 College Scholarships, federal aid, and other estimated financial assistance, cannot exceed the cost of attendance. YRP recipients must maintain good academic standing while receiving the scholarship. Recipients will be eligible to receive the award in subsequent years, provided that 艾可直播 College remains a YRP participant.
Eligible veterans must meet one of the following criteria:
- Served an aggregate period of active duty after September 10, 2001 of at least 36 months
- Honorably discharged from active duty for a service connected disability and served 30 continuous days after September 10, 2001
- Is a dependent eligible for Transfer of Entitlement under the Post-9/11 GI Bill听based on a veteran鈥檚 service under the eligibility criteria listed above
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Students in all undergraduate schools, GA&S, GSOE, GSON, GSSW, and CASG will receive a $6,000 Yellow Ribbon scholarship from BC that is matched by the VA with an additional $6,000 for a total of $12,000.
艾可直播 College is implementing a program for Yellow Ribbon recipients for full-time MBA, Law School, and GSSW students in which Yellow Ribbon funding will meet the total tuition cost for these programs.
Eligible veterans must first fill out a form with the U.S. Department of Veterans Affairs, and then submit a Certificate of Eligibility to Student Services. For more information on the Yellow Ribbon Bill, including eligibility requirements, visit the听听website.
Post-9/11 GI Bill庐 Yellow Ribbon Program
GI Bill庐 is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at听.
Private Educational Loans
If you require funding beyond your Veterans' Education benefits and federal student loans, you may explore private loan options in the Private Educational Loans tab.