The Office of Student Services, located in Lyons Hall, is responsible for administering and awarding the following need-based federal financial aid programs. Please review their comprehensive website for the most up-to-date information and deadline notifications.

The types of funding available to graduate students are as follows:

Federal Perkins Loan

A low-interest (5 percent) federally subsidized loan reserved for students with the highest financial need enrolled at least half time.

Federal Stafford Loan

A need-based federal loan program for students attending school at least half-time (at least six credits per semester). The federally subsidized version of this loan program allows eligible graduate students to borrow up to $8,500 per year without interest charges until the student graduates. There is also an unsubsidized version that allows students to borrow up to $18,500 minus their subsidized Stafford eligibility. The interest rate and repayment terms are identical to the subsidized Federal Stafford Loan except that interest accrues during the in-school period. However, the interest payments can be deferred until a student graduates or ceases to be enrolled at least half-time.

Federal Work-Study

A federally subsidized employment program that provides students with job opportunities to help them meet college expenses. Work-study awards may be used on or off campus, and may be awarded for the summer (continuing students only) or academic year.

PLEASE NOTE: Students who wish to be considered for aid from one or more of the above sources must complete and file the following documents with the Office of Student Services:

Free Application for Federal Student Aid (FAFSA)

The FAFSA should be mailed to the federal processor as soon as possible, as it normally takes 4 to 6 weeks for Boston College to receive the processed copy. If you have not yet completed your tax returns, you may estimate the information. The Boston College code is 002128. As a result of filing the FAFSA you will receive a Student Aid Report (SAR). Review your SAR carefully.

Boston College Graduate Financial Aid Application

This form should be completed and returned to the Office of Student Services.

The above forms generally become available in December and can be requested by contacting the Office of Student Services. Upon receipt of these documents, plus the Graduate School's notification of the applicant's acceptance, the Office of Student Services will review the application and send a letter to the student indicating the aid for which he/she is eligible. Total financial aid awarded cannot exceed total calculated federal eligibility. If your total financial aid resources, including assistantships, fellowships, grants, scholarships, stipends, and tuition remissions (but excluding alternative loans), exceeds your total calculated federal eligibility, an adjustment to need-based financial assistance is required. Depending on the timing of the notification from your academic department, it is very possible that adjustments to your award will be made anytime after the start of the academic year. These adjustments may necessitate the repayment of loan funds that have already been disbursed to you.

The Verification Process

You are not required to submit a copy of your 2005 Federal Income Tax Return to the Office of Student Services unless your application is selected for verification by the federal government. If your application is selected for the verification process, you will be notified of the additional application requirements at a later date by the Office of Student Services. There are several factors that may lead to the selection of a FAFSA application for the verification process. The most common reason is that the Federal government randomly selects 30 percent of all FAFSA applicants for verification. Other reasons may include having blank, illegible, or conflicting information reported on the FAFSA. Applicants with incomplete verification requirements at the time of initial review will be issued a conditional financial aid award. The award will be verified upon receipt of all documents requested on your award letter. If the verification process results in a change in your eligibility, your initial financial aid offer will be recalculated and a revised award letter will be sent to you. Awards are not considered final until the verification process is complete.

Alternative Loan Options

Students may choose to finance the balance of their cost of education (budget minus financial aid) through alternative loans. You must have good credit to be approved for these loans, which are available through various lenders.