Boston college did not meet my (actual) need at all. This is troubling since they are supposed to meet 100% of need. The problem lies with the methodology, where they determine need.
My EFC on fafsa was 5830, however my family is not actually able to pay this out of pocket. In fact, we cannot pay (realistically) a single penny out of pocket because of how much debt my parents have. I know that BC does not use this as their EFC but use CSS and taxes as well. I would hope that they use the extra material to make it even more affordable, but this is not the case as of now.
The COA is 50176 (commuter student this year) and the amount of scholarship/grants they have given me is 38300 . Work study adds 2400, and they haven’t said anything at all about unsubsidized and subsidized loans. Unfortunately I almost qualified for a PELL Grant.
What can I do? Is this worth a chat with financial aid? Although the gap is quite wide for my family, we cannot deny that BC is being extremely generous. Just today they changed the subsidized loan of 3500 to a special scholarship of 4000 so for that I am thankful.
Can someone who has had this experience please share it with me? Do I have a right to subsidized and unsubsidized loans even if it is not part of the package?
What is the basis for this debt? If it’s from uninsured, non-elective medical expenses, have you made this clear to BC?
BC DOES meet full need. You just aren’t thrilled with the method they use to calculate it. They have already given you an additional grant…and you can still take the $5500 Direct Loan.
Family debt is not conosdered for anyone in the financial aid formulas…anywhere (except for home mortgage debt for schools that use the Profile and want to know home equity). Other debt is considered a choice.
$38300 in need based grants,
$4000 in additional grant money instead of the loan,
$2500 in work study award
$5500 in Direct loans
Total $50300 (which exceeds your cost of attendance)
If you add in your EFC per FAFSA is $5800…it brings you to $56100. Your cost to attend is $50176. Even without the loan…you have $50,600 including your family contribution. This exceeds your cost to attend.
Unless I’m adding incorrectly…they have more than met your need. NO school is going to give you need based aid to pay your family contribution. But in this case…you could take out the Direct loan to meet that family contribution.
I’m not sure what your issue is.
The fact that you almost qualified for a Pell Grant isnt relevant. If you had, it wouldnt’ have changed things much.
Since your FAFSA EFC is very different from your BC “family contribution,” that suggests that there’s something about your family’s finances that FAFSA doesn’t consider.
Do your parents own a business or take business deductions?
Do they have a lot of home equity?
Do they own other properties?
even though they replaced a loan with a grant, you can still get that amount of loan. You can still borrow up to $5500
I have to ask…since you knew your parents had a lot of debt and can’t pay a penny, did you apply anywhere that gave you huge merit, like a near free ride?? Do you have any affordable schools?
edit…I just saw Thumper’s breakdown.
Is that correct? If so, what is the problem?
No 38300 includes that 4000 grant.
I have a full ride to UMass Boston. However, BC seems like a better option.
Debt has to do with house and other students loans in my family.
Are you saying that your parents have taking out loans to pay for older siblings education?
Debt for the house is rather normal. Many people have mortgages on the property.
I don’t think Boston College is going to sympathize with this situation.
Yes.
Okay, so I just realized that as a student I am expected to contribute 2400 working in the summer so I guess that will help. For the remaining 3500 would a parent plus loan make sense?
Ok…
$38300 in grants
2500 in work study
40,800
Plus $5500 Direct Loan
$46300
Plus $5830 FAFSA EFC (no school is going to give you need based aid to cover your family contribution)
$52130
Your cost of attendance is $50176.
Your aid with the loan, plus your EFC exceeds the cost of attendance at BC.
Why should BC be paying for other schools?
As for the Parent Plus loan… That’s up to your parents. According to you, they already have a lot of student-related debt…and from their EFC, it sounds like they have a modest income…so how could they pay back that Plus Loan?
After 4 years, the Plus loan would be at least $14k plus interest. How much do they owe for other student loans?
What are your parents saying?
“I have a full ride to UMass Boston. However, BC seems like a better option.”
Uh, no. Its NOT a better option, its a more expensive option, which you cant afford. So let it go…
Take the Full Ride, do fantastically well there and rejoice that you DONT have to worry how to pay for college!
How is it a “better option”?
I should have realized from your screenname that you’re premed.
How would BC be better than UMass Boston if you’re premed??
Well, there are other reasons to take the free ride.
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A premed should avoid debt as an undergrad.
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The med school app process is VERY expensive, so you will need to be saving your summer earnings while in undergrad to pay for the entire process…MCAT prep, MCAT test, app fees, secondary fees, travel for interview costs, etc.
Students should not focus too much on claims to “meet full need”. Schools which make this claim can define “need” however they want. Also, each school may set its own expected student contribution.
I think Boston College would offer me more resources, connections for internships would be easier to find, the Jesuit tradition appeals to me. I am also not 100% premed is for me. I am maybe 90% sure but I don’t want to risk choosing a school for something I may later not want to do.
The community aspect at BC seems more communal than UMASS Boston after visiting both. My sibling s are at UMASS Boston and the caliber of students there on average will not push me as much as BC I think.
Would I be nuts to take BC?
This may be your best reason to NOT attend BC… You will stand out more (be higher in the class and have a chance for better recs) at UM-B.
You’d be amazed at how great not having debt is. The key to building wealth is spending less than you make. That can start now.
I can stand out at BC as well. It is not an ivy league school.
SAT scores are not the end all be all but mine are far higher than the range at BC. I was waitlisted at Harvard and I am confident in my ability.
I think driving around in a Bentley Continental GT would be a “better choice” for me too, but financial reality bites. I get by more than just fine in a lesser car.