What is BC’s reputation for financial aid? Just did the NPC and was shocked. Our family income was below 50k for the year as unemployment has hit us hard. Have some money in savings, but going thru that quickly. Other schools figure our EFC around 15k. BC came up with 49K. Can’t figure out how there is such a big difference. Anyone have perspective or info they can share. I am quite surprised…
BC is a CSS school: home equity/rental property etc.?
Did you make a mistake somewhere? Or do you have home equity or assets that you put into the NPC?
That said, BC has never been known to be generous.
I see that you’re also looking at UTexas as an OOS. Wouldn’t UT also expect you to pay a lot? I’ve not known UT to be generous to OOS.
Also, wouldn’t UGA also expect you to pay a lot? Why bother with unaffordable schools?
@mom2collegekids, No home equity, modest assets that we are drawing down to cover expenses while unemployed.
I guess you are correct, BC is not generous. As for texas, it is relatively easy to get instate tuition. Did it with one child. That is the draw. It is less than our instate options. Georgia gives some money, but you are correct, might not be enough.
Do you have several hundred thousand in assets? I did the NPC with a higher gross income and had 1/3 of your net price.
Not several hundred thousand, but low six figure…Their calculation would love nothing mid way thru college…
By low six figures do you mean ~100k? Is that also counting all possible assets, including home equity, any businesses, or other real estate? If so, then yeah the NPC does seem high especially with a 50k income.
yes. mid 100’s, no home ownership, pass thru corp with only lose and no value. that is what I thought. I think the business ownership, even tho it has no value throws it off…
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That said, BC has never been known to be generous.
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Read through the past archives for BC. While you will see many who were extremely disappointed with how little aid they got from BC, you will also see many who were thrilled with how unexpectedly generous BC was with aid.
My parents own a business too and I did a the NPC with exaggerated numbers because I’ve heard they add stuff back in. I used 70k as the income even its like 20k less. We also own stake in a business(small business owner is job) and rental property though it’s not much in equity considering it’s basically all of our assets and the rental breaks even(loss on paper). Even with all of those things to mess up the NPC, mine came out way cheaper than yours. I am still expecting the real FA package to be less generous because of all the things I’ve heard on CC, but the NPC came out to around 20k/year. It was similar to Georgetown and much more generous than Villanova(~30k/year).
I think BC is a generous school though I’ve heard home equity messes people up. Is $50k gross or net? I really can’t believe the EFC comes to 100% an annual salary at a school that meets need without some asset that has serious value.
I’ve attached the link to last years discussion about the poor financial aid at BC. Truly disappointing for a lot of people. If parents have any equity that could be liquidated or borrowed against to meet the $60K+ cost at BC, then expect $0 FA. I think the wife ran the numbers down below $70K annual income before any FA was possible. Remember, they will meet ‘100% of what they (BC) thinks is need’. Save your application fees if you’re depending on help from BC. Sorry to be so negative, but our son had been in Catholic school since pre K, (paying all that parochial school tuition which reduced what we could save for college). I also had unemployment and medical cost issues. $0 FA. Save your application fees.
http://talk.collegeconfidential.com/boston-college/1857557-financial-aid-astonishment-p1.html
Considering that BC has an endowment per student that is 4 times that of BU and 8 times that of Northeastern the limited financial aid at BC is even more bothersome.
I wouldn’t wholesale rule out an app there if child is really interested and also knows that it will be a no-go if FA does not come through. My D was offered a pretty good package there. (Does not attend.)
OP, we had the same experience. BC was the worst financial aid package my oldest got.
+1 …BC by far worst fin aid of accepted schools. Big disappointment.