Lets say my daughter gets in to BU (Its a stretch, but its quite possible)
Living on campus, it would cost $78K (all in) and our EFC is $13K.
Based on BU website, is it actually possible that BU gives her $65K in scholarship/grant/loans/fed loans and we would only have to pay OOP $13K?
SShe is 7/7 for acceptance for schools (Springfield, Salem State, Framingham, etc…) with BU, Smith, and Brandeis remaining.
Thanks!
You may want to look up the latest available common data set for BU (think 2019-20) for the breakdown of their financial aid figures. Think section H. Also check net cost estimator on their website if haven’t already.
Apart from those mentioned above by you, they also give work study waivers for a portion of total expenses. Students typically work certain number of hours a week in the cafeteria, library, student union etc against this.
Doubt if it is going to be the whole of 65k though, even as they changed their policy to meet 100% need.
My D got $56k… not sure how they calculated it, but we are a single income family
Is the $13,000 from FAFSA or the BU net price calculator? If it is from FAFSA it is meaningless.
Run the net price calculators from all the schools on your list to get an estimated COA. Here is BU’s: https://npc.collegeboard.org/app/bu
Note that NPCs may not be accurate if parents are divorced, own a business, or own property in addition to a primary home.
FAFSA is used only to determine eligibility for federal financial aid. FAFSA only schools generally don’t meet full need.
Schools that use CSS Profile like BU may or may not meet full need, and use information in the Profile to determine what they think a family can pay, according to their own unique formulas.
Now I have a question. Will the financial aid amount change after the first year? I am asking because my yearly income may increase some compared with last year.
Thanks !
Yes FA will go down if income increases.
Thanks. So they will check every year?
Yes, you will need to fill out the fafsa every year to get FA.
At BU, you only need to file FAFSA every year if you qualify/want federal financial aid, as BU uses CSS Profile (Not FAFSA) to determine institutional need based aid.
Returning BU students do not need to file CSS Profile after freshman year: http://www.bu.edu/finaid/apply/returning/
Ok Thanks all for the information. My D’s financial aid mainly from BU.
Thanks and Have a great weekend.