We understand the life-changing value of a world-class, Christ-centered education. But, we also know that paying for that experience can seem complicated and challenging. We are committed to making Boston Baptist College accessible and affordable for families. The information provided here is specifically designed to help you learn about the process of applying for financial aid, the types of aid that are available and other opportunities for funding your college education. You can also contact us by phone or by e-mail should you need additional help in the aid process.
Financial Aid Process
In order to receive federal financial aid, you must complete the following three steps:
Step One - FAFSA
Completion of the Free Application for Federal Student Aid (FAFSA) will determine your eligibility for the Federal Pell Grant, Federal Stafford Loans, selected state grants, and various scholarships. Applications can be submitted as early as January 1st of the year of attendance. It is in your best interest to complete the FAFSA as early as possible. Please visit https://fafsa.ed.gov to begin your FAFSA now.
Step Two - MPN (New Students Only)
The Master Promissory Note (MPN) for Direct Stafford Loans is an agreement between the borrower, the lender, and the school. This agreement authorizes the school to credit the funds to the student’s account. The MPN is simply your promise to repay the loan under the terms detailed within it. (It is important to note that completing the MPN does NOT mean you are required to take out a loan.) Your FAFSA generally prompts you to complete the MPN, but you can also complete it by visiting https://studentloans.gov/myDirectLoan/index.action.
Step Three - VFAO Entrance Interview
Completion of the Virtual Financial Aid Office (VFAO) Entrance Interview will provide our college with the data needed to process your financial aid. Once the interview is completed, you will be able to view a preliminary financial aid package, but please note that these figures may be adjusted once your information is processed. Please visit https://boston.vfao.com to begin your VFAO Entrance Interview now.
Step Four - Entrance/Exit Counseling
Students who are requesting loans to fund their higher education MUST complete entrance counseling. Entrance Counseling is a required instructional session that explains the borrower's rights and responsibilities. Please visit https://studentloans.gov/myDirectLoan/counselingInstructions.action?counselingType=entrance to begin your Entrance Counseling.
Every student borrower who withdraws, graduates or drops below half-time status (six credit hours), must undergo Exit Counseling to prepare them for loan repayments. Our Financial Aid Office will alert the students of this process via email, mail or phone call.
Once the above four steps are completed, keep in mind the following:
You may be selected for verification.
The Department of Education randomly selects students for a process called verification. You will receive emails from the Department of Education until you have submitted the proper documentation needed. This might include copies of the student’s, parent’s, or spouse’s federal tax transcripts, W-2 forms, and verification forms. Once you have gathered the required documents, you can submit them to the BBC Financial Aid Office. If you have trouble obtaining the required documents, let the Boston Baptist College Financial Aid Office assist you.
There are other financial aid opportunities available for you.
After reviewing your financial aid package and scholarships, you may decide to apply for a private student loan to cover the remaining costs of your education. (This is not required; it is simply an option available for you.) Please visit http://www.elmselect.com/link/query?schoolid=372 to view our Preferred Lender List.
You should research outside scholarships and grants.
Grants and scholarships are forms of financial aid that do not need to be repaid. It will be highly beneficial to you to apply to as many scholarships and grants as you can or which you are eligible.
Federal Stafford Loan
A Stafford Loan is a federal student loan with a fixed interest rate.
There are two types of Stafford Loans: subsidized and unsubsidized. Eligibility for the loan is determined through the FAFSA (Free Application for Federal Student Aid). The Financial Aid office notifies students of the specific amounts for which they qualify. Repayment begins six months after the student graduates or drops below half-time enrollment.
-Subsidized Stafford Loan-
A Subsidized Stafford Loan is need-based loan program with a fixed interest rate of 6.8% for 2013-2014. Both principle and interest are deferred while the student is enrolled at least half-time (5 hours or less).
-Unsubsidized Stafford Loan-
Students who do not qualify for all or part of the need-based Subsidized Stafford Loan may borrow through the Unsubsidized Stafford Loan. The fixed interest rate is 6.8%. The federal government does not make the interest payments on the unsubsidized loan. The student may choose to make interest payments on the loan or allow the interest to accrue. However, the principle of the Unsubsidized Stafford Loan is deferred while the student is enrolled at least half-time (5 hours or less).
|Student Type||Base (Max Subsidized)||Additional Unsubsidized|
|Independent Freshman & Dependent Freshman w/ Parent PLUS Denial*||$3,500||$6,000|
|Independent Sophomore & Dependent Sophomore w/ Parent PLUS Denial*||$4,500||$6,000|
|Independent Junior/Senior & Dependent Junior/Senior w/ Parent PLUS Denial*||$5,500||$7,000|
For more information concerning Stafford loans and Plus loans please visit studentaid.ed.gov.
Federal Parent Plus Loan
With this Federal loan program, parents are able to apply for a loan up to the cost of attendance minus any financial aid the student is receiving. The interest rate is fixed at 7.9% with an origination fee of 4%. Approval is based on a credit check. Standard repayment begins 60 days after the loan is fully disbursed and parents have up to 10 years to repay the loan. Parents also have the option to request a deferment of repayment while the student is enrolled at least half-time.
For more information please visit studentaid.ed.gov.
To apply for a Parent Plus Loan please visit https://studentloans.gov/myDirectLoan/index.action
Alternative Student Loans are available for families seeking additional financing options.
Alternative Loans are non-Federal loans that are in the student's name and, in most cases, require a cosigner. Boston Baptist College encourages parents and students to first consider the Federal Direct Parent PLUS Loan to cover any outstanding educational expenses prior to considering an alternative loan. In general, a Direct PLUS Loan provides preferable interest rates and more flexible repayment options as well as options for loan cancellation that are not offered by most alternative loan products. If you choose to pursue an alternative loan, make sure to compare the costs associated with various loans before completing an application. Interest rates, fees, repayment periods, and other benefits can vary significantly between loans. While many educational loans are available with no fees and interest rates less than 10%, other programs exist with fees of over 5% and interest rates over 14%.
To aid students and families in the process of choosing a private lender, Boston Baptist College has compiled a Preferred Private Lender List.To help you compare the various alternative loans, consider asking the following questions of potential lenders:
Please note: Lenders may have several different kinds of loans that you can choose from. If the loan proceeds are being paid directly to the student rather than the school, then this is a "Direct to Consumer Loan." Generally, these are not the best loans for you.They often charge higher interest rates and/or higher up front fees. They are inviting because they are often easier to apply for and disbursement is sooner. They often do not have the normal protections and payment provisions of a regular school loan certified and disbursed to the school. Be very careful if you are choosing this type of loan. They were created for non-degree seeking students who cannot get regular school loans.You will find more information about Alternative Loans here.
Eligible applicants and their dependents may qualify for veterans' educational benefits that are available through the U.S. Department of Veterans Affairs. If you think you may be entitled to these benefits, contact the VA's education information hotline at 1-888-442-4551 or go to www.gibill.va.gov.
To use your benefits, you must be admitted to the college in a program approved by the Department of Veterans Affairs.
In general, you will begin to receive your benefits after the Financial Aid Office certifies your enrollment and education plan. You'll receive benefits only during your times of certified enrollment. Contact the Financial Aid Office each semester you plan to use benefits so we can certify your enrollment. It can take two to three months for the federal government to process the benefits application.
Boston Baptist College
950 Metropolitan Avenue
Boston, MA 02136