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Our EFC will probably be 35000. How likely is it that BC will meet our needs and will that aid be mostly loans?
This school a reach for my son anyway, and I am thinking is the aid is more than $5000 in loans a year it will not be worth applying.
BC guarantees 100% of need, regardless of your EFC. However, a portion of the money that is granted will be in low-interest loans. I believe that everyone who applies for financial aid gets $5,000 in loans per annum, or $2500 per semester.
I suggest that you need not worry about financial aid yet - evaluate BC's package if and when your son gets accepted.
I got my letter of acceptance today.
When is the deadline for submitting Financial Aid material to BC? If I'm not mistaken November 15th was the priority deadline (I missed that).
I cannot attend BC unless I receive substantial financial aid...
Just mail in your finaid docs, Dood. They'll process it when they can. Of course, since the holidays are around the corner, don't expect a response until late next month at the earliest. And even then, it will be a preliminary award bcos the actual numbers will have to wait until you submit 2009 W2's and tax forms.
If you need a lot of grant $ to attend, you'll find that other colleges are more generous in their calculation of EFC.
BC will guarantee 100% of your need, but the way they calculate need may be different than yours. BC will expect you/parents to liquidate savings and assets or take out second mortgages before granting substantial aid. Many Students qualify for Stafford type loans with differed interest or take out student loans from third parties. BC administers these pretty efficiently. BC is not known to be generous with aid, but I think you can get substantial aid if you and your family earn just a little and own nothing.
BC will guarantee 100% of your need, but the way they calculate need may be different than yours.
Actually, the way they calculate it is different than other colleges, which in an of itself is no big deal bcos each college IS different. The only rub is that BC agrees to use the same finaid methodology as the big boys....
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