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Financial Aid

Overview
Financial Aid

The Graduate School currently offers Federal Student Loans under the William D. Ford Direct Loan Program (Direct Loans), as well as, assistantships and an extended payment plan. Inquiries may be directed to the Director of Financial Aid, Ms. Stephanie Woolbert, by telephone 617-277-3915 x19 or email financialaid@bgsp.edu.

Students are required to make either a complete loan application or a tuition payment in order to be admitted to class. Students whose financial aid application is incomplete are expected to make payments in keeping with the Extended Payment Plan in order to remain in good financial standing. Students who are not in good financial standing are not permitted to attend class until the situation is rectified. Please note any absences may be counted as unexcused absences by the instructors.

Extended Payment Plan
Under this plan, the full tuition may be equally divided and paid in five equal payments as specified in the registration materials. The application for the extended payment plan is provided with the registration materials and should be submitted with the registration form. The student submits five post-dated checks representing the five calculated payments. There is a $75.00 fee for this service, paid at the time of registration.

Types of Aid
ASSISTANTSHIPS: A limited number of assistantships are available and granted on the basis of need and the ability to perform the tasks of a specific assistantship. Under special circumstances, an assistantship may be given to a student with a skill useful to the operation of the school. Generally, assistantships are not available to first year students. The assistantship is considered a loan and un-worked hours will be billed to the students account. Please contact the Dean, Dr. Lynn Perlman, and the Director of Financial Aid, Ms. Stephanie Woolbert, for more information.

SCHOLARSHIPS: Students are encouraged to seek outside scholarships. The following websites have information for students looking for help to finance their education:

FinAid
College Scholarships
ScholarshipPoints.com
Student Scholarship Search

Contact the Director of Financial Aid if you need assistance.


INTERNATIONAL STUDENTS:
The following websites have information for international students looking for help to finance their education in the United States.

Study in the States
The US Gov. has launched a new initiative to "encourage the 'best and brightest' foreign students to study and remain in the United States."
Edupass
EducationUSA
Fulbright
Ford Foundation International Fellowships Program
AMIDEAST
FINAID: The Financial Aid Information Page
American Association of University Women
Fellowships are awarded for full-time study or research to women who are not United States citizens of permanent residents.
International Financial Aid College Scholarship Search (IEFA)
Eastchance
Burma Study Abroad Website
This website contains information for Burmese students hoping to obtain a quality education abroad.
The International Research & Exchanges Board
IREX provides training, partnerships, education, research, and grant programs.
International Scholarships for Ukranian Citizens
This website features information for students from Ukraine about funding an international education.
International Student Loans.com
This website contains information on private student loan opportunities for international students with a US citizen or permanent resident as co-signer.

FEDERAL STUDENT LOANS: The William D. Ford Direct Loan Program (Direct Loans)

Under the Direct Loan Program, students borrow loan funds directly from the US Department of Education. Students may apply for loans in the Stafford Loan Program and/or the Grad Plus Loan Program. The Stafford Loan Program carries a lower interest rate and it is recommended that students exhaust their Stafford Loan eligibility before borrowing in the Grad Plus Loan Program. Both programs carry a fixed interest rate. The interest rates as of July 1, 2013 are listed below for the 2013-14 award year.

As of the 2012-13 academic year, the average student loan debt for those graduates who borrow is $58,577.  For more information on tuition and fees, click here.  A Cost of Attendance worksheet is available here for students to help determine their yearly costs, including living expenses, while attending BGSP.

Stafford Loan Program (5.41% fixed interest rate)

  • Annual limit of $20,500 unsubsidized (you pay all the interest, although you can have the payments deferred until after graduation). Aggregate loan limit is $138,500.00 for graduate students.
  • You may pay interest-only while in school (to avoid compounded interest). You may make a payment at anytime without penalty.
  • You may defer repayment until 6 months after graduation.
Grad Plus Loan Program (6.41% fixed interest rate)
  • Does not affect your aggregate loan limit.
  • You may pay interest-only while in school, or may make a payment at anytime without penalty.
  • Goes into immediate repayment unless the student defers repayment until after graduation.
  • Additional eligibility information: A credit check is required, and only credit-worthy students will be approved. Students may have a US citizen co-sign the loan.
Eligibility
  • U.S. citizen or eligible non-citizen (i.e. non-resident alien, citizen of U.S. Territory)
  • Enrolled in an eligible program. All regular Master's and Doctoral degree programs at BGSP are eligible.
  • Registered at least half-time (4+ credits, 6+ credits for counseling students). Students that have completed all coursework and are working on their thesis or final paper are considered half time if they are registered for at least 2 credits of directed research. For financial aid purposes only, the limit for directed research only status is 3 semesters for Master's students and 8 semesters for Certificate and Doctoral students (actual time to finish paper may be longer or shorter).
  • Good academic standing (Satisfactory Academic Progress): Students are required to make Satisfactory Academic Progress in their program of study to maintain eligibility for Federal Student Aid.  To achieve this, students must be in good academic standing, meaning they are progressing through the program, earning passing grades and making up any incomplete grades by the deadline. Students are considered to have fallen out of good academic standing if they are not progressing at the minimum completion pace of 67% or if they are placed on probation. For information about the criteria for being placed on probation, please refer to the Student Handbook. Students that do not meet this requirement are not eligible to receive financial aid and may go into repayment until they are once again in good standing.
  • Completing the program within the financial aid time limit: Students are required to complete the program within 1½ times the published program length.