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When applying for federal student aid, the information reported is used in a formula established by law. The formula determines the Expected Family Contribution (EFC), an amount the student and his or her family is expected to contribute toward the cost of education (although this amount may not exactly match the amount the student and family ends up actually contributing). If the EFC is below a certain amount, the student may be eligible for a Federal Pell Grant, assuming all other eligibility requirements are met.
Our financial aid office calculates the cost of attendance and subtracts the amount the student and the family are expected to contribute toward that cost. If there’s anything left over, the student is considered to have financial need.
Students must attend class and achieve passing scores on both written and practical tests to be eligible for financial assistance.
This can become a vicious circle; aid is stopped because the student did not attend and the student cannot attend because the aid is stopped. The best solution is for the student to begin with a commitment to attend.
Students or applicants with any questions regarding Financial Aid or Self-Payment arrangements should contact the Director of Financial Aid at 781.935.3344 ext. 227.
Unsubsidized Stafford Loans
are awarded to students regardless of financial need. Borrowers are responsible for paying the interest that accrues during any period. Independent students and students whose parents cannot get a PLUS Loan have higher unsubsidized loan limits. Interest rate is currently 4.99% fixed for the 2022-2023 award year.
Parent Loans for Undergraduate Students (PLUS)
allow parents to borrow on behalf of their dependent undergraduate student and are able to borrow amounts that cover partial or the entire tuition as long as it does not exceed the cost of attendance. In order to be eligible for the PLUS Loan, the student and parent must be United States Citizens or eligible noncitizens, not be in default on any federal education loans, not owe an overpayment on federal education grant, and meet other general eligibility requirements for the federal student aid programs. As with Unsubsidized Stafford loans, borrowers are responsible for the interest that accrues on PLUS Loans throughout the life of the loan. PLUS Loans are based on the credit of the borrower. Interest rate is currently 7.54% fixed for the 2022-2023 award year.