Financial Aid Eligibility
An applicant/student must be a U.S. citizen, a naturalized citizen of the United States, permanent resident or an eligible non-citizen. Financial aid is awarded on the basis of demonstrated need. Need is determined by an analysis of income and assets of students and their families. Boston University Chobanian & Avedisian School of Medicine, The Goldman Dental School, School of Public Health, and Graduate Medical Sciences each offer their own merit-based scholarships and loans.
Financial need is determined based on the formula:
To continue to be eligible for aid, students must be in good academic standing and making satisfactory progress.
Cost of Attendance
The cost of attendance includes tuition and fees as well as living expenses and other incidentals that may a student incur during their period of enrollment. This is not your bill. The COA is intended to help students budget their financial aid when compared to their actual expenses + unbilled expenses such as rent.
Expected Family Contribution
The Expected Family Contribution (EFC) is a measure of a family’s financial strength and is calculated according to a formula established by law. If a student is married or has a domestic partner, information from the spouse/partner is also required. Parental data is not required for BUMC students. Income, assets, and family size all contribute to the expected family contribution.
The information you report on your Free Application for Federal Student Aid (FAFSA) is used to calculate your EFC. Your EFC is not the amount of money you will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by SFS to calculate the amount of federal student aid you are eligible to receive.
Your financial need is determined after deducting your EFC from the total cost of attendance and is met with loans.
Need-based aid is financial aid that you can receive if you have financial need and meet other eligibility criteria. You can’t receive more need-based aid than the amount of your financial need.
Read on to find out more about other eligibility requirements for financial aid: