Financial Aid Eligibility
All students must file the FAFSA annually to receive consideration for financial aid. The purpose of the FAFSA is to determine the financial need of a student and to confirm their eligibility to participate in student aid programs.
The FAFSA information is sent to Benjamin Franklin Institute of Technology and is used by the Financial Aid Office to determine your award. A financial aid award will vary according to a student's need and the availability of funds. Financial aid is awarded for one academic year at a time; students must reapply annually to receive consideration in subsequent years.
Full-time students will be considered for all of the financial aid programs that BFIT administers, after receipt of a valid FAFSA. Student financial aid packages may be a combination of federal and state grants, student loans and work study. These awards will be contingent upon demonstrated financial need and the availability of funds.
Net Price Calculator
The Net Price Calculator is a tool to help plan for educational costs at Benjamin Franklin Institute of Technology by providing an estimated “net cost” figure (estimated cost less estimated scholarships and grants). These figures are based on the 2013-2014 Academic Year. It is important for you to understand that the information you receive from the calculator is a broad estimate. Many factors come into play when we award financial aid to students including, but not limited to: deadlines, levels of funding, grade levels, and academics.
The Net Price Calculator is intended for first year students only. Keep in mind that this is not a financial aid application and that the data provided or estimator results are not stored by BFIT. In order to receive actual financial aid awards, the FAFSA must be submitted each year of attendance. The Priority Deadline for BFIT is March 1st.
Financial need is determined by subtracting the Expected Family Contribution (EFC), from the Institution’s Cost of Attendance (COA), as determined by the financial aid office. The EFC is calculated from the income, assets and family information that you provide on the FAFSA form. The COA is determined by adding all the direct expenses paid to the College tuition, fees, room and board, health insurance, and allowances for indirect costs such as books, supplies, travel and personal items.
A student's file may be selected by the U.S. Department of Education or by the College for review in a process called verification. Students selected for verification will be asked to provide additional documents to the Financial Aid Office. These documents will be used to either confirm or correct information submitted by the student on the FAFSA. Since a student's financial aid eligibility is based on information provided on the FAFSA, any changes in that data may affect a student's financial aid award. For this reason, awards will not be finalized until verification has been completed.
Financial Aid Revisions
Revisions to a financial award are sometimes required. If the Financial Aid Office receives additional information pertaining to a student's financial aid application, adjustments to an award are often necessary. If a student's award is adjusted, he or she will receive a Revised Award Letter. Some typical reasons for award adjustments are
- Enrollment change (student is modifying their originally planned enrollment pattern; for instance a student drops of adds a class or classes). An enrollment change affects the student's cost of attendance, which often alters financial aid eligibility. In these cased, the Financial Aid Office is require to reduce a student's financial aid award. Please note: all students must be enrolled at least half-time to receive financial aid. Undergraduate half-time enrollment is defined as a minimum of 6 credit hours per semester.
- Housing change (changing from campus resident to commuter or commuter to resident). This affects the student's cost of attendance and may reduce financial aid eligibility and a student's award.
- New information is available. Updated information provided by the student may result in an EFC change.
- Additional source of support. Also a factor is whether a student is receiving assistance from a source other than BFIT. If a student receives private scholarship or grant money, it is their responsibility to notify the Financial Aid Office of this information.
Satisfactory Academic Progress
Financial aid recipients are required by both federal and institutional policy to be making Satisfactory Academic Progress. Students are expected to be working at a reasonable pace towards a degree or certificate and be maintaining at least the minimum grade point average required for graduation. The course catalog provides more detailed information in regards to Satisfactory Academic Progress at BFIT.
Students who do not meet the satisfactory academic progress standard are placed on financial aid probation. Failure to improve academic standing by the end of the probationary period will result in the termination of all financial aid.
Return of Title IV Funds Policy
Federal regulations require that students who withdraw from all classes prior to completing more than 60% of enrollment term will have their eligibility for Federal financial aid recalculated based on the percentage of the term completed, which shall be calculated as follows:
- Number of days completed by the student/Total # of days in term
The total number of calendar days in a term excludes any scheduled breaks of more than 5 days.