Financial Assistance

Billing and Payments

Table of Contents

 

 

Payment Plans

The Bentley University Payment Plan can help align the payment of your college costs with your family’s monthly budget. Families can spread the costs out over four months each semester.

In addition to the payment plan, we offer several payment options, including online payment, payment by check, or payment via wire transfer.  You can find more information on payment options here.
 

 

Federal PLUS Loan

The Federal PLUS Loan (Parent Loan for Undergraduate Students) enables a parent to borrow as much as the total cost of attendance for the academic year, less any financial aid awarded. Interest rates are fixed, meaning the interest rate at the time of application will remain in effect for the life of the loan. The federal government will announce the interest rate each June for loans disbursed during the upcoming academic year (beginning July 1). Parents should also be aware of and account for the loan origination fee when considering the total amount they need to borrow for the academic  year. 

PLUS Loans are processed for the full academic year and divided evenly between each semester of enrollment (fall/spring). Single semester PLUS loans for fall or spring may be processed only if a student is enrolled less than a full academic year. A separate application is required for summer semester PLUS loans. 

Parents that are approved for Federal PLUS loans will need to complete a promissory note before loan funds can be disbursed. PLUS Loan funds are disbursed to the student's account at the beginning of each semester.

For more information, please visit studentaid.gov.


 

Massachusetts Educational Financing Authority

The Massachusetts Educational Financing Authority (MEFA) also offers fixed-rate parent and student loans with immediate, deferred, or interest-only repayment options.  MEFA loans are available for both students who are residents of Massachusetts, and students who attend college in Massachusetts.  Therefore, all Bentley University students are eligible to apply.
 

 

Private Alternative Loans

Private alternative loans provide supplemental funding to help pay direct and indirect educational expenses. Parents or students apply for these loans directly with private lenders; however, Bentley is required to certify your loan eligibility. Before considering alternative loans, make sure you have determined whether you are eligible for federal loans such as the federal Direct loans and federal PLUS Loans, as these loans may offer more favorable terms and conditions. Private loans are not based on financial need, but the borrower and co-signer must meet credit and other eligibility requirements, which vary by lender. We encourage you to carefully compare rates and terms of alternative loans before making any decision on what loan program is best for you and your family.

You are responsible for determining the amount you wish to borrow. Bentley will certify your loan for the cost of attendance, less financial aid, unless you specify an amount lower than this number. Our office maintains a list of lenders you may wish to consider, however you may use any lender you would like and are not obligated to choose one from this list.

Private loans can be certified for the academic year (fall/spring) or per semester. However, we encourage students and families considering this option to assess their total need for the academic year. Fall and Spring are the standard academic year semesters and separate applications must be submitted if borrowing during the summer semester. 
 

 

Outside Scholarships

Many private companies, foundations and agencies offer scholarships for college. An outside scholarship, in most cases, will not have an impact on your Bentley financial aid award.
 

What is an outside scholarship?

An outside scholarship is any scholarship not awarded by the government or the school, such as a scholarship provided by a private sector company, philanthropist, or foundation.  The federal government requires that you inform us directly of any grants, scholarships or other education benefits you will receive from sources outside of Bentley such as your high school, civic organizations, vocational rehabilitation programs, tuition reimbursement benefits, prepaid tuition programs, etc.

How will your outside scholarship affect your financial aid eligibility?

An outside resource, in most cases, will not affect your financial aid award; however, we must ensure that the combination of your financial aid and outside awards does not exceed your federal need, as determined by the Federal Methodology. In cases where we must adjust your financial aid to prevent an "over award", we will reduce your aid starting with the self-help part of your package (Federal Work Study, Federal Direct Subsidized Loan).  We will reduce your grant funds only as a last resort, but exceptions to this policy may be applied to late financial aid applications.

Where can I find outside scholarship opportunities?

There are several different ways to search for outside scholarships. In general, students must make the effort to identify and apply for scholarships for which they may qualify. You can start your scholarship search using the sites below. This list is not an exhaustive and there are many additional scholarship search engines out there.. You should never pay to use a scholarship search engine, but you may have to create an account to apply for scholarships. 

www.StudentScholarship.org
www.finaid.org
www.fastweb.com
www.collegescholarships.org
 

 

Anticipated Aid and Your Bill

If you have been awarded financial assistance or applied for any loans that we have processed, anticipated aid refers to the amount of aid that we expect you to receive as of the date of your bill. The amount due reflects your billed charges minus your anticipated financial aid. Check your Workday account to review your bill once you’ve received notification that statements are available (mid-July for fall bills and early December for spring bills).
 

All pending aid that has not disbursed to your student account for the fall by late September and for the spring by mid-February will expire and no longer appear on the bill. It is your responsibility to ensure that you meet all requirements for disbursement of funds so that financial aid is properly credited to your student account.

Grants and Scholarships

Institutional grants and scholarships are available to eligible students during the standard academic year (fall/spring) and will disburse to your student account at the start of each semester. Disbursement of estimated state scholarship amounts is dependent upon the timeliness of state agencies in releasing their funds to us. Pell Grants will be disbursed to recipients as soon as verification and necessary corrections are complete.

Federal Work-Study and Bentley Work Program

Federal Work-Study awards do not reduce billed charges and these funds are not credited to your student account. Instead, students who have secured a position through the Student Employment Office will receive a paycheck on a bi-weekly basis for hours worked. Federal Work-Study will not appear as an expected credit on your bill.

Federal Direct Loans and Graduate PLUS Loans

Interest rates are fixed for Federal Direct and Graduate PLUS loans, meaning the interest rate at the time of application will remain in effect for the life of the loan. The federal government will announce the interest rates each June for loans disbursed during the upcoming academic year (beginning July 1).

Federal loans are processed for the full academic year and divided evenly between each semester of enrollment (fall/spring). Single semester loans for fall or spring may be processed only if a student is enrolled less than a full academic year. A separate application is required for summer semester PLUS loans.

If you are a first-time Federal Direct Loan borrower, you must complete a promissory note and loan entrance counseling requirements before Federal Direct Loan funds can be disbursed. Federal Direct Loans are divided evenly between semesters (fall/spring) and have an origination fee deducted from the proceeds before they are sent to Bentley. Your net loan disbursement and the amount of anticipated Federal Direct Loan funds on your student account will be less than the amount which appears on your award letter. 

The Federal Graduate PLUS Loan enables a student to borrow as much as the total cost of attendance for the academic year, less any financial aid awarded. Students should also be aware of and account for the loan origination fee when considering the total amount they need to borrow for the academic  year. Graduate students that are approved for Federal Grad PLUS loans will need to complete a promissory note before loan funds can be disbursed. PLUS Loan funds are disbursed to the student's account at the beginning of each semester.

For more information, please visit studentaid.gov.

Book Advances

Eligibility for a book advance is based upon your financial assistance. Total financial aid, excluding work-study, must be sufficient to cover your student account balance, plus the amount of the requested book advance. In order to request an advance, you must complete the Book Advance Request form available from the Student Financial Services office.

The standard amount of a book advance is half of the annual allowance as listed in the cost of attendance. If approved, the amount of your book advance will be charged to your student account, reducing any future refund owed to you. You will receive a voucher verifying your eligibility that must be taken to the University Police Station, where your book advance amount will be credited to your Falcon Fund account. You may purchase your books at the Bentley University Bookstore by debiting the Falcon Fund credit on your ID card. Unused Falcon Fund credits will remain on your account until you graduate or leave the university.

If you wish to purchase your books from a source other than the Bentley University Bookstore, please see your financial aid counselor. If you have a pending credit balance on your student account, we may be able to provide you with an emergency loan against that credit balance that can be used to purchase books or pay for other educational expenses.