U.S. Citizens, U.S. Permanent Residents, and eligible non-citizens may be eligible for certain types of federal aid based on financial need. Institutional need-based grants are not available to students enrolled less than full-time.
To apply for financial aid, complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. The federal school code for Bentley is 002124. The FAFSA offers the IRS Data Retrieval Tool to help you complete your FAFSA online by allowing you to transfer tax return data from the Internal Revenue Service. If you are selected for Verification by the federal processor, we will contact you to let you know about additional documentation required as part of your application. To insure that financial aid is available to pay your institutional charges, you should apply for aid at least one month prior to your bill due date.
Types and Sources of Aid
Federal Pell Grant
The Pell Grant is made available by the federal government to students with extremely high financial need and does not have to be repaid. Annual award amounts are determined each year by the federal government.
Federal Supplemental Educational Opportunity Grant (SEOG)
SEOG is funding provided to Bentley by the federal government. It is only awarded to students who have Federal Pell Grant eligibility. This grant does not have to be repaid. The award for part-time students is generally $100.
Federal Direct Stafford Loans
The Federal Direct Stafford Loan program provides low-interest loan funds for students. There are two types of Federal Direct Stafford Loans, subsidized and unsubsidized. Both versions accrue interest while you are enrolled. For subsidized loans, the interest is paid by the federal government until you are no longer enrolled at least half time. With the unsubsidized version, the interest accrued is your responsibility. You have the option of either paying the interest while you are enrolled or deferring it. If you choose deferment, the interest is capitalized (added to the principal) when repayment begins.
Each June, the federal government will announce Direct Stafford Loan interest rates for the upcoming academic year beginning on July 1.
The federal government limits the amount you can borrow each academic year. Freshmen can borrow $3,500, sophomores can borrow $4,500, and juniors and seniors can borrow $5,500. Repayment begins six months after you graduate or drop below half-time enrollment. There is an origination fee (currently 1.073%) deducted from the loan prior to disbursement. Therefore, the amount of the loan included on your Bentley financial aid award letter represents the gross amount and you will actually receive 98.93% of that total.
If you have sufficient financial need, we have offered you a subsidized Stafford Loan. If you do not have financial need, or your need is met by other sources, we have offered you an unsubsidized Stafford Loan only. All students, regardless of need and grade level, are eligible for an additional $2,000 unsubsidized Stafford Loan which is likely included in your award. Please think carefully before accepting the unsubsidized Stafford Loan, since the cost of borrowing this loan is more expensive overall due to the lack of a subsidy.
Private Alternative Loans
To supplement federal aid sources, loans are also available through private sources. These loans often have higher interest rates and less favorable repayment terms than federal loans, so they should be used as a last resort. If you are not a U.S. Citizen or Permanent Resident, you may be eligible to borrow through private loan sources, but a co-signer who is a U.S. Citizen or Permanent Resident is usually required.
Bentley offers a semester-based payment plan that allows you to manage costs by paying in installments. The fall plan runs from July through November, and the spring plan runs from December through April. Enrollment in the payment plan is only available online and carries a nonrefundable enrollment fee of $35 per payment plan. For more information on the payment plan and other options, click here.