Bentley University is a private college located just outside of Boston in Waltham, Mass. The institution, previously known as Bentley College until a name change in 2008, offers a nationally-recognized career center and a well-respected business school.
In fact, 97% of its 2017 graduates found employment or continued their education after leaving college, according to Bentley University employment statistics. And while the median starting salary is $57,000, students are making $80,600 on average 10 years after graduating, according to College Scorecard.
Attending Bentley can put graduates ahead in their education and career pursuits — but it might not come cheap. Bentley University’s annual costs of attendance were $66,200 in 2018-19. At that price, college applicants considering this school will need a solid plan for how to pay for Bentley University if they want to keep costs and student debt affordable.
Luckily, students and their families don’t necessarily have to pay that full annual cost out of their own pockets. Bentley University student aid can help cover costs, whether through money for college such as scholarships, grants or student loans — or all.
Use this guide to paying for Bentley University to figure out the steps you need to take to access this college funding and assistance.
|Costs of attending Bentley University|
|Annual tuition and fees||$49,880|
|Annual room and board||$16,320|
|Total annual cost||$66,200|
|Annual net cost (after aid)||$34,207|
|Median debt after graduation||$26,500|
|All info current as of Sept. 25, 2018. Sources: Bentley University, College Scorecard|
Applying for student aid: the FAFSA and CSS Profile
To get student aid at Bentley University, you’ll need to complete two different aid applications: the Free Application for Federal Student Aid (FAFSA) and the CSS Profile.
Filing the FAFSA
The FAFSA is the application you need to submit to access student aid such as federal grants, work-study and student loans. These types of student aid will likely be crucial to your plan to pay for Bentley University, as 89% of students at similar private nonprofit schools receive some form of federal student aid, according to the National Center for Education Statistics.
You’ll need to head to FAFSA.ed.gov to start the process. You can file your FAFSA as early as Oct. 1 for the following academic year. Since some funds are first-come, first-served, you’ll likely want to submit your application in a timely manner.
If you’re under 24, you may need to have a parent complete and submit a portion of the FAFSA. You’ll also need to indicate the schools you want your FAFSA information shared with — make sure you add Bentley University. (Its FAFSA code is 002124.)
Submitting a CSS Profile
The CSS Profile is a separate and supplemental aid application that is administered by the not-for-profit organization, the College Board. Many private scholarship programs and colleges, including Bentley University, require students to complete and submit a CSS Profile to be considered for a variety of need-based scholarships and grants offered by the college itself.
The CSS Profile will cost $25 to complete and submit to one college, with a $16 fee for each additional school with which you wish to share your CSS Profile, although this fee can be waived for some students with financial hardship. You can add Bentley University with its CSS code 3096.
Students should be aware of Bentley University deadlines to file aid applications, which apply to both the FAFSA and CSS Profile.
- Nov. 15 for early decision applicants
- Jan. 15 for regular decision application
- April 1 for transfer students
Note that you must submit these forms by these dates to be considered for Bentley’s institutional aid. However, you might still be eligible for state or federal aid even if you miss the above deadlines.
You should also check out Bentley University’s list of supplemental aid forms to see if you need to file any of these additional documents.
Grants for Bentley University students
Bentley University uses the information you provide through the FAFSA and CSS Profile to evaluate your eligibility for student aid. You’ll receive aid based on your family’s ability to afford and pay for the expenses of attending Bentley.
One of the best kinds of need-based aid is grants. A grant is gift aid, which is basically money you’re given to pay for college that won’t need to be repaid. This type of aid is funded by a variety of organizations, from federal and state college grants down to institutional grants offered by college themselves.
Here are some of the top Bentley University awards:
- Bentley University Grants are available to cover any portion of a student’s financial need not covered by other forms of gift aid, such as other federal grants, state grants or Bentley scholarships.
- Falcon Grants are awarded to student athletes who demonstrate a financial need (except basketball and ice hockey athletes might also receive merit-based aid).
- MASSGrant is a state college grant offered to undergraduate students who are residents of Massachusetts and meet the need-based eligibility requirements. Students who file a FAFSA by May 1 are automatically considered for a MASSGrant for the following school year.
- Part-Time Grant Program offers gift aid awards starting at $200 to qualifying part-time students who are residents of Massachusetts.
- Pell Grants are need-based, federal college aid that you’re considered for if you submit a FAFSA. If you have a need for this aid, you can receive up to $6,095 for the 2018-19 academic year.
Scholarships for Bentley University students
Scholarships are another form of gift aid that helps lower the net costs of attending Bentley University.
Unlike grants, which are primarily need-based, scholarships might be awarded based on need or merit, or sometimes both. Merit-based scholarships might be given to students who have high academic performance, outstanding athletic abilities, involvement in extracurriculars or meet other criteria.
Finding and applying for scholarships can help you get hundreds or thousands of dollars in free funds to use for college. Some good places to start your search include Bentley’s own site, which posts a list of outside scholarships and multicultural scholarships. You can also use other scholarship search sites such as Scholly or Fastweb.
To get you started, here are a few of the top Bentley University scholarships:
- Bentley academic scholarships are merit-based awards that range from $5,000 each year up to $30,000, and they are renewable. First-year applicants are automatically considered for these merit-based scholarships, based on their academic achievement.
- Women’s Leadership Award is granted to first-year female students entering the Center for Women and Business who demonstrate high leadership achievement. This scholarship requires completing a separate application. Recipients must participate in the Women’s Leadership Program and can get $10,000 per year.
- Phi Theta Kappa Scholarships award $5,000 to 10 recipients each year. Applicants must be members of Phi Theta Kappa honor society and be transfers to Bentley University from a community college.
- Give a Year Scholarship program awards a $20,000 tuition credit toward certain Bentley students for senior year after they spend a year volunteering with the City Year Corps.
The final non-loan form of student aid is federal work-study, which as the name implies, allows students to earn student aid funds through work. A student interested in this program should indicate so when submitting the FAFSA. If eligible, work-study will be listed as part of their aid package in their financial award letter from Bentley University.
Recipients of a work-study award must apply for a qualifying work opportunity through Bentley’s Student Employment Office and will be given preference in consideration for these jobs. The hourly wage for on-campus work-study jobs starts at $11 per hour.
Of course, you don’t have to get a federal work-study award to apply for on- or off-campus jobs. Holding a part-time job can be a great way for students both to generate additional college funds and to gain valuable work experience.
Federal student loans
Before considering loans, students should max out all opportunities to fund their college costs through grants, scholarships, work-study and other part-time jobs, and their own college savings. But with the high price of attending Bentley, these sources might not be enough to cover all educational expenses.
In these cases, the next option for many students might be to borrow for college. Federal student loans provide an easy and inexpensive way to do so, and they come with a number of important benefits:
- Access: Students don’t need credit to qualify, thanks to the fact that these loans are guaranteed by the federal government.
- Affordability: Every student who takes out a federal student loan in a given academic year pays the same low, fixed rate and affordable loan fees.
- Assurance: Federal student loans offer several protections that help borrowers manage student loan repayment and avoid negative outcomes such as delinquency or default. Enrolling in income-driven repayment plans can lower monthly payments, for example, while deferment and forbearance pause payments during a hardship.
Even when choosing among your federal student loan options, however, it’s still important to make a wise and informed decision. Here’s a closer look at the federal student loans available to undergraduate students.
|Federal Student Loan||Who can use it?||Interest rate (2018-19)||One-time loan fee||Interest is paid in deferment||Annual loan limit|
|Subsidized||Undergraduate students with a demonstrated financial need||5.05%||1.062%||Yes||Up to $5,500 per school year|
|Unsubsidized||Undergraduate students||5.05%||1.062%||No||Up to $7,500 per school year for dependent students
Up to $12,500 per school year for independent students
|PLUS||Graduate students and parents of undergraduate students||7.60%||4.248%||No||Cost of attendance, after all other student aid is applied|
|All information current as of Sept. 25, 2018. Source: Federal Student Aid|
Bentley University student loans and payment options
Outside of federal student loans, students have some other options they might consider. One is enrolling in a Bentley University payment plan, which breaks up the educational costs of a semester and spreads them out over five months. Making smaller payments can be easier and more affordable for many college students and their families. This payment plan is not a loan, and won’t carry any interest charges but will incur a $35 enrollment fee each semester.
Students should also see if they qualify for the Massachusetts No Interest Loan. This loan program allows students with a demonstrated need to borrow between $1,000 and $4,000 in 0% interest student loans. Students who submit a FAFSA by the May 1 Massachusetts student aid deadline are automatically considered for a Massachusetts No Interest Loan.
Private student loans at Bentley University
Even after exhausting federal student loan options, it’s possible that some students will still need additional financing to pay for their education at Bentley. In such a case, private student loans from banks, credit unions and online lenders can be a good option.
Taking out a private student loan is more difficult than getting federal student loans. Applicants will need a good credit history and other sound financials to get approved. In fact, most college students won’t qualify for a private student loan on their own and will need the help of a cosigner to borrow this way.
Private student loans can also vary widely in their costs, with each lender offering different student loan rates, fees and terms. They are often (but not always) a more expensive way to borrow than federal student loans.
They also don’t offer the same borrower protections, such as the option to change repayment plans or pause payments through deferment or forbearance.
Bentley University students should carefully weigh the pros and cons of private student loans to decide if they are a wise financing option for them. If you chose to apply for private student loans, make sure to research and compare several lenders to find the best private student loans that meet your needs.
The bottom line: Paying for Bentley University
Students attending Bentley University will have to come up with around $66,200 each year to cover their basic educational and living expenses. It’s a tall task, but there are many sources of student aid and funds that can help make that possible.
Start first with finding, applying for and securing as much gift aid as possible. Take advantage of federal and state college grants, as well as private and local scholarships. After that, see what you can pay out of pocket. You can use college savings, your own earnings or contributions from family to meet some of your costs.
Finally, many students’ plans for how to pay for Bentley University will include student loans. Borrow with need-based student loans first, such as the Massachusetts No Interest Loan or the Direct Subsidized Loan, and supplement these with other federal or private student loans.
By looking ahead and starting to manage costs now, you can chart a path to pay for Bentley University without sacrificing your financial future.
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1 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of June 23, 2020 and is subject to change.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
3 Important Disclosures for SoFi.
4 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of June 15, 2020, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 6/15/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.2% effective May 10, 2020.