Federal Unsubsidized Stafford Loan

The Federal Unsubsidized Stafford Loan is offered to assist students with postsecondary educational expenses. The Unsubsidized Stafford loan is made directly to the student who is responsible for repayment. Interest accrues and must be paid by the borrower or is capitalized during periods of in-school enrollment, grace, and/or deferment. Current interest rates for the Federal Stafford Loan can be found here.

Students must meet federal eligibility criteria to qualify for the Unsubsidized Stafford Loan. Financial eligibility is determined by a federally legislated analysis of family financial information provided on the Free Application for Federal Student Aid (FAFSA). You must file the FAFSA, and use Boston University’s School Code (002130), to apply for the Unsubsidized Stafford Loan. You will also need to submit a separate Unsubsidized Stafford Loan application after filing the FAFSA.

Federal Graduate PLUS Loan

The Graduate Federal PLUS is a federal credit-based loan which is available to assist students with the costs of higher education. Eligible graduate loan borrowers are those who are enrolled at least half-time (six credits) per semester in a graduate or professional degree that leads to a master’s, law, or medical degree. The credits must be accepted towards the degree program. The student must be a US citizen or permanent resident, must not have an outstanding balance from a prior period of enrollment and must be making satisfactory academic progress per school guidelines.

Direct PLUS Loans do not have fixed amounts. You can borrow up to the cost of attendance minus all other financial assistance you have received. The current interest rate on the 2019/2020 Graduate Federal PLUS Loan can be found here. Interest begins to accumulate on the date of the first loan disbursement.

Additional information on the credit-based Graduate PLUS loan can be found here.

Private Educational Loans

Students are encouraged to research and apply for other private loans that suit their lending and educational needs.

BU has identified some private loans if you are interested in researching additional options. This list of options is certainly not all inclusive and we encourage you to search for other outside private loan options that may be available to you.

Information on credit-based educational loans available to international students can be found on the main Boston University Financial Assistance website here: http://www.bu.edu/finaid/types-of-aid/loans/credit-based-loans/international/

External Scholarship Opportunities

To research further options for financial assistance from resources outside of Boston University, please visit: http://www.bu.edu/finaid/types-of-aid/scholarships-grants/merit-based/private/.

Loan Repayment

A complete listing of loan servicers and their contact information can be found here.

Students can also find their loan servicer contact information on the National Student Loan Database System (NSLDS).

Budgeting Tools

Smart Money 101 is a BU Financial Assistance initiative established to provide the Boston University community with online tools, information and other resources to promote effective money management. 

 

Federal Unsubsidized Stafford Loan (fall and/or spring)

  • Complete the Stafford Loan Processing Form. Please email this form to jmcummin@bu.edu, or mail to: COM Graduate Affairs, 640 Commonwealth Ave, Room 130, Boston, MA 02215.
  • Make sure you fill out the FAFSA at fafsa.ed.gov before applying for any federal loans. The FAFSA needs to be completed annually, each year that you borrow federal aid.

Federal Graduate PLUS Loan (fall and/or spring)

  • More information about the Graduate PLUS loan, such as interest rates and eligibility requirements, can be found here. We encourage borrowers to apply for the Stafford loan before the Grad PLUS loan based on interest rates.
  • The PLUS loan form can be emailed to jmcummin@bu.edu, or mailed to: COM Graduate Affairs, 640 Commonwealth Ave, Room 130, Boston, MA 02215.

Summer Loans

  • Eligible students can complete the Summer Unsubsidized Stafford Loan Form. Please note that students must turn this form into COM Graduate Affairs, Room 130 after they register for summer classes. Students must register for at least 6 academic credits over the course of the summer in order to be eligible. Summer borrowing may impact the amount of Stafford Loan you are eligible for in future semesters within the academic year.
  • Private loan applications (including the Federal PLUS loan application) will become available in July. We will contact students to let them know when it is appropriate to apply for these particular loans.