Educational loans can help cover your tuition and associated expenses while you are enrolled. However, since loan repayment is mandatory, it is important to only borrow the amount you need for school.
The only financial aid offered to online students in the College of Fine Arts is the graduate unsubsidized Federal Direct Stafford Loan. Graduate Stafford Loans are not need-based. Students enrolled full-time in an online program (4 credits per session) are typically eligible to receive the maximum amount of $20,500 per year.
General eligibility for federal loans requires that you meet the following criteria:
- Make satisfactory academic progress
- U.S. citizen, national, or permanent resident
- Enrolled in at least 4 credits per session
- Not in default on prior student loans
Before Being Admitted:
To expedite the processing of your loan application (if you are accepted and you choose to attend), we recommend that you complete these three required documents within a few business days of submitting your application for admission:
- You will need to use either the IRS Data Retrieval Tool or your most current tax return to complete the FAFSA at www.fafsa.gov. Boston University’s school code is 002130. You are required to complete the FAFSA as an independent student, regardless of whether anyone else claims you as a dependent on their taxes. Do not use estimated numbers on your FAFSA; we will ask you to make corrections and this will slow the processing of your loan. If you are beginning the program in the summer, please complete the FAFSA for the upcoming academic year.
- Complete the Stafford Entrance Counseling by following the link at www.bu.edu/finaid/types-of-aid/loans/student-loans/entrance-counseling.
- Sign the Stafford Master Promissory Note at www.studentloans.gov/myDirectLoan/index.action.
You will not receive an award letter with the amount of loan you are eligible for, as graduate Stafford Loans are not need-based. If you are admitted and choose to attend, our financial aid office will contact you with more information.