Summer 2024 Graduate Federal Direct Unsubsidized Loan Request » Financial Assistance

The Federal Direct Unsubsidized Loan is a Title IV Federal loan available to students for post secondary educational expenses. Most domestic matriculated students are eligible for an Unsubsidized Loan each academic year. The Federal Direct loan program is part of the Title IV aid program that offers Federal financial assistance to students and includes, among other funds, the Direct Unsubsidized and Direct Graduate PLUS loan.

The Direct Unsubsidized loan is made to the student who is responsible for repayment. The interest rate for all Direct Unsubsidized loans disbursed on or after July 1, 2023 and prior to July 1, 2024 is a fixed rate of 7.05%. The interest rate for all Direct Unsubsidized loans disbursed on or after July 1, 2024 and prior to July 1, 2025 has not been announced yet. The Origination fee is 1.057% for loans disbursed after October 1, 2020.

You are eligible to participate in the Federal Direct Loan Program if you are:

A U.S. citizen or permanent resident
Enrolled in a degree program on at least a half-time basis (or considered at least half-time by your School/College) and credits count towards your degree
Making satisfactory academic progress
Do not have an outstanding balance from a prior period of enrollment at Boston University
Have not met the cumulative (aggregate) limit for the Federal Direct (Stafford) Subsidized/Unsubsidized loan program of $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.

How do I apply?

Complete the Free Application for Federal Student Aid (FAFSA) if you have not already done so. Submit the 2024/2025 FAFSA if you are a NEW student, a student who has borrowed the annual limit of $20,500 during the 2023/2024 academic year, or a student who is enrolling in classes that begin on or after 7/1/24. Your 2023/2024 FAFSA information may be utilized if you are a current student and did not borrow up to the annual loan limit of $20,500 during the 2023/2024 academic year.
First time borrowers must complete a Direct Loan Master Promissory Note (MPN). If you have already completed an MPN for the 2023/2024 academic year or a prior year, you will not need to sign another MPN for the Summer session. Boston University will be notified within 3-5 days that you have completed your MPN. Failure to complete the MPN before the end of your summer loan period will result in cancellation of the loan.
First time borrowers must complete Entrance Counseling. Entrance Counseling is required to ensure that you understand the responsibilities and obligations that you are assuming by requesting a Federal Direct Loan. If you previously completed Entrance Counseling you do not need to complete this again.

When should I apply?

Loan eligibility cannot be determined until you are registered for the summer session. It is important that your request be submitted as soon as possible after registering for your summer classes. Your application will take approximately seven to ten business days to process once our office begins reviewing loan requests in early April.

Annual and lifetime borrowing limits

Graduate and professional students are eligible to borrow up to $20,500 in a Direct Unsubsidized Loan each academic year including summer sessions*. The cumulative (aggregate) limit for the Federal Direct (formerly Stafford) Subsidized/Unsubsidized Loan program is $31,000 for dependent undergraduates and $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.

*Students enrolled in the School of Public Health have an annual limit of $33,000 per academic year.

When will loan funds be available?

Once you have completed all requirements listed above and your loan has been processed, disbursement of funds will be scheduled. The origination fee of 1.057% will be deducted from the unsubsidized loan prior to disbursement.

Please note that refunds cannot be released until the first day of your scheduled classes due to Federal regulations on financial aid refunds. Your loan may be disbursed in up to 2 installments - the first occurring no earlier than 10 days before the start of your loan period and the second installment occurring midway through the loan period.

For first time borrowers, your loan cannot be disbursed until the Entrance Counseling and Promissory Note requirements have been fulfilled. You must also be registered for the appropriate number of credits for disbursement to take place.

*Modular enrollment* If you are enrolled in Summer 1 and Summer 2 courses, please note that any drops or withdraws during either session may require an R2T4 calculation and the return of Federal Direct Loans.

If you have any questions regarding this request form or your financial aid please contact your graduate financial aid office. You can find contact information for all graduate financial aid offices on our Graduate Education page.

Please complete the following form to submit your request for a Federal Direct Unsubsidized Loan for summer 2024.

Name*

First Last

Boston University Email*

Providing a non-BU email may lead to a delay in processing your loan request.

Summer Phone Number*

BU ID Number (UXX-XX-XXXX)*

Anticipated Graduation Date (MM/YYYY)*

To ensure that we process your most recent loan request, please indicate whether this is your 1st, 2nd, or 3rd+ time to submit the Summer 2024 Loan Request Form*

I have registered for the summer term.*

Yes
No

You must be registered for the summer term before your loan request can be reviewed.

I have previously submitted my 23-24 FAFSA or have submitted my 24-25 FAFSA.*

Yes
No

Your summer Federal loan eligibility may utilize either FAFSA depending on several criteria. Please see "How Do I Apply?" above for more information.

Your Federal Direct Loan request will not be processed until Boston University has received a valid FAFSA.*

I understand

I have already completed my Master Promissory Note and Entrance Counseling.*

Yes
No

Please visit StudentAid.gov to learn more and to complete both requirements.

I understand that my Direct Loan Request will not be reviewed until I have completed a Master Promissory Note (MPN) and Entrance Counseling on the Student Aid website.*

Please visit StudentAid.gov to learn more and to complete both requirements.

Yes
No

I am enrolled in a program in the following School or College:*

Please indicate the degree you are pursuing:*

I am enrolled in the Physician Assistant (PA) Program

Yes
No

Program Location:*

Students who are enrolled in an on-campus program but are taking classes remotely for the summer should still select "On-Campus Program."

Please enter your current cumulative GPA. If you are a new student for summer 2024 please enter N/A.*

If you are a current student with a cumulative GPA that is below the required 2.00 please contact wheaid@bu.edu prior to submitting this loan request form. You may be asked to provide additional information before your loan eligibility for summer can be determined.

I intend to enroll in summer 2024.*

Yes
No

If you select yes, your Federal Direct Loan will be divided evenly between the fall, spring, and summer enrollment periods.

Please select the program that you are pursuing within Sargent College:*

I have enrolled in the following number of credit hours:*

Summer 1	Summer 2	Fall 2024 (Current or Estimated)	Spring 2025 (Estimated)

In order to be eligible for Federal Direct loans you must be enrolled in at least 6 credit hours during the summer or considered full-time by your School or College. Your loan request will not be processed until you have registered for the listed number of credits hours.

I understand that the annual limit for the Federal Direct Loan program is $20,500 per academic year. My summer Direct Loan request may be based on my remaining Direct Loan eligibility from 23-24 or may utilize a portion of my 24-25 Direct Loan eligibility. Any Direct Loan funds used for the summer semester may limit my remaining Direct Loan eligibility for the Fall 2024 and Spring 2025 semesters.*

Yes
No

An academic year includes the fall, spring, and summer semesters. Please see "How do I apply?" above for more information on how your Direct Loan eligibility for summer is determined.

I acknowledge that my annual DL limit is $33,000 per academic year. The maximum amount that can be used during summer is $20,500 ($10,250 per summer session). Any amount of DL I use in the summer session may limit the amount of DL I receive during the Fall 2024 and Spring 2025 semesters. The academic year includes summer, fall and spring semesters.*

Yes
No

An academic year includes the fall, spring, and summer semesters. Please see "How do I apply?" above for more information on how your Direct Loan eligibility for summer is determined.

I would like to request a Direct Loan to be equal to the amount of my remaining tuition and fee charges for summer.*

Yes
No

A YES response to this question will request Direct Loan funds only up to the amount that gives you a $0 balance on your student account. Please select NO if you wish to request a specific dollar amount of Direct Loan funds or if you need to request loan funds for other non-billed costs such as living expenses.

I wish to apply for a Direct Unsubsidized Loan for summer 2024 for the following amount:*

Please enter a number from 100 to 20500.

The maximum Direct Loan amount you can request for the summer session is $20,500 but you may be eligible for less than the full $20,500. The 1.057% origination fee will be deducted from your requested amount.

Please enter any anticipated funds for summer 2024 not including this loan:

Source	Amount in $

If you are anticipating funding from more than 1 source please use the "+" button to list all sources of funding.

Certification*

I will use all Title IV money received only for expenses related to my study at Boston University.
I certify that I do not owe a refund on any grant or loan, am not in default on any loan or have made satisfactory arrangements to repay any defaulted loan, and have not borrowed in excess of the loan limits, under Title IV programs, at any institution.
I understand that it is my responsibility to promptly notify my graduate aid office of any additional outside funding, any enrollment, or program changes that may impact my degree candidate status.
I certify that the information this form is correct and that any incorrect information may lead to a delay in the processing of this request form or may lead to me being ineligible for the Federal Direct Loan program.

Please check the boxes to indicate that you have read and agree to the following:

Please complete your summer registration before submitting your summer Federal Direct Loan request.

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