Four Steps to Managing the Cost of Your Education
Step One How Much Will It Cost?
2013/2014 Total Education Expenses
For students living in Boston University housing* or in off-campus apartments, total expenses are estimated at $61,476. For students commuting from their parents’ homes, expenses are estimated at $51,846.
|Books & Supplies (estimated)||$1,000||$1,000|
|Room & Board (most plans)||$0||$13,620|
|Meals at Home/Meals On Campus (estimated)||$2,136||$0|
** University tuition and fees are subject to change.
Step Two The Monthly Payment Plan
Always consider TuitionPay, the no-interest monthly payment plan, to cover at least part of the cost.
- Reduces the need for parents and students to borrow
- Annual amount is divided equally in 10 monthly payments
- No interest charges; TuitionPay is not a loan
- Use TuitionPay to manage your monthly cash flow payments from current income.
- Payments begin in May
- Contact TuitionPay for 2013/2014 fee information
TuitionPay is a product of Sallie Mae Business Office Solutions: www.TuitionPay.com or 800-635-0120
Step Three How Much Will You and Your Family Need to Borrow?
From your Total Educational Expenses (Step 1) subtract your Enrollment Deposit ($650) and amounts you expect to pay from:
- Scholarships, Grants, Student Loans (exclude Federal Work Study)
- Student and Parent Savings
- Your TuitionPay Plan (the monthly payment plan)
Estimated Credit-Based Loan Amount Needed to Cover Costs $________
Step Four Select a Credit-Based Loan That’s Right for You
Only you and your family can decide which loan program is best for you. We urge you to base your selection on the factors listed below in the far left column. We’ve completed the “Federal PLUS Loan for Undergraduates” column and suggest that you use the remaining columns to compare features of other loan programs you are considering. At bu.edu/finaid/types-of-loans/credit-based-loans/undergraduate we list detailed information on several loan programs, but that list is not exhaustive. You are welcome to select other credit-based loans not listed there. It is best to submit your loan application approximately 60 days prior to the semester payment deadline, which for the fall semester is early August. Also, be sure to utilize your Federal Stafford Loan eligibility before taking a credit-based loan.