Four Steps to Managing the Cost of Your Education
Step One How Much Will It Cost?
For students living in Boston University housing* or in off-campus apartments, total expenses are estimated at $68,060. For students commuting from their parents’ homes, expenses are estimated at $57,275.
2016/2017 Total Educational Expenses
|Books & Supplies (estimated)||$1,000||$1,000|
|Room & Board (most plans)||$0||$14,870|
|Meals at Home/Meals On Campus (estimated)||$2,235||$0|
Step Two The Monthly Payment Plan
Always consider the Tuition Payment Plan to budget all or part of your charged expenses monthly.
- Reduces the need for parents and students to borrow.
- Five monthly payments per semester.
- No interest charges; the Tuition Payment Plan is not a loan.
- Manage your cash flow by making set monthly payments.
- Payments begin in May for enrollments starting in September.
- Contact the Tuition Payment Plan for 2016/2017 fee information
Learn more about the Tuition Payment Plan at bu.edu/studentaccountingservices/your-bill/payment-plans or call them at 888-844-4754.
Step Three How Much Credit-Based Loan Will You and Your Family Need?
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
- The amount you expect to pay through the Tuition 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. 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 that are not listed there. It is best to submit your loan application no more than 90 days prior to the start of the enrollment period, i.e. early June for fall semester and academic year loans and mid-October for spring semester loans. Also, be sure to utilize your Federal Stafford Loan eligibility before taking a credit-based loan. WHICH CREDIT-BASED LOAN IS BEST FOR YOU? It depends on your circumstances and on your priorities. Learn how to select a credit-based loan.