Federal Direct Loans

BU Law students may elect to use federal or private educational loans to help finance their educational expenses.  Although these loans offer more favorable terms than other consumer loans, they must still be repaid.  We encourage students to borrow no more than is necessary and to minimize their expenses whenever possible.

Federal Direct Unsubsidized Stafford Loan

Federal Direct Stafford Loans are federally supported, low-interest student loans with flexible repayment options.

Terms for Loans Disbursed Between July 1, 2015 and June 30, 2016*
Interest Rate 5.84%
Origination Fee 1.073% deducted from each loan disbursement
*1.068% for loans first disbursed after October 1, 2015
Annual Loan Limit $20,500
Aggregate Loan Limit $138,500 (of which no more than $65,500 may be Subsidized Stafford Loan)
Grace Period 6 months after student ceases to be enrolled at least half-time
Repayment Period 10 - 25 years, depending on repayment option selected


Additional information is available on the Federal Student Aid website.

To apply for a Federal Stafford Loan:


Federal Direct Graduate PLUS Loan

The Federal Direct Graduate PLUS Loan is a credit-based loan that is available to assist students with the costs of higher education.

Terms for Loans Disbursed Between July 1, 2015 and June 30, 2016*
Interest rate 6.84%
Origination Fee 4.292% deducted from each loan disbursement
*4.272% for loans first disbursed after October 1, 2015
Annual Loan Limit Cost of Attendance minus all other financial aid
Grace Period None. Eligible for a 6 month post-enrollment deferment; will postpone repayment similar to that which the grace period does for Stafford Loans.
Credit Criteria Must pass PLUS Loan credit check and not have adverse credit history. Endorser option available if credit requirements not met
Repayment 10 - 25 years, depending on repayment option selected


Additional information is available on the Federal Student Aid website.

To apply for a Federal Direct Graduate PLUS Loan:

The Entrance Counseling and Master Promissory Note must be completed by all students borrowing a Federal Stafford Loan and/or a Graduate PLUS Loan at Boston University for the first time.

Students applying for a Federal Stafford Loan and a Graduate PLUS Loan must complete two Master Promissory Notes – one for each loan.

 

 

Financial Aid Code of Conduct