Frequently Asked Questions

Yes. Financial aid is available to qualifying Metropolitan College graduate students in the form of assistantships, the Federal Direct Stafford Loan, and the Graduate PLUS Loan.

Metropolitan College graduate students are encouraged to submit the Free Application for Federal Student Aid (FAFSA), which determines eligibility for federal loan programs. To qualify, you must be a U.S. citizen or permanent resident, have been accepted into a degree program, and plan to attend at least half-time (six or more credit hours) each semester. Please check each loan for specific eligibility requirements.

Private loans are available to those who do not qualify for a Federal Direct Stafford Loan or Graduate PLUS Loan.

1. Complete the Free Application for Federal Student Aid (FAFSA)
2. Fax in the loan request form for the 2012-2013 academic year or summer 2013.
3. Complete Entrance Counseling
4. Complete the Promissory Note

The Federal Direct Stafford Loan is a low-interest loan available to Metropolitan College graduate students—whether classroom-based or studying online. Note: As of July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans, per the Budget Control Act (BCA) of 2011. Unsubsidized loans continue to be available even to those who do not qualify for need-based financial aid. Interest will accrue and must be paid or capitalized during periods of in-school enrollment and/or deferment.

The Graduate PLUS Loan is also a federally sponsored loan for students attending graduate school. Students should apply for a Federal Direct Stafford Loan prior to requesting a Graduate Plus Loan.

Graduate students can borrow up to $20,500 unsubsidized per academic year. Interest will accrue, and must be paid or capitalized during periods of in-school enrollment and/or deferment.

Yes. Please note that different Federal Direct Stafford Loan and Graduate PLUS Loan request forms are required for the summer semester.

In order to qualify for a Federal Direct Stafford Loan, you must be enrolled at least half-time per semester (six or more credit hours). Private and non-federal loan programs are available for students attending less than half-time.

You must be a degree candidate to qualify for a Federal Direct Stafford Loan. Email the Metropolitan College Graduate Financial Aid office at finanaid@bu.edu to request more information about private, non-federal loan programs for nondegree students.

You must be a degree candidate to qualify for a Federal Direct Stafford Loan. However, private loans are available for those who do not qualify for a federal loan.

No. Only students enrolled in a degree program are eligible for financial aid. However, private loans are available for those who do not qualify for a federal loan.

If you withdraw from a class and fall below 6 credits per semester, you will lose your federal loan. Note that private loans are available to those who do not qualify for a federal loan. Please speak to a financial aid advisor at finanaid@bu.edu regarding your specific financial situation.

For federal loans, refunds are distributed automatically after the disbursement of the loan. Once the student’s account is settled, a check with the refunded amount will be mailed to the student.

Another option available to students is the online refund request.

Please contact our office via email at finanaid@bu.edu or phone 617-358-3993 if you would like to pick up your check in person.

Tuition Assistance Vouchers should be faxed directly to Student Accounting Services at 617-353-3313. Contact Boston University Veterans Affairs at 617-353-3678 or veterans@bu.edu for more information.

To learn more about Deferred Payment Plans for part-time students, visit Student Accounting Services.

Visit the Direct Loan Servicing Center (see “II. Managing your Student Loan”) and download the In-School Deferment Request form (see “At Least Half-Time Deferment Link’). Fax the completed form to the Office of the University Registrar at 617-358-2171.

To obtain loan deferment request forms for any private, supplemental loans (i.e., Sallie Mae Signature or CitiAssist), contact the agency or lender directly. Once received and completed, fax the forms to the University Registrar at 617-358-2171.

You may have to pay taxes on scholarships or fellowships you receive. Please visit our Important Tax Filing Information page for more information, or go to IRS.gov and view Taxable Income for Students.