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For More Information

    Graduate Financial Aid
    Boston University Metropolitan College
    755 Commonwealth Avenue
    Boston, MA 02215

  • Phone: 617-358-3993
  • Fax: 617-353-4190
  • finanaid@bu.edu

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Federal Direct Stafford Loans

Unsubsidized Federal Direct Stafford Loans are available to graduate and professional students, including those who do not qualify for need-based financial aid. These federally supported, low-interest student loans offer flexible repayment options.

  • Low-interest loan (6.8%) available to Metropolitan College graduate students
  • Classroom, blended, and/or online students are eligible
  • Maximum amount of borrowing per semester (fall, spring, or summer) is $10,250
  • Maximum amount of borrowing per academic year—fall and spring semester: $20,500 (additional funding of up to a maximum of $10,250 may be available for the summer semester)
  • Interest will accrue and must be paid or capitalized during periods of in-school enrollment and/or deferment

Eligibility Requirements

To be eligible, loan applicant must:

  • Be a United States citizen or permanent resident
  • Have been accepted into a degree program (certificate programs not eligible)
  • Plan to attend at least half-time (6 or more credits) each semester
  • Be making satisfactory academic progress
  • Have no drug convictions
  • Be within the maximum borrowing limit of $138,500
  • Have no prior default

Academic Requirements

Please read carefully—failure to meet any of these requirements could lead to the cancellation of a Stafford Loan:

  • Student is required to be meeting satisfactory academic performance (please contact your department to learn more about academic standing criteria)
  • Student cannot receive federal financial aid for a previously taken course that was paid for by federal loan

How do I apply for a Federal Stafford Loan?

There are four components for a Stafford Loan Application:

1. Free Application for Federal Student Aid (FAFSA)

  • Must be completed online and submitted each academic year
  • Federal School Code for Boston University: 002130

2. Entrance Counseling

  • Must be completed online
  • Must be completed by first-time borrowers of Boston University

3. Master Promissory Note

  • Must be completed online (select Unsubsidized/Subsidized MPN)
  • May be used for one or more academic years (up to ten years)

4. Loan Request Form

Loan Process

Once we have received all components of your Stafford Loan Application, the loan process will commence. Processing your loan takes at least two weeks. It is highly recommended that you start the loan process at least one month prior to the beginning of the semester. Once the loan is approved, the requested amount of money will automatically be credited to your Boston University student account. Loans generally disburse three days prior to the start of classes. To view the details on your account, visit the Student Account Inquiry on the Student Link.

Refunds

Any extra funds resulting from a federal loan will automatically be refunded to you in the form of a check. The refund will appear on the student link as a Title IV Refund.

If you wish to pick up your check in person, please contact the Graduate Financial Aid office at 617-358-3993 or finanaid@bu.edu.

If you do not receive your check two weeks after the disbursement of your loan, please contact Student Accounting Services at 617-353-2264.