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.
- Fixed interest rate (5.31% for loans issued between 7/1/2016 and 6/30/2017) available to Metropolitan College graduate students
- Classroom, blended, and/or online students are eligible
- Maximum amount of borrowing per academic year: $20,500
- Interest will accrue and must be paid or capitalized during periods of in-school enrollment and/or deferment
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
Please read carefully—failure to meet any of these requirements could lead to the cancellation of a Federal Stafford Loan:
- Student is required to be meeting satisfactory academic performance according to departmental guidelines (please contact your department to learn more about academic standing criteria) AND satisfactory academic progress (SAP) for federal financial aid purposes.
- 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 Subsidized/Unsubsidized MPN)
- May be used for one or more academic years (up to ten years)
4. Loan Request Form
- Complete and fax forms to the Metropolitan College Graduate Financial Aid office at 617-353-4190:
- Use this form to request a loan for Fall 2016 – Spring 2017
- The Summer 2017 form will be posted here in April 2017
Once we have received all components of your Stafford Loan application, the loan process will commence. Processing your loan takes approximately two weeks. It is highly recommended that you complete the loan application steps above at least one month prior to the beginning of the semester. Once the Stafford Loan is approved, the requested amount of money, minus a 1.069% federal loan origination fee, will automatically show as a “pending” item on your Boston University student account and will be used toward the settlement of your bill. Loan proceeds are typically issued to BU a few days prior to the start of classes. To view the details on your account, visit the Student Account Inquiry on the Student Link. Please follow published payment/settlement deadlines. See the refunds section below for instructions on requesting an electronic refund of any excess loan proceeds.
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.
Students can also submit an online refund request to set up direct deposit.
If you do not receive your check two weeks after the disbursement of your loan, please contact Student Accounting Services at 617-353-2264.