Graduate Financial Aid: FAQs

Frequently Asked Questions

1. Is financial aid available?
2. How do I know if I qualify for financial aid
3. What if I do not qualify for a Federal loan
4. What are the four steps for applying for a Federal Stafford Loan?
5. What are the available types of Federal financial aid?
6. How much can I borrow with a Federal Stafford Loan?
7. Is financial aid available for the summer?
8. Can I apply for a Federal Stafford Loan if I’m enrolled in only one course (four credit hours) this semester?
9. Can I apply for a Federal Stafford Loan if I’m taking classes while I’m waiting to hear if I’ve been accepted into a graduate program?
10. What are my options if I’m not interested in a Metropolitan College graduate degree or certificate but I would like to enroll in a course?
11. Are certificate program students eligible for financial aid?
12. What happens if I withdraw from a class?
13. How do I request a refund?
14. What if I’m in the military or have veteran’s benefits?
15. Are monthly payment plans available?
16. How do I defer repayment of my previous student loans while I’m in school?

1. Is financial aid available?
Yes. Financial aid is available to qualifying Metropolitan College graduate students in the form of assistantships, the Stafford Loan, and the Graduate Plus Loan.

2. How do I know if I qualify for financial aid?
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.

3. What if I do not qualify for a Federal loan?
Private loans are available to those who do not qualify for a Stafford or Graduate Plus Loan.

4. What are the four steps for applying for a Federal Stafford Loan?

Complete the FAFSA form
Fax in the loan request form for the academic year [pdf file] or the summer [pdf file]
Complete Entrance Counseling
Complete the Promissory Note

5. What are the available types of Federal financial aid?

The Federal Direct Stafford Loan is a low-interest loan available to Metropolitan College graduate students—whether classroom-based or studying online.

Subsidized Direct Loan: Student will not be charged interest until repayment, which begins six months after the student’s enrollment status falls below half-time.
Unsubsidized Direct Loan: Interest will accrue, and must be paid or capitalized during periods of in-school enrollment and/or deferment.

6. How much can I borrow with a Federal Stafford Loan?
Graduate students can borrow up to $8,500* subsidized and an additional $12,000* unsubsidized per academic year.

*Amounts will vary for the summer semester.

7. Is financial aid available for the summer?
Yes. Please note that a different Stafford Loan Request Form [PDF file] is required for the summer semester.

8. Can I apply for a Federal Stafford Loan if I’m enrolled in only one course (four credit hours) this semester?
In order to qualify for a Federal 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.

9. Can I apply for a Federal Stafford Loan if I’m taking classes while I’m waiting to hear if I’ve been accepted into a graduate program?
You must be a degree candidate to qualify for a Federal Stafford Loan. E-mail the Metropolitan College Graduate Financial Aid Office at finanaid@bu.edu to request more information about private, non-Federal loan programs for non-degree students.

10. What are my options if I’m not interested in a Metropolitan College graduate degree or certificate but I would like to enroll in a course?
You must be degree candidate to qualify for a Federal Stafford Loan. However, private loans are available for those who do not qualify for a Federal loan.

11. Are certificate program students eligible for financial aid?
No. Only students enrolled in a degree program are eligible for financial aid.

12. What happens if I withdraw from a class?
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 regarding your specific financial situation.

13. How do I request a refund?
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. Please contact our office via e-mail at finanaid@bu.edu or phone 617-358-3993 if you would like to pick up your check in person.

For private loans, students must formally request a refund via e-mail at finanaid@bu.edu.

14. What if I’m in the military or have veteran’s benefits?
Tuition Assistance Vouchers should be faxed directly to Student Accounting Services at 617-353-3313. Contact the Office of Veterans Affairs at 617-353-3678 for more information.

15. Are monthly payment plans available?
To learn more about Deferred Payment Plans for part-time students, visit Student Accounting Services.

16. How do I defer repayment of my previous student loans while I’m in school?
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.