BU MET > student center > graduate financial aid > federal stafford loan

Graduate Financial Aid: Student Loans

Federal Stafford Loan

About the Loan:

  • Low interest loan (6.8%) available to Metropolitan College graduate students
  • Available for classroom and/or online students
  • Maximum amount of borrowing per academic year: $20,500

Subsidized (maximum $8,500): Students will not be charged interest until repayment, which begins six months after the student’s enrollment status falls below half-time

Unsubsidized (maximum $12,000): Interest will accrue, and must be paid or capitalized during periods of in-school enrollment and/or deferment

Maximum amount of borrowing per semester: $10,250

Subsidized maximum: $4,250
Unsubsidized maximum: $6,000

Maximum amount of borrowing differs for the summer semester. Please contact our office to find out the maximum borrowing amount.

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. To be eligible, student:

  • Must maintain good academic standing (Please contact your department to learn more about academic standing)
  • Must be registered for at least 6 credits (two classes) per semester
  • Cannot receive financial aid for a previously taken course

Application Requirements:

There are four components for a Stafford Loan Application:

1. Free Application for Federal Student Aid (FAFSA)

  • May be completed online and must be completed every academic year.
  • Federal School Code for Boston University: 002130

2. Entrance Counseling

  • May be completed online.
  • Must be completed by first-time borrowers from Boston University

3. Master Promissory Note

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

4. Loan Request Form

  • Complete and fax to the Metropolitan College Graduate Financial Aid Office: 617-353-4190

Forms can be found below:

Loan Request Form for academic year: to be completed for financial aid for both the fall and spring semesters, or to request money for just the fall or the spring (indicate credits)

Loan Request Form for summer semester: to be completed for financial aid for the summer semester (Summer I and Summer II are considered a single summer term

Loan Process:

Once we have received all components of your Stafford Loan Application, the loan process will commence. The process takes approximately two or more 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 account. To view the details on your account, view the Student Account Inquiry on the Student Link.

Refunds

Any extra amount of money resulting from a Federal Loan will automatically be refunded to you in the form of a check.

If you wish to pick up your check in person, please contact our office.

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

Please note that unlike Federal loans, private loans require the student to formally request a refund via e-mail to finanaid@bu.edu.