Loans for Current Graduate Students

Loans are an important source of funds for graduate students and you may be eligible to apply for various types. To keep loan debts manageable, we urge all students to borrow no more than necessary.

A number of federal loans are available from Boston University through the U.S. Department of Education. As a graduate student, you are independent for federal loan purposes, meaning parental information will not be considered in determining your federal financial need.

First-time borrowers of federal Graduate Stafford loan must complete Entrance Counseling and a Master Promissory Note.

Boston University’s institutional code number for the FAFSA: 002130

For application information on the following federal loans, see How to Apply.

Federal Direct Stafford Loans

Budget Control Act of 2011 – Information regarding changes to the William D. Ford Federal Direct Loan program for Graduate and Professional students.

Most financial aid packages include a Federal Direct Stafford Loan:

Unsubsidized Loans: Direct Unsubsidized means that the borrower is fully responsible for paying the interest that accrues on the loan. Interest on an Unsubsidized Loan accrues from the date of disbursement and continues throughout the life of the loan. The federal government does not pay the interest on these loans, and they are not made on the basis of financial need.

Your Unsubsidized Loans have a 6-month grace period that starts the day after you stop attending school or you drop below half-time enrollment (a minimum of 6 credits). It is not required to make payments during this grace period.

To determine your eligibility for a Stafford Loan, you must submit the Free Application for Federal Student Aid (FAFSA).

First-time borrowers of a Stafford Loan must complete Entrance Counseling and a Master Promissory Note.

Origination Fee
An origination fee of 1.0% is deducted automatically from amounts borrowed on Stafford Loans. The net result is that the amount disbursed is less than the loan amount approved.

Need a summer term loan?
If you are taking at least 6 credits during summer term, download the Summer Direct Stafford Loan Fact Sheet For Graduate Students. Please be sure to use the summer application for the current year. This form will also be available beginning in March in the Graduate Financial Aid office, Room 217, 635 Commonwealth Avenue.

Federal Perkins Loan

This need-based loan is government-subsidized (see above). Repayment begins 9 months after graduation or when you are no longer enrolled at least half time (a minimum of 6 credits). To apply, you must submit the Free Application for Federal Student Aid (FAFSA).

First-time borrowers of the Federal Perkins Loan must complete a Master Promissory Note; a hardcopy will be mailed to you for verification and signature.

Graduate Federal Plus Loan

If you are enrolled at least half time (6 credits per semester), you may qualify for this federal credit-based loan. To apply, you must submit the Free Application for Federal Student Aid (FAFSA).

First-time borrowers of the Graduate Federal Plus Loan must complete Graduate Plus Entrance Counseling and a Graduate Plus Master Promissory Note.

For more information, download the Federal Direct Graduate Plus Loan Fact Sheet & Request Form .

Alternative Loan Programs

In addition to federal loans, you may apply for a loan with the private lender of your choice to help cover your educational expenses. These loans should be applied for directly on the lender’s website. To have an alternative loan in place for the fall semester, please apply in mid-June.

Get more information on these and other loan options at the BU Financial Assistance website.

Note: Alternative loans are credit-based and require a good credit rating for the student and co-applicant. Before applying, you may want to check your credit rating.

To order your free annual credit report:
Visit https://www.annualcreditreport.com or call 1-877-322-8228.

Mail your completed Annual Credit Report Request Form to:
Annual Credit Report Request Service
P.O. Box 105283
Atlanta, GA 30348-5283

If you prefer, you can check your credit rating by purchasing a package from Fair Isaac Company. Order the package with with your FICO score and information from all three credit reporting bureaus.

Clinical Affiliation / Internship Loans

You may be eligible for federal loans to help cover your living expenses during a required affiliation or internship program. You must have a completed FAFSA on record and submit one of the following forms at least 6 weeks before you begin your program.

If you are starting your affiliation/internship during the academic year:
Download the Stafford Loan Request Form for Graduate Students or pick up the form in the Sargent College Financial Aid office, Room 217 at 635 Commonwealth Avenue.

If you are starting your affiliation/internship between May and early August:
Download the Federal Direct Stafford Summer Loan Application or pick up the form beginning in March in the Sargent College Academic Services Center (ASC), Room 217, 635 Commonwealth Avenue. Please be sure to use the summer application for the current year.

To request a refund:
Beginning on the first day of your affiliation, you are eligible for a refund of the credit balance in your student account after tuition and fees have been paid.

Refunds are now available for direct deposit to your bank account by completing the online Request available on the Student Link.

Student Link > Money Matters > Student Account Inquiry > upper right of page” Request a Refund”

Loan Entrance & Exit Counseling

Entrance counseling is a federal requirement for all first-time borrowers of federal Stafford and Graduate Plus loans. It gives you key information about your rights, responsibilities, interest rates and other loan details. Your loan request will not be reviewed until you’ve completed the counseling session.

Online entrance counseling is quick and easy at https://studentloans.gov/myDirectLoan/index.action.

Exit counseling is also required of all federal Stafford and Perkins loan borrowers. You must complete this counseling before receiving your degree or when you fall below 6 credits per semester. Your diploma will be placed “on hold” if you haven’t met this requirement.

The Office of Financial Aid will make every effort to contact you with information about group counseling sessions. Or you can complete your Stafford exit counseling online at https://www.nslds.ed.gov/nslds_SA/.

Note: To complete both your entrance and exit counseling online, you will need your Federal Student Aid PIN.

Perkins Exit counseling: Per Federal Regulation, all federal Perkins Loan borrowers must complete an Exit Interview prior to separating from the University. This Exit Interview is not available to complete online. On campus sessions are held in the Spring semester. If you are unable to attend an on campus session, you may contact the Student Loan department.

Master Promissory Note

When taking out a federal loan for the first time through Boston University, you must complete a Master Promissory Note (MPN) online. This would include the Stafford, Graduate Plus and Perkins loans. We recommend completing it as early as possible.

For a Federal Stafford Loan or Graduate Federal Plus Loan, go to https://studentloans.gov/myDirectLoan/index.action

The Master Promissory Note for the Federal Perkins Loan is not available online. A hardcopy will be mailed to you before the start of the Fall semester.