What Type of Loans Do I Have?
There are three types of student loans: Federal, State, and Private. Information about how to repay your student loans is summarized below and on the BU Financial Assistance website.
Federal and State Loans
Federal Loans include the Federal Stafford Loan (Subsidized or Unsubsidized) and the Federal Perkins Loan. Eligible Massachusetts residents are offered the Massachusetts No Interest Loan.
BU students are awarded Stafford, Perkins, and No Interest Loans based on information they provide on their Free Application for Federal Student Aid (FAFSA). Refer to your BU Financial Aid Award notification for information about loans you have taken and/or the National Student Loan Data System for information about current balances on your federal loans.
It should also be noted that many states have created their own credit-based student loan programs. Since these state-sponsored loans are not awarded by BU, they are not listed on the BU award notification, but they are accounted for as additional assistance in the student’s financial aid record.
“Let us all be happy and live within our means, even if we have to borrow money to do it.”
Students initiate the process of applying for a private loan by submitting an application (usually online) directly to the bank or lending institution. Nearly all private lenders require school certification, including approval of the maximum amount that can be borrowed, which is provided by BU Financial Assistance.
Private loans are not listed on the BU award notification because they are not awarded by BU Financial Assistance, but they are accounted for as additional assistance in the student’s financial aid record.
For information about private loans you have taken, refer to the documentation that was provided by your lender when the loan was approved.