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How do I apply for loans?
For federal educational loans, you’ll need to complete a FAFSA and and submit a loan request form. You will need to do both steps each academic year in which you wish to receive federal loans. Please note that submitting your FAFSA is only the first step in applying for graduate loans:
Graduate Federal Direct Unsubsidized Loan
Graduate Federal Direct PLUS Loan
For private loans, you will need to apply through the lender directly. U.S. Citizens and U.S. Permanent Residents may first apply on their own signature or may use a co-signer. International students must apply with a creditworthy U.S. Citizen or U.S. Permanent Resident with a U.S.-based address. Please remember that total financial aid, including federal and private loans, scholarships, stipends, work study, etc., cannot exceed your Cost of Attendance (which is the sum of your tuition, fees, and living expenses):
You are welcome to borrow from any lender of your choice. For some helpful information on credit-based loans, and comparison of some private loan programs, please see visit the information listed on the Loans & Financing Options page. Please note that this is not intended to be an exhaustive list of loan options.
Can I apply for a loan if I am receiving a fellowship?
It depends. Your total aid, including all loans, scholarships, and non-service stipends (such as a Dean’s Fellowship stipend), cannot exceed your cost of attendance (or “budget”). Service stipends, such as teaching and research fellowships, do not count towards your cost of attendance figure. Therefore, you may be eligible to take out a small loan for living expenses if you are receiving a service fellowship. Please contact at grsaid@bu.edu (and include your BU ID) if you have questions about this.
How do I calculate my “budget” or cost of attendance?
You can view the current academic year cost of attendance here. If you are enrolled in less than 12 credits, you must use the per-credit rate to calculate your tuition charges each semester. Please contact at grsaid@bu.edu (and include your BU ID) if you need assistance with determining your budget for the academic year.
When and how can I access the loan funds for my living expenses?
Loan funds are credited to the student’s account and the earliest that a refund can be released to the student is the first day of classes. Keep in mind that academic year loan disbursements are split evenly between both semesters, and you may only request a refund for the current semester’s loans. You can request an electronic refund by submitting a Graduate Student Refund Request Form.
Can you verify my enrollment at BU for my student loan servicer?
The University has partnered with the National Clearinghouse to make your registration information available to loan servicers. The University reports the start and end dates of the semesters in which you are registered – as long as you did not restrict the sharing of your personal information. You may also ask the registrar to complete a loan deferment form from your lender. The financial aid office of the Graduate School of Arts and Sciences (GRS) does not complete enrollment verifications, that’s done by the Registrar’s office. Please refer to http://www.bu.edu/reg/students/faqs/: “I have a verification form from my student loan lender that needs to be filled out. Can you complete the form?”
Enrollment verification is also available in MyBU Student via self-service. You can generate your own enrollment verification document in MyBU Student. This can be used whenever you need to provide proof of enrollment to an external group, such as a scholarship committee, internship, or job placement.
To generate an enrollment verification document, follow these simple steps:
- Log into MyBU Student and navigate to the Enrollment menu. You will see a new menu item labeled Enrollment Verification.
- From there, select the term for which you need to provide proof of enrollment, or you can generate a document for all terms you’ve been enrolled at BU.
- Once you submit your selection, click View Printed Version to generate the document, which can be printed or downloaded.
If you need additional instructions, review the knowledge article in the Student Portal. If you have any questions or encounter any issues generating an enrollment verification, please contact the Office of the University Registrar (OUR) at registrar@bu.edu.