OMDS Tuition and Financial Aid for Students

Total Cost of OMDS Program: $25,000

Sample Payment Schedule (10 modules at $2,500 each)

Financial aid is available in the form of federal student loans or private education loans.

Funding Options Quick Links

• Federal Unsubsidized Direct Loan
• Private Education Loans
• Employer-Based Tuition Reimbursement
• Payment Plans
• Federal Loan Deferment

Federal Unsubsidized Direct Loan

Federal Unsubsidized Direct Loans are available to U.S. citizens and U.S. permanent residents and are made directly to the student who is responsible for repayment. Interest accrues and must be paid by the borrower or is capitalized during periods of in-school enrollment, grace, and/or deferment. The interest rate for this loan will be fixed at 8.07% for the 26-27 academic year.

You must meet federal eligibility criteria to qualify for the Unsubsidized Loan. Financial eligibility is determined by a federally legislated analysis of family financial information provided on the Free Application for Federal Student Aid (FAFSA). You must file the FAFSA and use Boston University’s School Code (002130) to apply for the Unsubsidized Direct Loan.

The "One Big Beautiful Bill" Act recently introduced many changes to federal financial aid. For more information, please refer to the Federal Student Aid updates page and our updates page.

Who is eligible to apply?

You are eligible to participate in the Federal Unsubsidized Direct Program if you: 

• are a US citizen or permanent resident
• are enrolled in a degree program
• register for at least six credits (half-time enrollment) which are accepted towards the degree program
• demonstrate financial eligibility as determined by federal regulations
• be within the $100,000 graduate student unsubsidized loan aggregate limit and $257,500 lifetime borrowing limit. The lifetime limit excludes Parent PLUS loans, but includes Graduate PLUS loans and all other Federal Direct loans, including amounts canceled, repaid, forgiven, or discharged
• have no prior unresolved student loan default
• do not have an outstanding balance from a prior period of enrollment at Boston University 
• make satisfactory academic progress

How much can I borrow?

The maximum annual loan limit for graduate and professional students is $20,500; however, this amount will be prorated based on the percentage of full-time enrollment you are taking. Therefore, OMDS students (who are considered part-time) should expect their actual eligibility will be less than this. Other factors that affect the amount of the unsubsidized loan you can borrow are other sources of aid and aggregate loan limitations set by the U.S. Department of Education.

How do I apply for the Unsubsidized Loan?

1. Complete the FAFSA using your (the student's, and where applicable spouse's) information. Include BU's school code 002130. You may be required to submit additional documentation to support your FAFSA submission.
2. Update your SSN in MyBU Student so that your FAFSA will load into our system. Without an SSN on file, your FAFSA will not be uploaded and we will not be aware you completed it! After logging in to MyBU Student, go to My Profile > Select General Information from the drop down menu > enter your SSN in the relevant field.
3. Complete Direct Loan Entrance Counseling. This is required if you are a first-time borrower; federal loan funds will not be disbursed until this requirement is completed.
4. Complete a Master Promissory Note (MPN) for each type of federal loan you will be borrowing. This is required if you are a first-time borrower or if you have not borrowed a Federal Direct Unsubsidized Loan within the last five years.
5. Complete any additional steps as indicated. You will be notified following receipt of your FAFSA if any other steps will be necessary, including if additional documentation is needed to resolve any FAFSA issues.
6. Accept your loan on the MyBU Student Portal. You will receive an email notification (to your BU email address) when your loan aid is posted, allowing you to accept all or a specific amount of the loan on the MyBU Student Portal in the Financials > View Financial Aid section.

When will the loan funds be available and how will I receive them?

• Loans can be disbursed in up to two installments. The amount that will be disbursed will be less the origination fee that the federal government subtracts from the loan to pay for guaranteeing and processing the loan.
• Any credit balance in your account that remains once your University bill has been settled is available to you through a refund that can be direct deposited to your bank account. The earliest that the University can release refunds is on the first day of classes for the semester/term. To set up your account information ahead of any refunds:
  • Log into the MyBU Student Portal
  • Go to Financials > Student Account Balance Due
  • Select the link for Nelnet Payment & Payment Plans
  • You will now be in the Nelnet portal, where you can access the "Manage Refunds" section
  • Go to the Student Choice Refund portal, where you can set up your banking information
• You must also request your refund be issued by Student Accounting Services. The Refund Request Form can be found here.

Where can I find loan repayment information for federal loans?

Find the complete listing of loan servicers and their contact information. You can also find your loan servicer’s contact information on the National Student Loan Database System (NSLDS).

Private Education Loans

We encourage you to research and apply for private loans that suit your lending and educational needs. You are welcome to borrow from any lender of your choice, without penalty. Private loan options will vary from lender to lender in regard to eligibility requirements, interest rates, terms and repayment options. BU suggests using Credible.com to compare credit-based loan information and terms and determine the best fit for your particular circumstances. Credible is a free online loan selection tool that allows you to filter your search to sort on key factors most important to you. With your approval, Credible will pull a soft credit inquiry, which will not affect your credit score but will enable you to compare interest rates you qualify for at multiple lenders.

Employer-Based Tuition Reimbursement

You may be eligible for tuition reimbursement through your employer; contact your HR representative for details and terms. If you need to provide a tuition invoice as part of the reimbursement process, you'll be able to access this after you've registered through Student Accounting Services, via the MyBU Student Portal.

Payment Plans

Some graduate students use personal savings to help finance their degree and want a flexible way to pay their tuition over a period of time. You can find information on payment deadlines, payment options and payment plans through Student Accounting Services. 

Federal Loan Deferment

If you're enrolled at least half-time (i.e. 6 credits or more in a semester), you may qualify for in-school deferment. Contact your lender or loan servicer and request the In-School Deferment Form. To find contact information for your federal loan servicer, log into the Federal Student Aid website. To obtain loan deferment request forms for any private loans you have previously borrowed, contact the agency or lender directly. Fill out the student section of the form, then email to the BU Office of the University Registrar at registrar@bu.edu for completion.

Have questions? Contact the Admissions Team: cds-admissions@bu.edu.