Educational loans can help cover your tuition and associated expenses while you are enrolled. However, since loan repayment is mandatory, it is important to only borrow the amount you need for school.
The loan amount that a student can receive is limited by one or more factors, such as the cost of education, annual or maximum loan limits, the applicant’s credit rating, etc. For this reason, it is important to know the specific eligibility requirements, loan terms, and application deadlines for each loan program under consideration.
Please contact CFA Graduate Financial Aid at artaid@bu.edu with questions.
Federal Student Loans
Federal aid is an important source of funding for graduate students, and you may be eligible to apply for various types of federal aid. There are two types of federal loans available to graduate students: Federal Direct Unsubsidized Loans and/or Federal Graduate PLUS Loans. Generally, student loans offer more favorable terms than credit-based loans. College of Fine Arts on-campus and online graduate programs qualify for federal loans. These loans are not need-based and will not be automatically offered with admission, but rather will be awarded upon request. For information about Federal Student Loans please visit U.S. Department of Education – Federal Student Aid – Subsidized and Unsubsidized Loans.
Satisfactory Academic Progress (SAP) is the term used when determining a student’s eligibility for federal financial aid (which includes federal loans and Federal Work-Study). At the end of each payment period or semester, a review of the student’s SAP is conducted. A student’s failure to meet SAP standards may result in the loss of federal financial aid eligibility. For more information about SAP, please visit Managing Your Account.
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Private Loans
Students can also apply for private, credit-based loans to cover all or a portion of their cost-of-attendance. Comparing the various loans can seem overwhelming, therefore the University has an excellent tool called Credible. This comparison tool assists students in the information gathering process.
This list is not exhaustive. Please note you are not required to borrow from one of the lenders listed here. We acknowledge that you may be offered more favorable terms from lenders you find elsewhere. You may choose to borrow from any lender without penalty.