OMCS Tuition & Financial Aid Information

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

• are a US citizen or an eligible non-citizen
• 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

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, OMCS students (who are considered part-time) should expect their actual eligibility to 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.

1. Complete the FAFSA using your (the student’s and, where applicable, your 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 that 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.

• Loans can be disbursed in up to two installments. The amount disbursed will be less than the origination fee that the federal government deducts from the loan to cover guarantees and processing.
• 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 into 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 that your refund be issued by Student Financials. The Refund Request Form can be found here.

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).