Summer Grad Loan Request

The Federal Direct Unsubsidized LoanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. is a Title IV Federal loan available to students for post secondary educational expenses. Most domestic matriculated students are eligible for an Unsubsidized LoanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. each academic year. The Federal Direct loan program is part of the Title IV aid  program that offers Federal financial assistance to students and includes, among other funds, the Direct UnsubsidizedAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. and Direct Graduate PLUS loan. 

The Direct Unsubsidized loanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. is made to the student who is responsible for repayment. The interest rateA loan expense charged a borrower for the use of borrowed money. Interest is calculated as a percentage of the principal of the loan, which includes the original amount borrowed and any capitalized interest. for all Direct UnsubsidizedAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. loans disbursed on or after July 1, 2024 and prior to July 1, 2025 is a fixed rateA fixed rate is an interest rate that does not change and remains the same for the life of the loan. of 8.08%. The interest rateA loan expense charged a borrower for the use of borrowed money. Interest is calculated as a percentage of the principal of the loan, which includes the original amount borrowed and any capitalized interest. for all Direct UnsubsidizedAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. loans disbursed on or after July 1, 2025 and prior to July 1, 2026 has not been announced yet. The Origination fee is 1.057% for loans disbursed after October 1, 2020.

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

     

  • A U.S. citizen or permanent resident

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  • Enrolled in a degree program on at least a half-time basis (or considered at least half-time by your School/College) and credits count towards your degree

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  • Making satisfactory academic progress

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  • Do not have an outstanding balance from a prior period of enrollment at Boston University
  • Have not met the cumulative (aggregate) limit for the Federal Direct (Stafford) SubsidizedA Subsidized Federal Direct Student Loan is made on the basis of the borrower’s financial need (FAFSA) and other specific eligibility requirements. The federal government pays the interest on subsidized loans while the borrower is enrolled at least half time, during the grace period, or during periods of deferment./Unsubsidized loanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. program of $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.

How do I apply?

     

  1. Complete the Free Application for Federal Student Aid (FAFSA) if you have not already done so. Submit the 2025/2026 FAFSAThe Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for state and federal grants, scholarships, and loans. The FAFSA can be completed on the Federal Student Aid website. The Boston University FAFSA school code is 002130. if you are a NEW student, a student who has borrowed the annual limit of $20,500 during the 2024/2025 academic year, or a student who is enrolling in classes that begin on or after 7/1/25. Your 2024/2025 FAFSAThe Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for state and federal grants, scholarships, and loans. The FAFSA can be completed on the Federal Student Aid website. The Boston University FAFSA school code is 002130. information may be utilized if you are a current student and did not borrow up to the annual loan limit of $20,500 during the 2024/2025 academic year.

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  2. First time borrowers must complete a Direct Loan Master Promissory Note (MPN). If you have already completed an MPN for the 2024/2025 academic year or a prior year, you will not need to sign another MPN for the Summer session. Boston University will be notified within 3-5 days that you have completed your MPN. Failure to complete the MPN before the end of your summer loan period will result in cancellation of the loan.

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  3. First time borrowers must complete Entrance Counseling. Entrance CounselingEntrance Counseling is a Federal Direct Loan requirement that ensures the borrower understands the terms and conditions of their loan and their rights and responsibilities. Federal loans cannot disburse until the borrower has completed it. The borrower can complete Entrance Counseling on the Federal Student Aid website. is required to ensure that you understand the responsibilities and obligations that you are assuming by requesting a Federal Direct Loan. If you previously completed Entrance CounselingEntrance Counseling is a Federal Direct Loan requirement that ensures the borrower understands the terms and conditions of their loan and their rights and responsibilities. Federal loans cannot disburse until the borrower has completed it. The borrower can complete Entrance Counseling on the Federal Student Aid website. you do not need to complete this again.

When should I apply?

Loan eligibility cannot be determined until you are registered for the summer session. It is important that your request be submitted as soon as possible after registering for your summer classes. Your application will take approximately seven to ten business days to process once our office begins reviewing loan requests in early April.

Annual and lifetime borrowing limits

Graduate and professional students are eligible to borrow up to $20,500 in a Direct Unsubsidized LoanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. each academic year including summer sessions*. The cumulative (aggregate) limit for the Federal Direct (formerly Stafford) SubsidizedA Subsidized Federal Direct Student Loan is made on the basis of the borrower’s financial need (FAFSA) and other specific eligibility requirements. The federal government pays the interest on subsidized loans while the borrower is enrolled at least half time, during the grace period, or during periods of deferment./Unsubsidized LoanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. program is $31,000 for dependent undergraduates and $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.

*Students enrolled in the School of Public Health have an annual limit of $33,000 per academic year.

When will loan funds be available?

Once you have completed all requirements listed above and your loan has been processed, disbursementThe process of sending the proceeds of an educational loan to Boston University Student Accounting Services, usually at the start of each semester. of funds will be scheduled. The origination fee of 1.057% will be deducted from the unsubsidized loanAn Unsubsidized Federal Direct Student Loan is made to a borrower meeting specific eligibility requirements, but not based on financial need (FAFSA). The borrower is responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, the borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized. prior to disbursementThe process of sending the proceeds of an educational loan to Boston University Student Accounting Services, usually at the start of each semester..

Please note that refunds cannot be released until the first day of your scheduled classes due to Federal regulations on financial aid refunds. Your loan may be disbursed in up to 2 installments – the first occurring no earlier than 10 days before the start of your loan period and the second installment occurring midway through the loan period.

For first time borrowers, your loan cannot be disbursed until the Entrance CounselingEntrance Counseling is a Federal Direct Loan requirement that ensures the borrower understands the terms and conditions of their loan and their rights and responsibilities. Federal loans cannot disburse until the borrower has completed it. The borrower can complete Entrance Counseling on the Federal Student Aid website. and Promissory NoteA binding legal contract between a loan holder and a borrower. The promissory note stipulates the loan terms and conditions, including how and when the loan must be repaid. By signing this note, the borrower formally agrees to repay the loan. requirements have been fulfilled. You must also be registered for the appropriate number of credits for disbursementThe process of sending the proceeds of an educational loan to Boston University Student Accounting Services, usually at the start of each semester. to take place.

*Modular enrollment* If you are enrolled in Summer 1 and Summer 2 courses, please note that any drops or withdraws during either session may require an R2T4 calculation and the return of Federal Direct Loans.

If you have any questions regarding this request form or your financial aid please contact your graduate financial aid office. You can find contact information for all graduate financial aid offices on our Graduate Education page.