An Educational Loan Can Be Smart

Tony’s Story

Tony

Tony’s parents wanted their son to have the best education they could afford. Although they had a college fund, their savings wouldn’t cover the cost of Tony’s dream: enrolling in one of the special political journalism programs at Boston University. Together, Tony and his parents applied for BU need-based financial aid.

Tony’s Application Data

Academics

Class Rank Grades Curriculum SAT
top 5% 3.8Average GPA CompetitiveCompetitive 1850Composite

Financials

Financial Aid Decision

Tony was awarded a scholarship that covered part of his college costs, leaving a gap beyond what his family could pay, even with Tony working part-time. His parents decided taking out a loan would be a good investment and manageable way to cover the difference. They researched credit-based loans and the Payment Plan carefully, discovered the advantages of certain educational loans, and used BU Loan Calculators to compare plans and choose the best options. Finally, they co-signed a loan with Tony to cover a portion of the remaining cost and enrolled in the Payment Plan to budget payments monthly for the difference. Today they’re comfortable with their decision and their loan payments.