Just admitted to BU?
Congratulations! Check the MyBU Applicant portal for your invitation to our in-person and virtual open house events as well as to schedule a virtual counseling meeting to discuss your financial aid questions.
We will also be available in person at your open house event during the Open Campus portion of the day. You can meet with financial assistance representatives and get any questions about paying for BU answered. The Open House event schedule is available on the Admissions website.
What you need to know if you do not have a BU financial aid award
- Is it too late to apply for financial aid?
- Our first-year regular decision financial aid deadline was January 15. At this time financial aid budgeted for first-year students has been allocated. If you have not filed a 2024/2025 FAFSA we encourage you to do so to apply for the Federal Direct Loan. The FAFSA is also required to apply for the Federal PLUS Loan which is available to credit-worthy parents of dependent students.
- Can I still complete my application for financial aid?
- If your financial aid application is incomplete, you may appeal to be reviewed for BU need-based scholarship. Check the financial aid tab on your MyBU Applicant portal for any missing documents or applications and complete these along with our appeal form as soon as possible. Make sure to include any details as to why you were unable to complete the applications by the financial aid deadline in your appeal. Once your appeal is received, BU Financial Assistance will carefully review your complete application based on available funding.
- Who is eligible for a Federal Direct Loan and how much can you receive?
- United States (U.S.) Citizens and eligible non-citizens who complete the FAFSA and meet all federal requirements. Subsidized loans are offered to students who demonstrate financial need. Unsubsidized loans are available to those who do not qualify on that basis. The maximum borrowing limit for a first-year student is $5,500. More information is available here.
What you need to know if you have a BU financial aid award
- Your financial aid notification
- View and acknowledge your award via the MyBU Applicant portal.
- Return to the MyBU Applicant portal to check on post-award updates
- Share financial aid information with anyone helping you with college expenses
- Appeal for reconsideration if you have extenuating or changed circumstances
- Download our Appeal for Reconsideration form if your family has special circumstances that did not seem to be accounted for in the aid application, changed circumstances since completing the aid application, or extenuating circumstances.
- Learn more about the appeal process here before submitting your appeal.
- Will your BU financial aid be renewed each year?
- The BU Scholarship Assurance guarantees that any Boston University merit and need-based scholarship you receive in your first year will be renewed for each of your undergraduate years, provided you continue to meet academic and other award requirements. We want you and your family to be able to plan and budget for the cost of your entire degree. Any AffordableBU need-based scholarships will be increased by the same percentage rate as any future tuition increase.
- How does BU incorporate external scholarships into BU aid awards?
- We encourage you to pursue scholarship opportunities beyond BU. Several excellent free scholarship search tools are listed on our website. If you receive an external scholarship, your need-based aid will be adjusted only if total aid exceeds your demonstrated financial need. However, if a reduction is necessary, we will reduce the need-based (subsidized) loan and/or work-study portion of your award first.
- What is the best way to compare your BU financial aid offer with offers from other universities?
- Compare individual components of each offer, not just the bottom-line figure. Some offers include more scholarships and grants while others include more loans. BU does not include credit-based loans in initial award offers, but some universities do, which can be deceptive. Credit-based loan approval rests not on the university but on the borrower’s (or co-borrower – usually a parent) credit capacity as determined by the lender. Approval would be the same, regardless of where you enroll. Use a good financial aid award comparison tool like the one here to get an even-handed view of the value of each offer.
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View the Recording of the 'Understanding your Financial Aid' webinar
- Understanding Your Financial Aid – for First-Year Students
- This 4/2/2024 session has BU Financial Assistance representatives giving answers to frequent questions about your financial aid, i.e., Do you need to re-apply every year? What is Federal Work-Study and how does it work? What if your family’s financial situation has changed? It’s a good primer! If you choose to meet with a counselor, knowing this information can allow more time for personalized questions.
- A recording will be available after the event. You can register for the event on the admitted students event page.
- Recording for the “Understanding your Aid for Transfer Students” Webinar
Register for 'Talking Real Money' webinar
- Do you have questions about the tuition payment process, how to use your financial aid to pay your bill, how student employment can change your life? A panel of BU representatives will present information and answered questions from attendees about all these topics on June 11, 2024.
- A recording will be available after the event.
Estimate how much you will need to pay after accounting for your financial aid
- Use our planning calculator to estimate how much you will have to pay after accounting for all your expenses and you financial aid. But first, watch a quick video that shows you how.
What alternative sources of assistance are available?
- If you are considering using a credit-based loan to help pay the costs, we encourage you to use Credible to compare the features of these loan products.
- The monthly payment plan is also available. Keep in mind the start date of the payment plans.
- Our brochure, “Four Steps to Managing the Cost of Your Education” is a step-by-step guide to the action steps and decisions you and your family need to take to make sure your financing costs are kept to a minimum.
Part-time student employment at BU
- At BU a wide range of student employment opportunities are available. At this time all Federal Work-Study funds budgeted for first-year students have been allocated. However, jobs are available for students with and without Federal Work-Study. The Student Employment Office lists on and off-campus jobs before the start of the fall semester. Visit our Student Employment website for more information.
How can you learn more about managing your money at BU?
- BU Smart Money offers personal finance and money management workshops, tips, and learning tools free to all BU students. Kindros is our new money management learning platform designed for college students and anyone interested in money. Create an account using your BU email, pick the modules you’re most interested in, and learn at your own pace. Our goal is to provide helpful information you can use every day to improve the quality of the earning, spending, and saving decisions you make every day. To start learning, follow us on Instagram.
