Four Steps to Managing the Cost of Your Education

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Step One Know How Much It Will Cost.

For students living in Boston University housing* or in off-campus apartments, total academic year expenses are estimated at $86,363. For students commuting from their parents’ homes, expenses are estimated at $72,750.

2023/2024 Total Educational Expenses

Commuter Resident
Tuition** $63,798 $63,798
Fees** $1,370 $1,370
Other Expenses
Books & Supplies (estimated) $1,000 $1,000
Housing & Food (most plans) $0 $18,110
Incidentals (estimated) $3,935 $2,085
Food on Campus (estimated) $2,647 $0
Total Expenses $72,750 $86,363
* First-year students are required to live in University housing. ** University tuition and fees are subject to change.

Step Two Consider the Monthly Payment Plan.

Always consider the monthly payment plan to budget all or part of your charged expenses.

  • Reduces the need for parents and students to borrow.
  • No interest charges; the monthly payment plan is not a loan.
  • Manage your cash flow by making set monthly payments.
  • Payments begin in May for enrollments starting in September.
  • Payments begin in October for enrollments starting in January.
  • Summer CGS plan details will be emailed to students.

Learn more about the monthly payment plan, including 2023/2024 fees, at

Step Three Determine How Much Credit-Based Loan You and Your Family Will Need.

From your Total Educational Expenses (Step 1) subtract your Enrollment Deposit ($650) and amounts you expect to pay with:

  • Your BU financial aid award (exclude Federal Work-Study)
  • Scholarships from non-BU sources
  • Student and parent savings
  • Amount you expect to pay via the monthly payment plan

Estimated Credit-Based Loan Amount Needed to Cover Costs $________

Step Four Understand How to Select a Credit-Based Loan.

When families consider taking a credit-based loan to pay for college, two concerns arise:

  1. How to get a loan that offers affordable monthly payments.
  2. How to minimize the amount they need to borrow and the total cost of borrowing.

Only you and your family can decide which loan program is best for you. We suggest using, a free online loan-selection tool that allows you to analyze prequalified rates*, terms, and eligibility rules side-by-side in just a few minutes. You can filter your search to sort based on key factors most important to you. But their list is not exhaustive; you are welcome to select other credit-based loans that are not listed there.

It is best to submit your loan application approximately 45 days prior to the semester payment deadline, which for the fall semester is early August. Also, be sure to utilize your Federal Direct Loan eligibility before taking a credit-based loan.

CREDIT-BASED LOAN TIMELINE: Learn when you should take critical action steps to secure a credit-based loan at

WHICH CREDIT-BASED LOAN IS BEST FOR YOU? It depends on your circumstances and on your priorities. Learn how to select a credit-based loan.