{"id":1682,"date":"2020-07-30T12:31:09","date_gmt":"2020-07-30T16:31:09","guid":{"rendered":"https:\/\/www.bu.edu\/met\/?page_id=1682"},"modified":"2026-04-30T12:15:50","modified_gmt":"2026-04-30T16:15:50","slug":"federal-loans","status":"publish","type":"page","link":"https:\/\/www.bu.edu\/met\/admissions\/financial-aid\/graduate-loans\/federal-loans\/","title":{"rendered":"Federal Loans"},"content":{"rendered":"<p>On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, creating significant changes to federal financial aid programs. Most changes go into effect for the 2026\u20132027 award year on July 1, 2026. Some students may qualify for <a href=\"#legacy\">Legacy Provisions<\/a> for a limited time.<\/p>\n<p>As a graduate student, you are entitled to apply for the Direct Unsubsidized Loan if you meet certain <a href=\"#eligibility\">eligibility requirements<\/a>.<\/p>\n<p>Direct Unsubsidized Loans have an annual borrowing limit of <strong>$20,500<\/strong> for full-time enrollment. If you enroll less than full\u2011time, the annual limit is prorated to reflect your course load. For example, enrolling in 8 units each semester (fall and spring) would lower the annual limit to about $13,600\u2014approximately $6,800 per semester.<\/p>\n<h2>How to Apply for a Direct Unsubsidized Loan<\/h2>\n<p>At least 90 days prior to your payment deadline, please:<\/p>\n<ol>\n<li>Complete the <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\" rel=\"noopener noreferrer\" target=\"_blank\">Free Application for Federal Student Aid (FAFSA)<\/a> each academic year (Federal School Code for Boston University: 002130)<\/li>\n<li>First-time borrowers should complete <a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=entrance\" rel=\"noopener noreferrer\" target=\"_blank\">Entrance Counseling<\/a> (select &#8220;I am a Graduate or Professional Student&#8221;)<\/li>\n<li>First-time borrowers should complete a <a href=\"https:\/\/studentaid.gov\/mpn\/grad\/landing\" rel=\"noopener noreferrer\" target=\"_blank\">Subsidized\/Unsubsidized Master Promissory Note (MPN)<\/a><\/li>\n<\/ol>\n<p><div class=\"bu_collapsible_container \" id=\"eligibility\" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Eligibility Requirements<\/h2><div class=\"bu_collapsible_section\" style=\"display: none;\"><br \/>\nTo be an eligible loan applicant, you must:<\/p>\n<ul>\n<li>Be a United States citizen or eligible non-citizen.<\/li>\n<li>Enroll in a graduate degree program (certificate programs are not eligible).<\/li>\n<li>Attend at least half-time (6 or more units per semester).<\/li>\n<li>Maintain <a href=\"https:\/\/www.bu.edu\/met\/admissions\/tuition-financial-aid\/graduate-faq\/#sap\">satisfactory academic progress.<\/a><\/li>\n<li>Be within the $100,000 graduate student Unsubsidized aggregate limit and $257,500 lifetime borrowing limit. The lifetime limit excludes Parent PLUS loans, but includes all other Federal Direct loans, including amounts canceled, repaid, forgiven, or discharged. If you qualify for <a href=\"#legacy\">Legacy Provisions<\/a>, you must be within the subsidized\/unsubsidized lifetime (aggregate) borrowing limit of $138,500.<\/li>\n<li>Have no prior unresolved student loan default.<\/li>\n<\/ul>\n<p><\/div>\n<\/div>\n<div class=\"bu_collapsible_container \" id=\"academic\" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Academic Requirements<\/h2><div class=\"bu_collapsible_section\" style=\"display: none;\"><br \/>\nYou will be required to meet department guidelines for satisfactory academic performance (please <a href=\"https:\/\/www.bu.edu\/met\/contact\/\">contact your department<\/a> to learn more about academic standing criteria) as well as <a href=\"https:\/\/www.bu.edu\/met\/admissions\/tuition-financial-aid\/graduate-faq\/#sap\">satisfactory academic progress (SAP)<\/a> for federal financial aid purposes.<\/p>\n<p>In some cases, students may be restricted from borrowing the same loan to repeat a course. Contact <a href=\"https:\/\/www.bu.edu\/met\/admissions\/financial-aid\/contact\/\">MET Graduate Financial Assistance<\/a> to review your circumstances.<br \/>\n<\/div>\n<\/div>\n<div class=\"bu_collapsible_container \" id=\"graduate-plus\" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Applying for a Direct Graduate PLUS Loan<\/h2><div class=\"bu_collapsible_section\" style=\"display: none;\"><br \/>\nOn July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, eliminating the Graduate PLUS Loan as of July 1, 2026. If you qualify for <a href=\"#legacy\">Legacy Provisions<\/a> and would like to borrow a PLUS Loan, follow the steps below. Otherwise, you may want to consider a <a href=\"https:\/\/www.bu.edu\/met\/admissions\/financial-aid\/graduate-loans\/private-loans\/\">Private Loan<\/a>.<\/p>\n<p>The Graduate PLUS Loan has a higher <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates\" rel=\"noopener noreferrer\" target=\"_blank\">interest rate and origination fee<\/a> than the Unsubsidized Loan, and should only be borrowed after Unsubsidized Loan eligibility is exhausted. The PLUS Loan also requires a successful credit check. The annual borrowing limit for full-time enrollment is the Cost of Attendance: the combination of billed expenses (tuition, fees, etc.) and allowances for other education-related expenses (housing, food, books, etc.) minus any other aid (Unsubsidized Loan, Merit Scholarship, and so forth). If you enroll less than full\u2011time, the annual limit is prorated to reflect your course load.  <\/p>\n<ol>\n<li>Complete the <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\" rel=\"noopener noreferrer\" target=\"_blank\">Free Application for Federal Student Aid (FAFSA)<\/a> each academic year (Federal School Code for Boston University: 002130).<\/li>\n<li>Complete the <a href=\"https:\/\/studentaid.gov\/plus-app\/\" rel=\"noopener noreferrer\" target=\"_blank\">Graduate PLUS Loan Application<\/a> on the Federal Student Aid website (select &#8220;I Am a Graduate or Professional Student&#8221;). When prompted, be sure to select the correct &#8220;Award Year&#8221; and &#8220;Loan Period&#8221; (for example, select May\u2013August for summer, August\u2013June for fall and spring, August\u2013December for fall only, or January\u2013June for spring only).<\/li>\n<li>First-time PLUS borrowers should complete <a href=\"https:\/\/studentaid.gov\/entrance-counseling\/\" target=\"_blank\" rel=\"noopener noreferrer\">Entrance Counseling<\/a> (select \u201cI Am a Graduate or Professional Student\u201d).<\/li>\n<li>First-time PLUS borrowers and those who have borrowed with an endorser in the past should also <a href=\"https:\/\/studentaid.gov\/mpn\/grad\/landing\" target=\"_blank\" rel=\"noopener noreferrer\">complete a PLUS Master Promissory Note (MPN)<\/a>. Select &#8220;MPN for Direct PLUS Loans.&#8221;<\/li>\n<\/ol>\n<p><\/div>\n<\/div>\n<div class=\"bu_collapsible_container \" id=\"refunds\" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Refunds<\/h2><div class=\"bu_collapsible_section\" style=\"display: none;\"><br \/>\nAn automatic refund will be processed if your total federal funds exceed allowable semester expenses, unless you authorize the University to retain the funds to cover other expenses. Allowable expenses are limited to tuition, fees, and contract room and dining plan.<\/p>\n<p>Since federal regulations prohibit the University from using excess federal funds for non-allowable charges (including medical insurance, late fees, Convenience Points, library fines, and prior balances), a federal refund may result in an outstanding balance. To prevent this, complete the Federal Financial Aid Credit Authorization Form through <a href=\"https:\/\/mybustudent.bu.edu\/\">MyBU Student<\/a> (select \u201cStudent Permissions\u201d within the &#8220;Financials&#8221; navigation in the left-hand menu) <!--or <a href=\"https:\/\/www.bu.edu\/studentaccountingservices\/files\/2010\/09\/title4.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">download the form<\/a>--> and submit it to Student Financials.<\/p>\n<p>You can also submit an <a href=\"https:\/\/www.bu.edu\/studentfinancials\/resources\/refunds\/\">online refund request<\/a> for any valid credit on your Student Account. <\/p>\n<p>If you do not receive your refund within two weeks, please contact <a href=\"https:\/\/www.bu.edu\/studentfinancials\/contact-us\/\">Student Financials<\/a>.<\/p>\n<p><\/div>\n<\/div>\n<div class=\"bu_collapsible_container \" id=\"legacy\" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Legacy Provisions<\/h2><div class=\"bu_collapsible_section\" style=\"display: none;\"><br \/>\nIf you borrowed a Federal Direct Loan (Unsubsidized and\/or Graduate PLUS) before July 1, 2026, while enrolled in your current program, you qualify for the Legacy Provisions below. However, if you take a leave of absence (LOA) or withdraw from your program on or after July 1, 2026, you will lose access to these legacy provisions, even if you return to the same program.<\/p>\n<p><strong>Aggregate Borrowing Limit<\/strong><\/p>\n<ul>\n<li>If you qualify for Legacy Provisions, you are subject to the subsidized\/unsubsidized lifetime (aggregate) borrowing limit of $138,500 for up to three academic years or the remainder of your expected time to degree, whichever is less.<\/li>\n<\/ul>\n<p><strong>PLUS Loans<\/strong><\/p>\n<ul>\n<li>If you qualify for Legacy Provisions, you are eligible to borrow a Direct PLUS Loan for up to three academic years or the remainder of your expected time to degree, whichever is less. If you enroll less than full\u2011time, the annual limit is prorated to reflect your course load.<\/li>\n<\/ul>\n<p><\/div>\n<\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, creating significant changes to federal financial aid programs. Most changes go into effect for the 2026\u20132027 award year on July 1, 2026. Some students may qualify for Legacy Provisions for a limited time. As a graduate student, you are entitled [&hellip;]<\/p>\n","protected":false},"author":16254,"featured_media":0,"parent":1540,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/pages\/1682"}],"collection":[{"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/users\/16254"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/comments?post=1682"}],"version-history":[{"count":51,"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/pages\/1682\/revisions"}],"predecessor-version":[{"id":99692,"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/pages\/1682\/revisions\/99692"}],"up":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/pages\/1540"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/met\/wp-json\/wp\/v2\/media?parent=1682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}