Frequently Asked Questions

In addition to the FAFSA, you will submit a request for Financial Aid in your MyBU These requests will be submitted for the Summer Semester Only. For the Fall and Spring, we will automatically add the loans onto your account after you complete the FAFSA. You will just need to login and accept the loans you would like and then do the corresponding master promissory note and entrance counseling.

All graduate admissions applications are reviewed for merit scholarship by the program admissions committees. Notification of merit scholarship award is received in your letter of acceptance.

A graduate student is independent for federal financial aid purposes. Parent information is not submitted on the Free Application for Federal Student Aid (FAFSA).

Submitting a FAFSA determines need and eligibility for federal financial aid.

First-time BU Federal Direct Unsubsidized Loan loan borrowers must fulfill an ENTRANCE INTERVIEW requirement. Complete online: https://studentloans.gov/myDirectLoan/index.action

Once you have requested a Federal Direct Unsubsidized Loan and submitted all required documents, a Master Promissory Note must be completed; you can go online to fulfill this requirement.

Keep your FSA ID in a secure accessible area because you will need your FSA ID to renew your FAFSA.

If you are enrolled in a degree program and registered for a minimum of 6 credits, you may apply for Direct Unsubsidized loans. You must also submit a current FAFSA and meet the basic eligibility criteria for federal aid.

Students on required Clinical Affiliations for certain degree programs will be certified as full-time in order to be eligible for Federal Direct Unsubsidized Loans to cover living expenses.

Once a student drops to less than part-time (under 6 credits), they must contact their federal loan servicer at 800-848-0979 to inform them of their status.

If you are enrolled in a degree program and registered for 6 or more credits during the summer semester, you may apply for a Summer Direct Unsubsidized Loan through your MyBU student portal. To be considered for federal aid, you must submit a FAFSA for the upcoming academic year and complete your summer registration before applying.

If additional funding is needed, a Graduate PLUS Loan may be available if you are grandfathered into the Grad PLUS program. Private student loans are also an option to help cover any remaining educational expenses.

Alternative loans are private (non-federal) loans. Specific terms and eligibility requirements will vary. You (and your co-borrower, if applicable) should carefully research the options and apply for the alternative loan that best suits your needs. Keep in mind that usually your best option is to pursue federal loans; be sure to apply for eligible federal loans (Direct Unsubsidized) before considering a private loan. If you decide to apply for a private educational loan, you must provide all documentation requested by the lender of the loan and follow their application instructions. You will apply for the loan directly on the lender’s website. Here is where you can compare private loans with BU: https://www.credible.com/a/bostonuniversity

Loan refunds are available on or after the first day of each semester. If you are anticipating a loan refund, you can also complete the refund request form through the student accounts office: https://www.bu.edu/studentfinancials/student-refund-request-form/

Federal Direct Unsubsidized Loans have annual and lifetime limits. Graduate PLUS Loans and private loans can help cover remaining costs up to your school’s cost of attendance, but may also have limits as well.

Repayment for federal loans usually begins after you graduate, leave school, or drop below half-time enrollment, though interest accrues while you are in school. For Private Loans, this varies depending on the terms of the loan.