Applying for Financial Aid
Beyond our scholarships, federal aid is a common source of funding for graduate students who are U.S. citizens or eligible non-citizens. Several types of federal aid are available from Boston University through the U.S. Department of Education. These include:
Federal Direct Unsubsidized Loans
Federal Direct Unsubsidized Loans are loans made to eligible graduate and professional students up to $20,500 per academic year. The federal government does not pay the interest on these loans, and they are not made on the basis of financial need. Federal Direct Unsubsidized Loans have a fixed interest rate.
Federal Graduate PLUS Loans
Federal Graduate PLUS Loans are loans made to graduate or professional students to help pay for education expenses not covered by other forms of financial aid. The maximum Federal Graduate PLUS Loan amount you can receive is the cost of attendance (as determined by Boston University) minus any other financial aid received. Eligibility is not based on financial need, but a credit check is required for these loans. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Federal Work-Study
The Federal Work-Study program helps find employment for students who demonstrate financial need (as determined by FAFSA) and are registered for a minimum of 6 credits per semester. Jobs may be available for eligible students in the University and at off-campus nonprofit agencies. You can apply for work-study when you submit your Application for Financial Assistance.
To be eligible for federal aid, you must:
- Be a U.S. citizen or an eligible non-citizen
- Be enrolled in a graduate degree program at Sargent College. (In a five- or six-year program, you are considered an undergraduate student for your first four years, or eight full-time semesters. You become a graduate student at the start of your fifth year after receiving your undergraduate degree.)
- Maintain at least half-time enrollment (6+ credits)
How to Apply
To apply for federal aid, please follow the appropriate instructions below:
New Graduate Students
Please follow the instructions below if you were recently admitted and will soon be entering a graduate program at Sargent College for the first time:
- Submit a Free Application for Federal Student Aid (FAFSA) online. Use Boston University’s institutional code number for the FAFSA: 002130.
- To apply for Federal Direct Unsubsidized Loans and Federal Work-Study, complete the Free Application for Federal Student Aid (FAFSA).
- To apply for Federal Graduate PLUS Loans, please click here.
- Entrance counseling is required of all first-time borrowers of Federal Direct Unsubsidized and Graduate PLUS loans. In addition, first-time borrowers are also required to complete a Master Promissory Note (MPN). Federal Direct Unsubsidized Loans and Graduate PLUS Loans have separate MPNs.
Current Students
Please follow the instructions below if you will soon be entering your second or third year of a graduate program at Sargent College:
- Submit a Free Application for Federal Student Aid (FAFSA) online. Use Boston University’s institutional code number for the FAFSA: 002130.
- To apply for Federal Graduate PLUS Loans, please click here.
- If you are a first-time borrower of Federal Direct Unsubsidized and Graduate PLUS loans, please note you must complete Entrance Counseling and a Master Promissory Note (MPN). Federal Direct Unsubsidized Loans and Graduate PLUS Loans have separate MPNs.
Additional loan information that may be relevant for all graduate students can be found below:
Private Credit-Based Loans
Loan Refunds
Loan refunds are available on or after the first day of each semester. You are eligible for a refund of the credit balance in your student account after tuition and fees have been paid. Refunds are available for deposit directly into your bank account. To request a refund, please click here for additional details.
Exit Counseling
Exit counseling is required of Federal Direct Unsubsidized and Graduate PLUS loan borrowers. You must complete this counseling before receiving your degree or when you fall below 6 credits per semester. Your diploma will be placed “on hold” if you haven’t met this requirement. The Office of Financial Assistance will make every effort to contact you with information about group counseling sessions. Exit counseling can be completed online here.
Questions?
Review our FAQs or contact Jasmine Samuels, Associate Director of Graduate Financial Aid. Jasmine serves as the liaison between our graduate students and the BU Financial Assistance office.