Boston University (BU) offers a variety of student loan options to help fund education expenses, including federal loans, private loans, and institutional loans.
Federal loans include Direct Subsidized Loans and Direct Unsubsidized Loans, while private loans are offered by private lenders. Institutional loans are provided by the university and may have different terms and conditions compared to federal or private loans.
Students and their families are encouraged to research and compare all loan options before making a decision. It is also advisable to consider alternative funding sources such as scholarships, grants, or work-study programs.
If you ever decide to finance some of your educational expenses through loans, these government sponsored student loans should be first on your list of considerations. Their terms, generally are more favorable than consumer loans or credit based educational loans. Your eligibility is determined by the Free Application for Federal Student Aid (FAFSA).
The Federal Direct Loan has very favorable terms, including deferred repayment options. The Massachusetts No Interest Loan is given to Massachusetts residents with high calculated financial aid.
All student loans at Boston university are subject to annual maximum amounts, and the student must be the applicant/borrower.
For further information about your Federal Student Loan borrowing history including contact information and help lines for your Direct Loan servicer, kindly visit the studentaid.gov website.
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Eligibility Requirements for Boston University student loans
Make sure you know what you need to do to establish and maintain your eligibility. Boston University (BU) students receive financial aid funded by the University, the federal government, certain state governments, and other agencies. Each entity establishes eligibility criteria and specific renewal requirements.
Boston University Loans Enrollment Status
1. Degree Status
Students must be registered in a degree program at Boston University to be eligible for University-administered financial aid. Also, the university grant aid is not available to students who are seeking a second bachelor’s degree.
2. Summer Enrollment
Scholarships and University grants are available only for registration during the academic year. If you meet other eligibility criteria, federal and state financial aid and credit-based loans may be used for summer enrollment.
3. Sea Education
Boston University students can apply their federal and state grants and loans to Sea Education costs. A limited number of Boston University (BU) students can apply their Boston University scholarships and grants (except the Charles River Housing Grant) to Sea Education costs. For more information about semester and summer term Sea Education enrollment kindly visit the Sea Education Association.
4. Less than Full-Time Enrollment
If you enroll less than full-time, your eligibility will reduce and your financial aid may be reduced too or canceled in some cases.
NB: Federal financial aid funds will not be given and Boston University funds will not be disbursed until any balance from a prior enrollment period has been paid. Check your account balance on the Student Account Inquiry tab on the Student Link.
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Boston University student loans Amount
The amount of student loan a student can receive from Boston University depends on several factors such as their cost of attendance, financial need, and enrollment status. For federal loans, the annual loan limits for undergraduate students range from $5,500 to $12,500, depending on the student’s year in school and dependency status. For graduate or professional students, the annual loan limit for Direct Unsubsidized Loans is $20,500.
Private loans offered by private lenders have no set loan limits, but the amount borrowed will depend on the student’s creditworthiness, cosigner (if applicable), and the loan terms offered by the lender.
It is important to note that borrowing more than what is needed for education expenses can result in a higher total repayment amount and longer repayment period, so it is recommended to borrow wisely and only what is necessary.
Boston University student loans Deadline
The deadline for applying for student loans at Boston University varies depending on the type of loan.
For federal loans, the Free Application for Federal Student Aid (FAFSA) must be submitted by the federal deadline, which is June 30th for the upcoming academic year.
For private loans, the deadline for application will depend on the lender and their specific terms. It is recommended to research and compare different private loan options and apply as early as possible to ensure timely disbursement of funds for the academic year.
It is important to check with Boston University’s Office of Financial Assistance for specific deadlines and requirements for student loans, as well as any updates or changes to the loan process.
Boston university student Loans Repayment
Federal, state, and private education loans have different repayment plans and consolidation options.
- Use the Consumer Financial Protection Bureau’s Student Debt Repayment Assistant to guide you through your federal, state and private loan repayment options.
- Use TISLA (The Institute of Student Loan Advisors) for free expert student loan repayment advice and dispute resolution.
Biden Federal Loan Forgiveness Plan
On 8/24/22 the Biden administration announced that the pandemic-related student loan repayment pause would be extended one final time from August 31, 2022 until December 31, 2022 with repayments resuming on January 1, 2023. Learn about what you should do now to prepare for the resumption of repayment.
With that announcement, a one-time targeted pandemic-related federal student loan forgiveness plan was also launched. Learn about how this loan forgiveness plan could benefit you and whether you might qualify.
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Public Service Loan Forgiveness
See if you qualify for Public Service Loan Forgiveness (PSLF) which could get all or part of your federal student loans forgiven based on you being employed full time by government, a 501(c)(3) not-for-profit, or other not-for-profit organization that provides a qualifying service.
Federal Student Loans
Understand your Direct Loan Repayment Plan options including standard, extended and graduated repayment plans, Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), and Federal Loan Consolidation.
Please note: Certain Loan repayment options vary depending on whether you borrowed your Loan through the Federal Direct Loan program or through the Federal Family Education Loan (FFEL) program. Since 1994 Federal Loans offered at Boston University have been Federal Direct Loans. You may, however, owe on a FFEL Loan if you borrowed for enrollment at another college or university and they participated in the FFEL program.
To find your Federal Loan Servicer log it to your account on the studentaid.gov website. Contact your servicer to get help with repayment questions.
Private Education Loans
Refer to the documentation provided by your lender when you loan was approved for information about repayment terms and borrower benefits.
Consider using CREDIBLE’s free comparison tool to see what student loan refinancing rate you would get from up to 13 lenders without affecting your credit score.
Carefully consider the pros and cons of consolidating federal student loans into a private consolidation loan before electing to consolidate, as this can often result in the loss of federal loan benefits.
Contact your private lender for help with repayment questions.
Federal Perkins Loan
Understand your Perkins Loan Repayment options including teacher, employment, service and other cancellation benefits and deferment provisions.
BU Student Loan Accounting is your Perkins Loan servicer. Contact them for help with repayment questions.
Massachusetts No Interest Loan
Information about Massachusetts No Interest Loan Repayment at ECSI, the Massachusetts No Interest Loan Servicer
As a “zero percent interest” loan, consolidation of this loan with other education loans is not recommended as it would always result in higher interest charges for the student.
Contact ECSI, the Massachusetts No Interest Loan servicer at 888-549-3274 for help with repayment questions.
Frequently asked questions
How generous is Boston University with financial aid?
100%. Available to admitted, first-time US students and permanent residents with demonstrated financial need. BU also offers a wide variety of merit scholarships, some covering full tuition. If you receive need-based aid from BU, it is guaranteed thereafter, thanks to the BU Scholarship Assurance.
How do I decline a BU loan?
For all other students, email the address associated with your school/college from your BU email address, identifying how much you would like to reduce/cancel your loan. This process cannot be completed via the Student Link.
What types of student loans does Boston University offer?
Boston University offers federal student loans, private student loans, and alternative loans.
How do I apply for a student loan at Boston University?
You can apply for federal student loans by submitting the Free Application for Federal Student Aid (FAFSA). For private student loans and alternative loans, you will need to apply directly with the lender.
What is the interest rate on Boston University student loans?
Interest rates for federal student loans are determined by the government and are based on the type of loan and the disbursement date. Private student loan interest rates are determined by the lender and can vary.
Are there any loan fees associated with Boston University student loans?
Federal student loans may have origination fees, which are deducted from the loan amount before disbursement. Private student loan fees vary by lender.
How do I make payments on my Boston University student loan?
You can make payments on your federal student loan through the Department of Education’s website, by mail, or by phone. Private student loan payments can be made through the lender’s website or by phone.
Can I defer my Boston University student loan payments?
Federal student loan borrowers may be eligible for deferment or forbearance if they meet certain criteria. Private student loan deferment options vary by lender.
How do I contact the Boston University student loan office for more information?
You can contact the Boston University Student Services Center at (617) 353-2965 for more information about student loans.
Writer’s Advice (Conclusion)
- Start with federal student loans: Federal student loans usually have lower interest rates and more flexible repayment options than private student loans, so it’s a good idea to exhaust your eligibility for federal loans before turning to private loans.
- Shop around for private student loans: If you need to take out a private student loan, compare offers from multiple lenders to find the best interest rate and terms.
- Borrow only what you need: Try to limit your borrowing to the amount you actually need to cover your education expenses. The more you borrow, the more you’ll have to pay back in interest over the life of the loan.
- Consider making interest-only payments while in school: If you have unsubsidized federal student loans or private student loans, you will accrue interest while you’re in school. Making interest-only payments while in school can help keep your loan balance from growing too much.
- Consider enrolling in an income-driven repayment plan: If you’re having trouble making your monthly loan payments, consider enrolling in an income-driven repayment plan, which ties your monthly payment to a percentage of your income.
- Make payments on time: Late or missed payments can result in late fees, damage to your credit score, and increased interest charges.
- Stay informed: Stay informed about your loans by regularly reviewing your loan statements, and keep track of your loan balance, interest rate, and payment due date. If you have any questions, don’t hesitate to reach out to your lender or servicer for assistance.