Federal Unsubsidized Loan

The Federal Unsubsidized Loan is offered to assist students with postsecondary educational expenses. The Unsubsidized loan is made directly to the student who is responsible for repayment. Interest accrues and must be paid by the borrower or is capitalized during periods of in-school enrollment, grace, and/or deferment. Current interest rates for the Federal Unsubsidized Loan can be found here.

Students must meet federal eligibility criteria to qualify for the Unsubsidized Loan. Financial eligibility is determined by a federally legislated analysis of family financial information provided on the Free Application for Federal Student Aid (FAFSA). You must file the FAFSA, and use Boston University’s School Code (002130), to apply for the Unsubsidized Loan.

Who is eligible to apply?

Students are eligible to participate in the Federal Unsubsidized Loan Program if they are:

  1. US citizens or permanent residents;
  2. Enrolled in a degree program at least half-time (six credits);
  3. Registered for at least six credits which are accepted towards a degree program and are not repeat classes;
  4. Demonstrate financial eligibility as determined by federal regulations;
  5. Not maintaining an outstanding balance from a prior period of enrollment at Boston University; and
  6. Making satisfactory academic progress.

How much may I borrow?

The maximum annual loan limit for graduate and professional students is $20,500. Your actual eligibility may be less and is determined by how many credits you are enrolled for, and other sources of financial aid.

The maximum cumulative Federal UnsubsidizedLoan borrowing amount is $138,500, including any amount borrowed for undergraduate study.

How do I apply?

To apply, complete your FAFSA, and possibly submit additional documentation if required. Stafford loan borrowers must complete the required electronic Entrance Counseling requirement and Master Promissory note (MPN). These requirements can be completed at https://studentaid.gov. You will be asked to accept or decline the loan through your MyBU student portal.

When will the loan funds be available to me?

Loans can be disbursed in up to two installments. The amount that will be disbursed will be less the origination fee that the federal government subtracts from the loan to pay for guaranteeing and processing the loan.

Any credit balance in your account that remains once your University bill has been settled is available to you through a refund request through your MyBU Portal.

Federal Graduate PLUS Loan

The Graduate Federal PLUS is a federal credit-based loan which is available to assist students with the costs of higher education. Eligible graduate loan borrowers are those who are enrolled at least half-time (six credits) per semester in a graduate or professional degree that leads to a master’s, law, or medical degree. The credits must be accepted towards the degree program. The student must be a US citizen or permanent resident, must not have an outstanding balance from a prior period of enrollment and must be making satisfactory academic progress per school guidelines.

Direct PLUS Loans do not have fixed amounts. You can borrow up to the cost of attendance minus all other financial assistance you have received. The current interest rate on the 2024/2025 Graduate Federal PLUS Loan can be found here. Interest begins to accumulate on the date of the first loan disbursement.

Additional information on the credit-based Graduate PLUS loan can be found here.

Private Educational Loans

Students are encouraged to research and apply for other private loans that suit their lending and educational needs.

BU has identified some private loans if you are interested in researching additional options. This list of options is certainly not all inclusive and we encourage you to search for other outside private loan options that may be available to you.

Information on credit-based educational loans available to international students can be found on the main Boston University Financial Assistance website here: http://www.bu.edu/finaid/types-of-aid/loans/credit-based-loans/international/

External Scholarship Opportunities

To research further options for financial assistance from resources outside of Boston University, please visit: http://www.bu.edu/finaid/types-of-aid/scholarships-grants/merit-based/private/.

Loan Repayment

A complete listing of loan servicers and their contact information can be found here.

Students can also find their loan servicer contact information on the National Student Loan Database System (NSLDS).

Budgeting Tools

Smart Money 101 is a BU Financial Assistance initiative established to provide the Boston University community with online tools, information and other resources to promote effective money management. 

Federal Unsubsidized Stafford Loan: Fall and/or Spring

  • Complete the Federal Unsubsidized Loan Request Form.
  • Make sure you fill out the FAFSA for the academic year at fafsa.ed.gov before applying for any federal loans. The FAFSA needs to be completed annually, each year that you borrow federal aid.
  • If you are a new student, you may need to contact the Graduate Affairs Office (617-353-3481) to add your social security number to your student record.

Federal Graduate Plus Loan: Fall and/or Spring

  • More information about the Graduate PLUS loan, such as interest rates and eligibility requirements, can be found here. We encourage borrowers to apply for the Stafford loan before the Grad PLUS loan based on interest rates.

Summer Loans

  • Eligible students can complete the Summer Unsubsidized Loan Form. Please note that students must submit this form after they register for summer classes.
  • Students can also apply for the Summer Graduate PLUS Loan.
  • Students must register for at least 6 academic credits over the course of the summer in order to be eligible. Summer borrowing may impact the amount of Federal Unsubsidized Loan you are eligible for in future semesters within the academic year.