Credit-Based Loan Timeline

If you plan to use a credit-based loan to satisfy or ‘settle’ your BU bill, it’s important to take the action steps listed below, which start well before the payment deadline. You are required to settleA student's account is considered settled when your account balance is paid or resolved by approved loans or financial aid. Once settlement is complete the student is considered officially registered and will be entitled to use University services. your student account by the payment deadline. If you’re not using these loan funds to settleA student's account is considered settled when your account balance is paid or resolved by approved loans or financial aid. Once settlement is complete the student is considered officially registered and will be entitled to use University services. your account and plan to use them for other school expenses, you can apply later in the year.

	ACTION STEP	WHEN SHOULD I ACT?	WHERE CAN I GET HELP?
1	Do I need to borrow? How much?	Evaluate your finances and determine if you need to borrow, and how much 2 – 3 months before the semester payment deadline.	Go here to use our college cost planning calculator.
2	What am I looking for in a loan and how to pick a lender?	Start identifying the elements of a loan that are important to you and decide which loan you will apply for 1 – 2 months before the semester payment deadline.	Go here to learn more about which credit-based loan is best for you.
3	How do I apply for a loan?	Decide which loan product you will apply for 1 – 2 months before the semester payment deadline.	Go here to learn more about loan products.
4	When should I apply for a loan?	Be prepared to submit your application approximately 45 days before the semester payment deadline, to maximize the likelihood that the lender will approve your loan by the date the bill is due.	To apply for private credit-based loans, go to the website of whichever lender you choose. To apply for the Federal PLUS Loan at BU, go here to apply.