Four Steps to Managing the Cost of Your Education

View as brochure.

Step One Know How Much It Will Cost.

For students living in Boston University housing* or in off-campus apartments, total academic year expenses are estimated at $90,207. For students commuting from their parents’ homes, expenses are estimated at $75,684.

2024/2025 Total Educational Expenses

CommuterResident
Tuition**$66,670$66,670
Fees**$1,432$1,432
Other Expenses
Books & Supplies (estimated)$1,000$1,000
Housing & Food (most plans)$0$19,020
Incidentals (estimated)$3,935$2,085
Food on Campus (estimated)$2,647$0
Total Expenses$75,684$90,207
* First-year students are required to live in University housing. ** University tuition and fees are subject to change.

Step Two Consider the Monthly Payment Plan.

Always consider the monthly payment plan to budget all or part of your charged expenses.

  • Reduces the need for parents and students to borrow.
  • No interest charges; the monthly payment plan is not a loan.
  • Manage your cash flow by making set monthly payments.
  • Payments begin in May for enrollments starting in September.
  • Payments begin in October for enrollments starting in January.
  • Summer CGS plan details will be emailed to students.

Learn more about the monthly payment plan, including 2023/2024 fees, at bu.edu/studentaccountingservices/your-bill/payment-plans.

Step Three Determine How Much Credit-Based Loan You and Your Family Will Need.

From your Total Educational Expenses (Step 1) subtract your Enrollment Deposit ($650) and amounts you expect to pay with:

  • Your BU financial aid award (exclude Federal Work-Study)
  • Scholarships from non-BU sources
  • Student and parent savings
  • Amount you expect to pay via the monthly payment plan

Estimated Credit-Based Loan Amount Needed to Cover Costs $________

Step Four Understand How to Select a Credit-Based Loan.

When families consider taking a credit-based loan to pay for college, two concerns arise:

  1. How to get a loan that offers affordable monthly payments.
  2. How to minimize the amount they need to borrow and the total cost of borrowing.

Only you and your family can decide which loan program is best for you. If you decide to borrow a private credit-based loan, we encourage you to use Credible.com to research options. Credible is a free online loan selection tool that allows you to compare prequalified ratesPrequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing). (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time...., terms, and eligibility rules side-be-side in just a few minutes. With your approval, Credible will pull a soft credit inquiry – which will not affect your credit score – but will enable you to compare the actual interest ratesA loan expense charged a borrower for the use of borrowed money. Interest is calculated as a percentage of the principal of the loan, which includes the original amount borrowed and any capitalized interest. you qualify for at multiple lenders. Your information will be secured by Credible with 256-bit encryption technology and you are free to review Credible’s privacy policies in more detail if you have any questions.

It is best to submit your loan application approximately 45 days prior to the semester payment deadline, which for the fall semester is early August. Also, be sure to utilize your Federal Direct Loan eligibility before taking a credit-based loan.