Federal Loans
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is a federally supported, low-interest student loan with flexible repayment options.
Terms for Loans Disbursed Between July 1, 2024 and June 30, 2025 | |
Interest Rate | 8.08% |
Origination Fee | 1.057% deducted from each loan disbursement |
Annual Loan Limit | $20,500 |
Aggregate Loan Limit | $138,500 (of which no more than $65,500 may be Subsidized Loan) |
Grace Period | 6 months after student ceases to be enrolled at least half-time |
Repayment Period | 10–25 years, depending on repayment option selected |
Additional information is available on the Federal Student Aid website.
To apply for a Federal Direct Unsubsidized Loan:
- FAFSA —Free Application for Federal Student Aid (BU School Code: 002130)
- Entrance Counseling
- Master Promissory Note
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan is a credit-based loan that is available to assist students with the costs of higher education.
Terms for Loans Disbursed Between July 1, 2024 and June 30, 2025 | |
Interest Rate | 9.08% |
Origination Fee | 4.228% deducted from each loan disbursement |
Annual Loan Limit | Cost of attendance minus all other financial aid |
Grace Period | None. Eligible for a 6 month post-enrollment deferment; will postpone repayment similar to that which the grace period does for Stafford Loans. |
Credit Criteria | Must pass PLUS Loan credit check and not have adverse credit history. Endorser option available if credit requirements not met |
Repayment | 10–25 years, depending on repayment option selected |
Additional information is available on the Federal Student Aid website.
To apply for a Federal Direct Graduate PLUS Loan:
- 2024-2025 Federal Direct Graduate PLUS – online application
- Entrance Counseling
- Master Promissory Note
The Entrance Counseling and Master Promissory Note must be completed by all students borrowing a Federal Direct Unsubsidized Loan and/or a Federal Direct Graduate PLUS Loan at Boston University for the first time.
Students applying for a Federal Direct Unsubsidized Loan and a Federal Direct Graduate PLUS Loan must complete two Master Promissory Notes—one for each loan.
We understand that borrowing a loan – federal or private loan – can be challenging. Determining the right amount to borrow, reviewing loan terms, and understanding repayment options are all important aspects of making the best choice for you. In addition to the Entrance Counseling required for federal loans, the Law Financial Aid Office provides support to students who need to borrow.
- Our professional staff provides workshops and individual counseling appointments for prospective and current students.
- We host experts to speak to students on debt management and personal financial literacy topics
- BU Law also participates in the MAX Program offered by AccessLex. Through MAX, students may access personal finance lessons, webinars, a podcast, and also may schedule appointments with a certified personal financial advisor to discuss their debt management and general financial questions. There is no cost to students who participate in this program.
Exit Counseling—Individual Appointment
Students have the option of making an appointment to speak to a counselor one-on-one to obtain information on their personal loan repayment options.
Note: Students who schedule an appointment should come prepared with their federal loan history. Go to the Federal Student Aid website and log in to your account using your username and password (FSA ID), then select “View Details” from the My Aid section of your dashboard. You can estimate your federal student loan payments under each repayment plan via the Loan Simulator.
Private loan information must be accessed from each lender.
Students should complete the required Exit Counseling Session online through the Federal Student Aid website.