Financial Planning Calculator

Cost of Attendance

Boston University School of Law determines a Cost of Attendance or Student Budget for each academic year that includes tuition, fees, and an allowance for living expenses. The Cost of Attendance is the maximum amount of financial aid that a student may receive including scholarship aid, grants, and loans. You should assume that the Cost of Attendance will increase each year. The calculation below defaults to an increase of 3% but can be modified as you choose.

Annual Increase Year 1 Year 2 Year 3
Cost of Attendance $92,358 $95,129
Less
BU Law-based Scholarships and Grants
—Renewed each year
Other Scholarships and Grants
Annual Contribution from Your Savings/Earnings
Other Resources (Parents, Spouse, etc.)
Equals
Anticipated Federal Student Loans $89,668 $92,358 $95,129

Federal Student Loans

If you choose to fund the remaining balance through Federal Direct Student Loans, a breakdown of your potential loan amounts is listed below. These loans are not the only borrowing options available to students. Students are strongly encouraged to review the terms of any loan to make sure that it will meet their needs.

Federal Loans
Amount Borrowed for Law School
Year 1 Year 2 Year 3
Federal Direct Unsubsidized Stafford Loans $20,500 $20,500 $20,500
The annual loan limit is $20,500.
Federal Direct Graduate PLUS Loan $54,189 $56,803 $59,509
The annual loan limit is the Cost of Attendance minus all other financial aid.
Estimated Federal Loan Balance at Repayment
These figures include estimated interest that accrues prior to the start of repayment
Federal Direct Unsubsidized Loans $25,420 $23,780 $22,140
Federal Direct Graduate PLUS Loan $87,843 $84,792 $81,346
Estimated Total Debt at Repayment
Your estimated debt at repayment includes an approximation of the interest that will accrue while you are enrolled and during the six-month grace period.

Federal Direct Unsubsidized Stafford Loans $71,169
Federal Direct Graduate PLUS Loan $148,565
Student’s Estimated Total Law School Debt $219,734

Private Educational Loans: Follow this link for information on private educational loan interest rates, fees, and repayment options

This calculator is provided as a service to prospective students and provides only an estimate of costs and repayment options based on information provided by the prospective student. The cost of attendance, availability of federal student loans, terms and cost of private educational loans, and repayment options may change over time. The estimate does not represent a determination or actual award of financial assistance. The School of Law does not guarantee that any student will qualify for federal or private loans.

Additional financial planning tools and resources can be found on our Financial Planning page.

Federal Loan Repayment Options

Knowing how much you may need to borrow for law school is only part of the equation. Federal loans have a number of repayment options that offer you choices to help accommodate a variety of circumstances.

The Department of Education has a Loan Simulator on their website that provides a way to explore the different repayment options that are available.

You can use the estimated Total Debt at Repayment calculated above in the Loan Simulator to see what your monthly payments would look like under different repayment options that are available. Add the loans to the Loan Simulator as indicated below:

  • For the Direct Unsubsidized Stafford Loan enter the three-year total and select the Direct Unsubsidized Loan with an interest rate of 8.08%
  • For the Direct Graduate PLUS Loan enter the three-year total and select the Direct PLUS Loan for Graduate/Professional Students with an interest rate of 9.08%.

These interest rates are an average of the interest rates for the federal loans. Interest rates for the federal loans change each year.

The Loan Simulator will ask questions to determine which repayment options may be best and will ask for information about your Adjusted Gross Income, Family Size, and State of Residence. This information is used to calculate a monthly payment for the Income Driven Repayment Plans.

The Income Driven Repayment Plans calculate a monthly payment that will change as your income changes. You can use one of these repayment options regardless of the type of employment that you have. They can be particularly helpful if you intend to pursue public interest employment – especially if you hope to benefit from the Public Service Loan Forgiveness program.