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Tuition and Financial Aid
Loans at Boston University
Boston University (BU) accepts federal financial aid, including federal student loans as well as private educational loans.
Please note the following:
Students are required to apply for loans to cover tuition for each school year separately. School years at BU are September-April and May-August.
NOTE: Boston University will not certify a loan that covers a 12 month period. You may apply for a one semester loan for Fall, Spring or Summer, or you may apply for loans for
the academic year (Fall/Spring) if you will be continuing in classes for both semesters.
Process for Private/Alternative Loans at Boston University:
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After you apply for your loan, you will be sent documents to sign from the loan company, unless you sign off on them electronically. |
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The loan company will verify that you are registered for the specified number of credit hours that the loan requires. This verification is done through Boston University's Office of Financial Assistance. The loan company will also certify that the loan amount is within your given expense budget, as determined by the Office of Financial Assistance. |
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Once the loan is certified, the loan company will issue the loan to Boston
University's Student Accounting Office. |
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Your loan will only cover the amount determined for your expense budget, even if the loan company approves you for a larger amount. |
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We recommend that you call Student Accounting at 617-353-2264 and request that the check is sent to you to endorse. Inform the Student Accounting representative that you are an online student and do not live in the Boston area. |
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After you have signed the check, send the check back to BU, preferably through a courier service. |
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When Student Accounting has received the check, the funds will be released and your account will be paid. If you have a credit on your student account after your tuition has been paid, you may submit a Refund Request form through Sargent College to receive the funds. |
Private Loan Companies
- Citibank CitiAssist Loan -
CitiAssist is one of the most popular private student loans used today to fill the gap between the cost of education and financial aid received. Each year, with the
CitiAssist Loan, you can borrow up to the cost of education, less any financial aid you
have received. Boston University will be asked to certify the amount for which you
are eligible. There are absolutely no fees for origination, guarantee or repayment. For
further information, students can call 1-800-967-2400.
- Access Group -
You must be registered in classes and pass a credit check to apply.
- TERI
- Sallie Mae Signature Loan
Federal Loans at Boston University:
Who is eligible to apply?
A student is eligible to participate in the Direct Loan Program if he/she:
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Has a valid Social Security number |
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Is a U.S. Citizen or eligible non citizen (permanent resident) |
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If male, is registered with Selective Service System |
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Is a regular student (seeking a degree) |
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Is enrolled in an eligible degree program |
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Is not enrolled solely in remedial coursework |
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Has a high school diploma or equivalent |
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Does not have a conviction for any offense under federal or state law involving the possession or sale of a controlled substance |
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Does not owe loan or grant overpayment |
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Does not have a Title IV student loan in default |
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Has not borrowed in excess of loan limits |
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Has maintained satisfactory academic progress |
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Is registered for a minimum of 6 credit hours which are accepted towards the degree program |
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Does not have an outstanding balance from a prior period of enrollment at Boston University |
Process for applying for federal loans
- Fill out the 2006-2007 Direct Loan Request For Graduate Students form (see below).
- You will need to submit a 2006/2007 FREE APPLICATION FOR FEDERAL STUDENT
AID(FAFSA). The FAFSA can be completed on-line at http://www.fafsa.ed.gov/. The Boston
University code is 002130.
- First time borrowers will need to complete a DIRECT LOAN MASTER PROMISSORY NOTE. You can complete the promissory note on-line at http://www.bu.edu/finaid/ and click on “Loans and Work” and then “Stafford On-line Promissory Note”. You will need your federal
Personal Identification Number (PIN). If you do not have a PIN or cannot recall it, you can request a duplicate PIN. Boston University
will be notified within 3-5 business days that you have completed your promissory note online.
If you fail to complete your promissory note on-line, you will be mailed a paper promissory note to your home address. Complete all required items and sign the promissory note. Return the promissory note according to the instructions.
Failure to complete the promissory note requirement before the end of the loan period will
result in cancellation of the loan. Please make sure that you have provided the Office of the Registrar with your home address so that you will get your promissory note.
- If you are a first time borrower, you must fulfill an entrance counseling session, which is required by the federal government prior to the crediting of your loan funds. You may complete this requirement on-line at http://www.bu.edu/finaid/ Click on "Loans and Work" and then "Entrance Counseling".
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Payment Plans at Boston University – Sargent College
Deferred Payment Plans
You have the option of settling your account by enrolling in a deferred payment plan. These plans are administered by Boston University. Initial payment, due by the payment deadline, must include your prior balance, 25% of the current semester tuition, and a $25 deferred payment fee, as well as any additional semester fees (registration fee).
Deferred Payment Option Example:
Three (3) equal payments of specific increments are due monthly for 3 months of the semester.
Deferred payment deadlines for Spring Semester 2006 are:
• February 10
• March 10
• April 10
Call Student Accounting to verify enrollment and payment due dates for any particular semester.
Students are required to contact Student Accounting Services (617-353-2264) to enroll in
this plan. A signed, completed Promissory Note is required along with your initial payment.
The original promissory note must be received by the payment deadline. Payments not
received by the deferred payment deadline will be charged to your credit card.
Military Assistance
GI Bill Recipients
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To determine eligibility, contact your education counselor. If you do not have one, please call the VA and speak to a benefits counselor at 1-888-442-4551. |
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While speaking to the counselor, ask which forms you will need to complete. |
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To download the forms please visit, http://gibill.va.gov/ |
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Fill out the forms and fax a copy to the University, to the attention of Barbara Doherty at 617-353-9770. Also note the semester that you plan to start. |
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Mail the form to the VA at the address that they give you. |
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The VA will send the student a letter of entitlement. It is advisable to fax this to the University for their records. |
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The Student will be paid monthly payments and must contact the VA each month to confirm continued enrollment. |
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