Direct Unsubsidized Loan
We strongly recommend that all U.S. citizens and permanent residents apply for federal student loans before pursuing other loan options. The maximum loan limit is $20,500 per academic year. Student must be enrolled at least half-time (6 credits) to qualify for the Federal Direct Unsubsidized Loan. Interest begins accruing at the time of the loan disbursement. Students can elect to pay the interest while in school or have it capitalized into a repayment schedule that starts six months after you leave school. The Standard Repayment term extends up to 10 years, with deferments available during unemployment, economic hardship, or continued education. Loan funds are issued in two disbursements each year, typically timed to coincide with the start of each semester.
The interest rate for all Direct Unsubsidized Loans disbursed on or after July 1, 2023 and prior to July 1, 2024 is a fixed rate of 7.05%. The origination fee is 1.057% for loans disbursed after October 1, 2020 and prior to October 1, 2024.
To be eligible for federal financial aid, a student must:
- Be a US citizen or permanent resident and compliant w/ US Selective Service requirements
- Be enrolled in a degree program
- Be registered for at least half-time (6 credits per semester that are accepted towards the degree program)
- Maintain a minimum cumulative grade point average (CGPA) of 2.7 at the end of each academic year
- Not have an outstanding balance from a prior period of enrollment at Boston University
- Not be in default on a previous Federal Stafford, Perkins, or other educational loans
- Have not met the cumulative (aggregate) limit for the Federal Direct (formerly Stafford) Subsidized/Unsubsidized loan program of $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.
HOW TO APPLY
Fall 2023/Spring 2024
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- Obtain an FSA ID from the US Department of Education.
- Complete the 2023-2024 Free Application for Federal Student Aid (FAFSA). Boston University’s FAFSA school code is 002130. Please use the IRS Data Retrieval tool to transfer information from your 2021 federal tax return onto your application.
- Submit the Master Promissory Note (MPN)*
- Must be completed online (select Subsidized/Unsubsidized MPN)
- May be used for one or more academic years (up to ten years)
- Complete Entrance Counseling. It communicates your rights and responsibilities as a Federal Direct Loan borrower.
- Must be completed by first-time borrowers of Boston University
- Must be completed online (select “I am a Graduate or Professional Student”)
- Complete the 2023-2024 Questrom School of Business Application for Federal Financial Aid
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Summer 2024
Summer financial aid is a separate process. A student may be eligible to borrow the Federal Direct Loan for the summer term if the student did not borrow all of their annual loan limit during the prior academic year or will not be borrowing the annual loan limit for the coming academic year due to attendance for only one semester.
Graduate students are eligible to borrow up to $20,500 for an academic year. If you are enrolling in a summer semester, the amount borrowed will be placed against that annual limit. The remaining amount will be divided equally between the fall and spring semesters.
In addition, a student is eligible to borrow if the summer term is the student’s final enrollment period. Students must also be enrolled at least half-time (six credit hours) over the course of both summer sessions to be eligible.
If you are looking to borrow federal aid for the summer, please complete the appropriate forms below:
NOTE: Be sure to complete the 2024-2025 FAFSA prior to completing Summer 2024 loan application
Central office (BU Office of Financial Assistance) process Summer loan applications, therefore there may be delays depending on volume.
*Loan eligibility cannot be determined until you are registered for the summer session. It is important that your request be submitted as soon as possible after registering for your summer classes. Your application will take approximately seven to ten business days to process once our office begins reviewing loan requests in early April.
Fall 2024/Spring 2025
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- Obtain an FSA ID from the US Department of Education.
- Complete the 2024-2025 Free Application for Federal Student Aid (FAFSA). Boston University’s FAFSA school code is 002130. Please use the IRS Data Retrieval tool to transfer information from your 2021 federal tax return onto your application.
- Submit the Master Promissory Note (MPN)*
- Must be completed online (select Subsidized/Unsubsidized MPN)
- May be used for one or more academic years (up to ten years)
- Complete Entrance Counseling. It communicates your rights and responsibilities as a Federal Direct Loan borrower.
- Must be completed by first-time borrowers of Boston University
- Must be completed online (select “I am a Graduate or Professional Student”
- Complete the 2024-2025 Questrom School of Business Application for Federal Financial Aid
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Rafik B. Hariri Building
595 Commonwealth Avenue
Boston, MA 02215
MBA CENTER
For Residential MBA Students:
CONTACT
mbacenter@bu.edu
617.353.7800
OFFICE HOURS
Fall & Spring
Appts: M-Th 9am – 6:30pm, F 9am – 5pm
Summer
M-T 9am – 5pm, W-Th 9am – 6:30pm, F 9am – 1pm
HAR 416
@questrom_MBA
For OMBA students needing support, please contact ombasuccess@bu.edu
@questromgrad