Understanding Loan Responsibilities

黑料视频 participates in the (also known as Direct or Stafford Loans), which is available after submitting the FAFSA. Students can borrow less than the maximum loan amount offered or refuse loans altogether. Remember, loans must be repaid, even if the student doesn't complete their degree, so it is essential to understand the terms and conditions before accepting.

Federal Direct Subsidized Loan

  • Available to: Undergraduate students
  • Need-based: Determined by FAFSA
  • Interest rate: 6.533% (effective July 1, 2024)
  • Interest: Does not accrue until repayment begins (as long as enrolled in 6+ credits)
  • Eligibility: Must enroll in at least 6 credits per semester
  • Repayment: Begins 6 months after graduation or enrollment drops below 6 credits
  • : 1.057% (loans disbursed from October 1, 2020, to October 1, 2025)

Federal Direct Unsubsidized Loan

  • Available to: Undergraduate and Graduate students
  • Non-need-based: Determined by FAFSA
  • Interest rates:
    • Undergraduate: 6.533% (effective July 1, 2024)
    • Graduate: 8.083% (effective July 1, 2024)
  • Eligibility:
    • Undergraduate: Must enroll in at least 6 credits per semester
    • Graduate: Must enroll in at least 3 credits per semester
  • Interest: Accrues from the time of disbursement
  • Repayment: Begins 6 months after graduation or enrollment drops below 3 credits
  • : 1.057% (loans disbursed from October 1, 2020, to October 1, 2025)

Also learn about the Nursing Loan and Private Loans.

Loan Acceptance Requirements

  1. Entrance Counseling: First-time borrowers must complete online , a 20-30 minute session to understand loan responsibilities.
  2. Master Promissory Note (MPN): Borrowers must sign an , which is valid for up to 10 years, to legally promise repayment of loans.

Parent Information: Helping Your Student

Parents should assist students in understanding loan responsibilities, including budgeting and repayment. After disbursement, the Department of Education assigns a , who will provide loan details and repayment information directly to the student.

Tracking Loans

Students (and parents with Proxy Access) can view loan history via BU BRAIN under the Financial Aid tab. Additionally, students should use the dashboard on to monitor federal loan borrowing history.

Need More Help?

For any loan or financial aid questions, feel free to contact us.