Student Loans for Boston University Students
Located right in the heart of Boston on ever-bustling Commonwealth Ave, BU is a top-tier research university classified as having ‘very high’ research activity by the Carnegie Institute (which is a big deal). BU offers students a world-class educational experience alongside with an immersive experience in the city of Boston. Arguably the best college town in the country, Boston is home to over 200,000 college students, and BU is smack in the middle of it. It’s not a crowded city, nor is it a crowded school, but you’ll definitely get an urban environment. There are about 18,000+ undergrads at BU who live around and along Comm. Ave, and a smattering of graduate students of all stripes that brings the total student population up to over 31,000, making BU the 5th-largest private university in the country.
If you’re receiving BU financial aid, budgeting is extremely important. Boston gets pretty pricey, and odds are your general expenses will be higher at BU than they were where you lived before coming to college. For a year on campus, the BU financial aid office estimates that students will incur personal expenses of just under $3,000, which is a pretty significant figure, especially when added to the $54,130 figure, which includes tuition, fees, room and board, and other ‘billed expenses’. As you can see, money will most likely be a bit tight, so you don’t want to spend frivolously. Just be smart, and you’ll be good. Of course, you should set aside $180 to get your guaranteed student seats at all of the men’s hockey games, as the Terriers are wicked awesome when it comes to hockey.
As BU is private, students and families who wish to be considered for BU financial aid have the pleasure of not only filling out the Free Application for Federal Student Aid (FAFSA) but also the CSS/PROFILE, a somewhat more annoying form than the FAFSA. Never fear, though; we have articles around our site that can help with both of these forms. Simply fill out these forms (it’s not too hard!) and you’ll receive an aid package with your next tuition bill.
BU is a pretty large school, which plays a role in the way BU financial aid is distributed to students. While their admissions policy is need-blind, BU is not what some call ‘talent-blind’ when awarding aid. As a result of a somewhat constrained financial aid budget due to school size, BU is more likely to award greater financial aid packages to students who demonstrate exceptional academic prowess and a good degree of financial need than to students who demonstrate exceptional financial need and a good degree of academic prowess. The aid office does strive to make a BU education affordable to everyone who is qualified to attend, but they simply cannot cater to every student’s full financial need. If you find that you need extra money after accepting university grants and federal loans to attend BU, you should consider private student loans. When borrowed in a responsible manner, private student loans can be a great source of funding when all other forms of aid have been exhausted. Check out our student loan comparison tool to search, compare, and apply for a variety of private student loans to supplement your BU financial aid package.
Boston University offers students a range of scholarship options that are geared toward making education a reality despite high costs. The Presidential Scholarship is one of the major scholarship programs at BU. This scholarship is worth of $20,000 and students with exceptional academic records are eligible.
Pay for Boston University*
|Total Avg. Cost||$53,000|
|Room & Board||Not Avail.|
|Financial Aid Information|
|Students Receiving Fin Aid||63%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$16,030|
|%Receiving Other Loans||9%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics