Nearly all students with financial aid, including scholarships and tuition remission, totaling less than the cost of attendance are eligible for either a Subsidized or Unsubsidized Direct Loan, regardless of family income. A three-percent origination and guarantee fee of one percent will be deducted from all loans before disbursement. Federal regulations require that a debt counseling session be completed by all first-time borrowers before the disbursement of a Direct Loan. The rights and responsibilities of borrowers are reviewed at this time. The requirement may be met by completing the entrance interview counseling session available on The Link, Boston University's on-line information service, which may be accessed at several locations around campus and at the Office of Financial Assistance.
Borrowers can also attend an on-campus group counseling session.
Similarly, before graduating, withdrawing, or taking a leave of absence from the University, borrowers must attend an exit counseling session for information about loan repayment and deferment provisions. Any person who is a U.S. citizen or permanent U.S. resident and at least a half-time student may apply for the loan. For purposes of eligibility, the income and assets of the applicant and the spouse of a married student and the income and assets of the coapplicant are considered. All students must have a co-applicant. Students may apply to borrow up to the total cost of attendance per year less any other financial aid.