Grants are gift assistance and are awarded to degree candidates who demonstrate financial need. Most financial aid packages at Boston University include grant assistance, loans, and part-time work. The awards are gifts that, like University grants, do not have to be repaid. The Federal Pell Grant program is funded by the federal government. To qualify for a grant, students must meet federal criteria for high financial need.
Most states provide grant programs for eligible residents.
The Federal Perkins Loan program is funded by Boston University and federal allocations, and is administered by the University. Students with financial need are automatically considered for this loan during the financial aid review process. Federal regulations require that priority be given to students with exceptional need. The current interest rate is 5 percent. Any student with total financial aid of less than the cost of attendance is eligible for a Direct Loan.