Loans and Financing
types of financial aid
Please note: Some of these files are Adobe Reader® (PDF) formatted files. To view them, you will need to download the free Adobe Reader.
Please note: Some of these files are Microsoft Powerpoint formatted files. To view them, you will need to download the free Powerpoint Slide Viewer.
Many Boston College students will borrow from the Federal student loan programs. The following information may be helpful to undergraduate students who are considering a Federal student loan to assist with their educational expenses:
- Average Borrowing: 48% of the 2016 graduating class borrowed a Federal student loan during their enrollment at Boston College. The average Federal loan amount was $16,651. The Federal loan payment for this amount over a ten year repayment period is approximately $175 per month.
- Loan Default Rate: 0.9% of the students (undergraduate and graduate) that borrowed at Boston College defaulted on the Federal loan; which is significantly below the national average of 11.5%.
An education loan is a form of financial aid that must be repaid, with interest. Education loans come in three major categories:
- Federal student loans (e.g., Direct and Perkins loans)
- Federal Parent loans (e.g., PLUS loans)
- Private loans for students and parents (also called Alternative Loans)
Since July 1, 2010, all new federal education loans have been made through the Direct Loan program. To qualify for a federal student loan, please start by applying for financial aid through the Office of Student Services.
Please e-mail the Office of Student Services with any questions.