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Different Types of Federal Aid

Unsubsidized Federal Direct Loan

Graduate students may be eligible to borrow up to $20,500 per year through this federal loan program. Students must be attending school at least half time to be eligible to borrow under this program. The Unsubsidized Federal Direct Loan accrues interest while a student is attending school. Students have a choice of paying the interest while in school or having it capitalized after graduation or having ceased to be enrolled at least half-time. Please contact your servicer for details on these options.

The interest rate for new loans for the 2017–2018 year is fixed at 6.00% beginning July 1, 2017.

Students will receive a Disclosure Statement from their lender with details about their loan and the rates. The interest on the Subsidized Stafford loan by the federal government will not accrue while the student is in school. Repayment on both loans begins six months after a student graduates or ceases to be enrolled at least half-time. For new loans with a disbursement date on or after October 1, 2016, and before October 1, 2017, there is a 1.069% Federal loan fee. Loans with a first disbursement on or after October 1, 2017, and before October 1, 2018, the loan fee is 1.066%.

Federal Nursing Loan

Due to very limited funding this loan is awarded to nursing students with exceptional financial need. Terms are similar to those of the Federal Perkins Loan Program. The interest rate is 5%, with a maximum award per academic year of $4,000 based on available funding.

Financial aid transcripts are required for all incoming nursing students who have received Health and Human Services funds. A transcript form and cover letter will be sent to students who indicate they have received these funds. These forms should be sent to the schools indicated for completion and returned to Boston College.

Proceeds from all loans are sent to Boston College and credited to the student's account.

 

Note: All information contained on this page is subject to change and final regulation by the Department of Education or Boston College.