Loans and Financing
types of financial aid
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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: 47% of the 2017 graduating class borrowed a Federal student loan during their enrollment at Boston College. The average Federal loan amount was $16,030. The Federal loan payment for this amount over a ten-year repayment period is approximately $175 per month.
- Loan Default Rate: 1.2% of the students (undergraduate and graduate) that borrowed at Boston College defaulted on the Federal loan; which is significantly below the national average of 10.8%.
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 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.