Your Aid & Your Bill
The cost of attendance (COA) sets a limit on the total aid that a student may receive. The COA is not the bill that you get; it is the total amount it will cost you each academic year. It includes direct and indirect expenses and is based on the length of the period of enrollment. The direct expenses are shown on your Student Account or bill.
Student Accounting Services is responsible for billing students and processing payments. Settlement of your Student Account can be completed in many ways, including direct payment, University-offered payment plans, University aid, federal and private loans, outside awards, and agency sponsorship. Student Accounting Services routinely sends important communications to students at their Boston University e-mail accounts. It is expected that students will check their e-mail frequently.
Getting Federal Direct Unsubsidized Stafford Loans Posted to Your Student Account
After you have applied and been approved for a Federal Direct Loan, you must complete the Master Promissory Note (MPN) and the Entrance Counseling requirement. Both are completed online using your federal FSA ID.
If you completed your FAFSA online, you may have signed the FAFSA electronically using your FSA ID. If you have not set up your FSA ID user name and password, click on the link to create your FSA ID before completing the MPN.
Once you have submitted your loan requirements, please make sure your enrollment meets the eligibility requirements. Students must be enrolled in at least half-time (6 credits or more) for each semester they want to receive aid.
Getting Federal Graduate PLUS Loans Posted to Your Account
- Complete the BUMC Graduate PLUS Loan Pre-Application Counseling
- Apply for the loan using the Graduate PLUS Loan Application (found on the confirmation page after completing the Pre-Application Counseling).
- Complete the PLUS Master Promissory Note (if you haven’t previously done so) to ensure that the funds will be credited to your student account.
Getting Private Credit-Based Loans Posted to Your Account
Once approved for a credit-based loan, you will need to accept the terms of the loan and sign the remaining loan documents. The lender will send your loan details to BU for certification of your enrollment status (half-time or full-time), your anticipated graduation date, and your requested loan amount. Once your loan is certified, your loan will be scheduled for disbursement to BU.
The Truth in Lending Self-Certification Form must be signed by applicants and obtained by lenders before any credit-based education loans are disbursed.
Requesting a Refund
If you have a valid credit balance on your student account, you may request your refund on the MyBU Student Portal by selecting “My Bill & Aid,” “Refund Requests,” then “Student Account Inquiry”. From there, you will select “Request a Refund” and submit your request. Your refund can be used to pay for indirect expenses, such as room and board.
Student Accounting Services will review your refund request and determine your eligibility for a refund. Approved refunds will be deposited into the bank account you provide within 7-11 business days. Please be sure to confirm your bank account information when submitting your request. You will receive an email notification once your refund is approved.