Summer 2024 Federal Unsubsidized Loan Request

The Federal Direct Unsubsidized Loan is a Title IV Federal loan available to students for post secondary educational expenses. Most domestic matriculated students are eligible for an Unsubsidized Loan each academic year. The Federal Direct loan program is part of the Title IV aid program that offers Federal financial assistance to students and includes, among other funds, the Direct Unsubsidized and Direct Graduate PLUS loan. Please note: Only SPH and GMS students are eligible for summer Federal Direct loans. Medical students and GSDM students do not receive summer term funding as it is part of your Fall and/or Spring financial aid.

You are eligible to participate in the Federal Direct Loan Program if you are:

  • A U.S. citizen or permanent resident
  • Enrolled in a degree program on at least a half-time basis (or considered at least half-time by your School/College) and credits count towards your degree or Certified Full-time by your school for the entire summer
  • Making satisfactory academic progress
  • Do not have an outstanding balance from a prior period of enrollment at Boston University
  • Have not reached your aggregate lifetime loan limit

The Direct Unsubsidized loan is made to the student who is responsible for repayment. The interest rate for all Direct Unsubsidized loans disbursed on or after July 1, 2023 and prior to July 1, 2024 is a fixed rate of 7.05%. The interest rate for all Direct Unsubsidized loans disbursed on or after July 1, 2024 and prior to July 1, 2025 has not been announced yet. The Origination fee is 1.057% for loans disbursed after October 1, 2020.

How do I apply?

  1. Complete the Free Application for Federal Student Aid (FAFSA) if you have not already done so. All requests should be completed only after you have submitted your 2023/2024 FAFSA and 2024/2025 FAFSA.
  2. First time borrowers must complete a Direct Loan Master Promissory Note (MPN). If you have already completed an MPN for the 2023/2024 academic year or a prior year, you will not need to sign another MPN for the Summer session. Boston University will be notified within 3-5 days that you have completed your MPN. Failure to complete the MPN before the end of your summer loan period will result in cancellation of the loan.
  3. First time borrowers must complete Entrance Counseling. Entrance Counseling is required to ensure that you understand the responsibilities and obligations that you are assuming by requesting a Federal Direct Loan. If you previously completed Entrance Counseling you do not need to complete this again.

When should I apply?

Loan eligibility cannot be determined until you are registered for the summer session. It is important that your request be submitted as soon as possible after registering for your summer classes.

When will loan funds be available?

Once you have completed all requirements listed above and your loan has been processed, disbursement of funds will be scheduled. The origination fee of 1.057% will be deducted from the unsubsidized loan prior to disbursement.

Please note that refunds cannot be released until the first day of your scheduled classes due to Federal regulations on financial aid refunds. Your loan may be disbursed in up to 2 installments – the first occurring no earlier than 10 days before the start of your loan period and the second installment occurring midway through the loan period.

For first time borrowers, your loan cannot be disbursed until the Entrance Counseling and Promissory Note requirements have been fulfilled. You must also be registered for the appropriate number of credits for disbursement to take place.

If you have any questions regarding this request form or your financial aid please contact our office. 

Please complete the following form to submit your request for a Federal Direct Unsubsidized Loan for summer 2024.