Funding Options For Master's Students At Boston University

Boston University offers a variety of funding options for master's students, including scholarships, assistantships, fellowships, and loans. Funding is allotted based on need and merit and is available on a first-come basis. The university provides partial tuition scholarships, and some students are invited to serve as teaching assistants for undergraduate courses, receiving a stipend of $6,000 per semester. Additionally, master's students may be hired as research assistants and are paid on an hourly basis. Boston University also offers competitive fellowship programs and graduate assistantships that provide partial tuition remission and a stipend. All US citizens and permanent residents applying to a master's degree program are automatically considered for Merit Scholarships. Various specialized scholarships are also available, such as the Advancing the Arts Scholarship and the Bryan D. Willard Scholarship.

Merit-based scholarships for competitive incoming master's students

Boston University offers a wide range of merit-based scholarships for competitive incoming master's students. The Graduate School of Arts and Sciences offers merit-based scholarships to talented prospective master's students. These scholarships are highly competitive and are awarded to applicants who demonstrate exceptional academic achievement and a commitment to their field.

There is no separate application process for these scholarships, and successful applicants will be notified at the time of their admission. In addition to the merit-based scholarships, BU also offers several other funding opportunities for master's students, including federal and private educational loans, on-campus and off-campus employment opportunities, and assistantships or fellowships.

BU also provides a Program Finder tool to help prospective students find the right program and funding information. The university's website offers a comprehensive overview of the cost and benefits of a graduate degree, including tuition, fees, cost of attendance, institutional scholarships and grants, assistantships or fellowships, loans, and outside funding.

Additionally, BU's First-Year Merit Scholarships are available for incoming students who demonstrate exceptional academic achievement and extracurricular involvement. These scholarships are open to U.S. citizens, permanent residents, eligible non-citizens, and international students, with varying criteria and eligibility requirements.

BU is committed to supporting its graduate students financially and academically, ensuring they can focus on their studies and research without financial barriers.

Federal and private educational loans

Federal Loans

The US Department of Education offers Federal Direct Loans with favourable terms, including deferred repayment options. The Federal Direct Loan is a low-interest loan that allows students to borrow directly from the federal government. The lender is the US Department of Education, and repayment is made to a single loan servicer. There are several repayment plans available, and borrowers can switch between them if their needs change. The interest rate for the Subsidized and Unsubsidized Federal Direct Loan is 6.533% fixed during repayment as of July 1, 2024, with an origination fee of 1.057% for loans disbursed on or after October 1, 2020. Both interest and principal are deferred through enrollment, and repayment begins six months after the student is no longer enrolled at least half-time, generally extending over a 10-year period. The annual loan limit for graduate and professional students is $20,500, and the maximum cumulative borrowing amount is $138,500.

The Federal Unsubsidized Loan is offered to students to assist with postsecondary educational expenses. The loan is made directly to the student, who is responsible for repayment. Interest accrues and must be paid by the borrower or capitalized during periods of in-school enrollment, grace, and/or deferment. The current interest rates for the Federal Unsubsidized Loan can be found on the studentaid.gov website. To be eligible for the Unsubsidized Loan, students must meet federal criteria, including being a US citizen or permanent resident, being enrolled in a degree program at least half-time (six credits), and demonstrating financial eligibility as determined by federal regulations.

The Federal Graduate PLUS Loan is a federal credit-based loan available to assist students with the costs of higher education. Eligible graduate loan borrowers are enrolled at least half-time (six credits) per semester in a graduate or professional degree program leading to a master's, law, or medical degree. The student must be a US citizen or permanent resident, must not have an outstanding balance from a previous period of enrollment, and must be making satisfactory academic progress per school guidelines. The current interest rate for the 2024/2025 Graduate Federal PLUS Loan can be found on the studentaid.gov website. Interest begins to accumulate on the date of the first loan disbursement. Direct PLUS Loans do not have fixed amounts, and students can borrow up to the cost of attendance minus all other financial assistance received.

The Massachusetts No Interest Loan is awarded to Massachusetts residents with high calculated financial need.

Private Loans

Private educational loans are also available to students. These loans are not guaranteed by the federal government, and the borrower (either student or parent) may borrow through various banks, credit unions, or savings and loan associations. Private educational loans are not need-based but are instead based on creditworthiness. Most students will need a creditworthy co-signer such as a parent or relative. Terms and conditions vary greatly, and factors such as interest rate, APR, length of repayment, loan minimum and maximum, and fees should be carefully considered when researching and choosing a private educational loan. Private educational loans almost always offer lower interest rates than credit cards.

On-campus and off-campus employment opportunities

On-campus employment opportunities for master's students at Boston University are available through the Student Employment Office (SEO) Job Board. The SEO posts detailed listings of available positions, including Quickie Jobs, which are short-term jobs. International students on F-1 and J-1 visas can work on campus for up to 20 hours per week while school is in session.

On-campus jobs for master's students may include:

• Departmental admin positions
• Laboratory research positions
• Teaching Assistantships
• Research Assistantships
• Dining Services
• Computing Support Services

Off-campus employment opportunities for master's students may be found through the Off-Campus Federal Work-Study Program, which is available to students awarded Federal Work-Study (FWS). Students working through this program are employees of Boston University and are paid directly by the university. Local public agencies and private nonprofit organizations can be considered for a work-study contract with Boston University.

Other off-campus employment opportunities can be found through the Boston College Career Center’s Handshake career platform, which offers jobs and internships in a variety of industries and locations.

Need-based financial aid

Boston University (BU) offers need-based financial aid to admitted, first-year students who are US citizens or permanent residents. To receive need-based financial aid from BU, students must submit the CSS Profile™ and FAFSA, which are used to determine their "expected family contribution". BU will meet 100% of the demonstrated financial need for eligible students.

The Graduate School of Arts & Sciences (GRS) offers merit-based scholarships to competitive incoming master's students. Additionally, graduate students may apply for federal and private educational loans. There are also numerous on-campus and off-campus employment opportunities available.

Federal Work-Study is a program for US citizens and permanent residents that promotes access to employment for students who demonstrate financial need. Available funds are provided by a federal allocation and a university matching contribution. Recipients are selected by the Graduate School Financial Aid Office and must meet the federal need and other criteria. Student income verification is required for all students wishing to be considered for work-study.

The Student Employment Office assists currently enrolled students in their on-campus employment endeavours through the Job Board and Quickie Job Services.

Outside funding

Boston University offers nearly 400 graduate programs, including master's, doctoral, and professional degrees. The university provides various funding options for graduate students, including scholarships, awards, grants, loans, and assistantships/fellowships. One of the funding options available for master's students at Boston University is outside funding.

When exploring outside funding opportunities, it's important to familiarize yourself with the different terms and conditions associated with each source. The availability and eligibility criteria for external funding can vary, and it's essential to carefully review the requirements and application processes for each option.

• Research and identify potential sources: Look for funding opportunities offered by organizations, foundations, or government agencies in your home country or at the national level. These entities may provide scholarships, grants, or awards specifically for graduate students.
• Employer benefits: If you are currently employed, explore the possibility of employer benefits that could contribute to your graduate studies. Some companies offer tuition assistance or reimbursement programs for employees pursuing advanced degrees.
• Scholarships and grants: Seek out external scholarships and grants offered by various organizations. These could be merit-based, need-based, or focused on specific areas of study.
• International student considerations: If you are an international student, research funding opportunities specifically tailored for students from your home country. Reach out to the US Information Agency or a bi-national advising center in your home country to request information on financial assistance options.

Remember that the availability of outside funding can vary, and it's important to start your research early and stay organized throughout the application process. Combining outside funding with other financial aid opportunities can help make your graduate studies at Boston University more accessible and affordable.

Frequently asked questions