Lori Meadows
Boston University has a reputation for being generous with financial aid, particularly when it comes to meeting the demonstrated financial need of students. The university offers a variety of scholarships, grants, and work-study programs. The average financial aid offer for freshmen students is $45,724, with approximately 53% of incoming freshmen obtaining financial assistance. 47% of new students are offered scholarships, and 17% of freshmen obtain federal grants. Boston University also has a lower percentage of students taking out federal and private loans compared to the average for private not-for-profit schools.
| Characteristics | Values |
|---|---|
| Percentage of students receiving financial aid | 47% of new students offered scholarships, 53% of incoming freshmen obtain financial assistance, 37% of first-year students received need-based financial aid in fall 2022 |
| Average financial aid offered | $45,724 for freshmen students, $43,326 per person for new students, $7,249 for freshmen with federal grants, $64,432 for first-year students in need-based scholarships or grants, $47,920 for first-year students in merit-based scholarships or grants, $3,098 for first-year students in need-based self-help aid, $6,550 for students with federal loans, $18,495 for students with private loans, $28,539 for the average student receiving need-based aid |
| Boston University's financial aid reputation | Boston University has a reputation for being generous with financial aid, particularly when it comes to meeting the demonstrated financial need of students. |
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What You'll Learn
Boston University's financial aid offer for freshmen
Boston University offers a range of financial aid options for freshmen, including scholarships, grants, loans, and student employment opportunities. The university is committed to meeting 100% of the demonstrated financial need for eligible students through its affordableBU programme. This programme is available to admitted first-year students who are US citizens or permanent residents with financial need.
The average need-based scholarship or grant awarded to freshmen at Boston University was $64,432 in 2022. Additionally, 37% of first-year students received need-based financial aid in the same year. Need-based self-help aid includes federal loans and work-study programmes, with an average award of $3,098 for first-year students. Boston University also offers merit-based scholarships, recognising high-achieving students, talented athletes, performers, and artists. The average non-need-based scholarship for freshmen was $47,920.
Boston University also provides online tools to help students and their families estimate the amount of financial aid they may be offered and the net amount they will be expected to pay. Students can also explore credit-based loans and other resources to help finance their education. Additionally, working while in school can help reduce the burden of student loans, with the university offering work-study programmes and campus jobs.
Compared to other private not-for-profit schools, Boston University has a lower percentage of students receiving institutional grants. However, the average grant amount is higher, at $13,799. The university also has a lower percentage of students taking out federal loans (47%) compared to the average, but the average annual federal loan amount is $6,550.
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Boston University's scholarship statistics
Boston University has a reputation for being generous with financial aid, especially when it comes to meeting the demonstrated financial needs of students. The university offers a variety of scholarships, grants, and work-study programs. The financial aid process is highly individualized, so what one student receives can differ significantly from another.
The average need-based scholarship or grant awarded to first-year students at Boston University is $64,432. Additionally, 37% of first-year students received need-based financial aid in fall 2022. The average non-need-based scholarship or grant awarded to first-year students is $47,920. Boston University met 90% of its students' financial aid needs.
Boston University's average financial aid offer for freshmen students is $45,724. Approximately 53% of incoming freshmen obtain financial assistance, with the majority being offered as grants and scholarships. 47% of new students were offered scholarships, averaging $43,326 per person. 17% of freshmen obtained a federal grant, for about $7,249 each. 53% of undergraduates at Boston University receive some sort of grant aid.
The total cost of attendance at Boston University is $86,363. The net price is the average cost of the university after aid and scholarship funds are discounted from the total cost, which comes in at $28,539 for the average student receiving need-based aid.
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Boston University's federal loan statistics
The total cost of attending Boston University is $86,363, which includes tuition, food and housing, books and supplies, transportation, and personal expenses. The net price after financial aid and scholarships is $28,539 for the average student receiving need-based aid.
Boston University's financial aid program includes federal loans, which are preferable to private loans due to their low-interest rates and potential perks such as subsidization or loan forgiveness options. At Boston University, 47% of students take out federal loans, with an average annual loan amount of $6,550 for undergraduates. This percentage is 18% lower than the average for private not-for-profit schools, which is 65%.
The median federal loan debt among borrowers who completed their undergraduate degrees at Boston University is $23,250. The average federal loan amount for freshmen is $5,264, which is 95.7% of the first-year borrowing cap of $5,500 for a typical first-year dependent student. Independent students and those with parents who do not qualify for PLUS loans have higher borrowing caps.
Boston University also offers need-based self-help aid, which includes federal loans and work-study programs. The average need-based self-help aid awarded to first-year students was $3,098. Additionally, the university met 90% of its students' financial aid needs.
Loan default rates are an important indicator of a university's ability to help students afford their education without relying heavily on loans. Boston University has a low default rate of 1.7% after three years, which is a good sign compared to the average three-year default rate of 9.3%.
In summary, while Boston University's federal loan statistics show that a significant number of students rely on federal loans, the university also provides need-based aid and has a low loan default rate, indicating that it helps students manage their financial obligations effectively.
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Boston University's private loan statistics
Boston University's tuition fees are $68,102, which is higher than the national average cost of tuition of $47,890. The total cost of attendance, including food, housing, books, supplies, transportation, and personal expenses, is $86,363. The net price after aid and scholarship funds are discounted is $28,539 for the average student receiving need-based aid.
When it comes to financial aid, Boston University's performance appears mixed. The university met 90% of its students' financial aid needs in 2022. 37% of first-year students received need-based financial aid, with an average award of $64,432. The average need-based self-help aid awarded to first-year students was $3,098. The average non-need-based scholarship or grant for first-year students was $47,920.
However, Boston University's institutional grant rate is 29-30% lower than the average for private not-for-profit schools. This suggests that the university may offer less competitive financial aid packages, as institutional grants are preferable to loans because they do not need to be repaid.
Regarding loans, 27% of incoming students at Boston University take out loans for freshman year, averaging $10,980. This includes both private and federal loans. 31% of all undergraduates (including freshmen) utilise federal loans, averaging $6,679 per year. The average federal loan amount for freshmen is $5,264, which is very close to the first-year borrowing cap of $5,500 for dependent students.
For private loans specifically, 10% of Boston University students take them out. This is 1% higher than the average for private not-for-profit schools. The average private loan amount is $18,495, which is significantly higher than the average for comparable schools.
Loan default rates are another important consideration. In 2017, 1.7% of Boston University students who entered loan repayment defaulted on their loans after three years. While this is a relatively low rate, it is important to consider future earnings and career prospects to ensure loans can be repaid.
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Boston University's reputation for financial aid generosity
Boston University has a reputation for being generous with financial aid, particularly when it comes to meeting the demonstrated financial needs of students. The university offers a variety of scholarships, grants, and work-study programs. The average need-based scholarship or grant awarded to first-year students is $64,432, with 37% of first-year students receiving need-based financial aid in the fall of 2022. BU also offers merit-based aid, with an average non-need-based scholarship or grant of $47,920 awarded to first-year students.
The university is committed to working with families to make a BU education affordable, and their financial aid process is highly individualized. The amount of financial aid offered varies based on each student's unique circumstances, with the university taking into account their family's financial situation. BU also offers institutional aid, which is money awarded directly by the university to support students in covering their educational expenses. While BU gives institutional grants to a smaller percentage of students compared to similar schools, the average grant amount is higher.
In terms of loans, 47% of all BU students take out federal loans, with an average annual amount of $6,550. The university also offers private loans as a last resort, with 10% of students taking out private loans with an average loan amount of $18,495. It is important to note that BU is need-aware for international students, meaning their financial need is considered during admissions, while for domestic applicants, including out-of-state students, BU is need-blind.
Overall, Boston University is known for its willingness to provide financial assistance to students, with approximately 53% of incoming freshmen receiving some form of financial aid, whether it be through loans, grants, scholarships, or work-study programs. The university works to ensure that students from diverse economic backgrounds can access their educational programs.
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Frequently asked questions
Approximately 53% of incoming freshmen obtain financial assistance, with the majority being offered as grants and scholarships.
The average financial aid offer for freshmen students is $45,724. The average need-based scholarship or grant awarded to first-year students is $64,432.
Boston University offers a variety of scholarships, grants, and work-study programs. The university also provides federal loans, which 47% of students take out. Additionally, 10% of students take out private loans.
