$6,934

Avg. Federal Grant

$5,318

Avg. Federal Loan

$287,144,642

Total Aid Awarded

Boston University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

48%

Total Aid Amount Average Total Aid Awarded per year.

$287.145M

Financial Aid Official Website

www.bu.edu/finaid

Boston University not only provides exceptional education, it also tries to make the education affordable to anyone who really wants to be a part of the institution. To do so, it provides a wide range of scholarships, grants, and student loans for the students to choose from. About 48% of the enrolled students receive some kind of financial aid, the amount of which comes up to $287,144,642. Let's look at some of the gift aid options that are available.

Scholarships

Scholarships, part of gift aids are mostly based on merit, however, in the case of Boston University, the scholarships are provided based on both merit and needs. Let’s look at both types.

Need-based Scholarships

  • BU Community Service Award: This is awarded to Boston high school graduates who are eligible for financial aids and apply by the deadline mentioned.

  • Charles River Housing Grant: This scholarship is given to students who meet the criteria for receiving financial aids and live in university housing in either Fenway or Charles River campus.

For more details on these scholarships and other need-based scholarships, please click here.

Merit-based Scholarships

  • Brookline High Scholarship: This scholarship awards full tuition to selected Town of Brookline residents.

  • College of Fine Arts Scholarships: These scholarships are given to fine arts students who demonstrate exceptional artistic talent in the audition or through a portfolio review.

For more details on these scholarships, and other merit-based scholarships, please click here.

Grants

Much like scholarships, grants are also aids that you do not have to return. These are given out based on the financial needs of the students. Boston University provides both federal and state grants.

Federal Grants

  • Federal Pell Grant: The grant is awarded to students who show the substantial requirement for finances according to the Pell Grant.

  • Federal Supplemental Education Opportunity Grant: FSEOG is awarded to students who are in exceptional need of grants.

To know more about these federal grants, click here.

State Grants

  • Massachusetts Gilbert Grant: It is funded by the Commonwealth of Massachusetts and given to residents of Massachusetts who study in Boston University.

  • Other state grants: A lot of states do not let you use grants that the state provides, for other states. However, Delaware, Pennsylvania, Vermont, and Massachusetts are some of the states that let you use the state grants at Boston University.

To know more about state grants, click here.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

18%

State Grant Aid

4%

Institution Grant Aid

51%

Pell Grant

18%

Average Aid Awarded

Federal Grant Aid

$6,934

State Grant Aid

$2,534

Institution Grant Aid

$38,887

Pell Grant

$4,781

Here we will be looking at financial aid breakdown, to provide you with approximate figures of financial aid and percentages of students receiving them.

  • Approximately 18% of the students get Federal Grant Aid, which comes to around $6,934.
  • The same percentage of students receive the Pell Grant aid, which is 18% of the student population. The amount comes up to $4,781.
  • 4% of the students are entitled to State Grant Aid, the amount for which is somewhere around $2,534.
  • The most amount and percentage of aids comes from the institution as 51% of students receive it. The amount for this aid is around $38,887.
  • 32% of the students take a loan at the default rate of 1.7%, the amount for which is $11,099 approximately.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$54,555

$30,001 - $48,000

$57,005

$48,001 - $75,000

$49,415

$75,001 - $110,000

$37,951

Over $110,000

$22,630

As we have mentioned earlier, the financial aids are given based on financial needs too. Keeping that in mind, here is a breakdown of the amounts that students from different income groups can expect. In the income group of $0 to $30,000, students can expect aids of approximately $54,555. For the next scale, which is $30,001 to $48,000, the students receive grants of $57,005 on an average. Unfortunately, however, as the scales keep increasing, the grants keep decreasing quite a bit. The next scale, which is $48,001 to $75,001, students can expect grants of about $49,415. The higher the scale, the drastic the difference. This can be noticed as the scale of $75,001 to $110,000, the grant only covers $37,951, and the last cap which is anything above $110,000, the grant comes up to only $22,630.

Student Loans for Boston University

Average Loan Amount Average Loan Amount received per year.

$11,099/Year

Students Taking Out Loans

32%

Loan Default Rate

1%

Unlike the previous financial aid options, student loans are part of self-help aids, which means the amount received by the recipients is to be given back to the lender with interest, wherever applicable. Let's look at some of the student loans that Boston University students can avail.

  • Federal Direct Loan
  • Massachusetts No Interest Loan
  • Credit-based loans

To know more about student loans, click here.

Some things to keep in mind are that you have to fill FAFSA form to be eligible for financial aids.

You can use Boston University's planning calculator to find out the complete cost of attendance based on everything that needs to be deducted.

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