UMass Boston

Our mission at UMass Boston is to help you locate financing for your education with the best combination of cost, convenience, and service. A typical UMass Boston student borrows $28,400 in federal loans for their undergraduate study. The federal loan payment over 10 years for this amount is approximately $263 per month. Your borrowing may be different. 

Borrow Smart: Only borrow what you need.

To assist families in financing educational costs, UMass Boston offers several types of loans, including those listed below. The type of loan offered to each student depends on eligibility, need, and available funds. You have the right to request a reduction or cancellation of your student loan.

Your expected family contribution (EFC), which can be found on the Student Aid Report, represents the money that you and your family are expected to contribute toward your education. If you have costs in excess of your financial aid offer, you may need to borrow money.

Federal Direct Subsidized Loan

This loan is available to undergraduate students who demonstrate financial need.  Generally, no interest is charged when the student is enrolled at least half-time, during the grace period, or during deferment periods.

Federal Direct Unsubsidized Loan

This loan is available to undergraduate, graduate, and professional students. Students do not need to demonstrate financial need. The student is responsible for interest that accrues during all periods. The student has the option to either:

1. Pay the interest during periods of enrollment, deferment, and/or forbearance.
2. Postpone interest payments until repayment of the loan. The unpaid accrued interest is added to the principal (a practice called capitalization), thereby increasing the total amount the student has to repay. We strongly encourage you to pay the interest as it accrues.

Federal Direct Plus Loan

Undergraduate

The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a low-interest, credit-based loan that enables parents or stepparents of dependent undergraduate students to borrow directly from the U.S. Department of Education to help pay for their children’s educational expenses. The student must have filed a FAFSA and be enrolled at least half-time in an eligible degree or certificate program. The amount the parents can borrow is limited to the difference between the student’s financial aid and the cost of attendance. A Parent PLUS loan requires a separate application and will not appear on your initial award letter. 

Graduate

The Federal Direct Plus Loan is available to graduate or professional students enrolled at least half-time.

Alternative Loan Programs

Private loans from banks and other financial institutions are available to credit-worthy applicants. Students who may want help beyond what the Office of Financial Aid Services offers can apply for these loans to supplement their financial aid or finance their education. Private loans can be costly and should be considered as a last resort. The amount a student can borrow is limited to the difference between the student’s financial aid and the cost of attendance. For details about these loans, visit Elmselect.com.

Note: You are not required to use any of the lenders listed. Each lender is an independent entity and UMass Boston adheres to a strict Vendor Code of Conduct of no partiality. Our Vendor Code of Conduct guarantees that no conflict of interest exists with any of our lenders and protects your privacy.