Types of Financial Aid
Learn more about your options when it comes to aid types鈥攊ncluding scholarships, grants, loans, and work-study opportunities.
Institutional Grants and Scholarships
Each year Boston College awards听millions of dollars in need-based grants and scholarships to eligible undergraduates. Eligibility for Boston College grants and scholarships is determined based on the student鈥檚 demonstrated institutional need. Generous benefactors to the University can fund a portion of these scholarship grants through donor-established scholarships. Students who are eligible for Boston College need-based grants will be considered for a donor-established scholarship once they have completed the听standard application听for financial aid.
Boston College need-based grant funding is available to undergraduate Woods College of Advancing Studies students; however, due to the low cost of tuition and fees, most students' need is filled by Federal aid. Eligibility for all funding will be determined during the initial review.
Federal & State Grants
Federal and state grants are part of the scholarship portion of the overall financial aid award. As such, funding from these sources is determined and/or verified by the Office of Student Services and can replace institutional scholarship funding. Changes in grant levels from federal or state agencies can result in a dollar-for-dollar change in the Boston College scholarship. In addition to the application priority deadlines established by Boston College, students must also meet any deadlines established by their state scholarship program. These deadlines are listed on the FAFSA and are available at .
Estimates of federal and state grants are included in the initial award based on data submitted on the CSS PROFILE, FAFSA, and other application materials. The Office of Student Services is responsible for verifying all application information and reporting the corrected information to Federal and state agencies. If any changes are made during our verification process, a revised award notification will be sent to you. Federal and state grant funds will be disbursed to your student account once the necessary application materials have been received and reviewed (verified) and funding has been received. Because these programs operate on different schedules, not all federal and state grants will be credited to your account at the same time. In general, these awards will be disbursed to your student account in two even installments鈥攐ne each semester.
Federal and state grant programs include:
- Federal Pell Grant: A federal grant program awarded to students with exceptional financial need.
- Federal Supplemental Educational Opportunity Grant (SEOG): A federal grant program awarded to students with exceptional need, with preference to students receiving Federal Pell Grants.
- Federal TEACH Grant: A Federal grant program awarded to students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. If the teaching requirements are not met, this grant becomes an unsubsidized Federal Stafford loan, with interest accruing from the date the grant was initially disbursed. For more information, visit听.
- MASS Grant: A Massachusetts grant program awarded to students with exceptional financial need.
- Gilbert Grant: A Massachusetts grant program awarded to students with financial need.
- Other State Scholarships: Several other states have reciprocal agreements with Massachusetts allowing the grants from those states to be used at Boston College. Because of the differences in the programs between states, Student Services is often not able to make estimates of state grant funds awarded by other states. Therefore, students should send copies of their state grant award notifications to Boston College, so that Student Services may provide an adjusted award letter well in advance of the Fall semester. If Student Services does not receive notification from the student, the adjustment will be made once the state notifies the office of the student's state grant eligibility, usually during the Fall semester.
Federal Direct Loans
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department), though the entity you deal with once you go into repayment, your loan servicer, can be a private business.
With Direct Loans a student may borrow directly from the Federal government and have a single contact鈥攜our loan servicer鈥攆or everything related to repayment, even if you receive Direct Loans at different schools. Each student will have online access to individual Direct Loan account information via the servicer's website. Students can choose from several repayment plans that are designed to meet the needs of almost any borrower and can switch repayment plans if your needs change.
- Interest rate听is 6.533% fixed during repayment as of July 1, 2024.
- Origination fee听is 1.057% for loans disbursed on or听after听Oct. 1, 2020.
- Both interest and principal are deferred through enrollment.
- Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period.
- Interest rate听is 6.533% fixed during repayment as of July 1, 2024.
- Origination fee听is 1.057% for loans disbursed on or听after听Oct. 1, 2020.
- Interest accrues while the student is enrolled as well as during the grace and repayment periods.
- Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period.
Effective for loans first disbursed on or after July 1, 2008:
| Grade Level | Subsidized Federal听 Direct Loan | Unsubsidized Federal听 Direct Loan | Total听贵别诲别谤补濒 Direct Loan |
|---|---|---|---|
| First Year Student | $3,500 | Dependent = $2,000 | Dependent = $5,500 |
| Sophomore | $4,500 | Dependent = $2,000 | Dependent = $6,500 |
| Junior/Senior | $5,500 | Dependent = $2,000 | Dependent = $7,500 |
| Aggregate Loan Limits | $23,000 | 听 | Dependent = $31,000 |
To determine eligibility for a Direct loan, you must apply for financial aid each year by submitting the听庐.
If you have not previously received a Federal Direct Loan, the government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. As an undergraduate student, the entrance counseling will fulfill requirements for the Direct Subsidized Loan and Direct Unsubsidized Loans. You can complete the Entrance Counseling online at .
To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). You can complete the MPN online at听. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).
To complete an MPN online, you will be required to use your听.
In most cases, once you've submitted the MPN and it's been accepted, you won't have to fill out a new MPN for future loans you receive. You'll receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts.
You are required to complete an exit interview during your final semester if you have borrowed Federal Direct loans. Instructions for completing the online exit interview will be sent in an email from the Office of Student Services. Failure to complete the exit interview process will result in a hold on your transcript and diploma.
The purpose of the exit interview is to inform you of your rights and responsibilities based on the financial aid you accepted from Boston College. The information presented during the interview is a summary of the information contained on the promissory note(s) you signed. We suggest that you review your promissory note(s) carefully in order to become familiar with interest rates and repayment terms.
For more information, visit the Loan Repayment web page.
For more information, visit the听Loan Repayment听web page.
- 鈥擳he U.S. Department of Education's website for federal student aid. On this page you can:
- Complete a Direct Loan Electronic Master Promissory Note (MPN).
- Complete Direct Loan Entrance Counseling.
- View Disclosure Statements and other electronic loan correspondence.
- Find links to other tools and resources.
- Initiate a PLUS Loan application.
- Access the National Student Loan Data System (NSLDS).
- The Department of Education's Direct Loan Applicant Services hotline: 800-557-7394
- Contact information for the听Student Loan Ombudsman听can be found on the Student Services'听Loan Repayment web page.
Nursing Loans
This is a federally subsidized loan program awarded to nursing students demonstrating financial need. Repayment of principal and interest (fixed at 5%) begins nine months after you cease to be enrolled at least half-time. The minimum monthly installment is $40.00, and the loan must be paid within ten years.
You will be required to complete a听听(MPN) and related disclosure materials. This is an electronic process; specific instructions will be emailed to you once the financial aid process is complete. Funds will be disbursed to your student account only after completion of all forms. Disbursements of this loan will be made in two equal installments鈥攐ne each semester.
Students who have been awarded the Nursing or Law loan for the first time or the Balfour, Peter Jay Sharp, or the Bank of America Loan this year must complete Entrance Counseling and sign a promissory note. Visit听听for more information. Students will receive an email from the ECSI when it is time to sign their documents. Please make sure that your email client does not block communications from ECSI.
Federal Direct PLUS Loans
Direct PLUS loans are unsubsidized loans for the听parents听of dependent students. PLUS loans help pay for education expenses up to the Cost of Attendance minus all other financial assistance. Interest is charged during all periods.
- 听for a Federal Direct PLUS through the U.S. Department of Education.
- Interest rate听is 9.083% fixed during repayment for loans disbursed on or after July 1, 2024.
Interest starts accruing at the loan鈥檚 first disbursement.
Rates are annually reset by the federal government on July 1. - Origination fee听is 4.228% for loans disbursed on or after Oct. 1, 2020.
- Eligibility is COA (cost of attendance) minus any aid received by the student.
The school will determine the amount you are eligible for upon certification of the loan. - A Free Application for Federal Student Aid (庐) must be completed for the student before you apply for a Federal Direct PLUS loans.
- Parents must complete an MPN ()
The MPN is completed online using your听. As听the parent of the student, you will need to sign with your own parent FSA ID and cannot use your son or daughter's FSA ID.
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Federal Loan Resources
- 鈥擳he U.S. Department of Education's website for federal student aid. On this page you can:
- Complete a Direct Loan Electronic Master Promissory Note (MPN).
- Complete Direct Loan Entrance Counseling.
- View Disclosure Statements and other electronic loan correspondence.
- Find links to other tools and resources.
- Initiate a PLUS Loan application.
- Access the National Student Loan Data System (NSLDS).
- The Department of Education's Direct Loan Applicant Services hotline: 800-557-7394
Private Educational Loans
Private Educational Loans are loans not guaranteed by the Federal government.听The borrower (either student or parent) may borrow a private educational loan through various banks, credit unions, or savings and loan associations. There are many different types of private educational loans for different types of borrowers.
These loans are not need based; rather, they are based on creditworthiness. Most students will need a creditworthy co-signer such as a parent or other relative in order to obtain a private educational loan. Terms and conditions applicable to these loans vary greatly. Factors such as interest rate, APR, length or repayment, loan minimum and maximum, and fees should be carefully considered when researching and choosing a private educational loan.
One feature of many private educational loans is the ability to completely postpone (defer) repayment until you graduate from college. Private educational loans almost always offer lower interest rates than credit cards do.
While we encourage students and families to pursue Federal financial aid before considering private educational loans, there are many student/family situations where a private educational loan is viewed as a preferred alternative. Sometimes parents want their student to be responsible for his/her education. In other cases, the convenience of not needing Federal forms to borrow funds is also a consideration. Whatever your situation may be, borrow only what you need, and compare your options before you borrow.
ELM
ELM Resources is the only not-for-profit mutual benefit corporation serving the student loan industry today. ELM Resources provides a common, non-proprietary, and open data exchange and disbursement system that seamlessly links the diverse computing platforms of schools and lenders through its industry-leading products.
ELM also offers a lender comparison solution, ELM Select, for schools that provide their own page to display a recommended lender list and offers students the ability to compare and select the loan that best fits their needs. Over 1,800 campuses use ELM Resources to send and receive loan data for alternative loans with the lender of their choice.
Credible
Credible is an online tool that allows students to compare personalized loans from multiple lenders. Students can analyze prequalified rates, terms, and eligibility rules side-by-side听in just a matter of minutes.
Credible is not a lender or bank. Credible partners with student loan lenders, so that applicants have a variety of competitive options, each addressing their particular needs.
Credible is completely free! You can find out more about Credible and begin the process at听.
Note: Boston College does not endorse any of the lenders included at the links above and cannot recommend specific lenders. Students may also choose to use a loan provider that does not appear in the list of lenders included at either of the links above.
The private educational loan process is a family-initiated process in which the family (student or parent) contacts the specific lender in order to borrow the loan. Boston College has put together a comprehensive听听for your convenience (best viewed in Firefox). Once you have been approved for the private educational loan of your choice, the selected lender will send Boston College a certification request, which will be completed by the Office of Student Services. This information is submitted online, the application is approved, and funds will be disbursed to the Boston College student鈥檚 account. The annual maximum amount that a private educational loan can be certified for is the student鈥檚 cost of attendance minus all financial aid received. Some private educational loan lenders may have annual or aggregate loan limits as well.
Note: Boston College does not endorse any of the lenders listed at the link above and cannot recommend specific lenders. In addition to the lenders listed at the link above, you can also choose to use a loan provider that does not appear on the list.
Funds are disbursed in two equal disbursements, Fall and Spring, in the form of a check made out to the student and Boston College. Once endorsed, the check will be deposited to the student account.
Should any disbursement create a credit balance, you may request a refund in the , by phone, or in writing. Please note that refunds cannot be issued before the first day of classes for any semester.
Repayment of student private educational loans begins six months after you graduate or if the student falls below half-time (6 credits) enrollment at Boston College. Interest accrual begins at disbursement and may be paid as it accrues, or it may be capitalized with the principal.
Repayment of parent private educational loans begins immediately after the full disbursement of the loan. Some lenders offer deferment options.
Effective February 14, 2010, lenders of private educational loans are required to collect a completed and signed听Self-Certification Form听prior to disbursing the loan proceeds. This applies to any private educational loans that are not at least partially disbursed prior to the effective date. Private educational loans include all non federal loans, as well as certain loans issued by Boston College directly. Individual lenders have implemented their own procedures to comply with this new regulation, so you should contact your lender directly if you have specific questions about the process for submitting this form.
To complete the Self-Certification Form, you will need to provide your demographic information as well as information about your total听cost of attendance听and听estimated financial assistance. This information can be found on your electronic financial aid award听notification. Please refer to this听example听of a financial aid award to determine where the information can be found on your award notification.听If you are not a financial aid applicant or have not yet received your award notification, you can determine your cost of attendance by visiting the Cost of Attendance tab on the听How Aid Works web page.
If you do not submit a completed and signed Self-Certification Form to your lender, your loan will not be disbursed.
| Loan Type | Self-Certification Form Required? | Process for Submission |
|---|---|---|
| Direct Loan (Subsidized or Unsubsidized) | No | N/A |
| PLUS Loan (Graduate or Undergraduate Parent) | No | N/A |
| Alternative Loan | Yes | Contact your lender |
| Boston College Law School Loan | Yes | Complete electronic form as part of the promissory note E-Signature process |
| Nursing Loan (Graduate and Undergraduate) | Yes | Complete electronic form as part of the promissory note E-Signature process |
| Boston College Bank of America Scholars Loan | Yes | Complete electronic form as part of the promissory note E-Signature process |
| Boston College Sharp Urban Scholars Loan | Yes | Complete electronic form as part of the promissory note E-Signature process |
| MA No Interest Loan | Yes | Contact the听听(OSFA). |
On July 30, 2009, the Federal Reserve approved final amendments to Regulation Z (Truth in Lending) that revise the disclosure requirements for private educational loans. The amendments implement provisions of the Higher Education Opportunity Act (HEOA) enacted in August 2008. Under the amendments, creditors that extend private educational loans must provide disclosures about loan terms and features on or with the loan application, and must also disclose information about Federal student loan programs that may offer less-costly alternatives. Additional disclosures must be provided when the loan is approved and when the loan is consummated. The rules became effective on September 14, 2009, and lenders were required to be in compliance on February 14, 2010.
Loans Effected by Regulation Z
The amendments to Regulation Z (Truth in Lending) apply to all private education loans. They do not apply to Federal Title IV loans (Stafford and PLUS). Certain loans issued by Boston College directly are subject to compliance with the new disclosure requirements. These include the Law School Loan Program and undergraduate and graduate Nursing Loans. For these loans, the Application/Solicitation Disclosure Statement will be presented to you with your electronic financial aid award notification. These disclosures have also been listed below for your convenience. The subsequent disclosures, as well as the Self-Certification Form, will be presented to you electronically when you sign the loan promissory note. The Massachusetts No-Interest Loan Program is also subject to compliance with the new regulations. For this loan, the disclosure statements and the Self-Certification Form will be processed on paper by the Office of Student Services.
Impact to Borrowers
The disclosure requirements for private education loans will change the process of applying for and receiving private education loans. The process will take longer from application to disbursement, and听you will have additional responsibilities beyond the application, including acknowledgement of the new disclosure statements and completion of the Self-Certification Form. If you are planning to finance all or part of your cost of education with a private education loan,听you should start the application process as early as possible听to avoid any potential repercussions that could result from nonpayment of your student account.
Disclosure Statements
Application/Solicitation Disclosure Statement
The Application/Solicitation Disclosure Statement will be provided to you by your lender when you apply for a private education loan. This disclosure will describe the general terms of the loan and the estimated amount that you will repay over the life of the loan. It will also provide you with information regarding the potential availability of lower-cost Federal loan options. You are not required to take any action upon receipt of this disclosure, but you should review it carefully so that you understand the terms of the loan that you are requesting.
Approval Disclosure Statement
The Approval Disclosure Statement will be provided to you when the loan is approved. It will include the specific terms of the loan being offered to you and could be presented to you on paper or electronically, depending on your lender's policies and procedures. You are required to accept the terms of the loan within 30 days by signing (or E-signing) and returning the Approval Disclosure Statement to your lender. The lender is not permitted to change the terms of the loan as described on the Approval Disclosure Statement, except as permitted by law. Failure to return the signed Approval Disclosure Statement may void the offer of credit from your lender.
Final Disclosure Statement
The Final Disclosure Statement will be provided to you once all requirements of the loan have been met, and prior to disbursement. You have 3 days from receipt of this disclosure to request that the loan be canceled. You are not required to take any action upon receipt of the Final Disclosure Statement unless you wish to cancel the loan.
Boston College is committed to providing information in a manner that is accessible to all. If you are in need of a printed copy of the material presented on this web page, please contact the听Office of Student Services.
An interest rate is the cost of borrowing money, usually expressed as a percentage, that is paid to the lender.
- Borrowers pay interest for the privilege of borrowing.
- Lenders charge borrowers fees and interest for the use of their money.
- Interest is charged because the lender is taking a risk lending money to a borrower.
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Fixed Interest Rate
An interest rate that remains the same for a set period of time, regardless of the changing underlying interest rate index.
Advantages of a Fixed Interest Rate
- Borrower will know what all future monthly payments will be.
- Monthly payments will never change.
- Borrower can calculate how long it will take to pay off all the interest and principal.
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Disadvantages of a Fixed Interest Rate
- Might have a higher monthly payment than with other interest rate loans.
- This is due to the fact that lenders are making borrowers pay for this luxury.
- Interest rate will never go down even if underlying interest rate index goes down.
听
Variable Interest Rate
An interest rate that moves up and down based on the changes of an underlying interest rate index.
Advantages of a Variable Interest Rate
- Offer the most attractive interest rates at the beginning of the loan.
- A borrower鈥檚 interest rate can go down if the underlying interest rate index goes down.
- Might be a cap on the interest rate.
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Disadvantages of a Variable Interest Rate
- Monthly payments will fluctuate as interest rate fluctuates.
- Might not be a cap on the interest rate (Massachusetts capped at 18%).
- Interest rate and monthly payments will be adjusted monthly, semi-annually, annually, etc.
Work Opportunities
There are two types of student employment opportunities available to students: Federal Work-Study and campus employment.听
Federal Work-Study (FWS) is a federally-subsidized employment program awarded to domestic students. Opportunities under the FWS program may be on- or off-campus, including community service positions. To be eligible for FWS, students must demonstrate federal financial need by submitting the Free Application for Federal Student Aid (FAFSA) for a given year, and be enrolled in a degree program at least half-time or greater.
The amount indicated on your financial aid award is the maximum eligibility level, not a guarantee. Actual earnings depend on the hours worked and the pay rate of the position. Awards are based on students working 8鈥�10 hours per week. Earnings made do not credit the student鈥檚 account, but rather are paid directly to the student in the form of a weekly paycheck.
If you do not qualify for FWS or did not apply for financial aid, you can work under the campus employment program. Campus employment is a separate option allowing students to hold part-time jobs on campus to help meet educational expenses.听
In either employment program, students may not work more than 20 hours per week while school is in session. During the summer, students may work up to 40 hours per week as permitted.听
Preference is given to FWS-awarded students since they have demonstrated financial need.
For information about available jobs, visit our Student Employment web page.
Outside Scholarships
All students are encouraged to seek outside scholarships to help with the cost of their education. To ensure the outside scholarship will benefit the student as much as possible, it is our policy to replace the loan and work study portion of the student鈥檚 financial aid offer before adjusting any Boston College grant or scholarship funds. Because BC meets full demonstrated institutional need, the total grant funding, including outside scholarships, cannot exceed that determined need. The financial aid offer will be adjusted as needed to keep the offer within institutional financial need.
Sources for outside scholarships can include high schools, civic organizations, vocational rehabilitation programs, National Merit, etc. Boston College also treats any outside resource, like tuition reimbursement or employment-based education benefits from other institutions, as outside scholarships.听
Reporting and Mailing Scholarships
The federal government requires that students inform the Office of Student Services directly of any scholarships or other education benefits received from sources outside of BC. This information should be reported for all scholarships, even if the funds are paid directly to the student. You should report this information on your financial aid portal, as well as upload the outside scholarship award letter(s) to the BC document upload portal. Ensure all uploaded outside scholarship information has the student's name and Eagle ID Number included.
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Please mail all听outside scholarship听check payments听to:
Boston College
Office of Student Services
Lyons Hall, Room 103
140 Commonwealth Avenue
Chestnut Hill, MA 02467
Finding Outside Scholarships
Outside scholarships can help students reduce potential debt with funds that do not have to be repaid. There are numerous scholarship opportunities available. The Office of Student Services does not keep an internal listing of outside scholarship opportunities, but there are a variety of popular search engines that students may want to utilize. BC is not affiliated with any of these sites and listing them here should not be construed as an endorsement. Also use caution if using a paid scholarship search provider.
Other Potential Sources
- High school (Boosters, PTA, band, etc.)
- Students' or parents' employers
- Local businesses
- Town governments
- Religious organizations
- Ethnic and cultural organizations
- Military associations
- Private foundations and charities
Search Safely!
There are a variety of scholarship scams on the internet. Remember you should not have to pay to submit a scholarship application or to be considered for funding. You should also not have to share secure personal information like a Social Security number. When in doubt, research the company or scholarship provider to ensure they are a legitimate agency. For additional helpful tips to search for scholarships safely, please visit the site.
Veterans' Education Benefits
Boston College acts as a liaison with the Veterans Administration for students who may qualify to receive veterans' education benefits. Eligible students should apply through the United States Department of Veterans Affairs in order to obtain a Certificate of Eligibility. Applications can be completed online at听听or by calling the Department of Veterans Affairs at 1-888-GIBILL-1 (1-888-442-4551).
Once the Certificate of Eligibility has been received, the student should contact Linda Malenfant, the VA Certifying Official in the Office of Student Services. The Certifying Official will then certify the student's enrollment information to the Regional Processing Office (RPO). The RPO will process payment of benefits directly to the student.
For more information on life at Boston College, visit our Boston College Veterans website.
Boston College is proud to participate in the Post-9/11 GI Bill庐听Yellow Ribbon Program. This award is a supplement to Post-9/11 GI Bill听benefits, and it signifies Boston College鈥檚 commitment to providing benefits to those who have served our nation so courageously.
The Yellow Ribbon Program is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. The program allows institutions of higher learning (degree granting institutions) in the United States to voluntarily enter into an agreement with the Veterans Association to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. The institution can contribute up to 50% of those expenses, and the VA will match the same amount as the institution.
Boston College has allocated 100 slots for Yellow Ribbon recipients. Any student in a degree program is eligible to apply. The Yellow Ribbon Program (YRP) scholarship, combined with Boston College Scholarships, federal aid, and other estimated financial assistance, cannot exceed the cost of attendance. YRP recipients must maintain good academic standing while receiving the scholarship. Recipients will be eligible to receive the award in subsequent years, provided that Boston College remains a YRP participant.
Eligible veterans must meet one of the following criteria:
- Served an aggregate period of active duty after September 10, 2001 of at least 36 months
- Honorably discharged from active duty for a service connected disability and served 30 continuous days after September 10, 2001
- Is a dependent eligible for Transfer of Entitlement under the Post-9/11 GI Bill听based on a veteran鈥檚 service under the eligibility criteria listed above
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Students in all undergraduate schools, GA&S, GSOE, GSON, and CASG will receive a $6,000 Yellow Ribbon scholarship from BC that is matched by the VA with an additional $6,000 for a total of $12,000.
Boston College is implementing a program for Yellow Ribbon recipients for full-time MBA, Law School, and GSSW students in which Yellow Ribbon funding will meet the total tuition cost for these programs.
Eligible veterans must first fill out a form with the U.S. Department of Veterans Affairs, and then submit a Certificate of Eligibility to Student Services. For more information on the Yellow Ribbon Bill, including eligibility requirements, visit the听听website.
Post-9/11 GI Bill庐 Yellow Ribbon Program
GI Bill庐 is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at听.
Loan Default Rate
0%
Class of 2021 Federal student loan default rate
Boston College
0%*
FY 2021 National Federal student loan cohort default rate
U.S. Department of Education
*听The FY 2021 default rates were calculated using the cohort of student loan borrowers who entered repayment on their William D. Ford Federal Direct Loans or Federal Family Education Loans (FFEL) between Oct. 1, 2020 and Sept. 30, 2021, and who defaulted between Oct. 1, 2020 and Sept. 30, 2023. As expected, FY 2021 cohort default rates are impacted by the pause on federal student loan payments that began March 13, 2020 and ended on Sept. 30, 2023. During the pause, borrowers with ED-held student loans were not required to make any payments, and no borrowers with ED-held loans entered default. Fewer than 200 borrowers with non-ED-held FFEL loans entered default because those loans were not eligible for the payment pause.