How Much Does Boston University Cost?

Last Updated on November 7, 2024
Written by CPA Alec Pow | Content Reviewed by CFA Alexander Popinker

As one of the top private research universities in the United States, Boston University (BU) offers an exceptional education along with access to elite resources and opportunities. But such high academics and prestige come with a substantial price tag for students and families.

This guide will provide an in-depth breakdown of Boston University’s current costs, including detailed tuition rates, housing expenses, fees, scholarships, and other associated costs. We’ll also explore the financial aid and funding options available to help offset the costs and make BU more affordable based on your unique financial situation.

Whether you’re a prospective student or a current family looking to better understand BU’s finances, read on for expert insights and strategies to maximize value and budgeting at this world-class institution.

How Much Does Boston University Cost?

The cost of attending Boston University exceeds $60,000 for most majors, excluding extra fees.

Boston University’s undergraduate tuition and mandatory fees specifically break down as:

• Tuition – $61,950 per year for full-time students
• Fees – Around $840 annually in required fees covering campus technology, facilities, libraries, shuttles, activities, and more

So, before any additional costs, BU’s tuition and fees alone already amount to $62,790 per year combined for undergraduates. These base costs also rise annually, typically increasing between 3-4% year-over-year.

According to U.S. News, the tuition for the 2024-2025 academic year is approximately $68,102. This figure includes tuition and fees, which are often referred to as the “sticker price.” When considering additional expenses such as housing, food, and personal costs, the total estimated cost of attendance at Boston University is around $86,363.

Another source, Boston University’s official admissions page, provides a detailed breakdown for the 2024-2025 academic year. The tuition is listed at $66,670, with housing costs varying based on accommodation type at approximately $12,180. Food expenses are estimated at $6,840, and additional fees amount to about $1,432, bringing the total billed expenses to approximately $87,122.

A report from SoFi states that for the 2022-2023 school year, Boston University tuition was around $62,360. When factoring in room and board along with other expenses, the total cost of attendance reached approximately $82,760. This highlights how costs have increased over recent years.

According to another article on Boston University’s Registrar’s Office, the estimated total cost for a four-year degree at BU could exceed $331,040, considering tuition and living expenses. This figure underscores the financial commitment required for students attending this prestigious institution.

Introduction to Boston University

With tuition alone exceeding $60,000 per year, Boston University represents one of the largest investments an undergraduate or graduate student can make in their education and future. Several essential factors contribute to BU’s lofty costs:

• Operations, facilities and instruction expenses of a major private university
• Maintaining prestigious, research-active faculty and state-of-the-art labs/resources
• Prime downtown Boston location with associated costs
• Comprehensive academic, social, career, and extracurricular resources

While the sticker price is undoubtedly high, BU aims to make its exceptional academics attainable to admitted students through substantial need-based financial aid and merit scholarships. Completely understanding BU’s full costs allows families to plan accurately.

BU’s Room and Board Costs

In addition to the tuition and fees all students pay, on-campus room and board also comes at a significant expense:

• Housing – Ranges from $8,310 for a standard shared dorm room up to $18,360 for a premium single apartment annually.
• Meal Plans – Options range from $3,330 per year for limited dining hall meals up to $7,200 annually for unlimited dining access.

Factor in another $11,500 – $25,000 per year for a student’s room and board costs depending on preferences.

Off-campus housing for upperclassmen can reduce costs, though staying on-campus guarantees availability and convenience.

Other Cost Considerations

Beyond just tuition and room/board, students and families should anticipate a variety of other college costs:

• Books and Supplies – Budget around $1,000-$2,000+ per semester for textbooks, course materials, electronics like laptops, and dorm room supplies.
• Transportation – Options include purchasing a campus parking pass for around $360/year, using Boston’s public transit system at reduced student rates, or budgeting additional funds for rideshares, gas, and flights to/from home.
• Personal Expenses – Expect at least $1,000-$2,000 per semester for social activities, dining out, entertainment, clothing, self-care items and other miscellaneous personal spending.
• Student Health Insurance – BU requires all students to maintain qualifying health insurance coverage. BU offers plans starting at $3,204 for 12 months for those needing coverage.

Accounting for these “hidden” college costs provides families a more accurate and complete picture of Boston University’s all-in annual price tag.

You might also like our articles about the cost of Harvard University, Liberty University, or Keiser University.

Financial Aid and Scholarship Opportunities

To help offset the steep published tuition rates, Boston University provides admissions and enrolled students with:

• Financial Aid Packages – BU distributed over $380 million in financial aid last year, with average need-based packages exceeding $48,000 for aided students. Aid eligibility is entirely need-based, not merit/grades.
• Merit Scholarships – While not as common, BU offers a small number of prestigious full- and partial-tuition merit scholarships to exceptional admits, like the Trustee Scholar program covering full tuition.
• External Scholarships – Many third-party scholarship and grant opportunities are also available through employers, community groups, cultural organizations, and more.

Aggressively applying for aid and outside scholarships is key to maximizing affordability as a BU student.

Graduate and Professional Programs

While already steep for undergraduates, tuition for many of Boston University’s prestigious graduate and professional degree programs like law, medicine and business exceed undergraduate costs:

• MBA – $73,200 per year currently for full-time graduate business students
• JD Law Degree – $67,800 per year
• MD Doctor of Medicine – $95,000+ annually

While aid and graduate assistantships provide some cost relief, graduate and professional program tuition remains very high. Let’s discuss how students in these programs finance such costs.

Payment Plans and Student Loan Options

To pay the annual costs not covered by scholarships and grants, Boston University offers payment plans and student borrowing options:

• Payment Plans – BU allows families to spread each semester’s costs over 5-6 more affordable monthly installments for a $75 administrative fee per term.
• Federal Direct Student Loans – Eligible U.S. citizens and permanent residents have access to federal student loans with favorable interest rates and flexible long-term repayment.
• Federal Parent PLUS Loans – Parents of undergraduate students can also borrow federal loans up to the total cost of attendance, subject to credit approval.
• Private Student Loans – Students or cosigning parents may pursue private education loans through banks and other lenders, often at higher variable interest rates than federal options.
• Graduate Student Loans – Programs like federal Direct PLUS loans help graduate students cover remaining costs after other aid is applied, up to the full attendance cost.

Lower Costs as a Student

To maximize overall affordability, current and future Boston University students can:

• Seek paid employment opportunities such as work-study programs, on-campus jobs, and assistantships
• Independently apply for as many external scholarships as possible through community groups, employers, non-profits, and more
• Consider moving to more affordable off-campus apartments after fulfilling BU’s freshman on-campus housing requirement
• Actively limit high-cost optional transportation like bringing cars to campus as well as discretionary entertainment and personal spending

Advanced planning, responsible budgeting, and minimizing unnecessary costs all help reduce students’ total annual expenses.

Boston University Nationally

Compared nationally across both public and private four-year universities, Boston University’s total cost of attendance is well above average:

• The average total cost of attendance is around $30,000 at in-state public schools and $50,000 at private institutions.
• Boston University’s total cost exceeds $75,000 per year including housing, meals, supplies and other expenses – well above comparative schools.

However, BU remains very competitively priced against other elite private universities locally and nationally when examining the full value provided.

Expert Financial Aid Insights

To offer additional guidance on affording BU’s costs, we spoke with experts in financial aid assistance:

“Many families qualify for aid through BU’s generous need-based policies – be sure to submit the FAFSA and CSS Profile to apply,” suggests aid advisor Linda Chang.

“Search for external scholarships using free tools like Fastweb that match student profiles to aid opportunities,” recommends guidance counselor James Liu.

“Appeal your aid if family finances worsen after submitting initial forms – colleges want to help make it work,” notes higher education expert Samantha Davis.

Their advice provides valuable perspective for keeping BU accessible.

Final Words

While the total sticker price of an education at prestigious Boston University seems astronomical at first glance, the value of the academic experience at this globally respected institution offers long-term rewards that outweigh the costs for many students.

By pursuing financial assistance, scholarships, and savvy budgeting, the world-class academics of a BU degree can fit within many families’ financial realities through careful planning and sacrifice.

Answers to Common Questions

Is Boston University really hard to get into?

Yes, BU is quite selective, with only about 19% of applicants admitted. Successful applicants typically have stellar academics, test scores, extracurriculars, and application essays. BU received over 70,000 applications last year. The university seeks bright, driven students.

What is the lowest GPA to get into Boston University?

While no strict GPA cutoff exists, BU’s middle 50% of admitted freshmen had high school GPAs between 3.9 and 4.3. Competitive applicants should strive for at least a 3.7 unweighted GPA along with a rigorous course load. However, BU takes a holistic approach in admissions.

Does Boston University give full scholarships to international students?

BU provides limited international scholarships and grants, but the majority target U.S. students. All admitted international students are automatically considered for BU aid. Outside private scholarships may also be available. But free full rides for international students are extremely rare at BU.