<p>Yes skazu, you can take a loan for the remainder of anything that is not covered by government aid. Either your parents will take it as Direct or you can take it, but it is possible. Government loans (Perkins, etc.) have a bit lower interest rates, though the school can set you up with taking loans if you need to.</p>
<p>ok and when do i need to pay back the loans? Is it even possible for me to go to graduate school being in severe debt?</p>
<p>@skazu27
It depends on the type of federal loan you are eligible for, but they won’t be able to cover the whole amount. About 5k of my financial aid package were federal loans…</p>
<p>You might have received the BU financial aid guide today… or at least I did. They offer Federal Direct PLUS Loans in which your parents can take loans on your behalf, for a 7.9% interest rate for up to the entire annual cost of education minus financial aid. You probably will be in whatever debt you can handle, so decide wisely. You can defer all payments, while still racking up interest, until 6 months after you graduate.</p>