APPLYING FOR FINANCIAL ASSISTANCE

OBTAINING BUSM FINANCIAL ASSISTANCE APPLICATIONS New or continuing students who wish to apply for institutional financial assistance are responsible for obtaining their own Boston University School of Medicine (BUSM) Financial Aid Applications from The Office of Student Financial Services (OSFS). Students newly admitted to BUSM should request financial aid information and applications soon after they are admitted. Applications will be available around January 2010.

BUSM APPLICATION DEADLINE BUSM 2010-2011 Financial Aid Applications are due by 5:00 p.m. April 16th or within 45 days of admission (whichever is later)

Although the Internal Revenue Service may grant a time extension to an individual taxpayer, this office does not grant the same extension for submitting the BUSM Financial Aid Application. Incomplete or late applications will result in reduced institutional funding and may delay release of funds for living expenses. Please read the application instructions carefully, and be sure to submit all documents required of a completed application.

APPLYING FOR NON-INSTITUTIONAL LOANS

INTERNATIONAL STUDENTS Students holding F-1 or 2, H-1 or 2, J-1 or 2 visas, or I-688 cards will need a creditworthy co-signer who must be an American citizen or permanent resident without condition to be able to secure non-institutional loans. International students must provide OSFS with documentation of their visa status before any loan applications will be certified.

LOAN APPLICATION DEADLINES It is the student’s responsibility to request loan applications. Applications are usually available during the first week of April. Continuing students should submit applications by April 22nd in order to meet deadlines for settling student accounts. Newly admitted students should submit credit-based loan applications to OSFS by July 1 for the next academic year.

LOAN APPLICATION DOCUMENTATION Applications for Federal Direct Loans and market-rate loans will not be certified if a student is required to:

Provide tax returns for verification of income
Provide proof of registration with the Selective Service
Resolve a default on a federal student loan
Confirm registration with the Social Security Administration
Have a visa confirmed by INS
Document eligibility to the International Students and Scholars Office

CONFIRMING THE STATUS OF APPLICATIONS OSFS will send reminders about missing documentation. It is nonetheless the student’s responsibility to check on the status of loan applications. Applications that remain incomplete after eight weeks will be retired to OSFS archived records.

Students should expect it to take as long as six weeks during peak periods and three-four weeks during non-peak periods for a completed application to be certified by this office and another month for the loan to be processed by the lender. Priority for loan certification will be given those applications completed by June 1 and according to the start date of a student’s academic year.

STATEMENT OF SATISFACTORY ACADEMIC PROGRESS Federal law and regulations require that all students receiving financial assistance maintain satisfactory academic progress. The criteria for satisfactory academic progress at Boston University School of Medicine are as follows:

A student will be promoted to the next curricular year in September or June of the calendar year for the class in which the student was enrolled as a first year student.
Students who receive an approved Leave-Of-Absence (LOA) in the 3rd and 4th curricular year may return to the curriculum at any period of the calendar year and thus may not be entering the next segment of the curriculum in June of the expected year. In such cases, each student’s progress will be examined individually and the student will be considered in good standing when expected to enter the curricular program of the next advanced academic year.
Students who receive an approved LOA for one or more years for the purpose of following another academic program may be considered in good academic standing in the same manner as students receiving an LOA for medical/personal reasons.
A student who, for some reason, does not fulfill the requirements for satisfactory progress given in items 1, 2 or 3 may petition the prerequisite Promotions Committee for a statement to indicate that the Promotions Committee considers the student to be making satisfactory progress in the curriculum.

MODIFIED CURRICULA Students who have been approved to pursue a modified curriculum will be eligible for Federal Direct Loans (up to $18,500) so long as they are taking at least eight credits and are registered at least half time. Eligibility for market-rate loan programs will depend upon the requirements of the program. Students approved to pursue a one-credit modified curriculum will not be eligible for institutional loan or scholarship programs.

UNREGISTERED STUDENTS OSFS is unable to process loan applications for periods of attendance for which a student is not registered. Although the student may be continuing with his/her educational activities, OSFS will notify lenders that the student is not currently enrolled. Consequently some student loans may go into immediate repayment.

ADJUSTMENTS TO LOANS Should OSFS need to adjust a loan amount because a student is “overawarded” or if the office is unable to certify a loan application for the amount the student requested, the student will be notified. To increase the amount of a certified or approved loan, the student must submit an additional loan application.

A student who wishes to decrease the amount of a certified or approved loan must submit a request in writing to OSFS at least two weeks before any adjustment is to be made. It frequently takes six to eight weeks for funds which have been disbursed to be received back by the lender. In such a situation, the student will be responsible for origination fees and accrued interest.

REINSTATEMENT OF CANCELLED LOANS Many lenders notify OSFS of denied loans but do not notify the office if such a loan is later approved. If you negotiate approval of a previously denied loan, you should provide written documentation of the approval from the lender. Without such documentation, you will not be able to receive cash or loan advances, nor will disbursements from such a loan be credited to your student account.

ENTRANCE COUNSELING Recipients of federal and institutional loans are required to have Entrance Counseling. Counseling Sessions are conducted by OSFS staff and are designed to help the student understand the various components of the financial assistance package, the student’s rights and responsibilities as a borrower, and obligations of the different loan and/or scholarship programs.

DEBT MANAGEMENT It is not uncommon for BUSM students to graduate with loans from many different lenders and debt packages totaling over $150,000. You should make management of your debt an ongoing process. You should be able to discharge your obligations upon graduation, but is your responsibility to know the important components of each loan you secure: date incurred; amount borrowed; interest; date due; grace period; repayment period (years); and minimum monthly payment. You should also know the lender and servicer’s names and addresses.

REPAYMENT RESPONSIBILITIES It is important that students become acquainted with the provisions regarding loan repayment. Careful long range planning early in one’s medical school career can help avoid difficulties later. You should take care in choosing which school and academic program to attend because lenders, whether the government or private, do not vouch for the quality of education you receive. You are responsible for repayment of your loans even if the school and/or program has not met your expectations, you do not complete the program or you are unable to secure employment.

You must continue to manage your financial resources prudently. Students are allotted about $1,500 per month for living expenses while in school, a pattern you will probably need to stay close to during your first years out of school in order to meet your repayment obligations.