Boston University Medical Campus
Student Financial Services

DETERMINING FINANCIAL NEED

COST OF ATTENDANCE Expenses deemed acceptable in building a student’s budget (cost of attendance) are those directly related to the cost of attending Boston University School of Medicine. In addition to tuition and fees, books and supplies, and health insurance, you have an allowance for room and board in the local community, personal expenses, and transportation. The budget for living expenses is established by the University and is derived from the Bureau of Labor Statistics for annual living costs in the Boston area.

Budgets are based on the following assumptions:

• Students will live at a modest to moderate standard.
• Students live at a ratio of two persons per one-bedroom apartment.
• Only a portion of the cost of maintaining a car is an educational expense.
• Consumer/credit card debt and the costs of carrying that debt are not an educational cost. You should reduce or eliminate such debt before starting BUSM.
• Some entertainment and recreation costs are included.
• Living expenses for periods of non-enrollment are not included.

DETERMINING ELIGIBILITY FOR INSTITUTIONAL FINANCIAL ASSISTANCE The Office of Student Financial Services uses the following formula to determine your eligibility for financial assistance:

All students are expected to assume funding from outside loan sources before receiving institutional funds. Recently that assumption has been $30,000. In addition, we make a determination of what you and your family can afford to contribute toward the cost of your education.

The family and student contributions are not the amount you and your family are expected to pay out-of-pocket. Rather they are the amounts you should be able to afford out of personal resources. Personal resources may include employment and business income; real estate, savings, trust and/or investment income and value; and retirement accounts.

NEED ANALYSIS METHODOLOGIES There are two methods used to determine eligibility for financial assistance.

• Federal Methodology (FM) is the process used for determining need for Federal Direct Loans. It considers all graduate students as independent. Only the financial information of the student (and spouse, if applicable) is submitted on the FAFSA (Free Application for Federal Student Aid) to evaluate eligibility for the Direct Loan program.
• Institutional Methodology (IM) considers all students as dependent when determining eligibility for institutional and Health Professions funds disbursed by the institution. Students are required to provide parental information on the FAFSA, PROFILE and BUSM Application for Financial Assistance to determine need and program eligibility.

Financial information on which Federal Direct Loan eligibility is based is not sufficiently comprehensive to allow Boston University School of Medicine to award limited institutional funds in an equitable and reasonable manner. Use of the PROFILE data affords a more complete financial picture. Early identification and resolution of discrepancies and questions will reduce the need to go back to families for more information.

Students who have been working but who will be returning to school full time should petition in writing to have an alternate contribution based on diminished earnings used to determine need.

INDEPENDENT STUDENTS Based on their ages and/or the number of years of independence from their parents, an increasing number of students petition the Financial Aid Committee for exception to the institution’s policy regarding independent students. Such students are not, however, exempted from standard policies concerning independence for institutional or Health Professions funds. Our limited institutional resources prevent our recognizing independence when awarding institutional aid.

You should have a serious discussion with your parents about the parental contribution. It is important to discern between the family’s ability to help pay educational costs and its willingness to do so. Boston University School of Medicine does not award institutional funds in lieu of the parental contribution. Some families, parents and students alike, may be more comfortable regarding the parental contribution as a long-term loan (with or without interest) rather than as a gift. You may reduce the parental contribution by applying for increased amounts of non-institutional, market-rate loans. However, you should consider seriously the short- and long-term implications of that debt.

MARRIED STUDENTS Federal law prohibits the inclusion of any costs other than those directly related to the cost of attendance of the student. However, a modest allowance for the cost of maintaining a family is built into the methodology used to determine a student’s (and spouse’s) ability to help with educational costs. Therefore, student expense budgets used to determine financial need for independent students with dependents may not include expenses related to the living costs of other family members. Adjustments to the standard student budget may be made only for unreimbursed health care, costs of child care depending upon the ages and number of children, or costs associated with a handicap.

A married student’s spouse is expected to contribute to the support of him/herself, the student, and any children. A student who decides to increase the size of his/her family while in school takes the sole responsibility for the decision. It is school policy not to provide institutional assistance for changes in a student’s family size.

INTERNATIONAL STUDENTS International students are not eligible for institutional financial assistance. They may be eligible to apply for certain private sector loans with a creditworthy U.S. citizen or permanent resident (without conditions) as a co-signer. For additional information please visit our credit-based loan section.

PACKAGING AND SOURCES OF ASSISTANCE Students who apply for institutional assistance are considered for all programs for which they are eligible. Financial assistance at BUSM comes from a variety of sources, most commonly loans with varying interest rates. Students with highest need may receive a small institutional scholarship. Students are dependent on outside loan programs to fund the largest part of the cost of medical education.