PAYMENT OF STUDENT ACCOUNT

PAYMENT/OFFICIAL REGISTRATION The Boston University Student Accounting Services publishes deadlines by which students must “officially register” each semester. Official registration occurs when a student’s account is paid in full. Payment may be by cash or check, but may also include documentation of your financial assistance, approval for an educational loan, or sponsorship from an outside agency.

Payment deadlines are published well ahead of time. Information is available through Student Accounting Services (617-353-2264), the BUSM Registrar (617-638-4160), or The Office of Student Financial Services (OSFS) (617-638-5130 or toll free 877-776-6243). Students experiencing difficulty in paying their accounts should meet with a financial aid officer in OSFS and/or with a Customer Service Representative in Student Accounting Services. Students who do not pay by the deadline or receive approval for an extension will be assessed a late payment fee and will be subject to administrative withdrawal.

Further information about official registration can be found in The Guide. It is produced by Boston University’s Student Accounting Services Office and is included with your first billing statement. Students should keep The Guide for future reference.

Applying for institutional assistance does not absolve you of the responsibility of paying your student account on time. If you have not received your institutional award letter, or are appealing it, you should apply for additional outside loans. The outside loans will be reduced if you receive sufficient institutional funding.

LATE PAYMENT OF STUDENT ACCOUNTS The following actions may be taken for failing to meet the payment deadline established each semester:

Students will be charged a fee at the time of late settlement.
Students will not be allowed to attend succeeding courses/clerkships for the semester.
Students will not be approved or certified for loans.
Students will not be issued transcripts or verification of enrollment.
Students may be denied access to University facilities.
Third and fourth year students will not receive certification of ‘good standing’ or Dean’s Letters for elective rotations or residency applications.
Fourth year students will not receive diplomas at graduation.
Lenders will be notified if a student is not officially registered, which may cause loans to go into repayment.

LEGAL CONSEQUENCES OF UNPAID STUDENT ACCOUNTS Boston University policy requires the withholding of all credit, educational services, issuance of transcripts, and certification of academic records from any person whose financial obligations to the University are due and unpaid. If any overdue obligation is referred either to the University Collection Department, an outside agency, or attorney for collection efforts and/or legal suit, the debt is increased to cover all reasonable costs of collection, including collection agency and attorney fees and court costs. Further, all delinquent balances may be subject to a late payment penalty equal to 1.5% of the outstanding balance per month. By registering for any class at the University, each student accepts and agrees to be bound by the foregoing University policy as applied to any preexisting or future obligation to the University.

BUSM STUDENT SERVICES In addition to awarding institutional funds, certifying loan applications, and providing debt management counseling, the OSFS documents a student’s financial need to outside loan and scholarship programs, conducts Entrance and Exit Counseling Sessions, and makes provisions for eligible students to receive funds for living expenses.

A student may request a Check Advance Voucher at OSFS of as much as $700, which must be taken to the Cashier’s Office at 881 Commonwealth Avenue to be redeemed. The Check Advance is charged back to the student’s account to be repaid when loan disbursements credit to the student’s account. Students are limited to two check advances per semester.

A student who needs more money to cover an emergency must document the emergency and submit a Loan Advance Request to OSFS. This interest-free, short-term loan is charged back to the student’s account. It takes about a week for a Loan Advance check to be cut.

Check and loan advances are approved only against certified federal Direct Loans or other lender-approved loans. The student must have sufficient funds being disbursed to repay the check advance or loan advance.

A student who has a credit remaining on their account after all loan disbursements have posted should submit a Credit Release Voucher at OSFS. After approval by OSFS, the voucher will be processed by Student Accounting Service and the student will receive a check 11 to 15 business days later. Vouchers submitted at 881 Commonwealth Avenue will be rerouted to OSFS, thereby delaying the process several days.

The BUSM Registrar signs all deferment forms. Often a deferment form must be submitted each year and for each outstanding loan. The Registrar waives required University health insurance charges, makes most adjustments for changes in registration status and tuition charges, or makes changes to official graduation dates and student addresses.

Loan checks are signed with the BUSM Bursar. A Bursar representative is available at OSFS on Tuesdays-Thursdays from 11:30 a.m. to 1:30 p.m. Otherwise, if those times are not convenient, students may call Mr. Dan Low at 617-638-4598 to arrange for an appointment on Tuesdays from 4:00 p.m. to 5:00 p.m. If a student is unable to endorse checks within a month of disbursement, arrangements should be made with the Bursar to have checks mailed to the student.