BOSTON UNIVERSITY LOAN REPAYMENT

The Boston University Office of Student Loans is responsible for administering the collection of loans obtained through the University. Deferment requests and address updates should be sent to:

Boston University
Office of Student Loans
881 Commonwealth Avenue, Lower Level
Boston, MA 02215
Telephone #: (617) 353-2340
Fax #: (617) 353-2047

EFG Technologies is under contract with Boston University to perform billing and servicing for Boston University Loans as well as Health Professions Student Loans (HPSL), Federal Primary Care Loans (PCL), Perkins Loans and Loans for Disadvantaged Students (LDS). After graduation, you will be billed by the EFG Technologies and your payments should be sent to the following address:

EFG Technologies
P.O. Box 1810
Winston Salem, NC 27102-1810

Boston University School of Medicine, the Henry M. Goldman School of Dental Medicine, and School of Public Health loans DO NOT accrue while recipients are in school and during the first year after their graduation. One year after graduation, the first payment of principal and interest is due; interest begins to accrue at 5% one-month before the first payment is due. The minimum monthly payment is $50; the maximum repayment period is 10 years. There is no penalty for early repayment.

The Office of Student Loans considers requests for temporary reduction or suspension of payments due to financial hardship on a case-by-case basis. If you have any Boston University institutional loans, please complete the Loan Exit Counseling Session Form and bring it to your Exit Counseling Session.

Perkins Loans accrue interest at 5% following a 9-month grace period, at which time either repayment or deferment begins. Your eligibility for deferment is based on the regulations in affect when each loan was issued; thus, you could have different deferment eligibility from loan to loan. Stafford Loan regulations regarding deferments apply to Perkins Loans. However, there is a separate deferment request form for each program. Interest accrues during periods of hardship deferment.

If you are approved for an economic hardship (or other) deferment, you may have an additional 6-month grace period following the deferment, but you should check with your servicer regarding this aspect. Payments are made over a maximum of 10 years, with a minimum payment of $30 for loans disbursed before October 1, 1992 or $40 for loans disbursed on/after October 1, 1992. Please complete the Loan Exit Counseling Session Form and bring it to your Exit Counseling Session.

Health Professions Student Loans (HPSL) disbursed on/after November 1, 1988 accrue interest at 5% beginning one year after graduation. All HPSLs are repayable over a 10-year period in monthly installments beginning one year following graduation. A borrower may defer payments while participating in advanced professional training (including internship/residency), the Peace Corps, VISTA, the U.S. Armed Forces or the U.S. Public Health Service. No interest accrues during periods of deferment. Please review the Health Professions Student Loan Program Promissory Note and complete the Loan Exit Counseling Session Form and bring it to your Exit Counseling Session.

Loans for Disadvantaged Students (LDS) are identical to HPSL, except that they are awarded to individuals from disadvantaged backgrounds, as defined by the Department of Health and Human Services and the institution. Please review the Loans for Disadvantaged Students Promissory Note and complete the Loan Exit Counseling Session Form and bring it to your Exit Counseling Session.

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