APPLYING FOR FINANCIAL ASSISTANCE

New or returning students who wish to apply for institutional financial assistance are responsible for obtaining their own 2008-2009 Application for Financial Assistance or 2008-2009 Advanced Standing Application for Financial Assistance. Students newly admitted to the Boston University School of Dental Medicine (BUSDM) should request financial aid information and applications as soon as they are admitted. Such materials will be mailed as soon as they are available for the next academic year, usually in mid-December.

BUSDM APPLICATION DEADLINE The 2008-2009 Application for Financial Assistance or 2008-2009 Advanced Standing Application for Financial Assistance is due by 5:00 p.m. April 18th or within 45 days of the date of a student’s acceptance to the School, 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 Application for Financial Assistance. Incomplete applications will delay processing. Please read the application instructions carefully, and be sure to submit all documents required of a completed application.

APPLYING FOR NON-INSTITUTIONAL LOANS

PRIVATE LOAN APPLICATION DEADLINES

Annually, OSFS staff meets with private lenders to review the terms of the private loans being offered. Thereafter, OSFS prepares a Lender List based on comparable rates and service provided to both the school and the student. The Preferred Lender List contains the phone number, website, rates, loan fees, interest capitalization, annual and aggregate limits and repayment information.

Please be aware that students are not required to choose a lender from the OSFS Preferred Lender List.

If a student decides they are going to apply for a private loan, it is the student’s responsibility to request loan applications from either a lender of their choice or OSFS. Loan applications are usually available in OSFS on May 1 prior to the start of classes. All BUSDM students should submit loan applications by May 15 (or for late acceptances, as soon as possible) so funds for living expenses will be available at the start of the school year.

Once the school year is under way, OSFS will process loan applications only until March 1, for students graduating in May and for all other BUSDM students until May 1. After those dates loans will be certified only to cover any outstanding balance on a student account.

LOAN APPLICATION DOCUMENTATION

Applications for Federal Direct Loans and private loans will not be certified if a student is required to:

Submit a Free Application for Federal Student Aid (FAFSA).
Provide tax returns for verification of income.
Provide proof of registration with the Selective Service.
Resolve a default on a student loan.
Have a visa confirmed by INS.
Document eligibility to the International Students and Scholars Office (ISSO).

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. Incomplete applications will delay processing.

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

STATEMENT OF SATISFACTORY ACADEMIC PROGRESS All loan programs expect a student to be making satisfactory academic progress. Students at BUSDM are considered to be making satisfactory academic progress if they meet the following criteria:

The pre-doctoral curriculum requires a minimum of four years of study and students are promoted into each succeeding year by the Faculty Promotions Committee. Promotion is denied if a student has an incomplete or failure grade in any course or a specific number of D grades as established by the Promotions Committee.
BUSDM defines “satisfactory academic progress” for purposes of financial aid eligibility as overall performance by a dental student at a level which the Promotions Committee deems at least minimally acceptable for the student’s continued participation in an academic program anticipating and leading to the awarding of the D.M.D. degree from BUSDM. This specifically includes any student who has been permitted, after appropriate review by the Promotions Committee, to repeat one or more courses as a student enrolled under an alternate curriculum.
Students may be granted a leave of absence for up to two terms for medical or personal reasons.

The standards of satisfactory academic progress for students receiving federal financial aid are the same as for those required for students who receive no federal financial aid.

POSTDOCTORAL AND GRADUATE PROGRAMS

Students in postdoctoral certificate programs are expected to complete two to four years of study. Students in the Master Science Degree program are expected to complete two years of study with an acceptable thesis; students in the DSC/DScD program are required to complete a minimum of three years with an acceptable dissertation. Promotion and graduation requirements are monitored by the Postdoctoral Curriculum Committee. Students are expected to maintain a grade point average of 3.0. Students are denied promotion and graduation if they have an outstanding grade of D, F, or I (Incomplete) in any course.
Students in good academic standing may be granted a leave of absence for up to two terms for medical or personal reasons.

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 their 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. Students are advised that it frequently takes six to eight weeks for funds which have already been disbursed to be received back by the lender. In such a situation, the student will be responsible for any origination fees and accrued interest.

REINSTATEMENT OF CANCELLED LOANS

Many lenders notify OSFS when a student loan is denied, but they do not notify the office if such a loan is later approved. If you negotiate approval with a lender, you should provide written documentation of the lender’s approval. Otherwise you will not be eligible for cash or loan advances. Nor will you be able to sign the check when the loan proceeds disburse.

ENTRANCE COUNSELING

Recipients of federal and institutional loans are required to attend an Entrance Counseling session. The Session is conducted by OSFS staff and is 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 BUSDM students to graduate more than $200,000 in debt with loans from many different lenders. You should make management of your debt an ongoing process. It is your responsibility to know the important components of each loan you secure: the amount borrowed; the interest rate; date due; grace period; deferment provisions; repayment period (years); and minimum monthly payment. You should also know the lender and servicer names and addresses.

REPAYMENT RESPONSIBILITIES

You should take care in choosing which school and academic program to attend because lenders, whether Federal or private, do not vouch for the quality of education you will receive. Even if the school and/or program have not met your expectations or you are unable to secure employment, you as the borrower are responsible for repayment of your loans.

Even after leaving school, you must continue to manage your financial resources prudently. As a student you are allowed about $1,500 per month for living expenses, an amount you will probably need to stay close to during your first years out of school in order to meet your repayment obligations.