Boston University Medical Campus
Student Financial Services

DETERMINING FINANCIAL NEED

DETERMINING FINANCIAL NEED

COST OF ATTENDANCE

Expenses deemed acceptable in building a student’s budget for their Cost of Attendance (COA) or Cost of Education (COE) are those directly related to the cost of attending Boston University School of Dental Medicine (BUSDM). In addition to tuition and fees, instruments, and health insurance, there is an allowance for books and supplies, 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.
• Single students live at a ratio of two persons per one-bedroom apartment.
• The budget includes a travel allowance, but it does NOT include the cost of purchasing, maintaining, or insuring a car.
• 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 BUSDM.
• Some entertainment and recreation costs are included.
• Living expenses for periods of non-enrollment are not included.

DMD I, II, III, IV
2009-2010 STUDENT BUDGET

 **DMD IV Base = $1,140 + $1,500 for externship travel.

$1,800 Allowance for computer expenses – will add to budget upon appeal.

ADVANCED STANDING
2009-2010 STUDENT BUDGET

**AS II Base = $1,140 + $1,500 for externship travel.

$1,800 Allowance for computer expenses – will add to budget upon appeal.

 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. The financial information of only the student (and spouse, if applicable) is submitted on the Free Application for Federal Student Aid (FAFSA) 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 Boston University Medical Campus Application for Financial Assistance to determine financial need and program eligibility.

Financial information on which Direct Loan eligibility is based is not sufficiently comprehensive to allow BUSDM to award limited institutional-based funds in an equitable and reasonable manner. Use of the PROFILE data will also allow more timely processing of institutional applications. Early identification and resolution of discrepancies and questions will reduce the need to go back to families for more information.

If you have been working but will be returning to school full time, you should petition in writing to have an alternate contribution based on diminished earnings used in determining 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 exempted from standard policies concerning independence for institutional-based assistance. Our limited 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. BUSDM does not award institutional funds in lieu of the parental contribution. Some families may be more comfortable regarding the parental contribution as a long-term loan 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

Provisions and parameters for constructing student expense budgets are governed by federal law, which precludes the inclusion of any costs other than those directly related to the educational expenses of the student. However, a modest allowance for the cost of maintaining a family is built into the methodology used to determine a student (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 costs of non-reimbursed health care, costs of child care depending upon the ages and number of children, or costs associated with a handicap if proper documentation is provided.

A married student’s spouse is expected to contribute to the support of him/herself, the student and any children. In the case of a student’s spouse who is able to contribute and does not, the student applicant will still be evaluated according to the student expense budget for an independent student with dependents. 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 supply institutional financial assistance for changes in a student’s family size.

INTERNATIONAL STUDENTS

There are no special institutional financial funds disbursed by this office for international students. International students may qualify for institutional assistance not to exceed $4,000.

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 resident alien without condition to be able to secure non-institutional loans.

International students must provide the Office of Student Financial Services with documentation of their visa status and a copy of the International Student Data Form with Proof of Funding before institutional assistance will be provided or any loan applications will be certified.