LOAN AND SCHOLARSHIP PROGRAMS

LOAN AND SCHOLARSHIP INFORMATION

INSTITUTIONAL LOANS (need-based)

Spencer N. Frankl Student Revolving Loan – This long-established fund is used to provide dental students demonstrating need with loans of up to $4,000 per year. These loans are made via promissory notes executed at the Entrance Counseling session. No interest is charged while the student is in school or during a one year grace period after enrollment ends. The first payment is due one year after graduation on June 1st.

The maximum repayment period is 10 years, with a minimum monthly payment of $50. There is no penalty for early repayment.

The Greater New York Alumni Club Student Revolving Loan – This loan has terms like the Frankl Student Revolving Loan.

Perkins Loan – This 5% interest loan is made directly to needy students by the school, which has received federal money for this purpose. Loans accrue no interest until nine months after graduation for borrowers without any outstanding Perkins debt. Principal payments begin 12 months after graduation and are payable for a maximum of 10 years. Students who first received a Perkins Loan before October 1, 1992, will have minimum monthly payments of $30; those receiving their first Perkins after that date will have minimum monthly payments of $40 on those loans. Deferment is possible for service with the Peace Corps, VISTA, and the Armed Forces. Cancellation may be possible for teaching handicapped children and for combat service for the U.S.

Robert Wood Johnson Loan – A loan fund established for groups underrepresented in the dental profession. These loans of $4,000 per year are made at 3% interest that begins when the loans go into repayment one year after graduation. The maximum repayment period is 10 years; the minimum monthly payment is $50.

Anthony Westwater Jong Scholarship – This scholarship was established in 1992 in memory and honor of Dr. Jong, Associate Dean of the Goldman School of Dental Medicine. A scholarship of up to $4,000 is awarded annually to a disadvantaged student who demonstrates high financial need as well as strong personal and academic strengths.

HEALTH PROFESSIONS PROGRAMS (need-based)

Funds for these loan and scholarship programs are made available by the federal government directly to BUSDM, which in some cases provides matching funds. Students must come from a “disadvantaged” background, as established by the Secretary of Health and Human Services. Priority will be given to those students who come from a family with an annual income below a level based on low income thresholds according to family size as published by the U.S. Bureau of Census, adjusted annually in the Consumer Price Index and adjusted by the Secretary for use in all health professions programs. Second consideration will be given to students who come from an environment, which has inhibited them from obtaining the knowledge, skills, and abilities required to enroll in and graduate from dental school.

A student must be a citizen or national of the U.S., or a lawful permanent resident of the U.S., Puerto Rico, the Virgin Islands, Guam, the Trust Territory of the Pacific Islands, or American Samoa. The student must also be enrolled as a full-time student.

If you wish to be considered for any of the Health Professions Programs, you must submit parental information on the FAFSA, PROFILE, and BUSDM Application. You must also provide copies of US tax returns or proof of unemployment or Social Security benefits for your parents. All awards are made by the Office of Student Financial Services (OSFS) as part of its financial assistance package.

Scholarship for Disadvantaged Students (SDS) – The institution is allowed some flexibility in determining disadvantaged status. OSFS has determined that student applicants with family income of less than $40,000 and an Expected Family Contribution (EFC) of less than $10,000 meet the financial qualifications. Information provided on the BUSDM Application for Financial Assistance will help determine eligibility for environmental consideration. The average award during the last year of funding availability was $11,900. Availability of funds from the Federal Government to the University changes annually and is not guaranteed.

Health Professions Student Loan (HPSL) – This loan is made from a revolving fund originally produced by appropriations from the federal government and matched by Boston University. Legislation dictates that a HPSL loan may be awarded only to a student showing exceptional financial need, i.e., an EFC of $5,000 or less. The loans accrue 5% interest after the borrower’s graduation and are repayable over a 10-year period in monthly installments. There is a one-year grace period immediately following graduation, and it is possible for the borrower to secure a deferment for time spent in advanced professional training, Peace Corps, VISTA, the Armed Forces or the U.S. Public Health Service. No interest accrues during periods of grace or deferment. Awards for 2005-2006 were $5,000.

Loan for Disadvantaged Students (LDS) – The average loan was $5,000 in 2004-2005. Requirements for eligibility are the same as for the SDS. Loan requirements are similar to those of the HPSL.