PRIVATE LOAN APPLICATION INSTRUCTIONS 2003-2004

2003-2004 PRIVATE LOAN APPLICATION INSTRUCTIONS

Approval is based on your credit history!

Your credit record affects your ability to secure private financing. Boston University will not replace denied private loans with institutional assistance; therefore, it is critical that you obtain a copy of your credit report to ensure that there are no errors that affect your loan approval. Instructions for doing this may be found in the Student Financial Management Handbook for your school.

Ways to Apply:

Apply by telephone or Internet. The lender performs a credit pre-approval, usually within 48 hours. The lender then mails you a pre-printed application and promissory note for you to sign. After keeping a copy for yourself, you submit those signed documents to the Office of Student Financial Services (OSFS) for school certification. OSFS completes the school section and mails the document to your lender for disbursement.
Apply with paper application. You may pick up a paper application at OSFS, or call the lender to have one mailed to your home. After completing the student section of the application and promissory note, submit the forms to OSFS. OSFS completes the school section and mails the document to your lender for approval, and if approved, for disbursement.

Which Way is Quicker?

The credit approval process is somewhat quicker if you apply via the telephone or Internet. However, if you are using a private loan to settle your student account and are approaching your class’ financial settlement deadline, you may prefer to submit a paper application directly to OSFS. As soon as OSFS certifies the loan, it will appear as a pending item on your student account, and may be used to settle your account (even if the loan has not yet been disbursed). Please keep in mind, however, that if the lender later denies the loan, OSFS must remove the pending loan amount from the funds available to settle your account.

How Long Does Processing Take?

You should apply for a private loan at least 6 weeks, and preferably 8 weeks, before the start of your academic year. Students whose term starts in June should apply immediately. Combined lender and OSFS processing usually takes 6 weeks, due to a large volume of applications.

How Will I Receive Private Loan Funds?

Private lenders send disbursement checks on the first day of your semester, provided their processing is completed. The checks are received at the BUMC Bursar office. The Bursar notifies you once the check has arrived. Bursar representatives are available at OSFS (A-401) Tuesday, Wednesday and Thursday from 11:30 a.m. to 1:30 p.m. In addition, those representatives are available at other times at 560 Harrison Avenue (5th Floor, Office of Financial Affairs) by appointment. Once you sign the check, you may submit your receipt to OSFS and complete a Credit Release Voucher. This will be the last opportunity for you to apply for a living expense advance from OSFS. Once your private lender check is credited to your account (about one week after you sign it), OSFS will process a Credit Release Voucher to provide available funds to you. About 11 to 15 business days later, you will either receive a check at your local address or pick it up at 881 Commonwealth Avenue (based on your instructions).


ACCESS (ACCESS GROUP)	Internet: www.accessgroup.org – click on “students & families” on the website page; click on “apply now” on the next page. Telephone: (800) 282-1550 – select menu option 1 #, 3, 1 – You will need to provide your driver’s license #, the amount you would like to borrow, and two personal references with different addresses and telephone #s, enrollment period and enrollment status, select option 0. Applications are available at OSFS
Bank of America (TERI)	Internet: www.teri.org – click on “Graduate Students,” click on “How to Apply.” Telephone: (800) 255-8374 – press 2 for the Customer Service Department and then 2 again to apply over the telephone. Applications are available at OSFS.
MEDLOANS (SallieMae)	Internet: www.medloans.com – click on “Alternative Loan Program,” click on “Alternative Loan Program” again Telephone: (800) 858-5050 to apply. Applications are available at OSFS.
ADEAL and MEDACHIEVER (Key Bank)	Internet: www.key.com/educate – click “Students” in the “Accounts & Services” section, click on “Graduate (Professional),” click on your loan choice, then click on “APPLY ONLINE”. Telephone: (800) 539-5363 – select menu options 1, 1, 2. Applications are available at OSFS.
CanHELP and ISLP (TERI)	Internet: www.iefc.com – click on the the “US Citizens,” Canadian Citizens,” or “International Citizens” box. Telephone: (800) 255-8374 – press 2 for the Customer Service Department and then 2 again to apply over the telephone. Applications are available at OSFS.
CITIASSIST (CITIBANK)	Internet: www.studentloan.com/schools/bu/sdm/ – click on “Applying for a Loan.” Telephone: (800) 745-5473 – select menu option 2 to reach a Customer Service Associate. Applications are available at OSFS.
MEFA (ACS Education Services)	Internet: www.mefa.org – click on either “MEFA Loan for Graduate Health Professions” or “The MEFA Loan for Graduate Education,” click on “College Loans”; click on “Application Process” under Graduate Loans, click on “Click Here to Apply On-line.” Telephone: (800) 449-6332 – press 1. Applications are available at OSFS.

NOTE: The organizations which handle origination of the programs listed above appear in parenthesis.

2003-2004 BUMC International Student Private Lender/Product Options

NEW

PLEASE NOTE: The following information is in PDF format and requires Adobe Acrobat Reader to view and print. The Reader can be downloaded for free from Adobe.com.

2003-2004 BUSDM Preferred Private Lenders/Products

2003-2004 BUMC International Student Private Lender/Product Options

If you have any inquiries, comments or suggestions, please send an email to Office of Student Financial Services.

Boston University Medical Campus
Student Financial Services