Dollar$ and $ense: October 2022
2022-2023 COA Increase Appeal Process – Now Open!
Student Financial Services has begun reviewing Cost of Attendance (COA) Increase appeals for the 2022-23 academic year. You can view the information about the appeal process, qualifying expenses that can be considered, and access the 2022-23 Cost of Attendance Increase Request form on our website. Please keep in mind these general reminders about the Cost of Attendance appeal process:
- You are not required to complete the COA Appeal Request Form if your expenses do not exceed the standard cost of attendance for your program.
- Be sure to include documentation, as missing or incomplete documentation may delay the review and decision of your appeal.
- Not all expenses will be reviewed with your appeal request. Unallowable expenses are listed on the Cost of Attendance Increase Request page (linked above)
- A determination with respect to your appeal will be sent to you via email within 10 business days
If you have any questions about this process, please contact our office at osfs-gms@bu.edu.
Complete the 2023-2024 FAFSA
The 2023-2024 FAFSA is now open as of October 1st. If you plan on using Federal Direct Unsubsidized and/or Federal Graduate PLUS Loan funds during the 2023-2024 academic year (July 1, 2023 – June 30, 2024), you will need to complete the 2023-2024 FAFSA. We recommend doing so by the priority deadline of February 1, 2023.
Fall 2022 Bill Settlement
Payment Deadline
Please view the bill due date for the fall 2022 semester on the Student Accounting Services page. Some financial aid will not disburse until your first day of fall classes. You do not need to prepay tuition and fees if ample financial aid is secured by the bill deadline. If your pending financial aid covers your fall bill, you won’t incur any late fees or holds on your student account. Please visit the link provided or email studenta@bu.edu with any payment or billing questions unrelated to financial aid processing.
When Can I Request My Living Expenses Refund?
All financial aid (federal and private loans, scholarships, etc) will first be applied toward the balance on your student account. Any excess funds above tuition and fees will be left as a credit for you to request a refund by following the instructions provided by Student Accounting Services. Please note, SFS is unable to process refund requests before your first day of classes of the fall semester nor until all documents relating to your financial aid (i.e. entrance counseling and loan promissory notes) are received and reviewed. SFS is also unable to process refund requests until the balance has been paid, whether by financial aid or by out of pocket payment.
Other SFS Reminders
Student Loan Repayment Pause and Debt Relief
The Biden-Harris Administration and Federal Student Aid recently announced a one-time federal student loan debt forgiveness of up to $20,000 for qualified borrowers. For more information on the announcement and eligibility for loan forgiveness visit our website.
As part of the announcement the final extension to the loan repayment pause for federal student loan borrowers will end after December 31, 2022. The loan repayment pause, which began in March 2020, includes temporary 0% interest rates, reprieve on loan payments, and paused collection of defaulted federal student loans. Further information and FAQs can be found on the Federal Student Aid website’s announcement on Coronavirus and Forbearance Info for Students, Borrowers, and Parents.
Free Financial Wellness Resources
Experian’s “Understanding Credit 101” Recording Available
The Experian webinar held on September 28 includes valuable information regarding credit, credit reports, and how to improve a credit score. The recorded event is available on our Presentations & Events page.
Free Shuttle Lines from BUMC Now Available to Employees & Students
Parking & Transportation Services recently announced that 3 new shuttle lines would be available as part of BU and BMC’s membership with the Newmarket Business Improvement District. Students can utilize these free shuttles with a BU ID Card. For more information on routes and availability please visit the Employee & Student Shuttles website.
AccessLex Financial Education Resources
SFS has partnered with AccessLex, a non-profit that offers free financial education programming and resources to help students and graduates manage their finances and loan repayment. We recommend you check out the recording of AccessLex’s webinar, The Road to Zero: A Strategic Approach to Student Loan Repayment. You can also set up a free 1:1 meeting with one of their Accredited Financial Counselors to discuss your specific loans and repayment strategies.
Questions?
Speak with SFS!
We have Zoom virtual office hours available to all BUMC students throughout the week. Stop by Student Financial Services in suite B-401 in the Robinson Building where you can meet with an SFS staff member in-person Monday through Friday. You can also reach us by phone at 617-358-6550. .