Dollar$ and $ense: December 2022
Complete the 2023-2024 FAFSA today!
The 2023-2024 FAFSA is available to complete 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.
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 spring 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.
Loan Adjustments Request and Enrollment Changes (GMS)
If you need to adjust your financial aid award to reduce the amount of loans you wish to borrow or if your final enrollment plans have changed since your financial aid was applied please contact our office at osfs-gms@bu.edu and we will adjust your account. Please remember to include your name and BU ID in the email when communicating the change request. Please wait until charges for fall 2022 and financial aid have been posted on your student account, so that you can then be sure of the changes you are requesting.
Other SFS Reminders
Virtual Drop-In Sessions Paused Until January
Student Financial Services regularly scheduled virtual drop-in sessions have been postponed for the month of December. Our virtual drop-in sessions will resume on Wednesdays and Thursdays starting January 11, 2023. SFS is still available by email, by phone from 9 AM-5PM, and with walk-in appointments from 10 AM – 4 PM Monday through Friday.
Housing Survey
We are launching a short, anonymous survey to obtain information about current students’ housing experiences. This information will be included in a housing guide created by VeryApt, a startup in the real estate technology industry, and distributed to admitted students to help them locate housing that best suits their needs. Students are asked to complete the following survey:
BU Graduate Medical Sciences – 2023 Housing Survey
Please take a few minutes to share your insights with the next generation of students. Let us know if you have any questions and thank you in advance for your participation.
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. However, due to legal challenges the loan forgiveness plan is currently blocked and loan cancellation will not occur. For more information on the announcement, eligibility, and current state of student loan debt relief visit our website.
The Department of Education has extended the student loan repayment pause until student loan debt relief can be implemented or until June 30, 2023. Payments will resume 60 days after the end of the pause. 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.
SNAP Benefit Eligibility
The current Public Health Emergency and SNAP qualification exemptions are scheduled to end January 11, 2023. Students who qualify for and currently utilize SNAP under the current exemptions may no longer qualify for recertification of SNAP benefits after the Public Health Emergency ends.
Free Financial Wellness Resources
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!
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 or by email.