Dollar$ and $ense: June 2023
Presented by Student Financial Services
Student Loan Repayment Pause
The Department of Education’s student loan repayment pause will end on June 30, 2023. Payments will resume 60 days after the end of the. 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.
Complete the 2023-2024 FAFSA
The 2023-2024 FAFSA is available to complete for the academic year. 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. Failure to submit your 2023-2024 FAFSA can result in significant delays in receiving your financial aid.
Federal Interest Rate Update on July 1o
The Department of Education recently announced the new interest rates for Federal Direct Loans including the Unsubsidized and Graduate PLUS Loans, as of July 1, 2023 through June 30, 2024. The Direct Unsubsidized loan interest rate will be 7.05% and the Graduate PLUS loan interest rate will be 8.05%. Students who enrolled over the summer or who have a Fall program that begins before July 1 are encouraged to submit any loan requests by June 15 in order to still receive Federal loans with the current lower interest rates. Please note that by Federal regulation SFS cannot release or disburse funds before the first day of the enrollment period and no exceptions can be made for early disbursements.
Summer Enrollment & Aid Application Process
Looking to borrow loans for the summer semester? You must be enrolled in at least 6 credits for summer 1 and/or summer 2 or certified full-time and you wish to apply for federal loans, make sure you’ve submitted the 2023-2024 FAFSA and the Summer Direct Loan application. GMS students may qualify for loans if Certified Full-Time for the entire summer 2023 enrollment period.
Federal Student Loan Exit Counseling for Graduating Students
Graduating Federal Direct Loan borrowers must complete the Federal Student Loan Exit Counseling. This can be done electronically at StudentAid.gov. If you have questions following your online Exit Counseling, you can schedule an individual appointment with SFS.
Housing Guide by VeryApt
The 2023 BUMC Housing Guide, developed in partnership with VeryApt, is now available! This guide was built using ratings and feedback from current BUMC students to assist the BUMC population in finding housing in the Boston area. You can use the guide to learn more about properties and landlords throughout Boston, the neighborhoods where BUMC students live, and expected rental expenses.
Summer Work Study Application Now Available
The Summer 2023 Federal Work Study application is now available. To be considered for Summer Work Study, students must be registered for Fall 2023 and have a 2023-2024 FAFSA on file. Summer Work Study funds are very limited and will be awarded on a first-come, first-serve basis.
Money-Saving Tips
Reduce Your Internet Bill
The Affordable Connectivity Program (ACP) can provide a discount of up to $30 per month towards internet service for students and families who may qualify. Those who currently receive SNAP benefits qualify for the ACP. Other eligibility requirements and the application can be found on the Affordable Connectivity Program (ACP) website.
Free Financial Wellness Resources
AAMC Loan Repayment Strategies for You Webinar Recordings Available
SFS hosted Julie Gilbert from the AAMC on April 6 and April 10 to present information to graduating students on managing student loans and how to determine which loan repayment option is best for you. Recordings for both sessions are available on our Presentations and Events page.
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, email, or one of our virtual drop-in sessions.