Dollar$ and $ense: August 2023
From Student Financial Services
Complete the 2023-2024 FAFSA
If you plan on using Federal Direct Unsubsidized and/or Federal Graduate PLUS Loan during the 2023-2024 academic year (July 1, 2023 – June 30, 2024), you will need to complete the 2023-2024 FAFSA.
Federal Direct Loan Requirements
Are you a new Federal Direct Loan borrower? Make sure to complete the Entrance Counseling and Master Promissory Note (MPN) at studentaid.gov. Completing those requirements will ensure timely disbursal of your loans to your student account.
Federal Student Loan Repayment and Interest Rate Updates
The Department of Education’s student loan repayment pause and temporary 0% interest rates are ending soon – Federal loan repayment will resume on October 1 and loans will begin to accrue interest at their original interest rates. 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.
Please be away that while currently enrolled at least half-time you do not need to make payments on your student loans; however interest will begin accruing due to the end of the temporary 0% interest rate on student loans. You can find a summary of your Federal student loans and interest rates by logging into the StudentAid.gov website
Fall 2023 Bill Settlement
All financial aid (e.g. federal and private loans, scholarship) 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 (e.g. 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 o by out of pocket payment.
Loan Adjustment Request and Enrollment Changes
If you need to adjust your financial aid award to reduce the amount of loans you wish to borrow please complete the Loan Adjustment Form. If your final enrollment plans change please contact our office by email at osfs-gms@bu.edu to ensure your financial is accurate. Please remember to include your name and BU ID in the email when communicating the change request. Please wait until charges for Fall 2023 and Financial Aid have been posted on your student account, so that you can then be sure of the changes your are requesting. Borrowers are not charged interest on any loan amount returned within 120 days of disbursement.
2023-24 Graduate PLUS Application (GMS)
Before submitting the 2023-24 Graduate Plus application, you must have (1) Completed the 2023-24 FASFA and (2) have received an email notification from SFS of your federal direct unsubsidized loan eligibility. If you have not completed steps 1 and 2, we cannot process a 2023-24 Graduate PLUS form for you yet. You can access the Graduate PLUS application after completing the on our Forms page. When completing the form be sure to use the address listed under the “Home” section on the Student Link.
To calculate your maximum Graduate PLUS eligibility, login to the Student Link and view the amount of unsubsidized loans or other financial aid you have received. Then, subtract your other financial aid awards from the 2023-24 COA for your program year. This is the maximum amount you can apply for and could enter on the “Loan Amount I Need” line.
Housing Resources
2023-2024 Housing Guide
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.
Still looking for a place to live for the academic year? Check out the Housing Resources website for presentations, guides, and resources to finding housing in the Boston area.
Financial Wellness
Sign Up for BUMC’s Financial Knowledge Center, Kindros!
SFS is excited to announce the new Kindros financial knowledge center developed for BUMC students. This interactive platform covers everything from budgeting to retirement and include reading, quizzes, planning tools, and additional resources. Check it out and let us know if there are features or content you would like to see!
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.
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.
Financial Wellness 101: Building a Budget
Interested in investing, saving for something special, or looking at ways to reduce spending? It all starts with budgeting! Our Budgeting page includes an interactive budgeting calculator that you can use to build your financial wellness skills.
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.