Dollar$ and $ense: September 2023
From Student Financial Services
Student Financial Services
2024-2025 FAFSA Available December 1
T=If you plan on using Federal Direct Unsubsidized and/or Federal Graduate PLUS Loan funds during the 2024-2025 academic year (July 1, 2024 – June 30, 2025), you will need to complete the 2024-2025 FAFSA if you have not done so already. Please be aware that the 2024-2025 FAFSA will be available starting on December 1 as the Department of Education implements the new simplified 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. Failure to complete these requirements will lead to the cancellation of any Federal student loans currently applied 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 aware 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 Refund Requests
All financial aid (e.g. federal and private loans, scholarships) 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 until all documents relating to your financial aid (e.g. entrance counseling and loan promissory notes) are received and reviewed.
Loan Adjustment Requests
If you need to adjust your financial aid award to reduce the amount of loans you wish to borrow please submit the online Loan Adjustment Request Form. Borrowers are not charged interest on any loan amount returned within 120 days of disbursement.
Free Financial Wellness Resources
Come Say Hello!
SFS will have a table located in the lobby of the instructional building from 12:00 – 2:00 PM on Wednesday, September 20. Stop by to learn what services we provide to students as well as the events and presentations we offer to the BUMC community.
Sign Up for BUMC’s New 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 includes readings, quizzes, planning tools, and additional resources. Check it out and let us know if there are features or content you would like to see!
Financial Fitness 101: Building Your Financial Foundation Workshops
Financial Fitness 101 is offering 30 minute workshops that will introduce students to budgeting, understanding basic credit, managing living expenses, and provide tips, resources, and hints on ways to save money during college and improve your overall financial wellbeing. By attending and completing the workshop survey, you will receive a free succulent that you can then help grow along with you before and after graduation! Register on our website.
AccessLex Financial Education Resources
SSFS 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.
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.
Scholarship Opportunities
Check out our Scholarship Page for Other Opportunities
Our Scholarship page includes BU and BUMC specific scholarships, school-specific scholarships, various service-based scholarships such as the National Health Service Corps (NHSC) and Military Health Professions Scholarship Programs, and scholarship search sites.
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.