Dollar$ & $ense September 2024

September 2024

Systemic Delays

The delay in delivery of the 2024-2025 FAFSA, in conjunction with the implementation of the MyBU student services caused unexpected systematic delays, beyond the control of SFS, and even Boston University. Earlier in the summer, SFS provided estimated deliver dates of financial aid that were unfortunately not met. While those delays were out of SFS’s purview, and were based off best faith information known at the time, nevertheless we sincerely apologize for any and all delays.

Our staff, both at SFS and elsewhere at BU, are working hard to make sure that all students who anticipate financial aid for the 2024-2025 year will have their financial aid post to their accounts. Currently, system testing continues on, to ensure accurate delivery of all funds, be it federal Unsubsidized Loans, PLUS Loans, private education loans, or BU funding. Over the course of the fall semester, funding will be posted to student accounts, as it is available to do so. Your MyBU Student Portal will reflect those updates as they come, and SFS will notify you of the changes when they occur.

We thank you for your patience during this time of transition.


Loans

Federal Unsubsidized Loans

Our Federal Student Loans page provides details of the annual maximum for the Federal Unsubsidized Loans, per your program, and year of study. If you are a new borrower of the Federal Unsubsidized loans, please make sure to complete the Entrance Counseling and Master Promissory Note at studentaid.gov.


Graduate PLUS Loans

Beginning with the 2024-2025 academic year, students will apply for the Federal Graduate PLUS loan through StudentAid.gov. The 2024-2025 Graduate PLUS loan application is now open. Detailed application instructions and an FAQ are available on the SFS website. First time PLUS borrowers and those who have borrowed with an endorser in the past should also complete a Master Promissory Note (MPN) for Direct PLUS Loans.


Private Credit-Based Loans

If you applied and were approved for a private, credit-based loan, these loans will be certified and applied to your account when systematically possible. Confirm with your lender to ensure that you’ve completed all documentation to allow for the loan disbursement.


Other Loans

If you received a BU-based loan, those funds would apply to your account when systematically possible. SFS will follow up with promissory notes, and other disclosure documents during the fall semester.


Updates on SAVE Loan Repayment Plan

Our colleagues at the Student Loan Professor provided a comprehensive update about the status of the Federal SAVE Loan Repayment Plan.


Scholarships

Students who received BU-based scholarships in the 2023-2024 year will have those awards renewed and posted to your student accounts (if they have not already done so).

Students whose registration status changed from last year to this year or returning from a leave of absence, should contact Student Financial Services for detailed information about their financial aid.

New students’ scholarships are being applied, based on the information provided to you upon your acceptance to your program. However, if you received a scholarship, and it has yet to post, the scholarship will apply soon.


Work Study

For 2024-2025 Work Study funds, students should complete the Fall/Spring Federal Work Study Application. (GMS/SPH students only)

Federal Work Study available for 24-25 is in the process of being awarded.

Refund Process

Beginning Fall 2024, students are no longer required to submit a refund request. Any credit that is available on your Student Account Balance will be refunded to you at the start of the semester. Students must have set up a refund preference through Nelnet. If you wish to have SHIP covered by financial aid, you will also need to complete the “FA_Override” permission found under Financials > Student Permissions on MyBU Student.

*Instructions to set up electronic refund here.


Living Expense Advances

Due to the delay with the FAFSA application renewal, student financial aid may be delayed beyond the scheduled start date of the 2024-2025 academic year.

In lieu of this delay, SFS is offering medical students M1- M4, GMS students, GMS Oral Health Sciences, GMS Physician Assistant Classes of 2026 & 2027, and all SPH programs advance loan funding to assist with student living expenses. GSDM dental students needing further funding please email: osfs-sdm@bu.edu.

In order to apply, students should have completed their FAFSA, submitted a credit- approved Grad PLUS application or private, credit-based loan to cover the remaining cost of attendance.

Please fill out the Special Loan Request Form to apply for living expense advances.


Food Insecurities & Resources

The semester can get busy between classes, moving and the general day-to-day tasks. If you are experiencing food insecurity, we are here to provide some helpful resources!


Financial Aid Updates

Here’s is what is going on in the world of financial aid for the 2024-2025 academic year:

We have begun processing federal financial aid and updating bills to reflect it. Students should make sure to check their MyBU Student Portal to view and accept/decline their aid.

If you are a student who would like to accept their federal loans, please be sure you have completed the federal loan requirements

Entrance Counseling

Master Promissory Note


    SHIP Confirmation Form

    BUMC students who plan to keep their Boston University Student Health Insurance Plan (SHIP) for the 2024-2025 year and who would like to utilize financial aid to cover this expense should complete the SHIP Confirmation Form. If you are a federal loan borrower and would like loans to apply directly to the SHIP fee, please also complete the Student Permission Agreement under Financials/Student Permissions (FA_OVERRID) in the MyBU Student Portal.

    To change your SHIP plan (between Plus and Basic), log into the MyBU Student Portal. Under Student Health Insurance, select “Change Plan Level.” You may also enroll your spouse or children in SHIP through the MyBU Student Portal.

    If you are NOT keeping SHIP and your current plan meets all of the requirements on the comparable coverage checklist, you can access the waiver through the MyBU Student Portal. Under Student Health Insurance, select “Waive SHIP,” and then follow the steps to waive.

    • The Fall waiver must be submitted by September 20.
    • If your waiver is approved, the credit will be applied to the student account within 10 business days.

    For more SHIP information including different plans and rates, please go to the Student Health Services website.


    Scholarships & Events

    Armenian American Medical Society Scholarship

    The AAMS awards scholarships annually to qualified Armenian students enrolled in a United States-accredited program in the fields of medical, pharmacy, dental, physician assistance, nursing, mental health, or other professional healthcare schools. Scholarship applicants must meet the following criteria:

    • Be of Armenian descent or have a special interest in Armenian-related medical causes.
    • Be actively involved in community service benefiting the health and well-being of our community.
    • Submit a completed application package (link here), post marked by October 15, 2024

    Value of the scholarship: $5,000 | Number of scholarships available: 10

    Required college or university: Must be a United States-accredited program in the fields of medical, pharmacy, dental, physician assistant, nursing, mental health, or other professional healthcare schools.


    AAMC FIRST Webinar Series: MedLoans Organizer and Calculator (MLOC) Demo

    Free webinar for all medical students. Join the AAMC FIRST team for a demonstration on how to utilize the AAMC’s MedLoans™ Organizer and Calculator (MLOC) to determine which repayment plan will meet your financial needs and goals. They will preview each payment plan, including the new SAVE plan and review how MLOC shows details of each one. Join the FIRST team as they highlight this amazing tool!

    September 24th at 1 PM ET. Register here: https://aamc-org.zoom.us/webinar/register/WN_SNh6kLt_QuuRv_GGgVMNww


    Resources

    Student Loan Professor (formerly Doctors Without Quarters)

    Student Loan Professor (formerly Doctors Without Quarters) recorded their April 8 webinar on Student Loan Best Practices for Medical School Grads. While this webinar was tailored to medical students there is valuable information for all BUMC graduates. Check out the recording.


    Association of American Medical Colleges

    AAMC offers events created specifically to provide medical students with financial resources for your time during and after medical school.


    AccessLex Institute

    AccessLex is a non-profit that offers free financial education resources to help students and recent grads manage their finances and loan repayment. Their webinar, The Road to Zero: A Strategic Approach to Student Loan Repayment, provides all the info needed to feel confident about loan repayment. You can also set up free 1:1 meetings with their Accredited Financial Counselors to discuss your specific financial situation and goals.


    BU Medical Campus Housing Guide 2024

    BUMC’s 2024 Housing Guide, built with reviews from current BUMC students, is now available! Find more info on neighborhoods, best values, and landlord/property ratings.


    Kindros

    Kindros is BUMC’s online financial wellness platform which is free to the BUMC community! Learn about budgeting, earning and saving money, and how to plan for life’s big expenses.


    Questions? Speak with SFS!

    Check out our website for ways to connect!

    Contact:

    Phone: 617-358-6550

    Office: Robinson, B-401

    Open: M-TH 10 AM – 1 PM; 2 PM – 4 PM (3-4 PM on Wed.)

    Email:

    Med: osfs-camed@bu.edu

    SDM: osfs-sdm@bu.edu

    GMS: osfs-gms@bu.edu

    SPH: osfs-sph@bu.edu