Dollar$ & $ense October 2024
October 2024
Systematic 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, SFS is working to ensure accurate delivery of all funds including 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.
Cost of Attendance Increase Requests
The Cost of Attendance (COA) increase appeal process allows Student Financial Services (SFS) to review additional educational expenses incurred during your period of enrollment. You must already be receiving financial aid up to your COA and your expenses must exceed the standard allowances for the academic year.
Pre-Requisite: All students must have needed to complete and submitted proof that they have completed Kindros Budgeting 101 at the time of submitting their appeal information.
Cost of Attendance (COA) Increase Request
Financial Aid Updates
Here 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
With the continued delays of financial aid and system issues, there will be no late fees or other penalties at the time. Further guidance will be provided but please note that failure to settle your balance by the end of the semester may result in registration holds. Those who are still awaiting financial aid however will not incur any holds if this is the case.
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.
Institutional Loans
If you are receiving a BU loan this year, we have not yet sent out the promissory notes. We will be outreaching to those students during the semester to complete their documents. Please continue to check your email over the semester for that notice.
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
There has been significant progress in awarding funding in the new system. If funds have dispersed to your student account and there is available credit, you can complete an advance request form to receive your remaining full fall credit.
*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!
Scholarships
ScrubCaps for a Cause Scholarships
ScrubCaps for a Cause will be awarding 6 scholarships for $5,000 this year? The scholarships are for women in allopathic or osteopathic medical school who are in their 2nd through 4th year of study.
Applications must be finalized by October 31, 2024 and winners will be announced by year end.
- Letters of reference and supporting documents should be emailed directly to info@scrubcapsforacause.com with the applicant referenced in the subject line
- To access the application, see the website at http://www.scrubcapsforacause.com and follow the drop down menu to “Scholarships”
Gardiner Foundation $1.500 Scholarship
Scholarship Amount: $1,500 each to 4 or 5.
Students must meet the following requirements in order to qualify for these scholarships:
- Must have a 4 year high school transcript and Last Report Card
- A letter to The Gardiner Foundation stating why you should receive this scholarship (500 Word Max)
- Letter of Recommendation from Guidance Counselor, Dean or Principle
- Must have a college acceptance letter
- Be a NY resident
- Be able to attend the Gardiner Foundation event in St. James Park in late August
Please attach the items listed above and complete the application form.
Deadline: July 15. Award date: Late August and awarded at the Gardiner Foundation Basketball Classic in St. James Park.
Events
AAMC First Webinar Series: Optimizing Your Finances During Residency
October 22nd @ 2:00pm ET
Register Here!
Join Financial Advisor, Stephen Mark Cardinal*, FSCP®, hosted by the AMC FIRST Team for an informative webinar on navigating and optimizing your finances as you transition from Medical School to Residency and beyond. This session will cover essential topics such as structuring an intentional spending plan, managing student loan repayments, evaluating renting vs. buying, building emergency savings, understanding insurance needs, and strategic investments for retirement planning. Stephen aims to empower you with the confidence and clarity needed to establish a solid financial foundation early in your career. Don’t miss this opportunity to gain valuable insights that can shape your financial future. Register now to secure your spot!
Fall Financial Literacy Lecture Series
Our colleagues at Harvard Medical School cordially invite BU Chobanian and Avedisian School of Medicine students to the ‘Medical Student Financial Literacy 101’ sessions with Dr. Chirag Shah. Dr. Shah is a co-author of a book on personal finance for physicians called, “Financial Freedom Rx: The Physician’s Guide to Achieving Financial Independence” and he will be sharing his knowledge every Tuesday at 7pm in October!
Zoom Link & Zoom Passcode: 051472
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.
- Check out all upcoming and past recorded webinars on the FIRST Webinar page!
- Students should also check out AAMC’s FIRST programs such as Money Management and Renting an Apartment.
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