Dollar$ & $ense February 2025

February 2025

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 Boston University for the 2024-2025 academic year.

Thanks to the collaborative efforts across Boston University, delays in the delivery of financial aid to students have been significantly reduced.

A small cohort of students may still experience unexpected delays in financial aid disbursals. Please contact Student Financial Services if you have any questions about individual components of your financial aid not disbursing as expected.

We appreciate all your cooperation through the transition to the MyBU system in the last academic year and thank you for continued patience and partnership.

Exit Counseling for Spring Graduates

For students that borrowed federal loans and are graduating in the spring, you are required by federal regulations to complete a debt counseling session to review your rights, responsibilities, and repayment options when you graduate.

Please complete this requirement online on www.studentaid.gov. You will need your Federal FSA ID to complete this requirement. If you do not recall your FSA ID, instructions will be available at the login page. You can identify your loan servicer (entity that collects payments on loans) by going to the Federal Student Aid website (https://studentaid.gov) and logging in with your FSA ID.

AAMC Exit Counseling Sessions will be held Tuesday, April 15. Registration info will be sent in the upcoming weeks.

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

Deadline to submit COA appeals for 2024-2025 academic year:

  • GMS and SPH: April 1, 2025
  • Medical Students
    • M2 and M3: March 15, 2025
    • M1 and M4: April 1, 2025
  • GSDM:
    • DMD3 and DMD4: April 1, 2025
    • Postdoctoral: May 15, 2025
    • All Other Populations: June 1, 2025

Loans

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 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.

Institutional Loan Recipient Information

BU Institutional Loan Information was sent via email to students that quality and received them in the past. The students need to complete the link provided in the email to express their interest in the loan and how they would like it to be applied to their account. Once the form is filled out, we will send students the BU Promissory Note. Once the Promissory Note is completed, the loan will be applied to the account. Entrance counseling will be required for first year students and students who have not received this loan previously.

Signed promissory notes should be submitted to Student Financial Services no later than February 15.

2025-2026 FAFSA Form

FAFSA for the 2025-2026 academic year is available and open! Students can apply here: https://studentaid.gov/h/apply-for-aid/fafsa.

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.

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.

Financial Aid Updates

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

Spring Refunds

Refunds are being reviewed and processed on a weekly basis by the Office of Student Financial Servies and Student Accounting Services for Spring 2025. There are no additional forms that need to be filled out.

Food 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!

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.

Spring Federal Work Study

For 2024-2025 Work Study funds, students who have completed their FAFSA should complete the Fall/Spring Federal Work Study Application and be approved for FWS before applying for a FWS position. (GMS/SPH students only)

If you have already received FWS for 24-25 you do not need to apply again.

    Scholarships

    Scholarships

    Students who received BU-based scholarships in the 2023-2024 year will have those awards renewed and posted to your student accounts as applicable (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.

    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

    Kindros: Intro to Taxes (Zoom Workshop)

    February 24, Monday | 5:00 pm – 6:15 pm EST

    Kindros Tax Workshop: Confused about taxes and how they work? We’ve got you covered. Kindros is offering a free “Intro to Taxes” Zoom workshop for students. It will be held on Monday, February 24th at 5 pm. It will break down the basics and prepare you for tax season. Sign up using this registration link.

    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.

    All About Renting in Boston!

    Student Financial Services & Housing Resources Presents: All About Renting in Boston with Steve Handler, Beacon Reality Properties LLC

    Friday, March 7th from 12:00 – 1:00 PM

    Planning to rent an apartment? Join Steve Handler from Beacon Reality Properties LLC and the Office of Housing Resources for our virtual All About Renting event which covers the apartment renting process, advice and lease FAQ’s. Make sure to register for the event at this google form and to receive the event link.

    Resources

    Student Loan Professor (formerly Doctors Without Quarters)

    Student Loan Professor (formerly Doctors Without Quarters) recorded in Spring 2024 a 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 FIRST events provide medical students with financial resources for your time during and after medical school. This month’s FIRST webinar: Home Purchasing

    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.

    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

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