COVID-19 & Financial Aid
We know and understand that there might be challenges in the coming weeks and we hope to ease those to the extent possible. Please email SFS with any questions or concerns and we will help you navigate through this difficult time.
All functions of SFS will be online and will remain intact. Financial aid applications will be processed in the same manner and time as in previous years. The process of disbursing financial aid to student accounts will continue.
Appointments with SFS Staff
SFS offers in-person and virtual services.
Visit our Contact Us page for more information on both in-person and virtual meeting options.
If you can’t make our weekly drop-in hours, please email us, based on your school/college, to set up an appointment with one of our counseling staff.
Federal Financial Aid Updates
We continue to receive updated guidance from the University and US Department of Education. In general, students must participate in online courses and maintain satisfactory academic progress to receive financial aid.
Federal Direct Loans
All borrowers with federally held student loans will automatically have their interest rates set to 0% until May 1, 2022. In addition, each of these borrowers will have the option to suspend their payments to allow them greater flexibility during the national emergency. This will allow borrowers to temporarily stop their payments without worrying about accruing interest.
For all Federal Direct loans, after you graduate you will have a six-month grace period before you are required to begin repayment. Learn more about repaying your loan. To learn more about Public Service Loan Forgiveness (PSLF), visit StudentAid.gov/publicservice. To learn more about income-driven repayment, visit StudentAid.gov/idr.
Institutional Financial Aid Updates
For BU need-based loans, repayment beings 12 months after you graduate. The Student Loan Interest Freeze only applies, at this time, to loans that are directly held by the Department of Education. Your BU Perkins/HPSL/PCL and Institutional Loans are not held by the Department of Education. Therefore, BU is unable to freeze interest accruing on your loans without applying a deferment. If you are experiencing financial hardship during this emergency, please contact Student Loan Accounting.
Private Loans
Unfortunately, for private loans there aren’t as many options. If you have a private loan and if you can’t afford your payments call your lender and see what they can offer. Click here for more details regarding Massachusetts’ involvement in a multi-state, student loan relief initiative. The initiative involves a 90-day forbearance, interest/fee waiving, prohibiting negative credit reporting and connecting students with resources.