BUSM Frequently Asked Questions
Q: When can I apply for financial aid for the 2017-2018 academic year?
A: For consideration for financial aid incoming students should visit our New BUSM Financial Aid Applicants page; continuing students should visit our Continuing BUSM Financial Aid Applicants page.
Q: Should I submit parental information on the FAFSA application?
A: You may, but BUSM only requires student information.
Q: What documents do I need to submit to Student Financial Services (SFS)?
- Signed copy of all pages of your (and spouse if applicable) completed 2015 federal tax return and copies of your original W-2 forms.
- Signed copy of all pages of your completed parental* 2015 federal tax return and copies of your original W-2 forms.
- No state tax documentation is required and will be shredded if submitted.
*Parental data is not required if you were born on or before January 1, 1987.
Q: May I redact any sensitive information, including social security numbers, from all tax documentation before submitting it to SFS?
Q: When will I receive my award notification?
A: It will be sent when all federal tax documentation from you (and your spouse if applicable) and your parents are received and reviewed by SFS.
Q: How do I know if I have received a Dean’s Scholarship?
A: All applicants are automatically considered for the Dean’s Scholarship during the admission process – there is no application process. Applicants are notified by the Dean at the time of or soon after their admission offer. Applicants not initially offered a Dean’s scholarship may not request reconsideration given strict guidelines for the scholarship. Applicants offered a Dean’s scholarship are still eligible to apply for the need-base scholarship – without the Dean’s scholarship being considered in the need-based analysis.
Q: Is my Dean’s Scholarship and/or the Medical Residence Housing Grant considered in the need-based analysis?
A: SFS does not consider either funding sources when performing need-based analysis. Applicants may still be eligible for need-based aid.
Q: What are some of the borrower benefits associated with institutional “BU loans”?
- Interest rates range between 3-7 percent and are based on student need.
- No monthly payments are due, nor does interest accrue during enrollment or residency.
- One year grace period.
Q: What is the average educational loan debt of a BUSM graduate?
A: The 2016 Graduating Class average student loan debt was approximately $217,000.
Q: How much does tuition increase from year to year?
A: It has increased by 2.5%–3,25% annually in recent years.
Q: What other options are available to meet the cost of attendance?
A: The Federal Graduate PLUS is available at Federal Loan Forms as well as several other credit-based loans at Loan Products 2016-17 for the 2016-2017 academic year. Please check back for 2017-2018 options around May 2017.
Q: Where can I learn more details about Public Service Loan Forgiveness, National Health Service Corps and the Community Health Center Primary Care Provider Loan Repayment program?
A: Federal Student Aid, National Health Services Corps and Massachusetts League of Community Health Centers.
Q: How much do I have built into my Cost of Attendance (budget) for living in Boston my first year?
A: Approximately $16,000 for 9.5 months, which is about $1,700/month (Room and Board, Personal Expenses and Transportation).
Q: When can I receive my living expense funds by direct deposit?
A: Per federal regulations, SFS can process direct deposit to your account after the first day of classes each semester. Most students receive their funding over the first 3-5 days of the semester.