Dollar$ and $ense – Financial Literacy

Dollar$ and $ense: February 2021

Student Loan Relief Extended through September 2021

The Department of Education has recently extended the pandemic relief for federal student loan borrowers through September 30, 2021. The student loan relief, previously set to expire January 31st, includes temporary 0% interest rates, reprieve on loan payments, and paused collection of defaulted federal student loans. Further information and FAQs can be found on the Federal Student Aid website’s announcement on Coronavirus and Forbearance Info for Students, Borrowers, and Parents.

 

New for 2021-22 – Annual Student Loan Acknowledgement

In order to disburse federal loans, all federal student loan borrowers will be required to visit StudentAid.gov and complete the Annual Student Loan Acknowledgement. The ASLA is a brief online session (10 minutes or less) that will allow students to see how much they have borrowed, preview what their monthly payments might be, and explain concepts such as capitalization and the difference between federal and private loans. SFS will be unable to disburse any federal loans until this requirement is completed each year.

 

2020-21 Cost of Attendance Increase Appeal Deadlines

If you have borrowed up to the cost of attendance (COA) and are in need of additional loan funds for education expenses, please carefully review the COA appeal section of the Student Financial Services Website. To have your appeal reviewed by the financial aid committee, please submit the COA Appeal form and any supporting documentation. Supporting documentation may include a full copy of your lease and one month of utility bills. All submitted documentation must be organized and dated during your enrollment period. You can submit your complete COA appeal via email. When emailing please include your BU ID number.

DEADLINES FOR SUBMITTING COST OF ATTENDANCE APPEALS

    BUSM
    MED 2 – March 1, 2021
    MED 1, 3, 4 – April 1, 2021

    GMS 
    April 1, 2021

    GSDM
    DMD 3 – April 1, 2021
    DMD 4 – April 1, 2021
    Post-Doc – May 15, 2021
    DMD/AS 1 – June 1, 2021
    DMD/AS 2 – June 1, 2021

    SPH
    April 1, 2021

 

Complete the 2021-2022 FAFSA today!

If you plan on using Federal Direct Unsubsidized and/or Federal Graduate PLUS Loan funds during the 2021-2022 academic year (July 1, 2021 – June 30, 2022), you will need to complete the 2021-2022 FAFSA. Student Financial Services will begin awarding students for the 2021-22 academic year in the next 1-2 months. Once your FAFSA has been submitted, you may wait for further communication from our office after your application has been reviewed. You can visit the Applying for Aid page for additional information about applying for aid as a continuing student.

 

Loan Reductions

If you have borrowed more loan funds than you need and would like to return funds to your lender, please email your request from your BU email account via email. You have 120 days from the date of disbursement to return funds interest free. There are no fees associated with reducing or returning your loans. Include your BU ID number in your email and advise the office of the changes you wish to see on the account.

Otherwise, if you still have a credit on your account you must submit a refund request through the Student Link to initiate the process of refunding the financial aid credit to your bank account.

 

Meet with us virtually

Student Financial Services will continue to work remotely during the spring semester. To chat with us, feel free to stop by our school-specific virtual office hours. The Contact Us page on the SFS website provides you all the specific days, and times, depending on your school. If you cannot make the drop-in hours, email us your availability , so we can schedule a meeting at a time that does work for you!

 

DON’T FORGET BUZZ THE CHATBOT

Do you have general financial aid questions for which you need an immediate response? BUzz can be found at the bottom of this page.

 

February and March Learning Sessions

The AccessLex Institute is proud to present web-based, loan repayment programs:

 

The Road to Zero: A Strategic Approach to Student Loan Repayment

Student loan repayment can feel overwhelming, but you can chart a path to a debt-free future. Covering all of the essential details, including repayment plan options, consolidation, loan forgiveness and more, this workshop will provide the information and next steps you need to get you on the road to zero student debt.

Your PSLF Action Plan

Public Service Loan Forgiveness can seem confusing, but it’s achievable if you know the steps to take. This session will help you understand the requirements of PSLF and help you get on – and stay on! – track for forgiveness.

Please visit our Presentations and Events page for dates, times, and registration links.

 

Outside Financial Literacy Resources

Grad Sense, created by The Council of Graduate Schools, is a great resource tailored solely to graduate and professional student needs. Helpful tools provided by Grad Sense include budgeting, student loan repayment, and how to avoid financial pitfalls once you graduate.

MoneyGeek, founded financial industry veterans in finance and content marketing, is leading the charge to simplify personal finance. A myriad of financial concerns are addressed on the site, including financial planning, planning for college, student loan repayment, expenses associated with living in a big city, insurance, credit cards, mortgages, and more.

Specific resources are also available to address disparities in in the Hispanic/Latino communities