Dollar$ and $ense – Financial Literacy for BUMC

Dollar$ and $ense: July 2023

New Updated Email Address (CAMED MD Program)

In line with the new name change of the Boston University Chobanian & Avedisian School of Medicine our email has changed and is now OSFS-CAMED@bu.edu – don’t hesitate to contact us if you have any questions, comments or concerns! GMS students should continue to email SFS using osfs-gms@bu.edu.

Federal Student Loan Forgiveness and Loan Repayment

The Department of Education’s student loan repayment pause and temporary 0% interest rates are ending soon – Federal loan repayment will resume on October 1 and loans will begin to accrue interest at their original interest rates. 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. Students who are enrolled at least half-time will remain in a deferred repayment status, but interest will accrue for all enrolled students.

The Supreme Court issued a decision blocking the Department of Education from moving forward with the one-time student debt relief plan. Visit StudentAid.gov/debtrelief to learn more about the actions President Biden announced following the decision and find out how this decision impacts you. Student Financial Services will also provide updates on our website as it relates to Department of Education updates on debt relief.

Complete the 2023-2024 FASFA

The 2023-2024 FAFSA is now available to complete for the next academic year. If you plan on using Federal Direct Unsubsidized and/or Federal Graduate PLUS Loan funds during the 2023-2024 academic year (July 1, 2023 – June 30, 2024), you will need to complete the 2023-2024 FAFSA. Failure to submit your 2023-2024 FAFSA can result in significant delays in receiving your financial aid.  

Federal Direct Loan Requirements

Are you a new Federal Direct Loan borrower? Make sure to complete the Entrance Counseling and Master Promissory Note (MPN) at studentaid.gov. Completing those requirements will ensure timely disbursal of your loans to your student account.   

Summer Enrollment & Aid Application Process (GMS and SPH)

Looking to borrow loans for the summer semester? You must be enrolled in at least 6 credits for summer 1 and/or summer 2 or certified full-time and you wish to apply for federal loans, make sure you’ve submitted the 2023-2024 FAFSA and the Summer Direct Loan application (available in late March).

Federal Student Loan Exit Counseling for Graduating Students

Graduating Federal Direct Loan borrowers must complete the Federal Student Loan Exit Counseling. This can be done electronically at StudentAid.gov. If you have questions following your online Exit Counseling, you can schedule an individual appointment with SFS.

Fall 2023 Bill Settlement

Please view the bill due date for the Fall 2023 semester on the Student Accounting Services page. Some financial aid will not disburse until your first day of fall classes. You do not need to prepay tuition and fees if ample financial aid is secured by the bill deadline. If your pending financial aid covers your fall bill, you won’t incur any late fees or holds on your student account. Please visit the link provided or email studenta@bu.edu with any payment or billing questions unrelated to financial aid processing.

When Can I Request My Living Expenses Refund?

All financial aid (e.g. federal and private loans, scholarships) will first be applied toward the balance on your student account. Any excess funds above tuition and fees will be left as a credit for you to request a refund by following the instructions provided by Student Accounting Services. Please note, SFS is unable to process refund requests before your first day of classes of the fall semester nor until all documents relating to your financial aid (e.g. entrance counseling and loan promissory notes) are received and reviewed. SFS is also unable to process refund requests until the balance has been paid, whether by financial aid or by out of pocket payment.

Housing Guide by VeryApt

https://www.veryapt.com/guides/housing/406-bu-medical-campus/

The 2023 BUMC Housing Guide, developed in partnership with VeryApt, is now available! This guide was built using ratings and feedback from current BUMC students to assist the BUMC population in finding housing in the Boston area. You can use the guide to learn more about properties and landlords throughout Boston, the neighborhoods where BUMC students live, and expected rental expenses.

Still looking for a place to live for the academic year? Check out the Housing Resources website for presentations, guides, and resources to finding housing in the Boston area.

Other SFS Reminders 

Reduce Your Internet Bill

The Affordable Connectivity Program (ACP) can provide a discount of up to $30 per month towards internet service for students and families who may qualify. Those who currently receive SNAP benefits qualify for the ACP. Other eligibility requirements and the application can be found on the Affordable Connectivity Program (ACP) website.

Scholarship Opportunities

The White Coat Investor Medical School Scholarship (MD and Dental students)

The White Coat Investor Medical School Scholarship is accepting applications now through August 31, 2023. For the application form, essay prompt, and complete eligibility rules, please visit their website here

Worcester District Medical Society Scholarship (MD students)

The Worcester District Medical Society is accepting applications for the WDMS Scholarship until September 1, 2023. Need-based scholarships are available to 2nd, 3rd, and 4th year MD students who are legal residents of Central Massachusetts. For full scholarship details, eligibility requirements, and to apply please visit the WDMS Scholarship website.

Free Financial Wellness Resources

AAMC Loan Repayment Strategies for You Webinar Recordings Available 

SFS hosted Julie Gilbert from the AAMC on April 6 and April 10 to present information to graduating students on managing student loans and how to determine which loan repayment option is best for you. Recordings for both sessions are available on our Presentations and Events page.

Financial Wellness 101: Building a Budget

Interested in investing, saving for something special, or looking at ways to reduce spending? It all starts with budgeting! Our Budgeting page includes an interactive budgeting calculator that you can use to build your financial wellness skills.

Questions?

Speak with SFS!

Stop by Student Financial Services in suite B-401 in the Robinson Building where you can meet with an SFS staff member in-person Monday through Friday.  You can also reach us by phone at 617-358-6550,  email, or one of our virtual drop-in sessions.


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