Dollar$ and $ense – Financial Literacy for BUMC

Dollar$ and $ense Monthly Newsletter: October 2022 

2022-23 COA Increase Appeal Process – Now Open!

Student Financial Services has begun reviewing Cost of Attendance (COA) Increase appeals for the 2022-23 academic year. You can view the information about the appeal process, qualifying expenses that can be considered, and access the 2022-23 Cost of Attendance Increase Request form on our website.  Please keep in mind these general reminders about the Cost of Attendance appeal process:  

  • You are not required to complete the COA Appeal Request Form if your expenses do not exceed the standard cost of attendance for your program.   
  • Be sure to include documentation, as missing or incomplete documentation may delay the review and decision of your appeal.  
  • Not all expenses will be reviewed with your appeal request. Unallowable expenses are listed on the Cost of Attendance Increase Request page (linked above)  
  • A determination with respect to your appeal will be sent to you via email within 10 business days  

If you have any questions about this process, please contact our office.

Complete the 2022-2023 FAFSA

The 2023-2024 FAFSA is now open as of October 1st. 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. We recommend doing so by the priority deadline of February 1, 2023. 

Other SFS Reminders 

Student Loan Repayment Pause and Debt Relief 

The Biden-Harris Administration and Federal Student Aid recently announced a one-time federal student loan debt forgiveness of up to $20,000 for qualified borrowers. For more information on the announcement and eligibility for loan forgiveness visit our website. 

As part of the announcement the final extension to the loan repayment pause for federal student loan borrowers will end after December 31, 2022. The loan repayment pause, which began in March 2020, 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. 

Free Financial Wellness Resources 

Student Federal Government Loan Repayment: Apply Today – MD, Dental, and PA Students

The Health Resources & Services Administration’s National Health Service Corps (NHSC) Students to Service Loan Repayment Program offers medical, physician assistants, dental, and nursing students in their final year of school loan repayment assistance in return for service in a community of need. 

The NHSC is accepting applications for the Students to Service Loan Repayment Program (S2S LRP) through December 1, 2022. 

Awarded students may receive up to $120,000, in addition to a competitive salary and benefits, for three years of full-time service in communities with limited access to quality health care. Students may also choose to serve part-time for six years. For more information regarding eligibility and application requirements please visit the S2S LRP website. 

Medical Society Scholarship Opportunities – MD Students

Four Medical Societies in Massachusetts offer scholarships to students enrolled in an M.D. program in Massachusetts. Deadlines and amounts for the scholarships vary. Please see the website for each society for more information: Suffolk District Medical Society, Charles River District Medical Society, Essex South District Medical Society, Middlesex North District Medical Society, and Norfolk District Medical Society.  

Kaiser Permanente Northern California (KPNC) Scholarship Application Open to M3’s – MD Students

The 2023 KPNC Scholarship of $5,000 is available to current third-year medical students who are interested in seeking a residency in Kaiser Permanente Northern California. The application is now open until November 30, 2022. For more information including the application please visit the KPNC Scholarship  page.  

“Understanding Credit 101” Presented by Experian Recording Available 

The Experian webinar held on September 28 includes valuable information regarding credit, credit reports, and how to improve a credit score. The recorded event is available on our Presentations & Events page.  

Free Shuttle Lines from BUMC Now Available to Employees & Students

Parking & Transportation Services recently announced that 3 new shuttle lines would be available as part of BU and BMC’s membership with the Newmarket Business Improvement District. Students can utilize these free shuttles with a BU ID Card. For more information on routes and availability please visit the Employee & Student Shuttles website. 

NEOMED Accepting Submissions for William Carlos Williams Poetry Competition – MD Students

Submit your poetry to the annual William Carlos Williams poetry competition, sponsored by Northeast Ohio Medical University (NEOMED)! The competition will accept submissions between September 15 and December 31, 2022. For submission details, eligibility criteria, and to submit online, please visit NEOMED’s William Carlos Williams poetry competition webpage. Contact wcw@neomed.edu with any questions or for additional information. 

AccessLex Financial Education Resources

SFS has partnered with AccessLex, a non-profit that offers free financial education programming and resources to help students and graduates manage their finances and loan repayment. We recommend you check out the recording of AccessLex’s webinar, The Road to Zero: A Strategic Approach to Student Loan Repayment. You can also set up a free 1:1 meeting with one of their Accredited Financial Counselors to discuss your specific loans and repayment strategies.   

Questions?  

Speak with SFS! 

We have Zoom virtual office hours available to all BUMC students throughout the week. 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. 


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