Dollar$ and $ense – Financial Literacy for BUMC

Dollar$ and $ense: March 2023

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.

2022-2023 Cost of Attendance Increase Appeal Deadlines (MD Students, GMS, SPH)

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 to osfs-gms@bu.edu. (Change email for each school) When emailing please include your BU ID number.

THE DEADLINES FOR SUBMITTING COST OF ATTENDANCE APPEALS IS APRIL 1, 2023

2023-2023 Cost of Attendance Increase Appeal Deadlines (GSDM)

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 to osfs-sdm@bu.edu. When emailing please include your BU ID number.

THE DEADLINES FOR SUBMITTING COST OF ATTENDANCE APPEALS ARE:

DMD 3 – April 1, 2023

DMD 4 – April 1, 2023

Post-Doc – May 15, 2023

DMD/AS 1 – June 1, 2023

DMD/AS 2 – June 1, 2023

Join SFS and AccessLex to Learn About Loan Repayment Strategies!

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. AccessLex will host a free, virtual presentation to BUMC students on strategies for loan repayment. The event is Wednesday, March 15, from 4-5 PM. Students can register on the SFS website.

Act Quickly! Graduate Housing Application Now Available (GMS, GSDM, SPH)

The Graduate Housing application for the Fenway campus and Charles River Campus* is open! You can access the application through the Graduate Housing portal. BU graduate housing is extremely limited. Anyone who is interested in living in graduate housing is encouraged to apply ASAP. You will be required to submit a $500 deposit as part of the application. You can find more information regarding monthly rates on the BU Housing page. All questions or technical issues related to the application should be directed to BU Housing. *This application is only for Fenway and Charles River Campus housing where students can use the free BU Shuttle to commute to BUMC.

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).

Join the Financial Literacy Pilot Program!

If you’re a current student who wants to learn more about budgeting, managing debt, saving, and credit scores, you’re invited to test our new financial literacy platform!

The pilot program will run for four weeks and end in early April. As a pilot program participant, you’ll have the opportunity to use the new platform before anyone else. You’ll complete two short surveys, one at the beginning and one at the end of the pilot program, and you’ll have the opportunity to join our focus group at the end of the pilot. It should take no more than an hour or two a week. Interested? Click the link to get started!

https://bostonu.qualtrics.com/jfe/form/SV_4VGAbAO106Mw3iu

All participants who complete both surveys and test the new platform will be entered for a chance to win

Loan Repayment Strategies for You Webinar – Graduating M4

Student Financial Services will host a webinar with AAMC on Thursday, April 6 at 5 PM ET. All graduating M4’s are strongly encouraged to attend this webinar as part of your loan exit counseling requirements. The session will give valuable information about how to manage your student loan debt and determine which repayment strategy is right for you during residency. We strongly recommend you use the MedLoans® Organizer and Calculator feature on the AAMC site prior to the session; instructions are attached to this email. Registration  is required. You will receive a link to join the webinar prior to April 6.

*While the April 6th session will be geared toward M4 students, M1, M2 and M3 students are invited to the general AAMC session on April 10th at 5pm.

Loan Repayment Strategies for You Webinar (GSDM, SPH, & GMS)

Student Financial Services will host a webinar with AAMC on Monday, April 10 at 5 PM ET. Attendance is strongly recommended for the Class of 2023. The session will give valuable information about how to manage your student loan debt and determine which repayment strategy is right for you regardless of your next steps after graduation. Registration is required.  You will receive a link to join the webinar prior to April 10.

Other SFS Reminders

Student Loan Repayment Pause

The Department of Education has extended the student loan repayment pause until student loan debt relief can be implemented or until June 30, 2023. Payments will resume 60 days after the end of the pause or once the recent Supreme Court decision regarding Federal loan forgiveness has been resolved. 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. 

SNAP Benefit Eligibility

The current Public Health Emergency and SNAP qualification exemptions are scheduled to end in mid-April. Students who qualify for and currently utilize SNAP under the current exemptions may no longer qualify for recertification of SNAP benefits after the Public Health Emergency ends.

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 for Medical Students

Pisacano Leadership Foundation Scholarship

The Pisacano Leadership Foundation (PLF) scholarship application is now open to students who are entering their fourth year in Fall 2023 and are committed to the field of family medicine. Up to 10 scholarships with a maximum value of $28,000 will be awarded for the 2023-2024 academic year. For more information or to apply, please visit www.pisacano.org. Questions can be directed to Jane Ireland, Program Manager of the PLF, at jireland@theabfm.org. The deadline to apply is May 1.

Women in Medicine Leadership Scholarship

Women in Medicine (WIM), would like to announce three $5,000 LGBTQ+ Leadership Scholarships that will be made available to female or gender diverse medical students who have demonstrated an excellent track-record of LGBTQ+ leadership especially at their medical school. The medical student needs to have been enrolled a minimum of six months. The deadline to apply is March 15. More information can be found at WomenInMedicine.org.

Boston North Cancer Association Bargoot Scholarship

BNCA is accepting applications for the F. John Bargoot MD Memorial Scholarship of $8,000 to current medical students who resided in Essex County, Massachusetts, during their High School years and have an interest in cancer treatment and prevention. The deadline for the application this year is April 1st. The specific information regarding the scholarship and the application can be found at  https://bostonnorthcancer.org/scholarships/. For question, please contact Dr. John Woodward at john76.woodward@gmail.com.

Jewish Federation of Greater Philadelphia Endowed Funds

The Jewish Federation of Greater Philadelphia is offering a number of endowed scholarships and interest-free loans to medical students. For a list of available scholarships and loans as well as the applications, please visit https://jewishphilly.org/resources/scholarships/endowed-scholarship-and-loan-funds/.

Free Financial Wellness Resources

Upcoming AAMC FIRST Webinars – Medical students

AAMC is hosting several webinars for medical students over the next several months including home financing and filing taxes as a medical student or resident. AAMC FIRST also has a suite of information available to medical students for improving your financial wellness. To register for upcoming webinars and view financial wellness topics please visit the AAMC FIRST website.

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.