Student Financial Services · • Submit a request through your Student Link • You must enter a...

Student Financial Services

Presented by:

Dennis Murphy, Assistant Director

Student Financial Services (SFS)

Locations: Building A-303

SFS Office Hours

Monday – Friday

8:30 a.m. – 5:00 p.m.

617-638-5130

osfs-med@bu.edu

Barbara Attianese

Housing Resources Manager

Building A-311

617-638-5125

ohr@bu.edu

www.bumc.bu.edu/ohr/

“All About Renting In Boston” Q&A

Late January/Early February

Housing Resources

(also located in SFS)

Financial Literacy Sessions

Student loan repayment strategies

How to become or remain credit healthy

Federal tax information – educ. benefits, etc.

How to travel on a shoe string budget

Budgeting

Home buying

Applying for Financial Aid

• Apply Annually – by mid-April

• Free Application for Federal Student Aid

(FAFSA)

• William D. Ford Direct Loan Request Form

• Continuing Student Application for

Financial Assistance

• Web Forms Page

www.bumc.bu.edu/osfs/webforms

• Scholarship Link:

www.bumc.bu.edu/osfs/finaidalerts

Educational Loan Programs Health Professions Students

• Federal Direct Unsubsidized Loan

• Graduate Federal Direct PLUS

• Private Credit-Based Loan

Educational Loan Programs International Students

Students who have a change in visa status to

Permanent Resident or Eligible Non-citizen

while enrolled might become eligible to

receive Federal Direct Unsubsidized Loans -

contact SFS if this occurs.

Private Credit-Based Loans

Credit-based Loan Products 2014-2015:

www.bumc.bu.edu/osfs/creditbasedloans

Choosing a Private Loan:

Interest Rate

Terms and Conditions

Repayment Options

Customer Service

Co-Signer Release

Certifying Private Loans

Most lenders automatically inform our office

once your loan is ready for certification

Please allow 10 business days for SFS to

certify a private loan

If your loan has not been certified

1. Check with the lender to make sure everything

is complete

2. Email osfs-med@bu.edu

Direct Deposit

• How Do I Request Living Expense Money?

• Submit a request through your Student Link

• You must enter a value higher than $1.00; we will send

the available credit to you

• You must repeat the process every time you have a new

credit

• Refunds will be processed when your classes start

• Credit Advance Request

• BU Loan Recipients must submit Loan Documents

• If all documents are submitted, you can expect funds by the

second week of classes.

Log into your Student Link Account and Select Money Matters

Select Student Account Inquiry

Select “Request a Refund”

The Entrance Counseling Session

REQUIRED for any new borrower even

if you borrowed loans from another

Institution or Program

Direct Loan and/or Graduate PLUS ONLY

• Borrowers can log on to www.studentloans.gov to complete Entrance Counseling and the Master Promissory Notes.

BU Loan Recipients

• Entrance Counseling Sessions

• August 14, 15, 18 and 19

• Emails to come

The Master Promissory Note (MPN)

• Required for any new BU borrower even if you borrowed loans from another institution

• Direct Loan/Graduate PLUS borrowers can log on to www.studentloans.gov to complete MPNs (Two Separate MPNs).

• Requires federal PIN number. Go to www.pin.ed.gov retrieve or change your PIN. To retrieve your PIN, request a ‘duplicate’ PIN.

Access Your Borrowing Summary

Federal Loans

www.studentloans.gov

Private Loans

Contact your lender

Boston University Institutional Loans

www.mycampusloan.com

AAMC First Website

www.aamc.org/first

Reducing Loans I’ve borrowed too much!

• You can cancel or reduce any loan at any

time during the academic year.

• You will be responsible for any interest that

has accrued.

• If you return Federal Direct Loans within 120

days of disbursement, the interest and fees will

be cancelled.

The Exit Counseling Session

Required of all students who

borrow any kind of loan

• When you graduate

• Enroll less than half-time

• Take a leave of absence

You will receive: • Grace, deferment, forbearance and

repayment information

Budgets and Living Expenses

Presented by:

Strategies for Success While In School

• Build Your Own Budget

Make it a budget you can afford

• Borrow the minimum needed to achieve your goal

• Manage your loans responsibly

• Develop and maintain good credit

Building Your Own Budget Planning Steps

• Identify your financial goals

• Quantify your resources

• Estimate your expenses

• Determine borrowing needs not wants

• Do the math – do you have a surplus or deficit?

• Evaluate impact of planned borrowing and adjust as needed

Building Your Own Budget Budget Worksheet

Building Your Own Budget Cost of Attendance Increase Appeal

Complete Cost of Attendance Increase Form and

submit supporting documentation

Form available at our front desk and on Web Forms

Each request is reviewed separately based on the

individual’s unique situation – Not All Requests Are

Approved!

Commonly approved items

One-time computer purchase

Limited increases for Rent

RECEIPTS, RECEIPTS, RECEIPTS!

When in doubt- ask!

Questions and Answers

Helpful Websites

• www.mymoney.gov

• www.bls.gov

• www.mint.com

• www.studentloans.gov

• www.bankrate.com

• www.bumc.bu.edu/osfs