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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
Barbara Attianese
Housing Resources Manager
Building A-311
617-638-5125
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 [email protected]
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
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
