ORIENTATION SESSION PRESENTED BY: SARAH MCCORD STUDENT FINANCIAL SERVICES
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ORIENTATION SESSION
Presented by:
Sarah McCord
Student Financial Services
Student Financial Services • SFS working remotely • Email osfs-med@bu.edu • Chatbot Rhett, available 24/7 • bumc.bu.edu/osfs
Services Offered by SFS • Administering aid: institutional, federal and private loans • Debt Management Counseling • Conduct entrance and exit counseling • Financial Literacy Opportunities • Approving cash refunds for living expenses
Have I Submitted All of My Documents? • Credit-based loan options (Grad PLUS/Private Loan) • Entrance Counseling and Master Promissory Notes(s) on studentaid.gov • BU Need Based Loans: entrance counseling notice to come • Credit Advance and/or Refund Request
Master Promissory Note (MPN)
& Entrance Counseling
• Required for any new borrower.
• Direct Loan/Graduate PLUS borrowers
visit studentaid.gov to complete all MPNs
and Entrance Counseling requirements.
• Requires FSA ID - same credentials you
use when completing FAFSA.
Private Credit-Based Loans
• Credit-Based Loan Options:
• www.bu.edu/finaid/types-of-aid/loans/credit-based-loans/
• Considerations when 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.
SFS typically certifies loans once a week.
• If your loan has not been certified:
• Check with the lender to confirm your requirements are
complete.
• Email osfs-med@bu.edu.International Students • For information on Private Credit-Based Loans that may or may not require a co-signer, please see bumc.bu.edu/osfs/resources/loans/creditbasedloans. • Students whose citizenship status changes during matriculation may become eligible to receive Federal Loans. If this occurs, and you are interested in applying for Federal Loans, please contact us.
Building and Planning Your Own
Budget:
• 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?
INCOME ≥ EXPENSESApplying for Financial Aid Next Year
• Apply Annually
• Instructions are available in January
• Free Application for Federal Student Aid (FAFSA)
• FAFSA available as early as October 1
• No parental Information required to renew your aid
• Reminder: To secure loans for subsequent years you must
reapply each year
• Credit-Based Loan Options:
• www.bu.edu/finaid/types-of-aid/loans/credit-based-loans/
Scholarship Opportunities:
• bumc.bu.edu/osfs/resources/scholarshipsSample Budget: 2020-2021
Total Living Expenses: Sample Monthly Budget:
(Includes Room & Board, Personal & Transportation
Allowances)* Rent: $1,300
Utilities: $ 100
$25,595
Food: $ 400
Monthly: (includes eating out)
Phone: $ 100
(land line OR cell phone)
$2,133
Transportation: $ 75
Total Expenses: $1,975Cost of Attendance (COA) Increase Appeal
Complete COA Increase Appeal Form and submit supporting
documentation
• Each request is reviewed based on your unique situation
• Commonly approved items include:
§ One-time computer purchase
§ Limited increases for rent When in doubt, ask!
§ Childcare expenses
§ RECEIPTS, RECEIPTS, RECEIPTS!
§ If you are married and/or have children, the household understandably has additional
costs for rent, food, insurance, etc. However, basic living needs for other family
members are accounted for in the formula that derives expected family contribution.
These costs normally cannot be included in the budget for any person other than the
student.Request a Refund (Direct Deposit)
• How Do I Request My Living Expense Money?
• Submit a request through the Student Link
• You must enter a value $1.00 or higher; we will send the
available credit to you
• You must repeat the process every time you have a new
credit
• Requests are reviewed no sooner than the first day of
class – expect the funds 3-4 business days laterLog into your Student Link Account and Select “Money Matters”
Select Student “Account Inquiry”
Select “Request a Refund”
Banking in Boston
Considerations when choosing a bank account:
• Fees – monthly fees, deposit fees, ATM fees
What you may need to • Security of your funds – is your bank insured by the
open a bank account:
Federal Deposit Insurance Company or the National
• Primary identification Credit Union Association?
(valid passport, I-20, • Online banking features – do you like to bank online?
permanent residency
card • Minimum balance requirement – make sure the
• Secondary
identification (state- balance is affordable
issued identification, • Availability of funds – some banks offer early release of
school identification,
enrollment letter from deposits
school
• Wire transfer – some banks offer free transfer servicesReducing Loans
• You can cancel or reduce any loan at (almost) any time during
the academic year.
• Federal Funds returned within 120 days of disbursement:
• The interest accrued and fees assessed will be reversed.
• View your account on the Student Link. Determine what
you want to return and advise SFS by email to adjust your
account.
• Federal Funds After 120 days:
• You will be responsible for any accrued interest and fees.
• Contact your loan servicer (info at studentaid.gov).
• Private Loan Funds:
• Contact SFS via email.Repayment of Federal Loans
• Repayment begins 6 months
after you graduate for direct
unsubsidized Stafford loans.
Be sure that you are
• Your first payment for your grad
prepared to make your first
PLUS loan will be due 45 days payment
after graduation.
• Loans that were in repayment
before entering BUSM go into
repayment immediately.Federal Loan Repayment Plans • Standard Repayment Plan -10 year payment plan -Payments are fixed -Not a good option if seeking PSLF • Graduated Repayment Plan No Prepayment -10 year payment plan Penalty with -Payments are lower initially, increase every 2 Federal Loans years -Not a good option if seeking PSLF • Extended Fixed Plan -25 years -Payments are fixed -Will pay more over lifetime of loan
Income Driven Repayment Plans
• Pay As You Earn (PAYE)
-Must display financial hardship
-Monthly payments will be 10 percent of Must
discretionary income
-Good option if seeking PSLF
reapply
-Any outstanding balance will be forgiven after annually!
20 years
• Revised Pay As You Earn (REPAYE)
-Do not have to display financial hardship
-Monthly payments will be 10 percent of
discretionary income
-Good option if seeking PSLF
-Any outstanding balance will be forgiven
after 20 or 25 yearsRepaying Private Loans • The terms and conditions vary; check in with your lender. • Always follow up when making additional payments. • Ask about incentives for on-time payments and co-signer release. • Visit www.annualcreditreport.com for private loans • Some private loans may have flexible payment plans.
Loan Forgiveness Options
BUMC Housing Resources
Email: OHR@bu.edu
FAQs: bumc.bu.edu/ohr/faqs
BUMC Housing Resources:
bumc.bu.edu/ohr
BUMC Housing Fair:
bumc.bu.edu/ohr/fairOff-Campus Services § Search for Off- Campus Housing Listings § Save and compare listings side-by-side § Create and view roommate profiles § Post and search for sublets, furniture, and more! http://www.bumc.bu.edu/osfs/ohr/
SFS Newsletter Monitor your BU email address for the SFS Newsletter and for important updates from SFS!
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