STUDENT FINANCIAL SERVICES Presented by: Drew Sands, MBA Assistant - - PowerPoint PPT Presentation

STUDENT FINANCIAL SERVICES

Presented by: Drew Sands, MBA Assistant Director Emir Morais, MPA Associate Director

Student Financial Services

• Located in B-401 (Robinson Building)
• SFS Office Hours:
• Monday – Friday, 9:00 A.M. – 5:00 P.M.
• 617-638-5130
• osfs-med@bu.edu
• bumc.bu.edu/osfs/med

Our Team

Lisa Nguyen Administrative Assistant Sandia Chau Assistant Director Jonathan Brett Housing Resources Manager & Senior Financial Aid Advisor Emir J. Morais, MPA Associate Director

Drew Sands, MBA Assistant Director BUSM Liaison

Scott Harrison Assistant Director SPH Liaison Keneshia Estime Assistant Director GSDM Liaison Sherill Ashe Financial Aid Administrator GMS Liaison

Services Offered by SFS

• Administering aid: institutional, federal, and private loans
• Financial Literacy Workshops
• Debt Management Counseling
• Approving cash refunds for living expenses
• Our office is a great resource to our student population

BU Real Estate:

bu.edu/realestate

BUMC Housing Resources:

bumc.bu.edu/ohr Contact: Jonathan Brett Housing Resources Manager & Senior Financial Aid Advisor Phone: 617-638-85125 Email: OHR@bu.edu FAQs: bumc.bu.edu/ohr/faqs

BUMC Housing Resources

Master Promissory Note (MPN) & Entrance Counseling

• Required for any new borrower.
• Direct Loan/Graduate PLUS borrowers visit studentloans.gov to

complete all MPNs and Entrance Counseling requirements.

• Requires FSA ID. Visit https://studentaid.ed.gov/sa/fafsa/filling-
• ut/fsaid#fsaid-intro for details.
• Each document will expire after 10 years

Applying for Financial Aid

• Apply Annually
• FAFSA becomes available on October 1st for the following year’s FAFSA
• Free Application for Federal Student Aid (FAFSA)
• William D. Ford Direct Loan Request Form
• Credit-Based Loan Products:
• bumc.bu.edu/osfs/creditbasedloans
• Scholarship Opportunities:
• bumc.bu.edu/osfs/resources/scholarships

How Do I Request Living Expense Money?

• Submit a request through your Student Link
• You must repeat the process every time you have a new credit
• Requests reviewed no sooner that the first day of class –

expect the funds 3-4 business days later

Log into your Student Link Account and Select “Money Matters”

Select Student “Account Inquiry”

Select “Request a Refund”

Building Your Own Budget

Planning Steps

• Identify your financial goals
• Estimate your expenses
• Determine borrowing needs not wants
• Do the math – do you have a surplus or deficit?

INCOME ≥ EXPENSES

Sample Budget: 2017-2018

• Total Living Expenses: $19,500

(Includes Room & Board, Personal & Transportation Allowances)*

• Monthly: $1,950

Sample Monthly Budget: Rent: $1,200 Utilities: $ 150 Food (includes eating out): $ 396 Phone: $ 100 Transportation: $ 140 Total Expenses: $1,986 *bumc.bu.edu/osfs/med/budget1718/

Building Your Own Budget

Reducing Loans (Surplus)

• You can cancel or reduce any loan at any time during the academic year.
• Funds returned within 120 days of disbursement:
• The interest accrued will be cancelled.
• The fees assessed will be removed.
• After 120 days:
• You will be responsible for any accrued interest.

Building Your Own Budget

Cost of Attendance Increase Appeal (Deficit)

Complete Cost of Attendance Increase Form and submit supporting documentation

• Form available at our front desk & website in September
• Each request is reviewed separately based on the

individual’s unique situation

• RECEIPTS, RECEIPTS, RECEIPTS!

Financial Literacy Workshops

• Workshops that help with real life financial issues
• Personal budgeting and debt management
• Understanding your credit score & remain credit healthy
• Student loan repayment strategies
• Home buying process
• Steps to filing your income taxes
• Other topics

Additional Resources & Programs

• On-campus Financial Literacy Workshops
• AAMC’s Website: AAMC First

aamc.org/first

• Bureau of Labor & Statistics

bls.gov

• Financial Literacy and Education Commission

mymoney.gov accessgroup.org/access-assist

saltmoney.org

• Public Service Loan Forgiveness

studentloans.gov or myfedloan.org

Questions?

Email: osfs-med@bu.edu Website: bumc.bu.edu/osfs/med