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 Jonathan Brett Emir J. Morais, MPA Lisa Nguyen Sandia Chau Housing Resources Manager Administrative Assistant Associate Director Assistant Director & Senior Financial Aid Advisor Sherill Ashe Drew Sands, MBA Scott Harrison Keneshia Estime Financial Aid Administrator Assistant Director Assistant Director Assistant Director GMS Liaison SPH Liaison BUSM Liaison GSDM 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

BUMC Housing Resources 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: BU Real Estate: bumc.bu.edu/ohr bu.edu/realestate

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- out/fsaid#fsaid-intro for details . • Each document will expire after 10 years

Applying for Financial Aid • Apply Annually • FAFSA becomes available on October 1 st 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 Sample Monthly Budget: (Includes Room & Board, Personal & Rent: $1,200 Transportation Allowances)* Utilities: $ 150 Food (includes eating out): $ 396 • Monthly: $1,950 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