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Student Financial Services
Presented by:
Emir Morais, Associate Director
Sarah Sears, 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-sdm@bu.edu
Barbara Attianese
Housing Resources Manager
Building A-311
617-638-5125
ohr@bu.edu
http://www.bumc.bu.edu/ohr/
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
• 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:
http://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-sdm@bu.edu
Check Signing
What checks will you need to sign?
• Some credit-based loan checks,
depending on the lender’s criteria
Notification
• The Student Accounting Services will
contact you via e-mail
• Special Arrangements -
• Contact Student Accounting
Services to set up an alternate
time.
Canadian Students
If you have Canadian Loans and need to have
your enrollment certified, please visit the
Dental Registrar
If you need to have the TL11A Canadian Tax
Form completed, please drop it off to our
office.
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
• Funds will be released when your classes start
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 Note.
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 all 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.
• Federal Direct Loans do not accrue interest for
120 days.
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 Sample Budget: Based on 14-15 Budget
Total Living Expenses: (Includes Room & Board, Personal & Transportation Allowances)
• $22,186
Per Month: (12 month contribution)
• $1849
Sample Monthly Budget:
Rent: $1,000
Utilities: $ 200
Food: $ 400
(includes eating out)
Phone: $ 70
(land line OR cell phone)
Transportation: $ 100
Total Expenses: $1,770
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
Available at our front desk
Available on our website: http://www.bumc.bu.edu/osfs/files/2014/06/COA-Increase-Form-2014-15.pdf
Each request is reviewed separately based on the
individual’s unique situation
Commonly approved items
One-time computer purchase
Limited increases for Rent
When in doubt- ask!
Understanding Credit
Presented by:
Credit Check and Credit Scores Checking Your Report
All US residents may receive one free credit report from each bureau annually
Review all information carefully
Every detail is important – from the SS# to the individual account numbers
Review your reports every year
You can request all three at once or at different points in the year
Helpful Hints www.annualcreditreport.com
PLEASE REMEMBER:
www.annualcreditreport.com is FREE
www.freecreditreport.com is NOT FREE
It is a subscription site from one of the credit bureaus that will try to sell you reports from the other two
Helpful Hints www.annualcreditreport.com
• Check student loans to make sure they are not
counted twice • Ask creditors to reduce unnecessarily high limits to
more reasonable amounts
• Close unused accounts
• You don’t need a “credit repair” company!
FICO® Score and VantageScore®
FICO Score is the traditional credit rating
Scores range from 300-850®
VantageScore (offered by Experian) is a new
credit rating product offered by the three
credit reporting agencies
Scores range from 501-990
Credit Score Breakdown
What’s in your score:
What’s NOT in your score:
Race/Ethnicity/Religion
Age/Sex/Marital Status
Salary, Occupation or Employment History
Child Support or Alimony Responsibilities
Location
www.annualcreditreport.com
Hits Against Your FICO Score
• Late payments
• Uncollected debt
• High debt
• High potential debt
• Frequency of applications
• Frequency of inquiries
Helpful Hints A Little Self Protection
Sign up for Auto Debit with your loans
Invest in overdraft protection through your bank. Can you cover one month of bills?
A combination of the Auto Debit and Overdraft Protection could save you thousands.
Credit Check Credit Bureaus
Equifax
PO Box 740241
Atlanta, GA 30374
1-800-685-1111
Website: www.equifax.com
Experian
PO Box 2002
Allen, TX 75013
1-888-397-3742
Website: www.experian.com
TransUnion
2 Baldwin Place
PO Box 2000
Chester, PA 19022
1-800-888-4213
Website: www.transunion.com
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
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