Online MSW Program Financial Aid Information Students enrolled in the Online MSW Program may apply for the Federal Direct Stafford Loan to cover the cost of their education at Boston University School of Social Work. Below you will find information about the Federal Direct Stafford Loan and Frequently Asked Questions. FEDERAL DIRECT STAFFORD LOAN The Federal Direct Stafford Loan is a low-interest loan available to students for post-secondary educational expenses. Subsidized loans are offered to students who are eligible on the basis of calculated need, while unsubsidized loans are available even for those who do not qualify for need-based financial aid. The interest rate is fixed at 6.8 % ELIGIBILITY REQUIRMENTS A student is eligible to participate in the Direct Loan Program if he/she: Has a valid Social Security number Is a U.S. Citizen or eligible noncitizen (permanent resident) If male, is registered with the Selective Service System, or exempt Is enrolled in a degree program Is not enrolled solely in remedial coursework Has no drug convictions Does not owe loan or grant overpayment Does not have a Title IV student loan in default Has not borrowed in excess of loan limits Is maintaining satisfactory academic progress Is registered for a minimum of 6 credit hours which are accepted towards the degree program Does not have an outstanding balance from a prior period of enrollment at Boston University. Please note: A student cannot receive a Federal Direct Loan to pay for a repeat course that was previously taken and paid for with a Federal Direct Loan. HOW MUCH MAY I BORROW? The maximum amount of borrowing per academic year -- fall and spring semesters -- is $20,500 (Additional funding of up to a maximum of $10,250 may be available for the summer sessions). The maximum cumulative Federal Direct Stafford Loan amount is $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.
Subsidized (maximum $8,500): Students will not be charged interest until repayment, which begins six months after the student s enrollment status falls below half-time. The maximum amount of borrowing per semester (fall, spring, or summer) is $4,250. Unsubsidized (maximum $12,000): Interest willl accrue and must be paid or capitalized during periods of inschool enrollment and/or deferment. The maximum amount of borrowing per semester (fall, spring, or summer) is $6,000. SUBMIT YOUR APPLICATON EARLY Loan eligibility cannot be determined until you are registered for Fall 2011 or Spring 2012. It is important that your request be submitted as soon as possible after registering for your Fall or Spring classes. Your application will take approximately 7 10 business days to review. HOW DO I APPLY? 1. Complete a FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) on-line at www.fafsa.gov. The Boston University School Code is 002130. Complete a 2011-2012 Federal Direct Stafford Loan Request Form for both the fall and spring semesters, or to request a loan for just the fall or spring, indicating the number of credits you will be taking. (Please note that the summer loan request form will be available in March). You can submit your Loan Request form by fax, email (scanned copy), or mail. 2. First time borrowers will need to complete a DIRECT LOAN MASTER PROMISSORY NOTE. You can complete the promissory note on-line at wwwstudentloans.gov. You will need your federal personal identification number (PIN). If you do not have a PIN or cannot recall it, you can request a duplicate PIN at www.pin.ed.gov. Boston University will be notified within 7-10 business days that you have completed your promissory note on-line. Failure to complete the promissory note requirement before the end of the loan period will result in cancellation of the loan. 4. If you are a first-time borrower, you must complete an Entrance Counseling session, which is required by the federal government prior to the crediting of loan funds to your student account. You may complete this requirement on-line at www.studentloans.gov. Entrance Counseling must be completed before your loan eligibility can be finalized and before your loan can be used to settle the balance on your student account. WHEN WILL THE LOAN FUNDS BE AVAILABLE TO ME? Once classes begin for the semester and your loan has been approved by the Direct Loan Center, the funds will be credited to your student account electronically. An origination fee of up to 1.0 percent, partially offset by a 0.5 percent up-front rebate, is deducted automatically from the amount you borrowed. The net result is that the loan amount disbursed is less than the loan amount approved. The borrower retains the rebate by making the first 12 monthly payments on time. Your loan will be disbursed in two installments, one installment each semester. For first-time borrowers, funds cannot be disbursed until the Entrance Counseling and Promissory Note requirements have been fulfilled. You must also be registered for the appropriate number of credits for disbursement to take place. Once the semester begins, if there is a credit balance on your account after the loan funds are credited, you may request a refund by submitting an on-line request through the Student Link (Money Matters, Student Account Inquiry) for an electronic transfer of funds or by completing and submitting a Credit Release Voucher for a paper check.
FREQUENTLY ASKED QUESTIONS Here is a list of FAQ about financial aid at the BU School of Social Work. To learn more, please contact us: Boston University School of Social Work Admission and Financial Aid 264 Bay State Road Boston, MA 02215 Phone: 617-353-3750 Fax: 617-353-5612 ifrye@bu.edu Is financial aid available? Yes. Financial aid is available to qualifying students for your enrollment at the BU School of Social Work in the form of the Federal Direct Stafford Loan. How do I know if I qualify for the Federal Direct Stafford Loan? BU School of Social Work students interested in being considered for a Federal Direct Stafford Loan must complete and submit the Free Application for Federal Student Aid (FAFSA), which determines eligibility for federal loan progams. Once your FAFA and loan request forms are received, and you are registered, your eligibility will be determined. What if I do not qualify for a federal loan? Private credit-based educational loans are available to those who do not qualify for a Federal Direct Stafford Loan. You can find more information on credit-based loans at http://www.bu.edu/finaid/loans/credit/grad-other/index.html. How do I apply for a Federal Direct Stafford Loan? Follow the instructions of the BUSSW 2011-2012 Federal Direct Stafford Loan Request Form, which includes: 1. Completing the Free Application for Federal Student Aid (FAFSA) 2. Submitting the loan request form for the 2011-2012 academic year 3. Completing the Entrance Counseling if you are a new borrower 4. Completing the Master Promissory Note if you are a new borrower. How much can I borrow from the Federal Direct Stafford Loan Program? Students may borrow a maximum of $20,500 per academic year (fall and spring semesters). (Additional funding of up to a maximum of $10,250 may be available for the summer sessions). The maximum cumulative Federal Direct Stafford Loan amount is $138,500 for graduate and professional students, including any amount borrowed for undergraduate study. Is financial aid available for the summer?
Yes. You may borrow a summer Federal Direct Stafford Loan if you are taking at least 6 credits over the summer. Please note that a different Stafford Loan Request Form is required for the summer sessions and is available in March. Can I apply for a Federal Direct Stafford Loan if I am enrolled only in one course (3 credit hours) this semester? No. In order to qualify for a Federal Direct Stafford Loan, you must be enrolled at least half-time per semester (6 or more credit hours). Private credit-based loan programs are available for students attending less than half-time. You can find more information about credit-based loans at http://www.bu.edu/finaid/loans/credit/grad-other/index.html. What happens if I withdraw form a class? If you withdraw from a class and still have 6 credits, your loan may be adjusted. If you withdraw from a class and fall below 6 credits per semester, you will lose your federal loan. Note that private credit-based loans are available to those who do not qualify for a federal loan. You can find more information about credit-based loans at http://www.bu.edu/finaid/loans/credit/grad-other/index.html. How do I request a refund? For Federal loans, refunds are distributed automatically after the disbursement of the loan. Once the semester begins and the student s account is settled, a check with the refunded amount willl be mailed to the student. Another option available to students is the Electronic Refund request, which can be found on the Student Link at www.bu.edu/studentlink under Money Matters, Student Account Inquiry. What if I am in the military or have veteran s benefits? In cooperation with the Veterans Administration (VA), the University participates in a number of veterans' benefits programs, including educational assistance and vocational rehabilitation. Any student who is eligible for veterans' benefits or who would like more information about VA rules and veterans' programs should contact: Boston University Veterans Service Office 881 Commonwealth Avenue, Second floor, Boston MA 02215 617-353-3678 veterans@bu.edu Are monthly payment plans available? To learn more about Deferred Payment Plans for part-time students, visit the Student Accounting Services website at www.bu.edu/studentaccountingservices. How do I defer repayment of my previous student loans while I am in school? For federal loans, visit the Direct Loan Servicing Center online at: www.dl.ed.gov. Click on forms to download the In-School Al Least Half-time Deferment Request form. Fax the completed form to the Office of the University Registrar s Verifications Department at 617-358-2171. To obtain loan deferment request forms for any private loans (i.e., Sallie Mae Signature or CitiAssist), contact the agency or lender directly. Forms should also be faxed to the Verifications Department at 617-358-2171.
BOSTON UNIVERSITY SCHOOL OF SOCIAL WORK, 264 Bay State Road, Boston, MA 02215 2011-2012 FEDERAL DIRECT STAFFORD LOAN PROCESSING REQUEST FORM Maximum Federal Direct Stafford Loan Eligibility for the 2011-2012 Academic Year Subsidized Federal Direct Stafford Loan $8,500 Unsubsidized Federal Direct Stafford Loan $12,000 Please complete the Loan Request form and submit it to the SSW Admission and Financial Aid Office: Fax: 617-353-5612 Attn: Ina Frye Mail: Boston University Email Scanned Copy: ifrye@bu.edu School of Social Work Admission & Financial Aid Office 264 Bay State Road Boston, MA 02215 2011-2012 DIRECT LOAN REQUEST - SSW ONLINE STUDENTS (PLEASE PRINT) I WISH TO APPLY FOR A TOTAL DIRECT LOAN IN THE AMOUNT OF $. If you do not qualify for the total maximum in a SUBSIDIZED Loan, you may be eligible to borrow the remaining amount in an UNSUBSIDIZED Loan. Reminders: You must be enrolled for at least 6.0 credit hours each semester to be eligible for a Federal Direct Loan. Your social security number is required to apply for a Federal Direct Loan. Your 2010 Federal Income Tax Return may be requested to verify data on your FAFSA. Statement of My Responsibilities I understand my responsibility to promptly provide to the SSW Admission & Financial Aid Office the following: Number of credits: Fall 1-2011: Fall 2-2011: Spring 1-2012: Spring 2-2012: Anticipated Graduation Date: / / List any funds anticipated for 2011-2012 from a source other than the Boston University Office of Financial Assistance. Include Resident Assistant compensation, tuition reimbursement, private scholarships, etc. Source Amount $ Source Amount $ Student name: Last First MI BU Identification Number Date of Birth Email Address By my signature I acknowledge that the above information is true and correct. I understand that I must notify the SSW Admission and Financial Aid Office regarding any and all changes to the above information. I understand that changing my enrollment may reduce or eliminate my eligibility for a Direct Loan. Signature Date