Financial Information Student Financial Planning Student Accounts
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Financial Information Student Financial Planning Student Accounts Presentation Transcript

  • 1. Financial Information Student Financial Planning Student Accounts Steve Tracht Judy De Volld
  • 2. Student Financial Planning Office Hours (located in Founders Hall, 1 st floor) Orientation Hours Friday 8:00am to 6:30pm Regular Hours Monday through Friday 8:00am to 4:30pm
  • 3.
    • MVNU Financial Aid Application
      • Part of the Application for Admissions in first year
      • Determines eligibility for State Choice Grants
      • Communicates intent to file FAFSA
      • Must be completed each year to be considered for any financial aid
    • Free Application for Federal Student Aid (FAFSA)
      • Federal form that determines a standardized “ability to pay”
      • Determines eligibility for need-based funds
      • 1 in 3 applicants are selected for verification
      • (requires income tax returns and W-2s)
      • Must be completed each year to be considered for need-based aid
    How do you apply for Financial Aid?
  • 4.
    • Grants & Scholarships
      • Do not have to be repaid
      • Merit versus need-based
    • Work-Study/Campus Employment
      • Work-study is employment awarded based on need
      • Employment opportunities available, but not awarded
    • Loans
      • Must be repaid with interest
      • Favorable repayment terms and interest rates
    What types of Financial Aid are available?
  • 5.
    • Federal, state, institutional, & outside sources
    • Merit aid awarded first, then need-based aid
      • Merit - academic, athletic, church, etc.
      • Need - cost of attendance less EFC (FAFSA)
      • Combination - both merit and need required
    • MVNU will include all known scholarships from federal, state, and institutional sources
    • Outside sources: www.gotomvnu.com/preparing/private.asp
    Grants & Scholarships
  • 6. Federal Work-Study
    • Students awarded Federal Work-Study (need-based employment) will have the following in their orientation packet:
      • Student Employment Application
      • Federal & state withholding forms
      • I-9 Employment Eligibility Verification *
    • Forms must be completed and returned to Financial Aid Office by July 31 * to guarantee employment.
    Employment * The documents required to establish employment eligibility (listed on the back of the I-9 Form) may be provided now through move-in weekend.
  • 7. Employment
    • Students will be notified of job placement within first two weeks of the beginning of school; some students will receive notification prior to beginning of school
    • Some work-study is off-campus ( America Reads program )
    • Students will choose from the following options to receive payment:
      • direct deposit to student account
      • direct deposit to bank account *
      • check *
    • * payments not applied to student’s account should be subtracted from financial aid when calculating estimated balance due
    Federal Work-Study (continued)
  • 8. Student Loans
    • Subsidized (need) or unsubsidized (no need)
      • Subsidized means government pays interest while student is in school at least half-time, during six-month grace period after leaving school, and any period of deferment (a postponement of payments)
      • Unsubsidized means student is responsible for interest from the time the loan is disbursed
    • Fixed interest rate is 6.80%
    • Funds delivered to MVNU within first 30 days of classes
    • Payments begin 6 months after graduation, leaving school, or dropping below half-time status
    Federal Stafford Loan
  • 9. Student Loans Federal Stafford Loan (continued) Dependent Independent Student Student Freshman (0-25 hours) $3,500 $7,500 Sophomore ( 26-55 hours) $4,500 $8,500 Junior/Senior (56+ hours) $5,500 $10,500 Dependent students whose parents are unable to obtain a PLUS Loan are eligible for an additional $4,000 unsubsidized Stafford Loan as a freshman or sophomore. As a junior or senior, the additional amount increases to $5,000. Maximum Annual Eligibility
  • 10. Student Loans Federal Stafford Loan (continued)
    • Loan is guaranteed through Great Lakes Higher Education Corporation (GLHEC)
    • Student must select a lender and complete Stafford loan counseling (called an entrance interview) before borrowing
    • Student must complete a Master Promissory Note (valid up to 10 years)
    • Complete all steps online at: www.gotomvnu.com/preparing/stafford.asp
      • Select lender and complete loan counseling
      • Complete and sign promissory note electronically with federal PIN (or print out and sign, or ask Great Lakes to send the promissory note)
  • 11. Student Loans Federal Perkins Loan
    • Need-based loan processed through MVNU
    • Interest rate is fixed at 5%
    • Cancellation provisions for specified careers
    • No interest or payments until 9 months after graduation, leaving school, or dropping below half-time status
    • Complete all steps online at: www.gotomvnu.com/preparing/perkins.asp
    • - Complete loan counseling
    • - Complete and sign master promissory note electronically with federal PIN (or print out and sign, or ask Campus Partner to send MPN)
  • 12. Parent Loan
    • Federal P arent L oan for U ndergraduate S tudents (PLUS)
    • Borrowed in the parent’s name
    • Fixed interest rate of 8.50%
    • PLUS on award notification may be up to cost of attendance
    • Parent may borrow up to the cost of education minus student’s financial aid
      • Cost of education includes direct costs billed through MVNU and “budgeted” costs for books, travel, and miscellaneous expenses
    • Origination & guaranty fee deduct 3% from amount borrowed
    Parent PLUS Loan
  • 13. Parent Loan Parent PLUS Loan (continued)
    • Loan is guaranteed through Great Lakes
    • Federally insured against death and disability
    • Parent – death & disability Student – death
    • Parent must select a lender and complete a master promissory note (valid up to 10 years)
    • Payments begin in Spring after 2nd half of loan is disbursed**
    • ** In-school repayment may be postponed by requesting a forbearance. Forbearance granted in 12 month increments. Contact Great Lakes at 1-800-236-4300 for more information.
  • 14. Parent Loan Parent PLUS Loan (continued)
    • Complete all steps online at www.gotomvnu.com/preparing/plus.asp
    • Select a lender (our preferred lenders and borrower benefits are available to view)
    • Complete a short pre-approval process (which does not obligate to take the loan)
    • Complete Master Promissory Note
    • Sign promissory note electronically with federal PIN (or print out and sign, or ask Great Lakes to send the promissory note)
  • 15. Private/Alternative Loan I don’t want the Parent Loan (PLUS). Are there other loan options?
    • Borrowed in the student’s name
    • Usually requires a co-signer (equally liable for the loan)
    • Variable interest rate changes monthly or quarterly
    • Not federally insured against death and disability
    • Payments usually deferred while student is enrolled at least half-time
    • View options from our preferred lenders online at www.gotomvnu.com/preparing/alternative_loans.asp
    • Contact Student Financial Planning for more information
  • 16. How is Financial Aid Communicated? Financial Aid Award Notification
    • Mailed after accepted and FAFSA is completed (if filing)
      • Communicated to students online in future years
    • Includes financial aid award and basic direct charges
      • Scholarships, employment, loans
      • Estimated direct and indirect costs
    • Enables student to calculate an estimated balance due prior to Student Account Invoice notification in July
      • Total Direct Charges less Total Financial Aid Award equals approximate balance
  • 17. Student Financial Planning Office Contact Information Phone 740-392-6868 ext. 4520 Toll-free 866-686-8243 option 2 Fax 740-393-0511 Email [email_address] Website www.gotomvnu.com/preparing
  • 18.
      • Registered (R) vs. Confirmed (C)
      • Registrar’s Office – Schedules Classes (R)
      • Financial Aid Office – Awards Aid
      • Student Accounts Office – Confirms Classes (C)
      • Students will go online to my.MVNU.edu
      • to confirm classes.
      • Things I Need To Do
    Confirmation Process
  • 19. Fall 2007 Online Confirmation
      • Set your academic session to Fall Semester 2007
      • Check and clear all Holds
      • Update your personal information:
      • Biographical information
      • Vehicle registration
      • Information Release/Billing Statement
      • Emergency contact information
  • 20. Fall 2007 Online Confirmation - cont’d
      • 4. View and submit your Student Account Invoice
      • - class schedule
      • - financial aid for fall semester
      • - balance due
      • - payment plans
      • - submit button (to be completed by August 15 th)
  • 21. Payment Plan Options – page 65 None 1%/mon $45/term MVNU Monthly None No $45/term 50/25/25 $75/yr + 3% on PLUS No No TuitionPay/Loan 3% orig fee on PLUS No No Private/PLUS $75/year No No TuitionPay None No No Full Payment Non-MVNU Fee(s) Interest Def Pyt Payment Plan
  • 22. Payment Plan Options – cont’d
      • Private/Parent PLUS Loan must be confirmed, not just pre-approved, for student to be confirmed. If not, a down payment of 20% of fall balance will be required.
  • 23. Payment Plan Options – cont’d
      • TuitionPay Monthly Payment Plan should not include book expenses.
      • TuitionPay contract must be paid current for student to be confirmed.
  • 24. Fall 2007 Online Confirmation - cont’d
      • 5. Pay online or mail/bring payment to Student Accounts (by August 15 th) per payment plan selected in step 4.
      • MVNU has contracted with Official Payments Corporation to process online tuition payments.
      • There is a $3 transaction fee for ACH payments and a 2.5% processing fee for credit card payments.
      • 6. Once all steps above have been satisfactorily completed, Student Accounts will process your information and change your status to confirmed .
  • 25. Come to Student Account to…
    • Ask questions about your student account
    • Pay your bill, fines, CLEP and AP recording fees
    • Deposit money into savings account (non-interest bearing)
    • Withdraw from savings account (up to $50 per day)
    • Cash personal checks up to $50
      • If over $50, balance is deposited into savings account
    • Cash semi-monthly MVNU paychecks up to $100
      • If over $100, balance is deposited into savings account
  • 26. Come to Student Account to…
    • Transfer student account credit to bookstore account
    • Request refund check from credit balance
    • Purchase Road Bucks for any dollar amount
      • Special buy - pay $22, get $25 worth of Road Bucks
      • Special buy - pay $44, get $50 worth of Road Bucks
    • Purchase money orders ($1 each)
  • 27. Student Accounts Office Office Hours Today: 8:00 am – 6:30 pm Regular Office Hours: 8:00 am – 4:30 pm Phone: 740-392-6868 ext. 4440/4441 Toll-free: 866-686-8243 option 1 Fax: 740-393-0511 Email: [email_address]