Financing Your Mercyhurst Education Carrie Newman Director of Student Financial Services
Office of Student Financial Services
A Mercyhurst College education is the investment of a lifetime. We focus on helping students afford a Mercyhurst College education by offering a variety of grant and scholarship programs, in-school employment opportunities, and a wide range of loan programs and payment options.
By now, most of you already received your award letter showing your scholarships, grants, and other eligibility, such as Federal Stafford Loans .
Student Billing Schedule Term Tentative Billing Date Tentative Due Date Fall 2009 July 21, 2009 Aug. 21, 2009 Winter 2010 Oct. 31, 2009 Nov. 24, 2009 Spring 2010 Jan. 30, 2010 Feb. 25, 2010
Estimated Academic Year Cost of Attendance - 31credits Living on Campus Commuter (living with parents) Tuition ($758/credit) $23,498 $23,498 Fees 1,596 1,596 Room 5,250 ---------- Board 4,281 4,281 Direct Costs $34,625 $29,375 Books & Supplies 1,000 1,000 Transport. 1,000 2,100 Misc. 600 600 Total Direct & Indirect Costs $37,225 $33,075
Trimester System & Billing Per Credit
Mercyhurst College is on a 3 term or trimester system
Students are able to spread classes over 3 manageable terms (3 - 4 classes per term)
Bill reflects exact number of credits for which a student registers
Some majors require labs for which additional charges may apply. For yearly budgeting purposes, it is common to budget an average of 31 credits per academic year.
Aid is applied evenly over the 3 terms. Some terms may result in a credit/refund, other terms a balance may be owed to the school.
Financial Aid on the Student Bill
Financial aid reflected as “pending” on the student bill, until eligibility is confirmed, verification is completed and enrollment is certified. Aid is crediting the 1st day after drop/add period (usually around the 8 th day of the term).
For Direct Student Loans to credit, a promissory note must be signed online, and online Entrance Counseling must be complete.
Crediting of financial aid occurs no earlier than the 8th day of the term (the 1st day after drop/add period).
Sample Fall Bill
Meal Plans & One Card Service
The meal plan the student selects will roll over from one term to the next unless the student initiates a change with the One Card Office
If student has a credit as a result of financial aid, it can be transferred to the student’s One Card Account
Parents may apply money directly to the student’s One Card Account by sending it to the One Card Office
TMS Monthly Payment Plan (AMEX, MasterCard & Discover Credit cards are accepted)
Apply by calling 1-888-285-3052 or online at www.afford.com
TMS Payment Plan
Spread your education expenses over 12 or 9 monthly payments. Interest Free. Annual enrollment fee applies.
# Payments Start Date Fee*
Annual 12, 9 5/1, 8/1 $60
Re-enrollment 12 5/1 $60
Balanced budget payments will be recalculated during winter term
Great for balanced budgeting & avoiding late fees
Federal Direct PLUS Loans (COA – other aid, 7.9% Interest Rate)
Educational Alternative Loans (Chase, CitiAssist, PNC)
Home Equity Loans*
Lines of Credit Borrowing from Life Insurance*
Borrowing from a retirement or 401(k) plan*
Other Bank Loans*
* check with your Accountant or Financial Advisor about possible tax implications
How to Fill the Gap
Use our Budget Pre-Planning Worksheet provided in your handouts today to help you determine the amount needed to fill the gap between the resources you saved, financial aid/loans, and the charges on the student account.
Link to the Borrow Smart website from finaid.mercyhurst.edu
Family Educational Rights and Privacy Act (FERPA)
Schools must have written permission from the parent or eligible student in order to release any information from a student's education record.
Please be sure to have student fill out the FERPA form from the Registrar’s office to ensure that we may release information to you.
Unpaid Student Bill
An unpaid bill results in the student being placed on Business Office Hold:
Student is unable to register for classes for upcoming term
Official Academic Transcript cannot be released
Late Fees will be assessed
The Office of SFS may be required to make necessary recalculation adjustments to the student’s charges and financial aid when the student adds, drops, or withdraws from course(s), or ceases enrollment at the College.
Complete details on withdrawal and refund policies are in the Academic Catalog.
Role of the Student
File FAFSA annually (by March 15)
Respond to requests for information and documentation promptly and within prescribed deadlines
Understand Satisfactory Academic Progress Policy for Financial Aid (Quantitative & Qualitative requirements)
Understand terms & conditions of financial aid awards and all other policies in Mercyhurst Reference Guide to Financing Your Education, 2009-2010
Some awards require certain GPA’s be maintained, or are available for only a limited time
Maintain Current Address in student record
Occasionally, family circumstances change, which could lead to increased eligibility for aid. Samples include income loss or reduction due to:
Appeal Forms are located at: finaid.mercyhurst.edu , click on Forms
Free Application for Federal Student Aid (FAFSA )
Reminder: FAFSA must be filed annually at www.fafsa.ed.gov
Preferred Filing Deadline – March 15 prior to award year
Automatically apply for PHEAA Grant when filing FAFSA
If you haven’t applied for aid for the Fall term, including loans, it isn’t too late!
Mercyhurst Financial Aid Award Letter
Details the financial aid awards by name.
Additional details about the award are available in the Mercyhurst College Reference Guide to Financing Your Education at finaid.mercyhurst.edu (click on Policy & Procedures link).
Contains terms & conditions of financial aid and all policies related to billing and financial aid.
Office of SFS Contact Information
Customer Service Office/Hotline Office: Old Main Rm. 115 Phone: (814) 824-2288 Fax: (814) 824-2072 E-mail: [email_address]