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Money Matters Presentation


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Money Matters Presentation

  1. 1. MONEY <br />MATTERS<br />
  2. 2. Agenda<br />Calculating cost of attendance<br />Financial Aid<br />Schedule<br />Deadlines<br />Processes<br />Billing and Payment<br />Reading the bill<br />Payment Options<br />Deadlines<br />
  3. 3. Calculating Cost of Attendance<br />Cost of attendance is based on: <br />Residency or Program Status<br />Number of Credits Enrolled<br />Room and Board<br />Fees<br />Books<br />These costs will vary for you, based on course enrollment<br />
  4. 4. Financial Aid Schedule<br />FAFSA<br />State Grant Application<br />Blackboard Account Activation<br />Verification<br />Accept your Financial Aid Award<br />Federal Direct Parent PLUS Loan<br />Private Student Loans<br />
  5. 5. What should already be done?<br />FAFSA- The Free Application for Federal Student Aid<br /> This is JSC’s only application for aid. <br />State Grant Applications<br />Blackboard account Activation<br /> Your Blackboard account provides access to VSC Web Services, where account status can be monitored<br />In college, students are responsible for these tasks with assistance from parents<br />
  6. 6. Once you’ve been awarded!<br />Communication is Key!<br />Students and Parents need to know what is going on! Have a checklist to stay on track!<br />What should you<br /> be doing now?<br />Many financial aid tasks have deadlines students and parents must share information regularly<br />
  7. 7. Verification<br />What is it? Checking accuracy of information submitted on the FAFSA.<br />Know if you’ve been selected. <br />Check Web Services Students Menu under Financial Aid Document Status.<br />Stay Up-To-Date. <br />Respond promptly to requests for additional information. <br />Documents needed to Complete Verification.<br />Signed Copy of Parents and Students 2009 Tax Return, and W-2’s. <br />Completed Verification Worksheet, signed by parent and student.<br />If you are selected, provide all of the requested information ASAP<br />
  8. 8. Loan Entrance Counseling<br />Visit<br />Sign in using your FAFSA PIN as your password<br />Select: Complete Entrance Counseling<br />Follow the directions all the way through to the end of the online session. <br />Student loans will not be released to JSC until completion of this process. <br />You complete this once while at JSC, take a few moments now to complete the process<br />
  9. 9. Master Promissory Note<br />Return to the Home Page of your account.<br />Select: Complete Master Promissory Note.<br />Then select: Subsidized and Unsubsidized <br />Finally, you will complete the on screen instructions through the process. <br />Student Loan funds cannot be disbursed without a signed master promissory note on file. Parents borrowing will complete a master promissory note as well. <br />If you are accepting both subsidized and un-subsidized loans you onlydo this task once<br />
  10. 10. Perkins Loans & Work Study<br />You will need to complete your Perkins Promissory Note online.<br /> Procedures for completion will be sent to you.<br />Upon receiving the instructions, complete your Promissory Note as soon as possible.<br />Work-Study<br />Work Study earnings are for the student’s personal spending money. Earnings can not be applied toward the student’s bill.<br />If you are accepting a Perkins Loan, you must complete the promissory note on-line<br />
  11. 11. Additional Funding<br />Federal Direct Parent PLUS Loan—Must complete the JSC PLUS Pre-Application and sign a promissory note at<br />Private Student Loans—Requires a credit worthy co-signer, and is a resource to consider as a last resort.<br />PLUS loans are processed on-line <br />
  12. 12. Billing Processes<br />Online Insurance Waiver<br />Electronic Statements<br />Students can be set up as an “Authorized User”<br />Secure, easy Electronic Payment Options<br />An authorized user can view a bill & make payments to a student’s account<br />
  13. 13. Online Insurance Waiver<br />Johnson State Health Insurance Requirement<br />Online waiver if you are insured<br />Waiver is due by September 15<br />Completed annually<br />Completing the form removes the charge from the account. If not completed by deadline the charge cannot be removed<br />Save yourself $1407 by waiving the health insurance if you have insurance through another carrier<br />
  14. 14. Save $1,407 here!<br />Health Insurance Waiver<br />Waive on-line by September 15 or the charge remains on the account<br />
  15. 15. Student ID, Statement Date & Balance Due<br />
  16. 16. Term<br />Running Balance<br />Charges for Term<br />
  17. 17. Balance After Aid<br />You’ll find your balance after aid in the “total” column<br />
  18. 18. Payment Options<br />Electronic payments using your check or credit card<br />Cash, check or credit card<br />Payment Plans<br />All payment options are available electronically 24-hours <br />a day<br />
  19. 19. Payment Plans<br />Interest Free<br />Five-month and four-month plans available starting in July and August<br />Can be set up as early as July 1<br />First payment due at signing<br />$30 set-up fee<br />All payments must be made electronically<br />Payment plans are available now, sign-up early to have the longest repayment terms<br />
  20. 20. Deadlines<br />Payment must be finalized <br /> by August 13<br />If needed, your financial aid is <br /> complete and ready to disburse; and,<br />Your remaining balance is paid <br /> in full; or,<br />Your remaining balance is <br /> covered with an approved, <br /> up-to-date payment plan<br />Save yourself $100, finalize that payment plan by the deadline!<br />
  21. 21. Why finalize payment by the deadline? <br />Skip the line at the Business Office<br />Charge your books at the Bookstore<br />Begin your work study assignment early<br />Maintain eligibility to play on a Varsity Team <br />Avoid a $100 late fee<br />The biggest benefit? Knowing that your account is settled and you can start the semester without worry<br />
  22. 22. Last Thoughts<br />Work together to understand where you are in the financial aid cycle<br />Finalize your financial aid paperwork<br />Make your final payment and/or set-up your payment plan<br />Request your student set you up as an “Authorized User” for electronic billing<br />Financial Aid and the Business Office are ready to help<br />
  23. 23. MONEY <br />MATTERS<br />Questions?<br />