Presentation Mount Vernon Nazarene University MVNU

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Presentation Mount Vernon Nazarene University MVNU Powered By Docstoc
					                         Financial Information
Student Financial Planning   Student Accounts
     Steve Tracht             Judy De Volld
Student Financial Planning Office Hours
          (located in Founders Hall, 1st floor)



Orientation Hours
 Friday      8:00am to 6:30pm


Regular Hours
 Monday through Friday 8:00am to 4:30pm
How do you apply for Financial Aid?
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
      What types of Financial Aid
          are available?
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
          Grants & Scholarships

• 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
                         Employment
                      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.
  * The documents required to establish employment eligibility (listed on the
    back of the I-9 Form) may be provided now through move-in weekend.
                        Employment
             Federal Work-Study (continued)
•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
                  Student Loans

                   Federal Stafford Loan
•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
                   Student Loans

            Federal Stafford Loan (continued)
                  Maximum Annual Eligibility
                               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.
                    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)
                     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)
                       Parent Loan

                  Parent PLUS Loan
   Federal Parent Loan for Undergraduate Students (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 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.
                       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)
     I don’t want the Parent Loan (PLUS).
         Are there other loan options?

                Private/Alternative Loan
•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
    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
Student Financial Planning Office

           Contact Information
   Phone       740-392-6868 ext. 4520
   Toll-free   866-686-8243 option 2
   Fax         740-393-0511
   Email       finaid@mvnu.edu
   Website     www.gotomvnu.com/preparing
      Confirmation Process
         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
Fall 2007 Online Confirmation

1. Set your academic session to Fall Semester 2007
2. Check and clear all Holds
3. Update your personal information:
   Biographical information
   Vehicle registration
   Information Release/Billing Statement
   Emergency contact information
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 15th)
   Payment Plan Options – page 65

Payment Plan      Def Pyt    Interest    Non-MVNU Fee(s)
Full Payment        No          No            None
TuitionPay          No         No            $75/year
Private/PLUS        No         No       3% orig fee on PLUS
TuitionPay/Loan     No         No       $75/yr + 3% on PLUS
50/25/25          $45/term     No              None
MVNU Monthly      $45/term 1%/mon              None
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.
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.
Fall 2007 Online Confirmation - cont’d

  5. Pay online or mail/bring payment to Student
  Accounts (by August 15th) 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.
    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
  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)
    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:       accounts@mvnu.edu

				
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