Money Matters Presentation

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

‘Education

costs money,

but so does

ignorance.’

— Claus Moser

•

‘Learning is a

treasure that

will follow

its owner

everywhere.’

— Chinese Proverb

MONEY MATTERSMONEY MATTERS

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Agenda

• Calculating cost of attendance• Financial Aid

– Schedule– Deadlines– Processes

• Billing and Payment– Reading the bill– Payment Options– Deadlines

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Calculating Cost of Attendance

• Cost of attendance is based on: – Residency or Program Status– Number of Credits Enrolled– Room and Board– Fees– Books

• These costs will vary for you, based on course enrollment

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Financial Aid Schedule

• FAFSA• State Grant Application• Blackboard Account Activation• Verification• Accept your Financial Aid Award• Federal Direct Parent PLUS Loan• Private Student Loans

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

What should already be done?

• FAFSA- The Free Application for Federal Student Aid– This is JSC’s only application for aid.

• State Grant Applications

• Blackboard account Activation– Your Blackboard account provides access

to VSC Web Services, where account status can be monitored

In college, students

are responsible

for these tasks with assistance

from parents

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Once you’ve been awarded!

Communication is Key!Students and Parents need to know what is going on! Have a checklist to

stay on track!

What should you be doing now?

Many financial aid

tasks have deadlines students

and parents must share information

regularly

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Verification

• What is it? Checking accuracy of information submitted on the FAFSA.

• Know if you’ve been selected. – Check Web Services Students Menu under Financial

Aid Document Status.• Stay Up-To-Date.

– Respond promptly to requests for additional information.

• Documents needed to Complete Verification.– Signed Copy of Parents and Students 2009 Tax

Return, and W-2’s. • Completed Verification Worksheet, signed by

parent and student.

If you are selected,

provide all of the

requested information

ASAP

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Loan Entrance Counseling

• Visit www.studentloans.gov – Sign in using your FAFSA PIN as your password

• Select: Complete Entrance Counseling– Follow the directions all the way through

to the end of the online session.

Student loans will not be released to JSC until completion of this process.

You complete this once while at

JSC, take a few

moments now to

complete the process

http://www.studentloans.gov/

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Master Promissory Note

• Return to the Home Page of your www.studentlaons.gov account.

• Select: Complete Master Promissory Note.– Then select: Subsidized and Unsubsidized

• Finally, you will complete the on screen instructions through the process.

• Student Loan funds cannot be disbursed without a signed master promissory note on file. Parents borrowing will complete a master promissory note as well.

If you are accepting

both subsidized

and un-subsidized loans you

only do this task once

http://www.studentlaons.gov/

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Perkins Loans & Work Study

• You will need to complete your Perkins Promissory Note online.

• Procedures for completion will be sent to you.

• Upon receiving the instructions, complete your Promissory Note as soon as possible.

Work-Study• Work Study earnings are for the student’s

personal spending money. Earnings can not be applied toward the student’s bill.

If you are accepting a

Perkins Loan, you

must complete

the promissory

note on-line

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Additional Funding

• Federal Direct Parent PLUS Loan—Must complete the JSC PLUS Pre-Application and sign a promissory note at www.studentloans.gov

• Private Student Loans—Requires a credit worthy co-signer, and is a resource to consider as a last resort.

PLUS loans are

processed on-line

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Billing Processes

• Online Insurance Waiver

• Electronic Statements

• Students can be set up as an “Authorized User”

• Secure, easy Electronic Payment Options

An authorized

user can view a bill &

make payments

to a student’s account

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Online Insurance Waiver

• Johnson State Health Insurance Requirement

• Online waiver if you are insured• Waiver is due by September 15• Completed annually• Completing the form removes the

charge from the account. If not completed by deadline the charge cannot be removed

Save yourself $1407 by

waiving the health

insurance if you have insurance through another carrier

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Save $1,407 here!

Health Insurance Waiver

Waive on-line by

September 15 or the

charge remains on the account

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

Johnson State College Jane Doe Student Accounts 23 Maple Street 337 College Hill Road Anytown, VT 05441 Johnson, VT 05661 Phone (802) 635-1207 Student ID: 123456 Fax (802) 635-1248 Statement Date: 8/24/2009 Total Balance: 8,604.00

Ref No Date Term Description ChargesPayments/Credits Balance

*Balance Forward* 0.00

30100 06/19/09 Fall 2009 JSC Instate UG Tuition 3,996.00 3,996.00 30204 06/19/09 Fall 2009 JSC Activity Fee 204.00 4,200.00 30224 06/19/09 Fall 2009 JSC Campus Initiative Fee 520.00 4,720.00 30303 06/19/09 Fall 2009 JSC EHS Fee 40.00 4,760.00 30310 06/19/09 Fall 2009 JSC Double Room 2,325.00 7,085.00 30314 06/19/09 Fall 2009 JSC 300-Block Meal Plan 1,519.00 8,604.00

** Pending Financial Aid **

PELL Fall 2009 Pell 1,400.00 7,204.00 JHS1 Fall 2009 GSL-Stafford Sub Loan 2,500.00 4,704.00 JPLS Fall 2009 Parent/PLUS Loan 3,500.00 1,204.00 JSC Fall 2009 Outside Scholarship 250.00 954.00

Total 954.00

Student ID, Statement

Date & Balance Due

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

Johnson State College Jane Doe

Student Accounts 23 Maple Street

337 College Hill Road Anytown, VT 05441

Johnson, VT 05661

Phone (802) 635-1207 Student ID: 123456

Fax (802) 635-1248 Statement Date: 8/24/2009

Total Balance: 8,604.00



30100 06/19/09 Fall 2009 JSC Instate UG Tuition 3,996.00 3,996.00

30204 06/19/09 Fall 2009 JSC Activity Fee 204.00 4,200.00

30224 06/19/09 Fall 2009 JSC Campus Initiative Fee 520.00 4,720.00

30303 06/19/09 Fall 2009 JSC EHS Fee 40.00 4,760.00

30310 06/19/09 Fall 2009 JSC Double Room 2,325.00 7,085.00

30314 06/19/09 Fall 2009 JSC 300-Block Meal Plan 1,519.00 8,604.00


PELL Fall 2009 Pell 1,400.00 7,204.00

JHS1 Fall 2009 GSL-Stafford Sub Loan 2,500.00 4,704.00

JPLS Fall 2009 Parent/PLUS Loan 3,500.00 1,204.00

JSC Fall 2009 Outside Scholarship 250.00 954.00

Total 954.00

Charges for Term

Term

Running Balance

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

Johnson State College Jane Doe

Student Accounts 23 Maple Street

337 College Hill Road Anytown, VT 05441

Johnson, VT 05661

Phone (802) 635-1207 Student ID: 123456

Fax (802) 635-1248 Statement Date: 8/24/2009

Total Balance: 8,604.00



30100 06/19/09 Fall 2009 JSC Instate UG Tuition 3,996.00 3,996.00

30204 06/19/09 Fall 2009 JSC Activity Fee 204.00 4,200.00

30224 06/19/09 Fall 2009 JSC Campus Initiative Fee 520.00 4,720.00

30303 06/19/09 Fall 2009 JSC EHS Fee 40.00 4,760.00

30310 06/19/09 Fall 2009 JSC Double Room 2,325.00 7,085.00

30314 06/19/09 Fall 2009 JSC 300-Block Meal Plan 1,519.00 8,604.00


PELL Fall 2009 Pell 1,400.00 7,204.00

JHS1 Fall 2009 GSL-Stafford Sub Loan 2,500.00 4,704.00

JPLS Fall 2009 Parent/PLUS Loan 3,500.00 1,204.00

JSC Fall 2009 Outside Scholarship 250.00 954.00

Total 954.00

Balance After Aid

You’ll find your

balance after aid in the “total”

column

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Payment Options

• Electronic payments using your check or credit card

• Cash, check or credit card

• Payment Plans All payment options are

available electronically

24-hours a day

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Payment Plans

• Interest Free• Five-month and four-month plans

available starting in July and August• Can be set up as early as July 1• First payment due at signing• $30 set-up fee• All payments must be made

electronically

Payment plans are available

now, sign-up early to have the longest

repayment terms

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Deadlines

• Payment must be finalized by August 13– If needed, your financial aid is

complete and ready to disburse; and,– Your remaining balance is paid

in full; or,– Your remaining balance is

covered with an approved, up-to-date payment plan

Save yourself

$100, finalize that

payment plan by the deadline!

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Why finalize payment by the deadline?

• Skip the line at the Business Office• Charge your books at the Bookstore• Begin your work study assignment

early• Maintain eligibility to play on a

Varsity Team • Avoid a $100 late fee

The biggest benefit? Knowing that your account is

settled and you can start the semester without worry

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Last Thoughts

• Work together to understand where you are in the financial aid cycle

• Finalize your financial aid paperwork• Make your final payment and/or set-

up your payment plan• Request your student set you up as

an “Authorized User” for electronic billing

Financial Aid and the

Business Office are ready to

help

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

‘Education

costs money,

but so does

ignorance.’

— Claus Moser

•

‘Learning is a

treasure that

will follow

its owner

everywhere.’

— Chinese Proverb

MONEY MATTERSMONEY MATTERS

Questions?