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Student Accounts and Financial Aid:

What each parent needs to know right now

Student Accounts Introduction:

The Student Accounts Office handles various items affecting the student account. This includes:

• Generating your student bill

• Processing student payments

• Processing refunds

• Overseeing the TMS Payment Plan

• Generating and mailing year end 1098-T filings

Student Accounts Office

224 Ulmer Hall

Phone: 570-484-2425

Email: stuaccts@lhup.edu

Web:www.lhup.edu/students/studentaccounts/index.html

Office Hours: Mon-Fri 8:00am-4:00pm

Phones: Mon-Fri 7:30am-4:30pm

Students can view their bill and make payments in myHaven.

Student Bills

• Student bills are mailed on a monthly basis.

The due date is listed on the bill and the bills

are due the first day of classes.

• Bills are also available on the myHaven

portal.

• Bills contain the following information:

Charges (tuition, fees, room & board, etc.)

Waivers/Financial Aid

Balance due & Payment methods

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Student BillsStudent bills can be paid in the following manners:

Online: Through the Myhaven portal• Credit cards (Visa, MasterCard, and Discover) Credit card companies charge

a 2.39% convenience fee

• Electronic Check (eCheck)--No additional fee

By Mail:

Student Accounts

Lock Haven University

401 N Fairview St

Ulmer 224

Lock Haven, PA 17745

In Person: Bring your payment to our office at 224A Ulmer

Student Bills

Third Party Payment Plan with

Tuition Management Systems (TMS)

• TMS provides LHU students with an affordable

means of paying their student bill.

• Semester costs can be broken down into 5

monthly payments.

• Students should have already received

enrollment information. This is also available on

our website.

RefundsBe on the look out for the

Haven Card by Higher One!

Refunds• Each student that enrolls at Lock Haven University will

receive the green envelope with a Haven Card inside.

• This card is how you choose how you will receive any refund that you may get throughout your time at Lock Haven University.

• Once you have your card, simply view your choices and make your selection at HavenCard.com. It is best to do this even if you think that you won’t have any refunds so that you are covered either way.

• You will receive one card for your whole time at the University so please be sure to take care of this.

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Refunds

The three choices on how to receive a refund

are:

• Have the money go onto the Higher

One/Haven Card (this is a debit card).

• Have the money deposited into another

account that you already have.

• Have a paper check mailed to you.

Tuition Rates

• Tuition Rates for the State System Schools

are established and voted on annually by

the Pennsylvania State System of Higher

Education (PASSHE) Board of Governors’

(BOG).

• The Board of Governors’ typically meets in

early July.

• Once tuition rates are established, the bills

are generated and mailed.

Financial Aid OfficeIntroduction:

The majority of LHU students receive some form of financial aid to help offset educational costs (on and not on the student bill).

The primary functions of the office:

O Determine financial aid eligibility and award it to students, initially and ongoing.

O Communicate that information to students and families.

O Assist students and parents throughout the entire process.

Financial Aid Office

223 Ulmer Hall

Phone: 570-484-2424

Fax: 570-484-2918

Web: http://www.lhup.edu/students/financialaid

Mon-Fri 8-4

*Students can view awarded financial aid in myHaven.

Under the Financial Aid tab, in the “Financial Aid Award” or “Shopping Sheet”

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RECAP:If your student intends to receive financial aid

for the upcoming year,

this is what you should have already

completed:

Filed a complete, signed 2015-16 FAFSA

Received a Financial Aid Award Letter

Completed Federal Verification, if selected. (applying for financial aid is an annual process, and is required each year)

What to do next…

1. Finalize financial aid sources that have

been awarded to the student.

2. If necessary, secure additional aid to cover

educational expenses.

Finalizing Aid Sources

ReceivingDirect Student Loans

By now most incoming students have submitted a

FAFSA and completed verification (if selected). There

are two additional requirements that must be

completed prior to the funds being sent to LHU:

1. Entrance Counseling

2. Master Promissory Note

Finalizing Aid Sources

Entrance Counseling & Master Promissory Note

• Completed by the student

• Online at https://studentloans.gov

• Allow 30 minutes to complete

If a student does not wish to receive the loan, he/she may cancel

it by completing a Loan Change/ Cancellation Form.

The form can be located on the Financial Aid section of the LHU website, under

forms.

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Finalizing Aid Sources

Pennsylvania State GrantIf your student was determined eligible to

receive a Pennsylvania State Grant from

PHEAA, there is one step that must be

completed: Pennsylvania State Grant Form.

To determine whether this has been done,

create an account and log in via the “Account

Access” tab at www.pheaa.org

Finalizing Aid Sources

Federal Work Study• Federal Work Study that is listed on the financial

aid award letter, implies that a student can earn that amount in federal work study dollars.

• Federal Work Study is not applied to the bill.

• Students receive their potential work study award in the form of a paycheck for the hours he or she has worked.

• Students who receive work study are responsible for finding jobs on campus.

• Jobs are posted on the Center for Career and Professional Development’s section of the LHU Website, under the “Job Postings” tab.

Finalizing Aid Sources

Scholarships• If you have been awarded a scholarship and

have not notified the Financial Aid Office of

it, please forward a copy of the letter(s) to

the Financial Aid Office.

• Scholarships will be included/listed in the

financial aid award, as long as the Financial

Aid Office was notified of the scholarship.

Secure Additional Aid

Do I have enough aid?This is one of the most popular financial aid questions our office receives at this point in the year.

• When you receive your fall semester bill from Student Accounts in late July, it will indicate if there is a “balance due”.

• As mentioned earlier by Student Accounts, students can pay this amount or they can set up a payment plan.

• If these are not valid options for your family, a student/parent may need to apply for an additional loan.

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Secure Additional Aid

Additional LoansThere are two additional loan options available to families to assist in covering educational expenses.

Direct PLUS Loan for Parents

Private Alternative Loan• Both loans take time to process—up to 6 weeks for a private

loan.

• Families can research the loan types now and apply shortly after getting the bill.

• When applying for the amount of the loan, it is suggested that families apply for the amount needed for the year—fall and spring semesters combined.

Secure Additional Aid

Direct PLUS Loan• A federal loan program available to the parent of the student

who completed a FAFSA.

• The parent applies online at https://studentloans.gov

• The parent logs in with his/her FSA ID and completes the application.

• Interest rate is 6.84% for loans processed on and after July 1, 2015.

• Borrowers must pass a credit check as part of the application process and complete a Master Promissory Note.

• If the parent is denied the loan and indicates that they are not going to pursue the loan, the student may be eligible for an additional unsubsidized Direct Student Loan of up to $4000.

• More information available on the Financial Aid web page under “Types of Financial Aid”.

Secure Additional Aid

Private Alternative Loan• A loan from a bank, used for educational

purposes.

• Not a government supported program.

• The student is the borrower, but often needs a credit-worthy cosigner for loan application approval.

• Potential borrowers should research various loan products to determine which loan best meets their needs.

• A listing of lenders used by LHU students can be found at www.elmselect.com.

Satisfactory Academic Progress(SAP)

Defined as “maintaining a satisfactory rate of

progress toward completion of an academic

degree, while being in good academic

standing”.

LHU Students must be meeting certain

academic requirements in order to continue to

receive financial aid.

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SAP Policy OverviewFederal Aid Policy:

Applies to all students at LHU

Earn a minimum of a 2.0 cumulative GPA and 67% of credits attempted

PA State Grant Policy

Applies to students who received the PHEAA State Grant.

Must earn 24 new credits each year of full-time attendance.

Repeated classes in which a grade of D or better was initially earned, do not count as new credits.

More details regarding the SAP policy can be found on the Financial Aid page of the LHU Website under “Financial Aid Overview”.

SAP Process at LHU

O Students’ grades are reviewed at the end of every semester they are enrolled, once grades are recorded by the Registrar.

O If the student is not meeting the necessary requirements, correspondence will be sent to the LHU email account and to the permanent address on file.

O If a student receives this correspondence, they are strongly urged to review the policy online and contact the Financial Aid Office to discuss the implications.

Financial Literacy

Financial Literacy can be defined as developing the skills to make informed financial decisions.

Students who have a good understanding of Financial Literacy generally experience more

success both in and out of college.

Examples of Financial Literacy Actions:

O Establishing financial goals

O Forming a plan to meet such goals

O Effectively managing personal finances

Important ConversationsHaving financial conversations with your student is the first step to get them thinking about financial literacy.

Suggested Conversations:

• How much does it cost to attend LHU and how will the bill be paid?

• How much money am I going to need for personal expenses and where will this money come from?

• How will I access my money when I am at LHU?

Suggested Actions

• Help your student complete the Entrance Counseling process to receive a loan—but don’t do it for them.

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Questions