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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
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
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
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
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
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
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?