Financial InformationFinancial InformationStudent Financial Planning Student Accounts

Steve Tracht Judy De Volld

Student Financial Planning Office HoursStudent Financial Planning Office Hours (located in Founders Hall, 1(located in Founders Hall, 1stst floor) floor)

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

Regular Hours Monday through Friday 8:00am to 4:30pm

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

How do you apply for Financial Aid?How do you apply for Financial Aid?

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

What types of Financial Aid What types of Financial Aid are available? are available?

• 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

Grants & ScholarshipsGrants & Scholarships

EmploymentEmployment

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.

EmploymentEmployment

•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

Federal Work-Study (continued)

Student LoansStudent Loans

•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

Federal Stafford Loan

Student LoansStudent Loans

Federal Stafford Loan (continued)

Dependent Independent Student Student

Freshman (0-25 hours) $3,500 $7,500Sophomore (26-55 hours) $4,500 $8,500Junior/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.

Maximum Annual Eligibility

Student LoansStudent 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 LoansStudent 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 Parent LoanLoan

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 PLUS Loan

Parent LoanParent 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 LoanParent 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 NoteSign promissory note electronically with federal PIN (or print out and sign, or ask Great Lakes to send the promissory note)

Private/Alternative Loan

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

•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?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 OfficeStudent 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

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

Confirmation Process

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

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)

Fall 2007 Online Confirmation - cont’d

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 – page 65

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.

Payment Plan Options – 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 anda 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.

Fall 2007 Online Confirmation - cont’d

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)

Come to Student Account to…

Office Hours Today: 8:00 am – 6:30 pmRegular Office Hours: 8:00 am – 4:30 pm

Phone: 740-392-6868 ext. 4440/4441Toll-free: 866-686-8243 option 1Fax: 740-393-0511Email: accounts@mvnu.edu

Student Accounts Office