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 Processes– Overview of Process– Tutorial– Deadlines and Reminders

We are here to

help you start the semester smoothly

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 your course enrollment

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Financial Aid To Do List

FAFSAState Grant ApplicationAccept your Financial Aid AwardSubmit any Documents RequestedFederal Direct Student LoansFederal Direct Parent PLUS LoanPrivate Student Loans

Students must check

their JSC email

accounts regularly

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– Check with your state agency

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

Aid and Documents

• Accept Your Aid Package– Return letter by mail

– Accept aid on Web Services

• Submit Requested Documents– Verification Worksheet

– Federal Tax Returns

• Do Not Delay!– Submit requests for any additional information

promptly.

– Students need to check their JSC email accounts regularly for important updates.

If you are asked for

information provide it as soon as possible

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Loan Entrance Counseling

Visit www.studentloans.gov and complete two requirements to borrow student loans:

• Step 1– 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. – Required so you learn your rights and

responsibilities as a borrower.

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

• Step Two

• Select Complete Master Promissory Note (MPN)– Then select: Subsidized/Unsubsidized as the loan type

• You will need to complete the on screen instructions through the entire process

• Notification on the screen and by email means you successfully completed 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 Loan

When Notified Take Action• Students need to complete their Perkins

Promissory Note and Entrance Counseling online if this award is part of your aid package.

• Procedures for completion will be sent from our servicer, ECSI once the loan is accepted.

• Upon receiving the instructions, students must complete the process as soon as possible.

• Only required to complete this process once while enrolled at JSC.

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

Work-Study

• What is it? Federally funded campus employment paid to the student biweekly (Use direct deposit to receive funds quicker).

• How is work-study eligibility determined? Based on need as determined from your FAFSA information.

• What is it used for? Earnings are for the student’s personal spending money and can not be applied towards the college bill.

• How is a job found? List of positions provided at start of the semester. Look for a job early as employment is not guaranteed.

Students CAN NOT

begin earning their work-study until their

Financial Aid file is

complete, and account

is settled

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Additional Funding

• Federal Direct Parent PLUS Loan—– Complete the JSC PLUS Pre-Application provided

by the FA Office or print from our web-site. – At www.studentloans.gov the parent borrower

logs in with their PIN.– Choose menu option “Sign Master Promissory

Note” and follow instructions to completion. – A credit check is performed before loan can be

approved.

• 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

no Entrance Counseling required

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Student Health Insurance

• Johnson State Health Insurance Requirement

• Accept or Decline online by August 12 to avoid a late fee

• Completed annually• Decline the health insurance no later

than September 30. If not declined by this date the charge cannot be removed

Save yourself $1407 by declining

the health insurance if

you have insurance through another carrier

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

MONEY MATTERS

Save $1,407 here!

Online Health Insurance Form

Decline on-line by

September 30 or the

charge remains on the account

Save $1,407 here!

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• Six (June start), Five (July start) and

Four (August start) month plans available

• Can be set up as early as June 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 12 meaning…– Your financial aid is complete and

ready to disburse– Your remaining balance is paid

in full– 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 job at the start of the semester

• 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

Tutorial

Tutorials are available on

the JSC YouTube channel.

Links can be found on

myjsc.vsc.edu & jsc.edu

http://www.youtube.com/watch?v=7zq5hsJauF4

MONEY MATTERS

Understanding

Financial Aid

and

Payment

Procedures

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Last Thoughts

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

• Finalize your financial aid paperwork and Make your final payment and/or set-up your payment plan by August 12 to avoid a late fee

• Accept or decline health insurance• Request your student set you up as an

“Authorized User” for electronic billing• Students must check their JSC email

regularly to stay up to date

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?