The Five Options Page (Contact-PaySelec) Instructions for Paying the Estimated Remaining Balance (aka "The Gap").

Transcription

1 Telephone: (785) FAX: (785) The Five Options Page (Contact-PaySelec) Instructions for Paying the Estimated Remaining Balance (aka "The Gap"). Step 1: Examine the bottom of page 1 of the Award Letter; compare the Estimated Remaining Balance with the payment options below. Select the plan that best suits your family budget. Go to Step 2 below. OPTIONS FOR THE ESTIMATED REMAINING BALANCE (aka "The Gap"): Option 1: - Pay in Full prior to the beginning of each semester Fall 2017 Spring 2018 Amount Due: Due : Aug 1, 2017 Due : Jan 1, 2018 Estimated Remaining Balance for Term No processing fees or interest charges Option 2: - Pay in four monthly payments-automatic withdrawals-via ACH Fall 2017 Spring 2018 Due on first business day of month Due: Aug 1, Sept 1, Oct 1, Nov 2, 2017 Due: Jan 1, Feb 1, Mar 1, Apr 1, 2018 OR Fall 2017 Spring 2018 Due on business day on or after 15 th of month Due: Aug 15, Sept 15, Oct 15, Nov 15, 2017 Due: Jan 15, Feb 15, Mar 15, Apr 15, 2018 Monthly Payment Amount: = (Estimated Remaining Balance for Term + 25) / 4 payments Payment Method: Automatic withdrawal (ACH) from the account you designate on Payment Selection Form. Option 3: - Parent Loan for Undergraduate Study (PLUS) a parent borrows in this government student loan program. Learn more at types/loans/plus. Apply at: Parent applies at with FSA ID. Funds will be disbursed after the start of classes half in each term after the end of the add drop period. Option 4 or 5: - Alternative Commercial Loans The student (usually with a credit-worthy co-borrower) or a parent borrows in this commercial (nongovernment) FICO Score based student loan. Learn more at page titled "Alternative Loans" below. Apply at your lender's website: See pages 5 and 6 below. Funds will be disbursed after the start of classes half in each term - as quickly as possible. Step 2: Submit the Payment Selection Form (see following pages) for the option(s) you have chosen Scan/ to finaid.edu, FAX to or mail via US Postal Service to above address Step 3: If you selected Option 3-Parent PLUS Loan or Option 4 or 5 -Alternative Loan, immediately submit the application for your loan following the detailed instructions on the Payment Selection form specific to the payment method you selected. finaid@kwu.edu that the application was submitted. Include the student's name and KWU Student ID# in the . Thank you. Step 4: Go to your MyKWU > Student> Financial Information> Awards> "Accept" your Awards. See instructions on the last page of this document. If you need help, contact your Admissions Counselor or the Office of Student Financial Planning. Step 5: Frequently visit your MyKWU Student Portal > Financial Assistance Document Tracking for further instructions. Submit these forms to us promptly so we can process your Aid Package promptly.

2 Option 1: PAYMENT SELECTION FORM 1 Paid in Full Prior to Beginning of Term Contact: PaySelec CorrID: PAYMENT IN FULL of the Total Estimated Remaining Balance Per Term (after Financial Aid ) Payment DUE Prior to the Beginning of the Term: Complete and submit this form if your family plans to pay the Estimated Remaining Balance (plus any "Special Fees as outlined in the Catalog Section 3-Educational Expenses "Special Fees") in full prior to the beginning of each term: A B PAYMENT IN FULL DUE Prior to the Beginning of the Term Due ESTIMATED REMAINING BALANCE after Financial Aid is applied:(from award letter Add Applicable "Special Fees : August 1, 2017 January 1, 2017 Late payment fee Dishonored payment fee A Student Data Sheet will be mailed to the student's permanent residence address in June for Fall 2017 and December for Spring 2016, if student has been admitted and is enrolled by that date. No other billing is issued. Option 1 Pay in Full by check made payable to Kansas Wesleyan University. Write the student name and KWU Student ID# on the face of the check. Mail to: Kansas Wesleyan University ATTN: Business Office 100 East Claflin Rd, Salina, KS Option 2: Pay in Full by Debit or Credit Card: By Telephone: On Line: Telephone Monday - Friday 8AM to 5PM Log onto MyKWU > Current Students > My Account Info > My Account Balances > Make A Payment > Select term 3% processing fee for paying by Debit or Credit Card. I hereby affirm that the above is my intended payment plan for the above referenced student's Remaining Balance. Name Telephone Address Signature * We encourage you to have your student place your name on their FERPA Release Form. Submit this Form to Kansas Wesleyan University, Office of Student Financial Planning at FAX , or scan and to finaid@kwu.edu or mail to above address by deadline. CorrID: Initials

3 Option 2: PAYMENT SELECTION FORM 2 Monthly ACH Payments MONTHLY INSTALLMENT PAYMENTS (INTEREST FREE) BY AUTOMATIC BANK DRAFTContact: PaySelec Complete and submit this form if your family plans to pay the Estimated Remaining Balance (plus any "Special Fees as outlined in the Catalog Section 3-Educational Expenses "Special Fees") in monthly payments via the Automated withdrawal from the account you designate: ESTIMATED REMAINING BALANCE after Financial Aid is applied:(from award letter) A B Add Applicable "Special Fees : ACH Set Up and Processing Fee C D Custom Payment Fee (10 per Custom Due ) Total Remaining Balance Due By End of Term Calculate Monthly ACH Payment Amount Monthly ACH Payment Amount First Payment Due Divide by 4 Divide by 4 August 1, 2017 January 1, 2018 Late payment fee Dishonored payment fee A Student Data Sheet will be mailed to the student's permanent residence address in June for Fall 2017 and December for Spring 2018, if student has been admitted and is enrolled by that date. No other billing is issued. AUTHORIZATION- I authorize Kansas Wesleyan University to deduct payments for my student s educational charges from my account listed below. I select one of the two payment schedules offered below. I understand the monthly payments will equal approximately one quarter of the Total per Term (above). I understand the ACH withdrawals will occur approximately on the following dates (no earlier). My signature in the box above the Payment Schedule signifies my election of a Payment Schedule. Payment Schedule Due on the Fifteenth (15th) of each Month Circle One: Payment Schedule Due on the First (1st) of each Month Fall 2016: August 1, September 1, October 1, November 1 August 15, September 15, October 15, November 15 Spring 2017: January 1, February 1, March 1, April 1 January 15, February 15, March 15, April 15 Custom Due s Requested (10 ) Fall: Aug Sept Oct Nov Spring: Jan Feb Mar Apr I may discontinue this Payment Schedule selection at any time by contacting the Business Office at Kansas Wesleyan University ( I understand simultaneously at the time I withdraw from this Payment Schedule selection, I must inform the Business Office of my revised plan for paying the Total Remaining Balance or such withdrawal action may cause termination of classroom, residence hall, and cafeteria privileges. The automatic bank draft fee is 25 per semester. A Custom Payment Fee of 10 will be charged for each individual payment not on the original chosen schedule. Enrollment in the bank draft program after the first draft date will require the total of the missed drafts to be paid in full prior to acceptance of ACH enrollment by KWU. Check one: Continue to use the same bank account information as used in previous terms. New account information complete the following information. Attach a check copy or voided check. Print Name (as it appears on Checking Account) Name of Bank, Location of Bank (City and State) I hereby affirm that the above is my intended payment plan for the above referenced student's Remaining Balance and that I am the authorized Account Holder: Name Telephone Address Signature * We encourage you to have your student place your name on their FERPA Release Form. Submit this Form to Kansas Wesleyan University, Office of Student Financial Planning at Pioneer Hall Rm 285, or via FAX , or scan and to finaid@kwu.edu or mail to above address. Any changes to be made to this schedule must be made in writing by the account holder. Sorry, unable to accept telephone calls for this purpose. Co-Contact CancChck Initials

4 Option 3: PAYMENT SELECTION FORM 3-Parent Loan (PLUS) Contact: PaySelec Complete and submit this form if your family plans to pay the Estimated Remaining Balance (plus any "Special Fees as outlined in the Catalog Section 3-Educational Expenses "Special Fees") by a parent of this student borrowing a Federal Direct Parent Loan for Undergraduate STudy (PLUS) : A ESTIMATED REMAINING BALANCE after Financial Aid is applied:(from award letter) Add Applicable "Special Fees : B C D E F 6 Total Remaining Balance to be covered by PLUS loan Parent PLUS loan Fee (Approximately 4.3%) Total Amount of PLUS loan needed to cover charges + refund + loan fees Parent PLUS loan Fee (Approximately 4.3%) Parents: Apply with your FSA ID at Application Due May 1, 2017 Nov. 1, 2017 Net Refund check per Term from PLUS Loan (Fall must be equal to Spring) Late payment fee A Student Data Sheet will be mailed to the student's permanent residence address in June for Fall 2017 and December for Spring 2018, if student has been admitted and is enrolled by that date. No other billing is issued. Federal Parent Loan for Undergraduate Study (PLUS) loan is available for parents of dependent students. Parents (but only a parent or a step-parent, no other relatives or friends nor may the student borrow in PLUS) can qualify for an amount sufficient to cover the entire balance; or they may wish to add approximately 1,200 to the their loan to cover books and supplies, or even more. The parent applies at Log on with the parent's own personal FSA ID. If the parent must apply to establish an FSA ID, allow 72 hours after application to start the PLUS application. Parents also do the PLUS Promissory Note at Either parent, can borrow in the PLUS program. Although a federal program, there is a small credit component. If the parent's PLUS application is denied:, options for appeal are: If declined, watch the application screen for directions to submit an Appeal, or call for help. A Co-Borrower with stronger credit can be added to your PLUS application at OR Their student may be eligible to increase their Unsubsidized Loan, (Freshman/Sophomore = 4000, Junior/Senior = 5000) but this may not cover the entire remaining balance. So Appeal or Co-Borrower may be better choice in this circumstance. For more information on Parent PLUS Loans go to Name of Parent Who will bethe borrower Parent s SS# Parent s Street Address, City, State, Zip Code Parent Telephone Number Parent Address I hereby affirm that the above is my intended payment plan for the above referenced student's Remaining Balance: Name Telephone Address Parent Signature * We encourage you to have your student place your name on their FERPA Release Form. Submit this Form to Kansas Wesleyan University, Office of Student Financial Planning Scan/ to finaid@kwu.edu or at FAX Scan/ to finaid@kwu.edu or mail to above address by deadline. Co-Contact DPlusApp DPlusAmt Initials

5 Option 4: ALTERNATIVE EDUCATIONAL PRIVATE LOAN - Student Borrower Student Borrower (and most often with Parent or other Co-Borrower) Contact: PaySelec Complete and submit this form if your family plans to pay the Estimated Remaining Balance (plus any "Special Fees" as outlined in the Catalog Section 3-Educational Expenses "Special Fees") by the STUDENT borrowing a commercial Alternative Loan. Due to the student's youth and lack of credit history, expect a co-borrower to be needed fo rthis FICO Score based commercial loan: A ESTIMATED REMAINING BALANCE after Financial Aid is applied:(from award letter) Add Applicable "Special Fees : B C D Net Refund check desire (per Term) from Alternative Loan Total Alternative loan to be requested Application Must Be Approved by Recommendation: Apply early (Ten(10) Days Processing Time) May 1, 2017 Nov. 1, 2017 The student (and their co-borrower) applies at your chosen lender's website. Late payment fee A Student Data Sheet will be mailed to the student's permanent residence address in June for Fall 2017 and December for Spring 2018, if student has been admitted and is enrolled by that date. No other billing is issued. Alternative Education Loans are available to assist you to fund educational expenses, but should be investigated after the Federal programs have been exhausted as the Alternative Loan is a commercial education loan and may have fewer cancellation privileges than federal student loans. Information is available at Alternative Loans are FICO Score credit based loans for which the parent is the borrower not the student. Payments (not interest) can be deferred for half time or greater enrollment, and for a six month grace period after school before repayment begins. Apply for the entire year; funds are disbursed each semester. Approval and interest rate is based upon credit. We recommend also applying for the Parent PLUS loan and comparing interest rates and fees. KWU does not endorse any lenders, however the three listed below have established online processes with KWU. Submit your application BEFORE: May1 for Fall 2017 or BEFORE November 1 for Spring Allow ten (10) days for processing. Discover Certified Private Loan : Sallie Mae Smart Option Private Loan: Apply on line at Apply online at To check the status or to apply by phone, call To check the status or to apply by phone, call Wells Fargo Collegiate Loan : The Alternative Loan Lender of your choice: Be sure to inform us which Lender you will be using so we Apply online at can make processing arrangements with them for you. Check the status or to apply by phone, call Sign the loan electronically with e-sign process. Your co-signer can e-sign online also. KWU will receive notification to certify that your application is approved. Ten days later lender can release the funds to KWU into your student account at the beginning of each semester. I hereby affirm that the above is my intended payment plan for the above referenced student's Remaining Balance: Name Cell Phone Address Student Signature * We encourage the Co-borrower to have your student place your name on their FERPA Release Form. Submit this Form to Kansas Wesleyan University, Office of Student Financial Planning Scan/ to finaid@kwu.edu or at FAX or mail to above address by deadline. Co-Contact AltLoan Initials

6 Option 5 ALTERNATIVE EDUCATIONAL PRIVATE LOAN - Student Borrower Contact:PaySelec Complete and submit this form if you plan is to pay the Estimated Remaining Balance (plus any "Special Fees as outlined in the Catalog Section 3-Educational Expenses "Special Fees") by the student borrowing a commercial Alternative Loan: A ESTIMATED REMAINING BALANCE after Financial Aid is applied:(from award letter) B Add Applicable "Special Fees : C Net Refund check per Term from Alternative Loan D Total Remaining Balance to be covered by Alternative loan Application Must Be Approved by Recommendation: Allow Ten(10) Days for Processing May 1, 2017 Nov. 1, 2017 The student (and generally their co-signor)apply at your chosen lender's website Late payment fee A Student Data Sheet will be mailed to the student's permanent residence address in June for Fall 2017 and December for Spring 2018, if student has been admitted and is enrolled by that date. No other billing is issued. Alternative Education Loans should be investigated after Federal programs have been exhausted as the Alternative Loan is a commercial education loan and may have fewer cancellation privileges than federal student loans. Information is available at loans. Alternative Loans are FICO Score credit based loans for students. Payments (not interest) can be deferred for half time or greater enrollment, and a six month grace period after school before repayment begins. Apply for the entire year; funds are disbursed each semester. Interest rate based upon credit. Almost all students are required by the lender to have a credit worthy co-borrower. KWU does not endorse any lenders, however the three listed below have established online processes with KWU. Submit your application BEFORE: May 1 for Fall 2016 or BEFORE November 1 for Spring Allow ten (10) days for processing. Discover Certified Private Loan : Sallie Mae Smart Option Private Loan: Apply on line at Apply online at To check the status or to apply by phone, call To check the status or to apply by phone, call Wells Fargo Collegiate Loan : Apply online at To check the status or apply by phone, call The Alternative Loan Lender of your choice: Be sure to inform us which Lender you will be using so we can make processing arrangements with them for you. Sign the loan electronically with e-sign process. Your co-signer can e-sign online also. KWU will receive notification to certify that your application is approved. Ten days later lender can release the funds to KWU into your student account at the beginning of each semester. I hereby affirm that the above is my intended payment plan for the above referenced student's Remaining Balance and my Alternative Loan was submitted to (Lender Name) on : My Parent Borrower Name Address Cell Phone Student Signature * We encourage the Co-borrower to have your student place your name on their FERPA Release Form. Submit this Form to Kansas Wesleyan University, Office of Student Financial Planning Scan/ to finaid@kwu.edu or at FAX or mail to above address by deadline.. Co-Contact AltLoan Initials

7 Refund : your total financial aid exceeds your awards: You will receive a refund check after your aid has processed Refund checks begin to be available beginning about ten days after classes begin (Fall after 8/22/2017 Spring after 1/09/2018). If you need help buying textbooks, contact us for a Book Voucher to buy texts at Yotee s Bookstore. o When your check is ready, we will you at your KWU . Pick it up in the K-Dub Hub, Hall of the Pioneers, Room 285. (If your parent has borrowed a PLUS loan, the refund check will be mailed to the parent who borrowed, if they so selected on their PLUS application.)