Financing Your Future at Midwestern University

Transcription

1 May 31, 2012 Financing Your Future at Midwestern University Physician Assistant Nurse Anesthesia Physical Therapy Pharmacy

2 Student Financial Services Tom Billard Director Karen Owens Assistant Director Carol Davy Administrative Assistant

3 Student Financial Services Financial Aid Administrators Lesa Stanford Students A-E Lisa Veliz Students F-K Tammy Schmidt Students L-P Stacia McBride Students Q-Z

4 Student Financial Services Accounts Receivable Terri Pauletich Senior Coordinator Craig Lang Accounts Receivable Representative JoAnna Svoboda Accounts Receivable Representative

5 LOCATION Barrel III Student Center Open 8:00 am- 4:30 pm Phone: (623) Fax: (623)

6 CONTACT Midwestern University Financial Aid AZ

7 MWU Policies Important things you should know!

8 Communication All goes to AZ webmail Check your azwebmail.midwestern.edu account frequently! Use QR code for informative websites! Refer to Message Center in MWUNET Student Portal

9 The Message Center

10 --FERPA-- Family Educational Rights & Privacy Act Online Authorization for Release of Account Information Authorizes parent/spouse to access student account info You may revise ANY time Student ID # REQUIRED NO information release without the ID #

11 Coursework, Leave of Absence, Withdrawal While on LOA Billing continues for housing, health and disability, SS fees LOA 90+ days consequences: Withdrawal from financial aid Exit interview required Loans may enter repayment Max 180 days allowed in a year Contact your Financial Aid Administrator

12 HEOA Drug Policy Loss of Financial Aid Eligibility Regaining Eligibility

13 What do you need to check regularly and why? MWU Webmail this is how we communicate with YOU!

14 FAFSA and Institutional Application Submit FAFSA Every Year Opens mid-february Submit before PRIORITY DEADLINE to qualify for Perkins and need-based scholarships Submit Institutional Application Every Year New Loan Amount Requests

15 Award Letter This is your Cost of Attendance Budget Carefully Review Financial Aid Notifications Enrollment Changes Housing Revisions Notify us of any additional aid Generally Issued March through May At-A-Glance Refunds online

16 Cost of Attendance COA contains educational expenses: Solely for students NO spouse/dependent expenses Budget is based on program and housing status: On Campus (Regular/Luxury) Off Campus With Parents Thrifty Budget Cost of Attendance Survey Announcements every fall!

17 Cost of Attendance Budgets

18 What TWO documents must you complete each year? FAFSA Institutional Application

19 FUNDING OPTIONS SCHOLARSHIPS FEDERAL WORK-STUDY FEDERAL LOANS

20 Military Scholarships Health Professions Scholarship Programs through Army, Navy and Air Force early application was required. Too late for HPSP? Many other repayment programs available! Talk to Military personnel today! Government Vocational Rehabilitation National Health Service Corps MEET THE EXPERTS!

21 Institutional Scholarships MWU Scholarships Campus-Based Outside Scholarships Program-Specific Financial Literacy Scholarship Essay Based: Demonstrating Good financial Practices New Announcements starting early 2013

22 Federal Work-Study On Campus -$10/hr Inter-departmental jobs Financial Literacy Peer Counselor Sign up today! Community Service -$12/hr Literacy Tutoring Off-Campus and Professional Research -$12/hr Get a work-study job: Any time during award year Summers during nonenrollment

23 Perkins Loan Low Interest Subsidized Loan 0% in-school 5% during repayment Available to qualified borrowers with exceptional need Awards $3,000 to $4,000 based on funding levels

24 Perkins Loan My Account at Sign Promissory Note Account Balance Tax Information Online Forms Deferment Cancellation Forbearance MWU Customer Service

25 FEDERAL LOANS Stafford and Graduate PLUS Master Promissory Note (MPN) is required for each loan MPNs are multi-year Complete only one MPN if no cosigner is required. A new MPN is required each time if loan is cosigned. You need a separate MPN for the Graduate PLUS loan. Grad PLUS MPN has a max indicator dollar amount not required

26 Federal Loans Stafford : Six-month grace period after graduation Perkins: Nine-month grace period Graduate PLUS: Grace deferment option New legislation: No subsidies, higher fees Effective July 1, 2012

27 Managing Your Credit Request and Review Credit Report Annually Three Major Agencies: Experian.com Equifax.com TransUnion.com PLUS Loans require good credit: Don t threaten future eligibility! Private (Relocation loans) also require good credit score Common PLUS Loan denials Credit Cards being over-used/ over-extended Short Sales Mortgage Modifications (appeals may be approved!)

28 What loan type requires a credit check? Graduate PLUS loan

29 Tuition Billing and Management

30 Student Bills Students are expected to check MWU DAILY Online tuition payments What s your account balance? Tuition is due the FIRST day of each quarter Summer tuition due date: June 4, 2012

31 Student Bills Tuition Due Dates June 4, 2012 August 27, 2012 November 26, 2012 March 4, 2013

32 Student Bills Advantages to Online Payments No extra ID or password View statement 24/7 Real-time billing notification Monthly Payment Plan Interest-free monthly payment plans $25 fee per quarter Set up after financial aid received Late payments may cause you to lose privileges

33 Student Bills Cash/ Check Credit Card online.midwestern.edu 3 rd Party Payment Grandma wants to help out Uncle Ed won the lottery Go to: From drop-down box, select Public Access Select Family tab at the top Select Tuition Payment

34 Student Bills Overdue Accounts Balances MUST be paid in full OR a payment plan established Late fees: 1.5% or $7.50, whichever is greater Past Due Notice sent via Delinquencies reported to Deans

35 Student Bills May 14, 2012 June 1, 2012 Summer Quarter Charges Summer Quarter Loans $10, $17, June 8, 2012 Student Refund You now have a $0 balance $7, July 1, 2012 Parking Ticket $10.00 This is the refund from your loans for living expenses and books.

36 Student Bills Adjustments Additional/Missed Charges Housing, Carport Add/Drop Classes Dual Degree Health Insurance Charges after the quarter due date are due within 10 days or a payment plan

37 Living Expense Refunds Direct Deposit MANDATORY Submit through Financial Services tab on midwestern.edu Guaranteed payment arrival Manual checks individual basis exception only Delays payment

38 Living Expense Refunds Student Refund Checks No direct deposit? Checks sent June 8, 2012 You MUST personally endorse all scholarship checks that are co-payable

39 What is the due date for summer tuition? June 4, 2012

40 Living Expense Refunds Loan Refund Check Disbursed only during period of enrollment Generally disbursed equally each quarter (exception: front-loaded loans). Refund from loans is for living expenses or items not directly billed. Don t forget books & supplies you must purchase yourself!

41 Living Expense Refunds Monthly Allotments Estimated monthly amount to pay all living expenses: On Campus Average $1,925/mo. Off Campus Average $2,400/mo. Thrifty Average $1,395/mo. Travel budget is increased for required travel or rotations later on

42 Living Expense Budget On Campus Off Campus Thrifty Rent $740 $875 $450 Food $394 $394 $296 Utilities $190 $380 $190 Transportation $116 $325 $116 Auto Insurance/Registration $180 $180 $180 *Personal $305 $305 $163 MONTHLY TOTAL $1,925 $2,459 $1,395 *Includes $400 extra in first year to cover titers

43 Determine What You Need Ask for enough funding Try to make just one loan request Don t ask for too much Review your Award Letter! Returns made within 120 days, reverse interest/fees

44 Determine What You Need Excess Loan Returns Bring check to Financial Services, payable to MWU Recalculate/reduce future loans (avoid multiple returns)

45 Other Financial Resources Arizona Department of Economic Security (DES) Students with children may qualify for Nutrition Assistance (NA) AZ Health Care Coverage (AHCCCS) Notify Student Services for health insurance waivers annually!

46 Can you receive a loan disbursement if you re not enrolled? Not allowed!

47

48 RepayReady Workshops

49 RepayReady Workshops Bring: Free lunch Hands-on Track your loans with RepayReady TM FAFSA PIN Laptop Interested in Peer Counseling? Sign up today!

50 No extra charge to students Yearly check-in Easy access loan management Workshops available throughout the year

51 Comments from Graduates 2012 graduates have told us: Encourage to take out less student loan at all times. Workshops and constant s from SFS have kept my attention about my debt and how to plan for it. Repay ready would be a good option earlier on for students like myself who are trying to figure out what to do to repay loans starting the day after graduation.

52 MWU Class of 2012 Debt Program Graduates Low Average High Physician Assistant 83 $6,304 $119,071 $161,385 Nurse Anesthesia 30 $30,427 $138,768 $165,879 Pharmacy 122 $15,000 $184,280 $319,774

53 RESOURCES AND INFORMATION Federal Work-Study Cost of Attendance Budgets Alumni Repayment Information Scholarships This Presentation!

54 What great tool is available to help students monitor their loans and repayment?

55 Staff Questions? Accounts Receivable Financial Aid Terri Sr. Coordinator Lesa A-E Craig JoAnna A/R Representative A/R Representative Lisa F-K Tammy L-P Stacia Q-Z Military Questions?