Graduate Award and Billing Guide Office of Student Financial Services

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1 Mount Ida College Graduate Award and Billing Guide Office of Student Financial Services The Office of Student Financial Services is here to provide assistance to Graduate Students in paying for a Mount Ida College education. We offer: Counseling and instruction on applying for financial aid and determining eligibility for such funding Guidance on financing the cost of a Mount Ida College education via loans and payment plans Information relating to tuition bill charges, payments and federal student loans. This award guide was designed to help you understand your financial aid award, how it was determined, and some available financing options for your review. Information on your next steps is also provided. Please review this guide and contact the Office of Student Financial Services at with any questions you might have. Now that you ve been awarded financial aid, here is some information you need to know: How Financial Aid is Calculated Estimated Cost of Attendance (COA) Your financial aid eligibility is determined by taking your Cost of Attendance (COA) for the academic year minus your Expected Family Contribution (EFC) results of filing the FAFSA. Your COA is comprised of your direct, billed costs for tuition and fees and if applicable, room and board. Additionally, you incur related education expenses for which you are not billed such as books and supplies, transportation costs, etc. The combination of your direct and indirect costs equal your cost of attendance. You may request that your total COA be increased based upon certain types of expenses you have. You will be asked to provide documentation of your expenses before your total COA can be increased. If you have expenses that you would like added to your cost, please contact our office to determine if they are allowed and what supporting documentation will need to be submitted. Graduate students, who submit a valid FAFSA application, are primarily awarded Federal Direct Unsubsidized Stafford Loans. Accepting or Declining Your Financial Aid Award Our office assumes that you accept the award as offered unless you tell us otherwise. To decline or reduce any portion of your loan, you must submit that request in writing to our office. You may also complete the LOAN ADJUSTMENT FORM located in the Financial Aid Forms section of the Mount Ida College website. Next Steps: Completing Online Federal Stafford Loan Requirements 1. First-time borrowers are required to complete online ENTRANCE COUNSELING at before loan funds can be disbursed to your student account as a payment. Once this requirement is complete, notification will be sent to our office. 2. First-time borrowers are also required to complete an online MASTER PROMISSORY NOTE (MPN) at before loan funds can be disbursed to your student account as a payment. Once this requirement is complete, notification will be sent to our office. 3. You will receive a DISCLOSURE STATEMENT from the Federal Direct Loan Servicer informing you of the amount of loan that will be sent to Mount Ida College. Retain this for your records. Federal Direct Unsubsidized Stafford Loans To be eligible, you must file a FAFSA with Mount Ida and be enrolled at least half-time (6 credits). This federal loan is not need-based. If you are a first-time borrower at Mount Ida, you must complete Entrance Counseling and sign a Master Promissory Note (MPN) before funds can be disbursed. Loan(s) are credited to your tuition account approximately 30 days after the start of the semester.

2 Award Amounts/Academic Year Graduate Students: Loan terms: Dependent student N/A Independent student up to $20,500 Interest and principal may be deferred until you cease to be enrolled at least half-time (6 credits) Interest accrues while in-school and during grace and deferment periods Fixed interest rate of 5.31% for graduate students Interest is not paid by the government; borrower is responsible for all interest payments Repayment begins six months after you graduate, withdraw or stop attending school at least halftime (6 credits) Up to a 10 year repayment period with a $50 minimum monthly payment A 1.069% fee may be deducted from loan proceeds prior to disbursement Graduate PLUS Loans Graduate students enrolled at least half-time in a degree program and in need of additional resources beyond what is offered as a result of filing your FAFSA, may apply for a Federal Direct GradPLUS Loan. To be eligible under the Federal Direct Graduate PLUS Loan, you must file a FAFSA and meet the minimal credit check requirement. Information that you borrowed from the Federal Direct Loan Program will be sent to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users of the data system. Before Federal Direct GradPLUS Loan proceeds can be credited to your tuition account, the Office of Student Financial Services must receive confirmation from the Department of Education that you successfully completed Entrance Counseling, a Federal Direct GradPLUS Loan Master Promissory Note and passed a credit check. For additional information about the Federal Direct GradPLUS Loan reference the U.S. Department of Education Student Guide. GradPLUS Loan award amounts. Maximum per year, per student equals Cost of Education minus financial aid awarded. No aggregate loan limits GradPLUS Loan terms: Fixed interest rate of 6.31% Repayment begins within 60 days after full disbursement of the loan proceeds Students have up to 10 years for repayment $50 minimum payment Up to a 4.276% fee is deducted from loan proceeds prior to disbursement All fees are deducted from loan proceeds at disbursement Deferment option Interest only option Federal Loan Repayment All federal loans require repayment. Failure to repay your loans will result in a defaulted status. Default means that you have failed to repay your loan according to the terms outlined in your promissory note. If you are having difficulty repaying your loans you should contact your lender immediately to review alternative repayment programs that you may qualify for. If you do not know who your lender is, you may access your loan history via the National Student Loan Data System (NSLDS) at You will need your Federal Student Aid (FSA) ID to enter this site. Loan Consolidation Consolidation loans allow borrowers to combine eligible education loans into a new loan. Typically, these loans will have a lower monthly payment, but a longer repayment term than the original loans. Consolidation loans should be considered carefully. Generally they are determined by weighted interest, meaning that an average rate is determined between the higher and lower interest rates on all loans a borrower has taken. Federal Direct Loans cannot be consolidated with private loans. For more information on consolidation, please visit

3 For More Guidance SallieMae s website offers some guidance on responsible borrowing, visit If SallieMae is not your lender, or if you are confused as to which loans you have taken, visit the Data System for NSLDS at for a list of your Federal Direct Student Loans. You will need your Federal Student Aid (FSA) ID that you received when you completed your FAFSA, in order to access the information on this site. Repayment Calculator The loan repayment calculator will help student loan borrowers calculate monthly Principal and Interest payments under the different payment plans. Log onto To view a list of Federal Loan payment plan options go to Deferment You can receive a deferment for certain defined periods. A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school, unemployment, or economic hardship. You don t have to pay interest on the loan during deferment if you have a Federal Direct Subsidized or FFEL, Stafford Loan or a Federal Perkins Loan. If you have a Federal Direct Unsubsidized Direct or FFEL Stafford Loan, you re responsible for the interest during deferment. If you don t pay the interest as it accrues (accumulates), it will be capitalized (added to the loan principal), and the amount you will have to pay in the future will be higher. You have to apply for a deferment to your loan servicer (the organization that handles your loan), and you must continue to make payments until you ve been notified your deferment has been granted. Otherwise, you could become delinquent or go into default. Forbearance Forbearance is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. You can receive forbearance if you re not eligible for a deferment. Unlike deferment, whether your loans are Subsidized or Unsubsidized, interest accrues, and you re responsible for repaying it. Your loan holder can grant forbearance in intervals of up to 12 months at a time for up to 3 years. You have to apply to your loan servicer for forbearance, and you must continue to make payments until you ve been notified your forbearance has been granted. For more information about Federal Direct Student Loans, contact the U.S. Department of Education s Direct Loan Customer Service Department at Direct Loan Servicing Center, Borrower Services Department PO Box 5609 Greenville, TX Alternative Private Educational Loans Private loans are recommended as an option only after students have applied for federal loan programs. You may also choose to explore alternative educational loans. Mount Ida College does not recommend any specific loan program, we do however, recommend that you compare interest rates and repayment terms while reviewing your options. Alternative private loans are credit based and you may be required to add a credit-worthy cosigner to your application. Approved alternative loan applications should be completed prior to the start of class and before the semester billing due dates. We strongly encourage students to apply for the full year on one application to avoid having to complete multiple applications and having multiple credit checks performed. To learn more about these loans visit Outside Grants and Scholarships All students are encouraged to seek private scholarship and grant opportunities. These funds may come from an employer, community organizations or clubs, etc. Such funds should be reported to Student Financial Services, by sending a copy of the award letter to us so that we can incorporate it to your financial aid award package. Financial Aid Terms Conditions and Policies Before applying for financial aid, we recommend that you make yourself familiar with important financial aid policies, terms and conditions that may affect you. Visit to review this information. We encourage you to use this section of our website as an important reference tool.

4 Re-Applying for Financial Aid All students must re-apply for financial aid each year by completing the FAFSA application. The FAFSA is available each year on October 1. Eligibility for assistance is reviewed each year and contingent on meeting eligibility and deadline criteria. Your enrollment, cost of attendance, and academic progression will determine your eligibility in future years. Change in Circumstances Changes in name, enrollment, or degree status should be communicated with the Student Financial Services immediately. Your award may be adjusted at any time based on new information. Reduction in enrollment may result in the loss of financial aid. Satisfactory Academic Progress You must demonstrate that you are making academic progress towards your degree to retain eligibility for federal funding. Your academic progress and standing will be reviewed at the end of each semester. If you lose eligibility, you will be notified in writing. For further information on Satisfactory Academic Progress please consult the college website and College Catalog. OTHER IMPORTANT INFORMATION YOU SHOULD KNOW Good Financial Standing To be in Good Financial Standing, a student must have settled their student account for all charges currently due. A student s account is considered settled when it is either paid in full or covered by one of the following: Anticipated Financial Aid, including alternative loans, with no outstanding paperwork or other issues remaining. Funds must be approved by the lender to be disbursed directly to the College at a specific future date. A current and up-to-date payment plan established through Mount Ida College s third-party servicer, Tuition Management Systems (TMS), which allows payments to be spread over the course of the academic year. Students with a balance are not eligible to receive transcripts or a diploma. Students may view their balance by logging onto their Miweb account. All tuition and fees are payable on the date specified prior to the opening of each semester. Students may not check in at the start of the semester or depart for Mount Ida College sponsored study abroad/exchange programs until all outstanding financial matters have been resolved. Any individual who fails to settle all outstanding balances may not register, attend classes, depart for or participate in a Mount Ida College sponsored study abroad/exchange programs, participate in student activities, including athletics, be provided transcript service, receive grade reports, or be granted a degree. The student is responsible for any costs incurred by the College in collecting past due balances. Students must be in Good Financial Standing in order to participate in all Mount Ida College programs and activities, including but not limited to participation as a resident assistant and student government leader. Late Payment Fees Accounts not settled in full by the due date, as outlined under Good Financial Standing, will be subject to a late fee of $200 each semester. Anticipated Financial Aid Payments Students must complete and return all additional documentation, verification, corrections and/or new information requested by Mount Ida College s Office of Student Financial Services or the outside agency to which an application was submitted. If paperwork remains outstanding, the financial aid may be forfeited and the student will remain responsible to pay any amounts that have been covered by the financial aid. Financial Aid files that remain incomplete are subject to cancellation. Cancellation of financial aid funds may result in a balance owed to the college. Return to Title IV Funds Students who withdraw from all classes, but attended the College for at least one day during the semester and received or was eligible to receive financial aid, are subject to a Return to Title IV Funds calculation. This calculation is mandated by the federal government. The calculation is done by the following: dividing the number of days the student attended by the

5 days in the semester. Students who remain enrolled through the 60% point of the semester are considered to have earned 100% of their financial aid and will not owe a repayment of the Title IV funds. Title IV funds include the following: Federal Direct Stafford Loans, Federal Direct Graduate PLUS Loans. Federal Work-Study is excluded from the calculation. The calculation will be done within 30 days of the withdrawal from the College. Notification of adjustments will be sent in writing to the student. In circumstances when the College must return funds to the federal government it may result in an amount owed to the College. College Withdrawal Form Whether a student wishes to withdraw from the College permanently or temporarily, he or she must obtain an official College Withdrawal Form from the Office of the Registrar. For additional information, please visit Refund Policy for Withdrawal Students who withdraw from the College may be eligible for a reduction of tuition, room and board, and fee charges. To be eligible for such an adjustment, the student must complete a College Withdrawal Form, which is available through the Office of the Registrar. The official date of withdrawal is the date as determined by the Registrar. Mount Ida College adheres to the Higher Education Act of 1992, which requires institutions that participate in Title IV programs to have an equitable and fair refund policy. Each academic year, the College publishes the Withdrawal Adjustment Policy/Schedule in the College Catalog. STUDENT ACCOUNTS AND BILLING INFORMATION YOU SHOULD KNOW Tuition and Fees for : Tuition Cost per Credit Cost per Class (3 credit class) Tuition $630 $1,890 Alumni Tuition $580 $1,740 Summer 2018 TBD TBD Student Account and Billing Statements Our semester billing cycle consists of only one initial bill prior to the start of each semester. Subsequent student account activity will be issued via to your Mount Ida College . Information is also available on the MiWEB portal under Menu, click on Student, then click on Financial Services. Making a Payment You may choose from several payment options: 1. Mail a check, payable to Mount Ida College, directly to the Office of Student Financial Services. Include student name and ID# on check. 2. Pay by phone with an E-Check, MasterCard, Visa or Discover card (617) Wire your tuition payment. Please call (617) to request wire instructions. 4. Pay with an E-Check, Visa, MasterCard or Discover Card through the Nelnet QuikPAY Systems via MiWeb. 5. Make a payment by cash, check or credit card in person at the Office of Student Financial Services. * If paying by cash, you must have the exact change. *Insufficient funds and returned checks are subject to a fee which will be added to your student account. The college reserves the right to refuse future checks unless in the form of a bank check or money order. *If efforts by the Office of Student Financial Services to collect the monies owed are unsuccessful, the account may be placed with a collection agency, and if the delinquency persists, that account may be reported to a national credit bureau. It is the policy of the College to pass on to the debtor all reasonable costs associated with collection of the debt through a collection agency. If at any time the student believes information concerning payment delinquency is inaccurate, he/she should notify the Office of Student Financial Services at:

6 Monthly Payment Plan Tuition Management Systems (TMS) Tuition Management Systems (TMS) monthly payment plan options allow you to pay your balance in equal monthly payments, beginning as early as July 1 st. The first 5 payments will be applied to the FALL semester, the last 5 to the SPRING semester. TMS will bill you on a monthly basis for the remaining payments. On your statement from Mount Ida College, you will see your remaining payments for the semester listed as Anticipated Aid. If your balance due to the College is greater than zero, your plan may be under budget. Delinquent accounts are subject to fees and possible cancellation of contract. Please contact us to review your balance so you can contact TMS to revise your budget. An annual enrollment fee of $80 is collected by TMS to participate in the plan. Payment made with a credit card is subject to 2.99% convenience fee. Failure to make on time payments and/or repeated bounced payments, may result in cancellation of TMS plan and the balance will be due in full to the College. Additionally, late fees will be applied. For more information about the TMS Payment Plan, or to enroll visit or call Late Payment Fees Accounts not settled in full by the due date, as outlined under Good Financial Standing, will be subject to a late fee of $200 each semester. Credit Balances and Refunds If your cash payments and financial aid, including any disbursement of Federal Title IV funds such as Federal Direct Loans, create a credit balance on your account, we will retain these credits on your student account to be used against the charges of future terms of enrollment within the current academic year, only if you complete a Credit Balance Authorization Form (CBA). Otherwise, a refund check made payable to the student will be issued according to the timeframe established by the federal government. Direct Deposit option will be available. Student Refund Checks You may request a student refund check for any portion of any credit balance on your student account, even if you have filed a CBA (see above). Refund checks will only be issued for actual credit balances and will not be issued on any pending or anticipated payments. Refund checks will be processed timely. You may request to pick up or have your check mailed. Please be aware that financial aid funds are not posted until after the add/drop period and stabilization has occurred each semester. Uncashed Title IV Refund Checks As of January 1, 2017 excess funds, from Title IV refund checks issued to students or parent borrowers, which are not cashed within 180 days of issue may be returned to the student account and refunded to the Department of Education. Book Advances Mount Ida College offers a Book Advance program as a means to obtain an early refund for the purpose of purchasing textbooks at the beginning of each semester. To qualify for a Book Advance, a student must have a complete (and if applicable, verified) financial aid file and have total financial aid (grants, scholarships and/or loans *) in excess of Mount Ida College charges for the semester, as outlined on the student s billing statement. * Please Note: Students participating in the monthly payment plan through TMS are NOT eligible for an advance. For additional details, please visit the Mount Ida College website under the Policies, Terms and Conditions tab. Tuition Insurance Optional opt-in Program: Don t let an unforeseen illness or accident prevent completion of higher education. Tuition Refund Insurance from GradGuard helps students and their families overcome the financial losses that may result from medical events that force students to withdraw from classes, like an accident, injury, illness, or mental health issues. Mental health withdrawals are subject to a hospitalization requirement. For additional information contact (888) , or go online at Enrollment must be completed prior to the first day of classes in the fall semester.

7 1098-T Form The 1098-T form is mailed out to home addresses by January 31 st each tax year. To get a copy of your 1098-T, simply use the Tax Credit Reporting Service (TCRS) student site at Billing Disputes If you believe your billing statement contains an error or you wish to dispute any item contained on it, describe the nature of your dispute in writing and mail it to Mount Ida College, Attn: Student Financial Services, 777 Dedham Street, Newton, MA or to studentaccounts@mountida.edu. We must hear from you in writing no later than 60 days from the time that the College sent you the first bill on which the error or issue occurred. Please provide the following information in your letter: 1. Your name and student ID number 2. The dollar amount of the suspected error 3. Describe the error in as much detail as you can, explaining why you believe there is an error. Once written notice is received, the College will acknowledge your letter and make every effort to respond within 21 days by either correcting the error, or explain our findings to you. Students Rights and Responsibilities Students have the right to know: > What financial assistance is available, including information about all federal, state, and institutional financial aid programs. > What the deadlines are for submitting applications for each of the financial aid programs available. > What the cost of attendance is, and what the policies are on refunds to students who withdraw. > What criteria are used to select financial aid recipients. > How the College determines a student s financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, and personal and miscellaneous expenses, etc. are considered in a student s budget. > Which resources (such as parental contribution, other financial aid, student assets, etc.) are considered in the calculation of the need for financial aid. > How much of the financial need, as determined by the institution, has been met. > The various programs in the student s aid package. A student has the right to request reconsideration of the award which was made if the student s financial situation substantially changes after the Free Application for Federal Student Aid (FAFSA) was filed. > What portion of the financial aid received must be repaid, and what portion is grant aid. If the aid is a loan, a student has the right to know what the interest rate is, the total that must be repaid, the repayment procedures, the length of time allowed to repay the loan, and when repayment is to begin. > The method and frequency of financial aid disbursements. > How the College determines whether the student is making Satisfactory Academic Progress. > Withdrawal procedures and calculations/adjustments. > Communication is via Mount Ida . Students receiving federal student aid have certain legal responsibilities. Student responsibilities include the following: > be aware of your ability to pay any institutional charges based on your available financial aid and personal resources. > review and understand the terms and conditions of your financial aid award. > complete all requirements accurately, in a timely manner, by the appropriate deadlines and to the appropriate office. > inform us if you intend to enroll less than full time for any given term so that your aid can be properly adjusted and disbursed. > inform us of any outside scholarships, assistantships, or additional resources that you receive. > fill out the FAFSA application completely and accurately. If selected for verification you will provide all requested documents in a timely manner, and ensure that all submitted materials are complete and accurate. Falsification of information on application forms for federal financial assistance is considered a criminal offense, and you may be subject to penalties under the U.S. Criminal Code. > read and understand all forms that you are asked to submit or sign, realizing that you are legally responsible for all agreements that you sign. > Must perform the work that he/she has agreed upon in accepting Federal Work-Study or regular student employment. > be aware of the school s refund policy.

8 > know and comply with all policies and procedures of Mount Ida College. > manage your financial aid experience. > must notify the lender (for students borrowing a loan) if any of the following occurs before the loan is repaid: Graduation Withdrawal from school or less than half-time enrollment Change of Address Name Change Transfer to other school(s) > must repay any loan received at Mount Ida, plus accrued interest, in accordance with the repayment schedule. Policy Statement Mount Ida College is committed to a policy of equal opportunity in every aspect of its operations. The College values diversity and seeks talented students, faculty and staff from a variety of backgrounds. Mount Ida College admits students of any race, color, national or ethnic origin, age, disability, gender, religion, sexual orientation or veteran status to all the rights, privileges, programs, and activities generally accorded or made available to all students at the school. It does not discriminate on the basis of any of these categories in the administration of its educational policies, scholarship or loan programs, athletic or other college administered programs. Code of Conduct The Mount Ida College Office of Student Financial Services works to ensure its employees adhere to the highest ethical behavior and professional practices. We have adopted the National Association of Student Financial Assistance Administrators (NASFAA) Statement of Ethical Principles and Code of Conduct, which help to guide financial aid professionals in ensuring transparency in the administration of student financial aid programs. In addition, the Office of Student Financial Services abides by the following legislated requirements prohibiting a conflict of interest regarding the administration of Title IV student loans and the responsibilities of an agent of the College. > Employees shall not solicit or accept any gift having a monetary value of more than a nominal amount from a lender, guarantor, or servicer. Certain items are not considered gifts, such as training materials, meals at training events, and philanthropic contributions not related to student loans. Employees may also be reimbursed for reasonable expenses incurred in serving on the advisory board, commission, or group. > Employees shall not enter into any revenue-sharing arrangement with any lender where the lender provides or issues a Title IV loan to the student or student s family in exchange for the school recommending the lender or the lender s loan products in exchange for a fee or material benefit including profit or revenue sharing that benefits the school or a school s employee or agent. > Employees shall not accept from any lender or affiliate of any lender, any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans. > The College shall not request or accept funds from any lender for private education loans including funds for an opportunity pool loan to it students in exchange for the school providing promises of a specified loan number or volume or a preferred lender arrangement for educational loans. > Employees shall not assign, through award packaging or other methods, a first time borrower s loan to a particular lender or refuse or delay processing of a loan based on the borrower s selection of a lender or guarantor. > Employees shall not accept or request any assistance with call center or financial aid office staffing from any lender except as allowed by law HELPFUL RESOURCES U.S. Department of Education U.S. Department of Education Direct Loan Program Customer Service Department: National Student Loan Data System

9 U.S. Department of Education Ombudsman Office U.S. Department of Education FSA Ombudsman 830 First Street, NE Fourth Floor Washington, DC Mailing Address: P.O. Box 1843 Monticello, KY MOUNT IDA COLLEGE CONTACT INFORMATION Office of Student Financial Services 777 Dedham Street Newton, MA Tel: or Fax: for specific questions related to financial aid for specific questions related to billing and payments Note: All information contained in this Guide is subject to change due to regulation by the U.S. Department of Education, state authorities, lending institutions and/or Mount Ida College.