M oney M atters: Financial Aid and Billing Essentials MBA for Executives Program, May 11, 2016
Agenda Financial Aid Options Cost of Attendance Resources- Aid Options Billing & Payment Services Due Dates Viewing your Bill Payment Options Cal Student Central Resources- Who does what Reminders
Cost of Attendance Total Financial Aid Eligibility: $184,890 Class entering May 2016, Graduating December 2017 Term Assessed Fees Est. Living Expense Total by Term Summer 2016 $33,400 $3,578 $36,978 Fall 2016 $33,400 $3,578 $36,978 Spring 2017 $33,400 $3,578 $36,978 Summer 2017 $33,400 $3,578 $36,978 Fall 2017 $33,400 $3,578 $36,978 Total by Budget Item $167,000 $17,890 $184,890 Cost of Attendance
Private Student Loans General Loan Terms Max Amount = COA minus other aid Variable and Fixed Interest rates Requires a credit check Intl Students need a U.S. Cosigner UC Preferred Lender List www.haas.berkeley.edu/finaid/mbaforexecs/private-loans.html Apply directly with lender each loan period First Loan Period: 5/11/2016-4/17/2017 (SS, FL, SP) Second Loan Period: 5/18/2017-12/2/2017 (SS, FL) Resources- Loan Options
Pri vate v. Federal Loans Interest rates Fees Private Loans Variable and fixed rates, ~4-5% Typically Zero fees Federal Loans Fixed interest rates of 5.84% and 6.8% 1.1% and 4.3% disbursement fee Possible Terms Forbearance options Usually one standard repayment plan Payments deferred while in-school at least half-time (6 units/term). Definite Forbearance options Many flexible repayment plans Payments deferred while in-school at least half-time (6 units/term). Resources- Loan Options
Federal Loans Federal Direct Loan Maximum = $20,500 Interest Rate currently 5.84% Origination Fee currently 1.068% No Credit Check Federal Grad PLUS Loan Max Amount = COA minus other aid Interest Rate currently 6.84% Origination Fee currently 4.272% Credit Check Resources- Loan Options
Federal Loans - Supplemental Steps Step 1: Complete FAFSA s Complete the 2015-16 and 2016-17 FAFSA now www.fafsa.ed.gov {Federal code:001312} Step 2: Accept Loans MyFinAid for Summer 16: http://myfinaid.berkeley.edu then CalCentral: http://calcentral.berkeley.edu Step 3: Entrance Counseling Complete once for both Federal Loans http://www.studentloans.gov Step 4: Master Promissory Notes Complete once for each Federal Loan http://www.studentloans.gov Resources- Loan Options
International Student Loans Prodigy Finance Max = 80% of COA minus other aid 3-mo LIBOR + 6.5% Partial deferment while in school No SSN or Co-signer required Elements Financial Max = $100,000, restrictions apply Prime + 3.5% Full deferment while in school No SSN or Co-signer required Apply directly with the lender Prodigy will contact you about supplemental documents For Elements, we will contact you for supplemental documents www.haas.berkeley.edu/finaid/mbaforexecs/international-loans.html Resources- Loan Options
Borrowing for Bi llable Costs Total Assessed Fees: $167,000 Private Loans Federal Loans International Loan: Prodigy Finance International Loan: Elements Financial 1st Loan Period $100,200 2nd Loan Period $66,800 $20,500* Direct Loan $153,500* Grad PLUS Loan $88,747 $60,000 $59,165 $40,000 Funding Gap $0 $10,800* $33,400 $67,000 Resources- Loan Options
Monitor your Financial Aid Summer 2016 only http://myfinaid.berkeley.edu Resources- Loan Options
Monitor your Financial Aid Fall 2016 and beyond: https:/ / cal central.berkel ey.edu Resources- Loan Options
Financial Aid Disbursement Financial Aid will disburse approximately 10 days before instruction begins each term. Funds are applied to your bill first. Amounts paid in excess of your bill will be refunded to you. Sign up for EFT for easy Refunds! http://eftstudent.berkeley.edu Reminders
Fees and Due Dates $33,400 per term $5,000 Deposit applied to Summer 2016 bill Tuition Due Dates Summer 2016: June 15th Fall 2016: August 19th Spring 2017: January 2017 Summer 2017: June 2017 Fall 2017: August 2017 Reminders
What to expect for Summer 2016 Your Bill/ CARS statement= Campus Accounts Receivables System http:/ / bearfacts.berkel ey.edu CARS Account
Viewing Your Summer 2016 Bill in CARS CARS > Monthly e-bill > Go to e-bill > I Agree > summary screen CARS Account
CARS Account
Summer 2016 Payment Options You can pay the CARS bill by: Your bank s online bill pay Bank Transfer, Western Union Third Party Billing / Sponsorship Online in CARS ( e-check ) $0.50 convenience fee per payment Enter checking and routing numbers Financial Aid / Loans You cannot pay the Summer CARS bill with: Credit Card or Debit Card http:/ / studentbi lli ng.berkeley.edu CARS Account
Paying Your Summer 2016 Bill CARS > Monthly e-bill > Go to e-bill > I Agree > summary screen CARS Account
Consequences for not paying your bill Late fees of $25 will be assessed monthly for unpaid portions in subsequent billing cycles, until the bill is paid. Late Registration fee of $150 is charged to students who do not pay the minimum each Fall and Spring semester. Minimum payment is approximately $1,400 Blocks for not paying your bill On future class enrollment On disbursement of financial aid On pending refunds CARS Account
Third Party Contracts (TPC) (formerly Sponsored Student Program) Students may be eligible for TPC if sponsoring agency: will sponsor all or most of the tuition and fees. requires an itemized invoice to be addressed in their name. will send payment directly to UC Berkeley How to Enroll The sponsoring agency provides an authorization letter (must be on company letterhead) to the student and/or to the school. Based on the level of support outlined in the letter (i.e. dollar limits, semester restrictions, etc.), Billing and Payment Services processes a conditional credit to pay registration/tuition fees on the student s account. Questions: sponsoredstudent@berkeley.edu Payment Option
Third Party Contracts (TPC) Invoicing and Payments (formerly Sponsored Student Program) The University issues an invoice to the sponsoring agency to fund the award. Payment is due immediately upon receipt of the invoice. If payment is not received within 60 days of invoicing, non-payment may result in the reversal of the TPC conditional credit on the student account. Sponsors may submit payment via Check, Wire,and ACH. For more detailed information, please visit: studentbilling.berkeley.edu/sponsoredstudents Payment Option
What to expect for Fall 2016 Cal Central, Cal Central, Cal Central View student account updates & important notifications online at Cal Central Electronic communications Access and view your student account Statement online Important email notifications regarding billing & payments due on your student account Paying fees on your student account: Review your student account balance and initiate the payment process through Cal Central Beginning Fall 2016 pay charges via credit card (2.75% convenience fee) You can still pay via ACH and wire transfer online Fee Payment Plan Participation Fee TBD New Third Party Contract (TPC) email address tpcsupport@berkeley.edu Payment Option
Resources- Who Does What Cal Student Central http://studentcentral.berkeley.edu/ Detailed questions about Bills, Payments, Refunds. Includes: Questions about Third Party Contract (TPC) Billing Financial Aid www.haas.berkeley.edu/finaid/mbaforexecs Any questions about Scholarships and Loans, other types of funding, VA Benefits, basic questions about the bill Resources and Reminders
Take-aways Summer Bill due June 15th Review Statements monthly You must initiate the loan process If you want private loans Apply on the lender website If you want Federal Loans Complete 2015-16 AND 2016-17 FAFSA now Complete 2017-18 once it is available later this year Big changes to come starting Fall 2016 https:/ / cal central.berkel ey.edu/ Resources and Reminders
Tha nk Y ou! Room S546 (by the Dean s Suite) Phone: 510-643-0183 finaid@haas.berkeley.edu www.haas.berkeley.edu/ fi nai d On campus office is located at 120 Sproul Hall Phone: 510-664-9181 (phones closed from 12-1p) http://studentcentral.berkeley.edu/ Mail checks to: University of California, Berkeley Payment Services 140 University Hall, MC #1111 Berkeley, CA 94720-1111 Contact Information