Student Financial Services E N G A G I N G T H E C U L T U R E, C H A N G I N G T H E W O R L D.

Student Financial Services

E N G A G I N G T H E C U L T U R E , C H A N G I N G T H E W O R L D .

©2001 Seattle Pacific University

PUTTING THE PIECES TOGETHER

Learning what you need to

know about:

Financial Aid Student Accounts Important Dates to

Remember


STUDENT FINANCIAL SERVICES

Student Financial Services

Administers:

Financial Aid Student Employment Payment Collection Student Accounts and Billing

Statements


Information Access Authorization (FERPA)

Family Educational Rights and Privacy Act (FERPA)

All records belong to you, the student

Students must authorize release of financial information, even if your parents are paying the bill!



All students have received instructions in the SFS tutorial to complete the Information Access Authorization (FERPA) online.

Students must fully complete the form online through the Banner Information System:

SPU ID number

Authorized person’s mailing/email

address

Security questions



Authorized Persons are able to: Communicate directly with SFS regarding student accounts;

Talk with SFS regarding financial aid concerns;

Request revisions to financial aid; AND/OR

Receive Student Account Statements.


STUDENT ACCOUNT STATEMENT

August Billing Letter (not a bill)• Sent mid-August • Estimated charges and

financial aid Monthly statements will show

actual charges/credits Your student account statement

will be provided online.• Email when a new statement

is available.


STUDENT ACCOUNT STATEMENT

People listed on the FERPA form• Duplicates sent by paper• Can opt into e-statements

Method of Payment• Online• Mail• Drop box• In person


ONLINE PAYMENT

You can pay your student account by use of e-check and credit/debit cards

There is no fee for using e-check Credit/debit card payments will only be

accepted online. • There is a 2.75% fee on the

transaction amount.• Accepted cards: Master Card,

American Express and Discover. You must set up those who might pay

online as an “authorized payer”.• More information available on the SFS

website: www.spu.edu/sfs


PAYMENT OPTIONS

Option A: Payment in full due by:• Fall Quarter: October 10th • Winter Quarter: January 10th • Spring Quarter: April 10th

Option B: Combined Installment plans• One time sign up for three quarters• Follows three installment plan• Application: $75 fee for the year• Sign up by 8/15/2007

Option C: Three Installment Plan• Three monthly payments• Application: $40 each quarter


WHAT IF I DON’T PAY IN FULL BY THE DUE DATE?

You cannot register for the upcoming quarter

You cannot receive an official transcript

A late fee will accrue on the unpaid balance at 1.25% per month (15% APR)


FINANCIAL PLANNING WORKSHEET

A tool to help figure out your costs. You may need to update &

recalculate for your specific costs and financial aid.

Uses full time tuition, fees, and standard room & board

Subtract aid• Scholarships and grants• Loans (minus loan fees)• Excludes work study

Difference is what will be paid by family to SPU in full or through a payment plan


DROPPING CLASSES

Depending on when you drop, you may still be responsible to pay for part of the class: 1st week 100% refund 4th week 25% refund 2nd week 75% refund 5th week 25% refund 3rd week 50% refund 6th week 0% refund

Dropping may impact your financial aid

Check with Student Financial Services BEFORE you drop to determine how your aid might be affected


BANNER INFO SYSTEM & EMAIL

Find out your:• Financial aid award• Owing balance on your student

account• Outstanding requirements• Financial aid history

Check your SPU email account! • Major method of communication;

all student are required to check their e-mail

• E-mail Reminders:• FAFSA filing dates• Revisions to your offer of financial

assistance


UNIVERSITY CATALOG

You can find important information on:

Refund schedule and policy

Financial aid

Satisfactory Academic Progress


OFFER OF FINANCIAL ASSISTANCE

Type & amount of aid Additional requirements Subject to change with new

information

• Enrollment status

• Scholarships

• Verification documents

• All subsequent offers of financial assistance and revisions will be sent to your SPU e-mail


ADDITIONAL REQUIREMENTS

Must be met before aid can post to your student account:• Documents, as listed on the Offer of

Financial Assistance• Enrollment for appropriate credit load• Complete file by 8/15/07 • Once these requirements are met, your aid

will start posting onto your student account beginning mid September


GRANTS AND SCHOLARSHIPS

SPU Scholarships and Grant funding will be applied to the student account automatically.

Outside scholarships are split to disburse evenly over each quarter • Your endorsement may

be needed. SPU Church Match

• Application deadline: 1st week of fall quarter


STAFFORD LOAN PROCESS

Complete your requirements• Lender Selection form• Master Promissory Note

• Online www.spu.edu/sfs

• Loan Counseling Session• Online www.spu.edu/sfs

Most lenders send loan funds electronically

Loan origination fee may differ from 0 to 3%

Fixed interest rate of 6.8%


PERKINS LOAN

Promissory Note and Entrance Interview will be mailed to you by early August

Complete and return both forms to SFS

Duplicate paperwork available in SFS

Subsequent disbursements happen automatically if requirements are met


SPU INSTITUTIONAL LOAN

Promissory Note and Entrance Interview will be mailed to you by early August

Complete both and return to SFS

Awarded amount will differ from disbursed amount by 5% due to loan fees

Additional disbursements will happen automatically if requirements are met


ADDITIONAL FUNDING OPTIONS Parent PLUS Loans:

• Loans that parents borrow on your behalf

• Interest rate locked at 8.5%• Repayment begins 60 days

after full disbursement for the year• Forbearance options may be

available Alternative Student Loans:

• Funding based on credit approval• Variable interest rate

For more information:www.spu.edu/sfs


FALL FINANCIAL TIMELINE

Provides information about:• Account statement• Financial aid• Payment due dates

Future quarters will follow the same pattern


PERSONAL FINANCES & FINANCIAL LITERACY

Money Management: Beware of credit card offers Create a budget and stick with it! Keep track of your indebtedness

Financial Literacy Invitation for all students to attend financial

information sessions:Financial Roadmap---Autumn quarterCredit Reports---Winter quarterIdentity Theft---Spring quarter


3 KEYS TO REMEMBER

Financial Aid Requirements

Complete the Information Access Authorization (FERPA) online

Payment of your Student Account


STUDENT EMPLOYMENT

Why Work, You Ask?• Earn money!• Explore your career goals• Build your résumé

Why Work Study?• Work Study Earnings

benefit you on the 08-09 FAFSA

• Nearly 1 in 5 State work-study jobs leads to a permanent position after graduation


WORK STUDY Must be awarded WORK in your Offer of

Financial Assistance Earn up to the awarded amount (gross) You receive a paycheck

• Earnings are not posted to your student account

Earnings are taxable income On-campus and off-campus work study

opportunitieswww.spu.edu/studentjobs

• Job Fair: Wednesday, September 26th • Unused work study awards may be redistributed to other students

starting in February


WORKING ON CAMPUS

Find a job: www.spu.edu/studentjobs SPU Departments are work study eligible

except:• Campus Ministries, Campus Dining, ASSP

Complete paperwork in SFS• Work referral• W-4• I-9 (Identification is required, such as

DL and SSN, Passport, etc.) Submit electronic time sheets Paycheck every other Wednesday 3 1/3 weeks before first paycheck


WORKING OFF CAMPUS Community Service

• Work for a local non-profit organization• Paid work study positions

State Work Study (SWS)• Work with approved off-campus

employers• Jobs are more closely related to your

educational goals• On average, higher wage• Nearly 1 in 5 SWS positions leads to

permanent employment after graduationNote: Students with a declared major/minor in the School of Theology are ineligible for SWS


Earn up to $8000 in work study while working up to 40 hours/week during the summer• Summer SWS is in addition

to academic year work study awards

Students do not need to be enrolled summer quarter

Employers are available throughout the State of WA and in other states

Additional employers may be added to the program

Contact the Office of Student Employment if interested

SUMMER STATE WORK STUDY

Example of Current SWS Employers:


CONTACT US WITH QUESTIONS

Student Financial Services Located in Demaray Hall (DH 10)

(206) 281-2061 (800) 737-8826 FAX: (206) 281-2835 EMAIL:[email protected] WEB: www.spu.edu/sfs

Student Financial Services E N G A G I N G T H E C U L T U R E, C H A N G I N G T H E W O R L D.

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